Powertech's Canadian office - Mining uranium or mining the stock market?
Search reveals several other penny-stock companies use same address
Updated November 11, 2007
In his letter of October 16, 2007, Dick Blubaugh, VP Environmental Health and Safety Resources, threatens to sue me for, among other things, revealing the previously unknown fact that Powertech's corporate address is the same address used by six other Canadian penny stock mining companies. Mr. Blubaugh's complaint is as follows:
"Misleading. That Powertech's corporate offices in Canada share an address or suite with other corporate entities has no bearing on issues related to the viability of the Centennial Project or issues relating to permitting or any environmental impact assessment. Nor does the professional experience of Powertech's CFO, Thomas Doyle."
Mr. Blubaugh confirms the truthfulness of my statements. In so doing, he implicitly acknowledges my absolute defense against a defamation lawsuit. So why did he threaten to sue me? I suspect it's because Powertech officials don't want Weld County landowners as well as county, state, and federal regulators and elected officials to know just how financially flimsy Powertech actually is. Mr. Blubaugh apparently thought I would read his threatening letter and remove this factual information from the site.
In situ leaching and open pit uranium mining could potentially contaminate underground drinking water aquifers and the land for years to come. Clean up costs could far exceed any reclamation bonds posted by Powertech. A more established and financially-robust company could, at least theoretically, be held financially accountable for cleaning up such a mess. Powertech owners and managers, however, might have a strong incentive to simply declare bankruptcy and let the taxpayers foot the bill.
Powertech Uranium Corp. was incorporated in British Columbia in 1984. The company's website lists the corporate address as 789 West Pender Street, Suite 1205, Vancouver, British Columbia V6C1H2. The company describes this as an "administration office" in documents filed with securities regulators. A Google search reveals six other companies that have recently called 1205-789 West Pender home: Micron Enviro Systems Inc., Camflo International Inc., Mountain Province Diamonds Inc., Mountain Province Mining Inc., Habanero Resources Inc., and Golden Patriot Corp.
Most of Powertech's employees (seven people according to the Standards & Poor's website) work in the United States, mostly at the head office in Centennial, Colorado. The Powertech website shows the Vancouver location is the office of Tom Doyle and the investor relations office. Thomas A. Doyle is Powertech's Chief Financial Officer, Corporate Secretary, and VP of Finance. He is also the former CEO and President of Camflo International Inc., and a consultant to Micron Enviro Systems Inc., two of the companies that have shared the West Pender Street address. His professional experience is as a "registered investment adviser" according to securities filings.