American Rare Earths and Materials

I\’ve, as you might imagine, a Google alert set up for \”scandium\”.

Which dropped this into my email.

With the introduction of new materials in fishing and apparel markets, Element 21 changed its name from Element 21 Golf Company to American Rare Earths and

Ooooh, aye? Element 21? That\’s scandium that is. So who was leading this soon to be bust but scandium involved company?

Dr. Nataliya Hearn, Ph.D., P.Eng. — Chairman, President and CEO

Dr. Hearn is the founder of American Rare Earths & Materials (originally named Element 21). Dr. Hearn began work on the technology transfer of Rare Earths including Scandium in the mid 1990’s as a scientist and professor of engineering at the University of Toronto. At American Rare Earths & Materials, Dr. Hearn has played a central role in developing a fully integrated path, starting with material sourcing, processing, patented material development, proprietary manufacturing, engineering and final product marketing. With a Ph. D. in Engineering from University of Cambridge, Dr. Hearn has led several technology transfer and development initiatives as a Director of Mag Industries (MAA.V), as Director of Materials Sourcing for Ashurst Technologies, as a Director of ProTech Corp. and as Director of New Product development for Link-Pipe Inc.

Ashurst, eh?

The chief executive officer and founder of Ashurst Technology Ltd., Benton H. Wilcoxon, resigned yesterday with no explanation.

Really? My word.

Ashurst has its Technology Center in Relay and its main office in Kiev, Ukraine. The company is trying to find commercial markets for former Soviet technology, and has an interest in gold and scandium mines in Ukraine.

Scandium is a metal that, when alloyed with aluminum, is said to show promise for commercial uses such as welding wire and sporting equipment. Ashurst has announced a number of partnerships this year, including for marketing scandium-alloyed baseball bats and bike frames with a California sporting goods company and lacrosse sticks with STX Inc. of Baltimore.

Ashurst has struggled financially as it waits for the commercial markets to develop. During the second quarter of 1997, the last period for which it has reported results, the company lost $2.9 million on revenue of $1.1 million.

Mmm, yes, it\’s a wonder they got financing really. Peter Young of blessed self-castration memory was involved.

Hamilton, Bermuda, September 6 – Ashurst Technology Ltd., formerly Emtech Ltd. (the \”Company\”), today announced it
first became aware from a press release issued through Toronto by Morgan Grenfell Asset Management (\”MGAM\”)
dated September 5, 1996, that the interest of the Morgan Grenfell Group (\”MGG\”) in the shares of the Company, may be
as much as 49.9%. The Company is unaware of the exact number of shares held by MGG.
The Company is surprised by the extent of the holding disclosed by MGAM. All of the significant dealings in the shares
of the Company, of which the Company is aware, have been reported in press releases at the time of their occurrence.
The Company is at present unsure as to how MGAM may have acquired all of the substantial holding reported which
totals more than the number of shares which the Company is aware MGAM has subscribed or purchased. The Company
has advised MGAM, through its financial advisor in London, that the ownership of the holding reported may subject
MGAM to certain Canadian follow-up obligations which the Company is not in the position to assess.

Mmm, they went bust Ashurst did. Amazingly, several years after the bankruptcy of the company the patent to make sporting goods from scandium enhanced aluminium alloys was licenced from the bankrupt Ashurst to Element 21.

Funny how those things happen really.

Mr. Wilcoxon has been our Chief Executive Officer since November 3, 2001 and Chairman of the Board of Directors since February 2002. He also served as the Company?s acting Chief Financial Officer until January 2007. He also is Chairman of the following subsidiaries wholly-owned by the Company: CTC Cable Corporation, Transmission Technology Corporation, CTC Towers and Poles Corporation, and the former DeWind subsidiaries, Stribog Ltd and Stribog Inc. (both discontinued operations as of September 4, 2009). Since 2007, he has been a Director of Element 21 Golf Company.

My word. Given that Benton was making a cool half mil a year in cash from being CEO, what hapopened to that company then?

Composite Technology Corporation Files for
Chapter 11 Protection

Oh my. And there\’s someone out there keeping track too. But that was 2005.

Ooops! Look, it\’s happened again!

On April 11, 2011 Composite Technology Corporation (the \”Company\”) and its subsidiaries CTC Cable Corporation and Stribog, Inc. filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the \”Bankruptcy Code\”) in the United States Bankruptcy Court for the Central District of California (the \”Bankruptcy Court\”) (Case No. SA 05-13107). The Company will continue to manage their properties and operate their business as \”debtor-in-possession\” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code.

My wordy.

The strange thing is that this weird scandium aluminium technology continues to make money. For me, for people who were on the engineering side of Ashurst (several of them in different companies), for people who make those bloody windmills. Just not for the people who, umm, how to put this judiciously, were on the financial side of Ashurst.

The question I\’d really like an answer to is, so, Nataliya, you still banging Benton or what?

And, err, yes, I was at school with Benton\’s lawyer, as was one of our regular commenters around here.

 

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