SutimCo
21 hours ago
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Shareholders Update
Good morning everyone,
I would like to cover a few topics that have been hanging open over the last couple of weeks and let everyone know what is coming over the next few.
1.) Kolbe Deal – I stated yesterday that I as “disturbed” by Jorges comments that we were not moving forward, I have remained a staunch supporter of EcoVape and Jorge even when our deal fell apart months back. I approached Jorge and offered him the BOD position and worked out an agreement for us to merge them into SUTI to eventually spin them out into their own separate entity allowing them to become public to do as needed to properly fund their company and grow. This proposition alone is very expensive and would have allowed our shareholders a piece of their new company thru dividend. I had commented that mastiff financing was still available to us, but due to the difficulty of transferring the deal until our share transfer is completed we have chosen not to utilize them. Jorge understood we were looking for his funds and if they weren’t available he was going to use other options, why he would feel the need to go outside the realm of our board and say the deal as dead is what disturbs me. There are substantial costs in spinning the company out and taking it public, very substantial. I will be discussing the situation with them over the next few days and further update you all by Monday as to where this has settled.
2.) What we have been doing over the last few weeks in silence – I have been traveling and visiting different sources of funding shopping the best set of terms for our company and shareholders. Im pleased to announce we have found a very shareholder friendly financier whom is excited about our business plan and wants a toehold in the MMJ sector. Im flying back Monday and will report next week all details of the package. We will be fully funded for first year of plan, very exciting.
We missed self-imposed deadlines over the last two weeks for announcements on deals, they are still on the books. We felt it was necessary to close this funding deal first and then announce our new partners and direction. Also, we are currently waiting for our “record date” for share transfer. Unfortunately I would be making assumptions if I announced a date for the share transfer. Our legal team is stating we are in the home stretch.
Im very happy with progress and will continue to push hard to get Protek shareholders their stock quickly. I will be on facbook over the weekend ansering questions.
Thank You
Luther Jeffries
