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Show The National Enterprise , May 12, 1976 G&K What Became of Homestead? Wanted: Information leading to the current status of Homestead Minerals, a Utah corporation, founded 1953. Last seen: June 30, 1974. Suspended from trading: April 22, 1976. Its stimulated, I presume, by sharp increases in the price of Since the company was last heard from, U308 has increased from $9 lb. to nearly $50 lb. And as far as anyone knows, hundreds of valuable uranium mining claims were stone, Royston, and the others moved in for the action. yellowcake. Management Change nd not often the Enterprise is barraged with so many listed among the companys desperate requests for infor- assets. mation concerning any single Shareholders query, What But when public company. happened to Homestead and letters mount the editors desk its properties? until little else can be seen Bathed in Glory only one course of action is Don cloak the of apparent: and private eye pursue Among the most interested detective tactics. stockholders is Fred Moore, From the beginning, an aura original president of Homeof intrigue surrounded the stead for sixteen years. investigation of Homestead Moore recalls the early days of Minerals. The corporate atHomestead when now Sen. servtorney refused to talk by Frank E. Moss phone, and for that matter, ed the company as a Director talk at all until I could prove I and the stock soared from .10 was who I said I was. He has to around $8.00 a share. not replied to my letters. (Homestead traded near .06 The companys last known before its suspension three telephone number has been weeks ago for failure to file ' disconnected with no new one financial information.) left behind. In those days, (late 50s) Though everyone knows who uranium shipments were regthe companys last president ulated by the Atomic Energy Commission. To give you an was, he has successfully escaped detection by this writer, idea of Homesteads size, after two weeks of investigasaid Moore, Charlie Steens I detion. doubt his evasion is allotment from the AEC for liberate; he probably doesnt the Mi Vida mine was 15 even know I seek an audience million lbs.; Homesteads was 12 million lbs. with him. Homestead, too, pioneered Price Increases the Rangely, Colo, oil field, says Moore, bringing in three Interest in Homestead was oil wells before Great Yellow After his resignation in 1968, Moore turned the company over to Tom Rommel, president of the American Mining The company, Congress. under Rommel, acquired five mines on the Colorado Plateau and sold ore to Union Carbide for $8 lb. Moore said he believed Homestead had close to $1 million in cash in the bank in 1968. But before Rommel had a chance to further corporate goals, he died of cancer. Mergers From Rommel, Homestead (D-Uta- h) Gulf Affects Acquisition SALT LAKE--Gul- f Energy Corporation, (OTC .15, .18), a Salt Lake-base- d exploratory oil, gas, and uran- ium company announced that the reorganization whereby the company acquired Coal-X- , Incorporated as a wholly owned subsidiary became effective May 3, 1976. The seven selling stock holders of Coal-X- , Inc. received 18,818,000 shares of Gulf Energy Corporation common stock for their 100 percent interest in Coal-X- , Inc. The principle asset of Coal-X- , Inc. is a 1,300 acre coal lease containing in excess of two (2) million recoverable tons of high volatile metallurgical coal located in Logan County, West Virginia. A new six-memb- currently held by Gulf Energy, for possible exploratory activities, later this year. Century 21 Mining Company is continuing drilling and testing operations on the GEC uranium mining claims n Garfield County, Utah. r of Directors has been named: Roy M. Kizerian, Robert Paul B. Baker, Dean Rowell, Alan K. Stagg and Emmet L. Shultz. New company officers are: Emmet L. Shultz, president; Roy M. Kizerian, executive vice president; Paul B. Baker, vice president marketing; Scott Evans, secretary-treasureWhile the reorganization is now effective, the company said the final close will occur on or before July 1, 1976. The company also is evaluating oil and gas leases MINNEAPOLIS-G&- K Services, Inc., (OTC 4.50, 5.00) reported revenues of $11,650,000 for the nine months ended March 27. Revenues for the comparable in 1975 were period $11,088,000. Net income or 74 cents per $594,000, share, compared RIVERTON, Wyo-- - LRC, Inc., (OTC 2.50, 3.00), manu- facturer of printers and other business machine components announced that it has finalized a $1 million expansion of its debt resources. LRC last week completed the placement of an aggregate of $500,000 of subordinated debentures to Central Investment Corporation of Denver, MorAmerica Capital Corporation of Cedar Rapids, Iowa, Growth and - Electro-scienc- e Investments of Orlando, Florida. The subordinated debentures enable LRC to obtain an additional $500,000 of bank credit for inventory financing through the First National Bank of Riverton and the First National Bank of Casper. The additional financing is expected to be used for the expansion of LRCs manufacturing operations, which produce several lines of Matrix printers. This $1 million expansion of Bur-gene- r, revenues near Grand Junction, Colo, totaled $3,980,000, up from and the business and assets of $3,684,000 in last years third income was Elk Mt. Mining and Milling quarter. Pre-ta- x Company and Rice Develop- down slightly from last year, continued on page ten but, because a lower rate was used this year to estimate taxes, net income for both periods equaled $159,000, or 20 cents per share. uranium mining operation Third-quart- er available debt financing is in addition to the previously announced credit available to LRC from C. Itoh Electronics, Inc. for tooling and related In announcing financial results, company president Richard Fink said, Increased promotional costs together with start-u- p expenses associated with bringing new capital equipment. Formed in 1971 for the accounts into service prespurpose of developing pro- sured earnings and resulted in prietary products in the com- a small decrease in pre-ta- x puter peripheral field, the income in the third quarter. company expanded its opera- However, the new business tions in 1974 to include pro- acquired from our efforts is expected to duct development on a contract basis for system manu- contribute to future earnfacturers. In October, 1975, ings. sales-pro-moti- dust-contr- ol from coast to coast. make it our business to know what's going on in the industry behind closed doors of laws and We'll securities board rooms to changing regulations. keep you posted on the corporate latest developments and abreast of current trends. We The National Enterprise gives your investments the kind of coverage they deserve. one-ye- ar subscription to the National Enterprise. Enclosed is $18.00. NAME. ADDRESS. I CITY STATE. on LRC began manufacturing In March, the company operations producing Matrix the assets of Peoria printers for use in point of purchased and Towel Supply, Inc., sale, banking, electronic cash Apron a garment, and registers and other applications requiring alphanumeric linen rental firm located in 111., with annual sales printing. LRC has increased Peoria, of approximately $1 million. its personnel from 15 to approximately 70 employees G&K Services leases and since commencing manufacmaintains textile for turing operations in October, commercial andproducts industrial 1975. The company has built and shipped over 4,000 uses and has operations in Colorado, Illinois, Minnesota, printers since that time. Utah and Wisconsin. With over 1600 stock quotations, news articles, earnings reports, corporate profiles, market columns and feature stories, the National Enterprise covers the OTC securities market Please send me a with $560,000, or 70 cents per considerably. share, for the nine months a Homestead acquired the year ago. business and assets of a you Covered r. totaled LRC Expands Financing Board er went to Dix R. Tumbow who moved the companys offices from Utah to Denver, Colo. Moore believes Turnbow acquired several oil and gas leases, merged several companies into Homestead and picked up some uranium properties. Indeed, the companys last 10K on file with the SEC reveals that between August 1968 and January 1969, Homestead expanded its holdings in the uranium indsutry Increases Earnings ZIP- - Mail to: THE NATIONAL ENTERPRISE P.O. BOX 11778 SALT LAKE CITY, UTAH 84147 |