The annual general meeting is the appropriate forum to get answers to those issues which remain unclear. I am planning to be there, although it is not next door to Montreal. My reason for going is to assess the future, not to relive the past.
My understanding as to the loss of the property and the June date, comes back to the Sortex unit.
Part of the deal was to have the Sortex deal completed by March 31, 1997. An extension was granted, but the funds to conclude the purchase were not forthcoming for reasons we understand... or think we understand. This is why the property was lost.
The condition to get the Sortex could not be met, and therefore the agreement for Yetwene fell into default.
I may be wrong, but this was the response as I recall it when I asked this question last Thursday.
No matter how you cut it, STS tried to get the financing... the production loan, (the letter $ 20,000,000) the PP for $ 11,000,000 if warrants are included, and a lot of effort.
What we must recognise, is that the options of directors and employees are worthless now... they "lost" more than most of us.
I lost heavy as well...... had 30,000 shares when the stock was trading @ $ 3.00 and still had them last thursday when the stock was .40.
I think we should hold the stock, but that may not matter to the the undeclared shorts if they are still around unless you order up your shares so they cannot get them or the stock goes off the Board so they cannot cover.
I understand the anger, however, the person I am most angry with is myself.... maybe a little greedy.
Enjoyed your posts Don, along with many others.
We never did know what was going on, nor we anticipate such an abrupt turn of events. We may have been blinded by "all that glitters is not gold..."
I for one, believe STS will come back. There is a lot of expertise, and some patience could prove beneficial.
Ed |
