The CEO of Adair International Oil & Gas Inc. (AIGI) has put out a newsletter to the shareholders. It can be found on AIGI's website.
Here is that letter.
CHAIRMAN NEWS
From: John W. Adair
To: ADAIR SHAREHOLDERS
Date: March 22, 2000
Subject: Current Update.
Dear Shareholders,
Pursuant to the subject of this letter, I respectfully submit to you the following:
1. Please excuse the absence of news releases but ADAIR is under strict Confidentiality Agreements with the major companies relating to our exploration concession in Yemen and the 540MW natural gas power generation project in Southern California. With time permitting I will periodically write a letter to the shareholders and post it on our web site. The major projects are going as scheduled and will be company makers for ADAIR in my opinion.
2. The ADAIR negotiating team will return to Yemen on March 24, 2000 to finalize the Production Sharing Contract. ADAIR has a major oil company partner in this concession and we are working as a team to complete the PSA prior to April 1, 2000. You, as shareholders will be very pleased with our partner. As it stands now ADAIR will be the operator during the exploration phase. Our concession has a potential of 340 million barrels recoverable and offsets one of the major fields in the Middle East. The power generation sugar refinery project in Yemen is also proceeding in a timely fashion with an official signing expected in the near future.
3. I will return to Germany on March 25, 2000 to attend a reception in Frankfurt for ADAIR being listed on the Hamburg Stock Exchange and will meet three investment houses for potential investments into ADAIR.
4. Mr. John W. Adair, Jalal Alghani and Richard G. Boyce will attend a reception to be held in Washington D.C. for the President of Yemen, Mr. Ali Abdulla Saleh, which is being held by the U.S. Department of State. The reception is being held in an effort to increase opportunities of cooperation and investments in Yemen and various industry leaders will attend.
5. I have just returned from a project meeting relating to our 540MW-600MW natural gas fired power plant to be located in Southern California. This is a major project and I am very satisfied with its progress. It is on schedule as planned and I will update you as we progress and when the confidentiality agreement allows such communication.
6. I plan to return to Colombia in April and sign the Power Purchase Agreement for our natural gas power generation project there.
7. I would like to confirm to all shareholders that despite what you read on the various chat rooms, we have laid the foundation for a substantial energy company. Major projects such as the ones ADAIR is involved with take time to plan and execute. I pledge to you, ADAIR will stay the course that has been plotted and will not vary in its dedication to reach our projected goals. Our goal is to be on NASDAQ by summer as a very minimum.
8. ADAIR has also retained the STOCKWATCH service and engaged the proper legal authorities to take aggressive legal active against those entities/individuals who over step the laws of the market.
9. Loyal Shareholders, your investments are appreciated and ADAIR is working very hard and will definitely reach the goals we have outlined in my opinion.
Very Respectfully,
John W. Adair
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