July 11, 2011 From the President:
Dear Stockholders:
As reported earlier, the SEC recently notified us that Ness stock trading would be suspended and that, within a short period of time, its SEC registration would be revoked. In June, as President of the company, I executed an “Offer of Settlement” for Ness Energy International, Inc. which was a voluntary act that allowed the SEC to officially revoke the registration of the company without further costly legal action that had little chance of a favorable outcome for Ness. On June 14, 2011 the Order became effective. The decision to sign the Order voluntarily was based to a great extent on the recommendation from our SEC attorney. Additionally, the SEC was stating they would give no extensions of time or delay their action.
We considered fighting the Order due to the fact that Mr. Lee was almost finished bringing all the accounting current. But after meeting with the Auditing firm to determine their time line they indicated they may not be able to complete the audit by the deadline set by the Order. Consequently, there was the likelihood that the push to complete the audit would fall short and we would have incurred the legal expense to fight the Order and the extra accounting fees to meet the deadline and then still be denied. Therefore, it is in the best interest of all parties to voluntarily sign the Order to revoke the registration without further delay.
Our goal is to protect the stockholders as much as possible. That can best be accomplished when the volatile issues are settled and all stockholders are able to obtain information in the prescribed manner. We look forward to having all of the accounting finished up in the near future. At this point, our options are to file the required SEC documents for a new registration and/or in the interim submit the proper documentation to the OTC Pink Sheets that would allow the stock to be traded over the counter as it has been.
As concerning the lawsuit over the rightful ownership of Ness Energy of Israel, Inc. the judge, at the request of the opposing party, has allowed a 60 day delay of the schedule. That will put the trial date back to November of 2011. The judge has not yet ruled on the matter of allowing our counter claims to be accepted in the case. We continue to be pleased with all the developments so far and are looking forward to justice being served in this matter.
Ness Energy International, Inc.
David M. Boyce
---------------
via nessenergy.com |
