Sylios Corp. (fka UNGS)

[Carini]

From Schwab:

I asked again about the shares. They said they are waiting to get new certs from transfer agent. I replied with this:

"The crux of my question relates to your response that "There currently have not been any updates on when we will be receiving the new Sylios Corp (UNGS) shares."

As I noted in my message, my understanding is that there are no "new" shares being issued or sent by Sylios Corp. or the transfer agent, but rather it is a matter of electronically changing the CUSIP number on the current shares.

According to the transfer agent itself:

“The corporate action was only for a name change. It is a non-mandatory exchange, meaning the older certificates that have US Natural Gas listed instead of Sylios Corp. are still valid certificates. If your broker submitted shares for transfer, ask them for the tracking number of the package they sent to Olde Monmouth. Your broker can also contact us directly if they have any questions.

Olde Monmouth Stock Transfer Co., Inc.
200 Memorial Parkway
Atlantic Highlands, NJ 07716
Phone [phone]
Fax [phone]

Also, the company's June 19, 2014 press release regarding the name change (available here: www.otcmarkets.com/stock/UNGS/news/US-Natural-Gas-Corp-Announces-Approval-of-Name-Change-and-Effective-Date?id=83047&b=y) states the following:

"The new CUSIP number for the company's common stock is 871324 109. Stockholders with certificated shares should continue to hold their existing stock certificates, and are not required to submit their stock certificates for exchange. Direct registration accounts and any new stock certificates that are issued after the name change becomes effective will bear the name "Sylios Corp"."

So, I am wondering if it would be possible for you or someone at Schwab to contact the transfer agent directly about this matter to clear up the confusion. Whichever party I have inquired with has said they are waiting on the other, so I am hoping that some direct communication can be established to figure out what needs to be done and by whom to complete the name change. If the TA is required to send new shares to Schwab I am concerned that it does not seem to be aware of that requirement for this type of corporate action. If it is simply a matter of electronically changing the CUSIP number on the old (digital) certificates, I am wondering what needs to happen before that change can take place. As my broker, I would really like for someone at Schwab to be proactive in figuring this out. It should not take more than a brief phone call to Olde Monmouth Stock Transfer Co. at [phone] to find out where the miscommunication has occurred."

Today they responded with this:

"The registered shares owned by individuals, (those that own the physical certificates) do not need to submit their certificates for exchange. These shares are different than the shares held in street name at a brokerage firm. The shares held in street name will be automatically be adjusted in your account once received."

WTF?