As the New Year began short days ago, the main focus of this very first blog post of 2009 is NEW.
In order to understand the NEW, the blog provides something OLD which will assist the reader in identifying the players and better understand the current dynamics, the blog provides a 13 September 2007 org chart which should facilitate your reading comprehension (a larger version of the chart is available here)
On 30 December 2008, the Quebec’s Bureau de décision et de révision en valeurs mobilières extended its cease trading order which it had issued in October 2008 (as previously mentioned another hearing is scheduled for 19 January 2009).
Notably absent from the 30 December 2008 hearing: HE-5 Resources corporation, Serge Ollu, Denyse Raynault, Jacques Vallée and Andrea Cortellazzi.
This being said it is worth noting that since the Quebec’s Bureau de décision et de révision en valeurs mobilières decision in October 2008, the three (3) main corporate subjects of this blog: He-5 Resources, UMining Resources and M45 Mining Resources have all declared to have “new” management.
On 5 November 2008, Mr. Cortellazzi CEO of M45 Mining declared he was stepping down and “new” management was taking over. On 1 December 2008, UMining (now Universal Mining) declared it was under “new” management. Most recently, on 9 January 2009 to be more specific, He-5 Resources declared that it was under “new” management.
M45 Mining Resources
It is interesting that while Mr. Cortellazzi has declared to have resigned as President and CEO of M45 Mining Resources, the 5 November 2008 press release makes no mention of his current status as a shareholder.
Mr. Cortellazzi’s last filing with the SEC indicated that he was owed $292,935 as of 30 June 2008, a modest amount considering a previous declaration indicated that on 31 March 2008 the amount owed was $ 186,401 and previous to that the amount owed on 31 December 2007 was declared to be $ 748,491.
Mr. Cortellazzi’s associate Mr. Gilles Ouellette remains as Secretary and Treasurer of the company according to the most recent declaration with the State of Nevada.
Moreover, the 5 November 2008 press release is silent on the 15 August 2007 shareholder agreement filed at the SEC in 2007 in which Mr. Cortellazzi (former CEO M45 Mining) and Mr. Ollu (husband of former He-5 Resources CEO Denyse Raynault) and Jean Michel De Montigny (former CEO of UMining) appear as significant shareholders of M45 Mining.
M45’s website remains inaccessible because the account has been suspended.
M45 Mining’s corporate address registration with the Quebec Ministry reponsible for mining remains as Mr. Cortellazzi’s 1212 Redpath Crescent.
Last but not least, M45 Mining claims have begun to expire with the Quebec Government.
UMining Resources/Universal Mining Corporation
It is worth mentioning to readers that the 3 December 2008 press release announcing the “new” management of UMining Resources now known as Universal Mining Corporation is completely silent on the previous mining experience of the “new” corporate executives.
Moreover, it is also worth pointing out that Universal Mining Corporation’s (formerly UMining) share structure increased significantly to 500,000,000 on 21 November 2008 (seen below), just a few days before the 1 December 2008 press release announcing the “new” management. Even more interesting is the sudden increase of “employees” at Universal Mining, formerly UMining. Last year, the company had no employees, on 5 December 2008 it declared that it had ten (10) “employees”.
Other observant souls have raised significantly interesting observations on 11 December 2008, 14 December 2008, 20 December 2008, even a voice from the past has reappeared.
He-5 Resources
Currently, He-5 Resources is without a doubt the most interesting of the Cortellazzi Consortium threesome.
He-5 Resources not only announced that it had “new” management, it went even further by declaring that “new” management had been in place since July 2008:
However, the facts do not provide them with any such relief.
Indeed, it is only recently that “new” management in the form of Mr. Franck Martin and his partner Mrs. Catherine Puschmann have publicly appeared (Mr. Martin’s given name is incorrectly spelled in Pink Sheets information which appears below) as corporate executives as CEO and Treasurer of He-5 Resources.
Since September 2008, Mr. Martin and Mrs. Puschmann have been promoting a Quebec artist who has based his studio in Europe. The newly created Lington Financial website provides an interesting view into the proposed activities of this new company which includes “Art Investment”.
Finally and most interestingly, the recent 9 January 2009 press release mentions that He-5 will seek debt free status in these difficult economic times.
New Management stated the following: “We are very pleased to begin our new operations and to share our visions and exclusive development program whit HE-5 Resources, Corp.’s shareholders. Our first objective was to complete a full diligent reorganizational plan, to bring the Corporation to a debt-free status, in order to start transferring new intellectual properties, assets, and potential new businesses.”
Some may recall that according to financial statements signed on 15 May 2007 by Denyse Raynault the modest sum of $970,000.00 was advanced by an unidentified benefactor, one can only wonder about the identity of this person and the level of control this person still exerts on He-5 :
NOTE PAYABLE TO A SHAREHOLDER
(Subject to Revision)
The sum of $970 000 was advanced by a shareholder in the form of a convertible debenture bearing interest starting March 1st, 2007, at prime +2% payable annually. The sum is reimbursable at the rate of 10% of the capital every quarter following the date when the Company starts to generate profits. The lender has the option to convert it into equity at a 20% discount commencing on the extraction phase start date.
This being said, the blog wishes to add that it is truly impressed by the signficant number of subtly misspelled names which consistently appear in press releases and filed in government documents by various Cortellazzi associates.
In SEC filings, Mr. Cortellazzi’s name appears in three (3) variants, Mr. Ouellette’s name appears in three (3) variants as well. Mr. Martin’s given name Franck (which is quite distinctive) appears as Frank in Pink Sheets and Nevada State government documents.
Universal Mining’s (formerly UMining) Secretary Maria Spiliopoulos (a former exec for W5 Star.com a prepaid card company which had dealings with Smart Card Marketing Systems Inc. PINKSHEETS: SMKG) appears as incorrectly as Spiliopolous in a recent press release.
The Platters can sing the song, however the Cortellazzi Consortium are without a doubt the true masters of smoke.
