HiEnergy Develops 'Refractorymeter,' Its New Device for Petrochemical Industry
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Business Editors IRVINE, Calif.--(BUSINESS WIRE)--HIET-- HiEnergy Technologies, Inc. (OTCBB: HIET) is pleased to announce that it has submitted a patent application to the United States Patent Office for its new device, the Refractorymeter, for application within the petrochemical industry. The Refractorymeter measures non-intrusively, from the outside and through steel, erosion of the lining of the refractory material inside high temperature oil refining furnaces. Currently, most inspections in the petrochemical industry of the lining are invasive and sometimes require interruption of the refinery process. The operation of the Refractorymeter is based on HiEnergy's fast neutron stoichiometry technique, and its accurate implementation for this application was made possible by the invention of an additional process, which was conceived by Dr. Kevin S. McKinny, a HiEnergy staff scientist. This new application was reduced to practice at the HiEnergy test site with the intention of subsequent development into a product. "The development of the Refractorymeter suggests that the application of HiEnergy's stoichiometric core technology can be effective in a wide-range of industries," says Dr. Bogdan C. Maglich, CEO and Chief Scientific Officer, HiEnergy Technologies, Inc. "Although homeland security and defense are believed to offer a very large potential market for our technology for a long time to come, it is prudent not to rely solely on the security sector." About HiEnergy Technologies, Inc. HiEnergy's Stoichiometric CarBomb Finder 3C3(TM) is the Company's first device to be commercialized. HiEnergy believes its stoichiometric technology also has potential application in various other related and discrete markets, including the detection of smaller bombs, unexploded ordinance detection, landmine detection, airport security screening, bio-weapons detection, contraband detection, and chemical and petrochemical industry applications. Dr. Maglich and HiEnergy have developed the technology through several years of research funded by both the private sector and contracts from the Department of Defense and U.S. Customs. FORWARD-LOOKING STATEMENTS The matters discussed in this press release contain forward-looking statements about HiEnergy's future business plans and operations. The actual results that HiEnergy achieves may differ materially from any forward-looking statements, and its plans may change based on changing business conditions. Among such factors that can cause such differences are the following: loss of components from third-party suppliers; delays in or failure to achieve market acceptance of our devices; uncertainties regarding our ability to market and sell our devices; competition; uncertainties related to the cost and outcome of legal disputes; and the loss of key personnel. These forward-looking statements are based on current expectations, and HiEnergy assumes no obligation to update this information. Readers are urged to carefully review and consider the various disclosures made by HiEnergy in its reports filed with the Securities and Exchange Commission, including the section entitled "Risk Factors" on our Form 10-KSB for the fiscal year ended April 30, 2003. KEYWORD: CALIFORNIA INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS ENERGY PRODUCT SOURCE: HiEnergy Technologies, Inc. CONTACT INFORMATION: Investors: KCSA Public Relations Michael Cimini, 212/682-6300 mcimini@kcsa.com or Media: Worldwide HWH Public Relations Carrie Gray, 212/355-5049 carrieg@hwhpr.com
------------------ Due Da Due......But Be Quick About It!!!!!
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Probably want to get out as soon as possible. THis thing is tanking BIG TIME!
HiEnergy Receives `Wells Notice' and Requests for Information From SEC Thursday July 8, 3:31 pm ET
IRVINE, Calif.--(BUSINESS WIRE)--July 8, 2004--HiEnergy Technologies, Inc. (OTCBB: HIET - News) today announced that it has received a "Wells Notice" from the staff of the Securities and Exchange Commission in connection with the previously announced SEC investigation. The Wells Notice notifies HiEnergy that the SEC staff intends to recommend charging HiEnergy with violations of U.S. securities laws; and seeking a permanent injunction and civil penalties. Under the SEC's procedure, HiEnergy has the opportunity to respond to the SEC staff before the staff makes a formal recommendation regarding whether any action should be brought against HiEnergy.
