XERION ECOSOLUTIONS GROUP INC.
Filing Type: 8-K
Description: Current Report
Filing Date: January 16, 2004
Period End: January 7, 2004
Primary Exchange: Over the Counter Includes OTC and OTCBB
Ticker: XECO
- --------------------------------------------------------------------------------
Table of Contents
- --------------------------------------------------------------------------------
8-K
ITEM 5.........................................................................1
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15d of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 7, 2004
XERION ECOSOLUTIONS GROUP INC.
(Exact name of registrant as specified in its charter)
Colorado 0-26760 84-1286065
(State of Incorporation) (Commission (I.R.S Employer
File Number) Identification No.)
Suite 905, 102-4369 Main St
Whistler BC, Canada, V0N 1B4
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (604) 696-0073
Former name: IMMULABS CORPORATION
- --------------------------------------------------------------------------------
ITEM 5. OTHER EVENTS.
Xerion Technology Review and Roadmap Update
Technology:
The Company has received final results from an independent review of the patent
application of XRS technology. The review was conducted by Dr. David Dreisinger,
President of Dreisinger Consulting Inc. who is specialist consultant in the
field of hydrometallurgy. The review was initiated for the purpose of enhancing
the company's patent protection.
Dr. Dreisinger confirmed that most of the chemistry surrounding Xerion's
technology is known to be valid, but he pointed out that these valid components
appear to have been developed by parties other than the Vendors. The Vendors of
the technology maintain that a new component of their invention adds significant
value to the existing chemistry. However, documents supplied to Dr. Dreisinger
by the Vendors have not confirmed their claims. The required test work appears
to be either insufficient or non-existent. This is contrary to numerous and
specific representations made by the Vendors that 'extensive test work' had been
conducted, which verified their claims. It is unknown at this time whether
reliable scientific test work was actually conducted by the Vendors prior to
selling the technology to the company. The company had previously been presented
with many assays conducted by independent laboratories, which seemed to confirm
their claims and these results were purportedly the product of reliable
scientific tests previously conducted by the Vendors. The Vendors have now been
given opportunity to respond to Dr. Dreisinger's report. To avoid any possible
conflict of interest, the company has relieved the Vendors of their positions as
Officers of the Company until the review process is complete. It is hoped that
the Vendors will respond with professional integrity to Dr. Dreisinger's report
and cooperate with the company to solve any problems that might exist.
Management is reluctant to take action based on Dr. Dreisinger's report without
giving the Vendors a chance to offer further proofs, if any exist, or to
cooperate with the company in engineering a long-term solution on behalf of the
shareholders.
Roadmap:
If the Vendors' claims prove to be incorrect, this does not necessarily mean the
end of Xerion's vision of providing the mining industry with a replacement for
cyanide. While it would certainly be a setback, Dr. Dreisinger continues to
maintain that the known components of the leaching chemistry are very promising
and that no one in the industry currently holds a unique position in that area
for the extraction of gold. With the possibility of an acquisition of a patent
in this area, the inroads that Xerion has made towards obtaining industry
participation could potentially still be leveraged.
Management's primary objective at this time is to protect the interests of the
shareholders and the company is therefore entertaining an acquisition or merger
with one or more established companies. Mr. Traub, the company's president has
stated that if necessary, he is willing to surrender all of his two million
shares as an incentive to attract a suitable merger partner. The strategy would
be to merge with a company with significant revenues and/or assets. He is
currently in early discussions with more than one company in this regard. Such a
merger would hopefully allow the company to leverage its other assets such as
its gold mining claims. The recent increase in the price of gold makes the
development of these claims more attractive. The Company acquired the mining
claims from Richard Hewlett last year in exchange for $20,000 in cash and
500,000 shares, both of which have been issued. Mr. Hewlett represented that he
has several thousand assays available on the properties and the company intends
to secure this data and examine it. According to the purchase agreement, Mr.
Hewlett was to deliver one copy of all his assays and descriptions of the
properties to the company but has not yet done so. The Company is taking steps
to acquire this information.
- --------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: January 16, 2004
XERION ECOSOLUTIONS GROUP INC.
By: /s/ Ben Traub
------------------
Ben Traub
President