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Show The National Enterprise , March 9 , 1977 Page four PEOPLE SEC Suspends Trading of Western Geothermal Valtek Chief Honored PROVO, Utah-Charl- es L. Bates, president of Valtek Incorporated ( OTC 6.75, 7.25) has been named Utahs outstanding practicing engineer by the Utah Engineers Council. The award was presented last w'eek by Charles R. Gibbs, chairman of Engineering Week, at a ban- quet concluding National Engineering Week. Selected by representatives of Utah's 3000 practicing engineers. Bates became the second Valtek engineer to be so honored. Engineering John Simonsen won the same award of 1962. Gibbs said the honor was based on an assessment of the creative innovation and the technological contribution of Bates, whose vice-preside- nt firm has grown to become one of the nations principal manufacturers of automatic control valves worldwide. In 1976 Bates was named Utah Business Man of the Year. He is a former president of the Salt Lake Chapter of the Instrumentation Society of America. After, receiving The company under leadership stress operational simplicity, parts interchangeability, and reliability. Bates' company booked orders of .$10 million last year, and is planning a mid-197- move into a new 7 130,000 tional has achieved international success in the design of automatic control valves that Midwest Posts Sales LAKE CITY Midwest Realty and Finance Co., (OTC .45, .60), a Salt Lake based real estate sales and development company, reported a substantial increase in sales and earnings for the first half of their new fiscal year. Ray Green, president and general manager of Midwest, said all three divisions of the company (real estate, insurance and leasing) reported sales above the first half of fiscal 1975. The fiscal period for the company ends June 31. The company grossed approximately 85 percent of revenue in real estate, percent through leasing, and five percent in insurance. Midwest Insurance Co. and Midwest Leasing Co. are wholly owned subsidiaries of Midwest Realty and Finance. For the first six months of fiscal 1976 (July 1 - Dec. 31), Midwest reported total revenue of $738,000, up 25 percent from $552,000 for the same period last year. Earnings increased from $21,000 in 1975 to $76,000 for the same period in 1976, a 72 percent increase. Green said the company operated at a loss of $57,000 for fiscal 1975 because of a loan guarantee with Lee Lee Chair, Los Angeles. Chair failed to make payment on a loan last year, Green said, and Midwest was obliged to make payment of $103,000 on the loan after Lee went out of business. Midw'est also lost approximately $30,000 because of the loss incurred by another of its subsidiaries. Plastic Cast Products, Salt The company sold Lake. Plastic Cast in 1975. 10 Green predicted the company will finish the 1976 fiscal year with a sizeable He gain over last year. declined to predict how much the company would make this year but he did say the real estate division will sell from 300 to 350 building lots for the year, compared to 250 sales in 1975. Personnel cutbacks in Midwest Insurance Co. should yield an extra $10,000 on sales of $28,000, he said. Last year the insurance company earned only $1,000 on sales of $28,000. A population increase and greater demand for land in the Salt Lake area will account for much of the growth in the real estate company, the headquarters in Springville, Utah. president opined. A cutback in personnel and better management will also add to profits by eliminating cash loss, he said. Over-the-count- er trading in Western Geothermal & Power stock has been suspended for ten days through March 10. The Securities and Exchange Commission said it ordered the suspension because the certificates for shares of the companys stock appear to have been issued and dis- tributed without proper authorization and may be null and void. In addition, the Commission said it appears that certificates for restricted shares of the companys stock have been issued without an appropriate legend. The company, head- quartered in Phoenix, Ariz. could not be reached for comment. FDA Will Reconsider Less than one month after the Enterprises article on the Food and Drug Administrations slow' approach to drug research, the FDA decided to begin taking public testimony in regard to the potential effectiveness of the forbidden cancer drug. Laetrile, which occurs naturally in apricot and peach pits and in bitter almonds (also known as vitamin has been forbidden in the U.S. since 1962. Although the drug has been obtained in Mexico by thousands of Americans, the FDA maintains Laetrile has no B-17- SALT interna- square-foo- t his Bachelor of Sciences degree in mechanical engineering from Northeastern University in Boston, Bates worked for 20 years in the control valve industry on the east He joined with coast. Lawrence Haines and Forest Anthony in 1966 to form Valtek in Orem, Utah. Bates' WASHINGTON ), known medical worth. At the order of a U.S. district court, the FDA will begin hearings on March 25 and culminate them before an FDA commissioner on May 2 in Kansas City, Mo. invited public testimony on Laetrile. Written testimony will be accepted by the bureau Written until March 25. response to that testimony 'will be accepted until April 22 and oral arguments will be heard on May 2 in Kansas Persons wishing to City. make oral argument are required to file written notice with the FDA by April 22. Early proponents of Laetrile said the drug was able to seek out and destroy cancer cells with cyanide, a deadly chemical contained in the drug. Healthy cells are not affected by cyanide, the promoters claimed, because only a substance found in cancerous cells could trigger the release of cyanide from the drug. Laetrile promoters later changed their approach saying that cancer is caused by a deficiency of Vitamin but the FDA has never found any evidence to support that theory and the bureau claims that no professional dietetic or nutritional group has ever recognized Laetrile as a vitamin. Ironically, Laetrile is one of the most "tested drugs of all time, even though it has never been tested on humans in the U.S. B-1- In October, 1976, a federal court ordered the FDA to compile an administrative g record on Laetrile. Public testimonies and oral arguments are to be part of that record. When complete, the record will be submitted to U.S. District Court in Oklahoma City, Oklahoma. The FDA has rule-makin- 7, under clinical conditions. The National Cancer Institute has tested Laetrile five separate times on animals without success (from 1957 to 1975). Four independent cancer research centers have found no evidence that the drug is effective. Under U.S. law, no drug claimed to have cancer curing powers can be tested on humans until it has shown some indication of effectiveness in laboratory animals. All 26 drugs approved by the FDA since 1962 were proven effective in animals before being tested for safety and efficacy in humans. Several attempts have been made to secure approval to market Laetrile in the U.S., according to the FDA. The bureaus most recent application came from the McNaughton Research Foundation in California. The new drug application, filed by Andrew L. McNaughton, founder of the institution, was turned down by the FDA in 1970. The FDA says thousands of Americans are crossing the border into Tiajuana, Mexico each year to get Laetrile treatments at a Tijuana clinic from a man known only as Dr. Contreras. anti-canc- you Covered With over 1600 stock quotations, news articles, earnings reports, corporate profiles, market columns and feature stories, the National Enterprise covers the OTC securities market from coast to coast. We make it our business to know whats going on in the behind closed doors of rooms board securities to laws and Well changing corporate regulations, keep you posted on the latest developments and abreast of current trends. industry-fro- m The National Enterprise gives your investments the kind of coverage they deserve. Please send me a one-yea- r subscription to the National Enterprise. Enclosed is $24.00'. NAME. ADDRESS. I CITY STATE. ZIP- - Mail to: THE NATIONAL ENTERPRISE P.O. BOX 11778 SALT LAKE CITY, UTAH 84147 er |