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ORANGE COUNTY BRIEFLY

Nerox Cancels Payment

April 22, 1998|Daryl Strickland

Nerox Energy Corp. said Tuesday it has canceled plans to use 525,000 shares of stock to pay consultants that the company hired to locate $6 million to finance an Alaskan coal mine.

Irvine-based Nerox said the consultants "failed to perform the services" contacted for. Jack Utter, Nerox's president and chairman, declined to name the company, which he described as an England-based firm with expertise in developing and transporting coal.

Based on Tuesday's closing price of 12 cents a share, the stock for the consultant's fee was worth $63,000.

The company is working with other lenders and joint partners to pool money together for developing coal reserves in Alaska.

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