In addition, HiEnergy has received three written requests for information from the SEC regarding its recent public statements and filings, including HiEnergy's presentation at the Investment Opportunities in Homeland Security and Defense Conference in Washington D.C. on March 30, 2004, which was subsequently posted on HiEnergy's website from April 7, 2004 to April 13, 2004; a previously reported "oral understanding" between HiEnergy and the Dallas - Fort Worth Homeland Security Alliance; and HiEnergy's proposed financial restatement. HiEnergy has been cooperating fully with the SEC in providing the information requested and will continue to do so.
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The SEC issues a Wells notice when the commission staff has made a preliminary determination that a company or individual has broken the law. The Wells notice goes out before the staff makes a recommendation to the Commission for legal action. The subject of the Wells notice then has the chance to respond and make their case that their actions were not illegal ... However, I have watched a stock that was sued by share holders. The stock had great products and management said that the case against them had no merrit, but the stock still went from $7 to under $1. And in this case it is not shareholders suing them, it is the SEC. And just yesterday the SEC halted trading on SRCI and so if you own it you can't even sell it. That may not happen here, but I would think that the odds are that the stock is going to drop. It may have a small bounce up, but then start down again. The test in Spain was changed from Jul 8 to the 12th. Since the stock is under investigation, The Spanish government can and may cancel the test. If that happens the stock could drop so far that it might end up with a price low enough to be a candidate for this site. If you want, you could sell here and then if it drops you could get back in again at a lower price or you could hold on and hope it goes back up. For me, tomorrow I'm selling, I'll see if there is a bounce, but if not, so be it, I'm still out. Lots of other stocks around. PS. the bid/ask is .80/.82
[This message has been edited by STAR GAZER (edited July 08, 2004).]
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Interesting, last night I put in an order to sell at .80 In the pinksheets the bid /ask this morning was .90/.97 When I went to Scottrade at 0831 it said that I had sold my shares at .97. I went back to the Pinik Sheets and it said bid/ask were.90/.93 and showed zero trades and last trade at .80 I went to several other sites and they also said zero trades and last price .80
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OK, OK, so I paniced and got out WAY TOO EARLY. Oh well, at least I didn't get out at .80 Darn, and after holding on to it for a year or so. Oh well, it was a learning experience: wait to see if there will be a bounce, or even better, to see it the stock has some good news coming and will even continue going up. By the way, if some of you are irritated at the SEC for attacking HIET, why don't you send them an E-mail, if enough of us send them E-mails, they might even listen to us. ... Here is what I sent to the SEC: Here you are, going after HIET, a company that is trying to protect us, that is trying to stop terrorists. You might have something against them, but what you are really doing is helping out the people that want to send explosives or even nuclear material into our country. Think about it, HIET has built devices that can detect not only explosive devices but also terrorists' biological products that could be detected not only at shipping terminals, but also at airports or even cars driven by suicide bombers. You have a big nation wide PR going on about how you are cracking down on companies that manipulate and perpetrate fraud in order to protect the individual investor, AND YET you have not really done anything about NAKED SHORT SELLING. You say that you are also cracking down on it, but IT IS STILL GOING ON AS BIG AS EVER AND DESTROYING COMPANIES, HOW IS THAT HELPING THE INDIVIDUAL INVESTOR. Come on, do what you preach or people will think that you are a fraud yourself. And use a little common sense, don't get so caught up in youself that you destroy good companies, especially ones that are trying to protect us. Remember that there are people out there that WANT TO KILL US, and right now they are laughing at you. ... The SEC site is at http://www.sec.gov You go to "Investor Information" at the top mid right of the page and go to "File a tip or complaint" then on Tip complaints online forms you scroll to the bottom where it says "other" Then you go to "Tell us about yourself and fill out your name etc. After filling out the form you pass "Tell us about the firm or individual" and then also pass up "Tell us about "Your investment" In "Tell us about your complaint" you scroll down again to the bottom where it says "other" and then you can put in your complaint. Then go down to the very bottom of the page and click "send"
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