Hello Inca.

Reading Argex’s news releases, statements, and presentations (live and recorded and written) concerning its proposed new processing facility always leaves me wondering if the whole thing is little more than a hoax. The talk is usually delivered in a confident tone of voice. Yet, I’m always left wondering, “Where’s the beef?”

Important questions—such as, “Where’s the money coming from?” and “How much is it?”—are always left unanswered. Of course, all the grand plans are nothing but fantasies without funding; and funding of hundreds of millions if not a billion or two dollars.

The latest news release—with its extraordinarily lengthy disclaimers—takes the cake. We all are familiar with common disclaimers (and the strictly technical or legal justification for them). Argex’s latest disclaimer (in its latest news release) starts off, innocently enough, the old familiar way disclaimers always work with the usual twaddle about not relying on “forward-looking statements” coming true.

In this latest news release, however, what follows the usual forward-looking-statements-claptrap is truly extraordinary, for its length and specificity (especially in what purports to be a routine news release). It seems the news release, itself, hardly says anything. It reads as though its primary purpose is to publicize the disclaimer itself, which legally walks away from years of what, possibly, may turn out to be nothing but tall tales.

I quote (in part):

“Argex provides no assurance that the Financing or any other events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Argex will derive. Unknown ... risks, uncertainties and assumptions include, but are not limited to, the ability of Argex to complete the Financing on reasonable terms or at all, the financial sponsors and other financing sources, if any, to complete the Financing, including the completion of binding commitments, the completion of definitive documentation, the satisfaction of conditions precedent to the closing of the Financing, the completion of satisfactory due diligence by financial sponsors and other financing sources, if any, the receipt of all regulatory approvals TSX approval and shareholder approval, if required; the successful and timely completion of up-front detailed engineering, the receipt of all regulatory approvals for the construction and operation of the Plant and successful and timely commissioning of the Plant as well as those described under “Risk Factors” in Argex’s Annual Information Form for the fiscal year ended December 31, 2013, which is available on SEDAR at www.sedar.com.”

Or, am I going too far with my suspicious nature?