Updates on JV002 and JV003 from the forum
Thank you fischerman1940 for your post and questions in Post #4 above.
We have replicated your post below:
Thank you for the update and keeping shareholders updated.
Are there any status updates in regards to JV002 and JV003?
Thanks.
Question #1: Are there any status updates in regards to JV002 and JV003?
Response #1: Status updates for JV002 and JV003 are as follows:
JV002:
On October 10, 2014, the Supplier, for JV002, provided POP for delivery of 1 Million barrels of Aviation Jet Fuel FOB Rotterdam shipped from Primorsk, Russia. JV002 completed their due diligence on the POP and confirmed that the Supplier did not meet the minimum requirements and the POP was rejected by JV002.
On November 29, 2014, the Supplier, for JV002, provided POP for delivery of 1 Million barrels of Aviation Jet Fuel FOB Rotterdam shipped from Novorossiysk, Russia. JV002 completed their due diligence on the POP and confirmed that the Supplier did not meet the minimum requirements and the POP was rejected by JV002.
On January 14, 2015, JV002 issued a Demand Letter to the Supplier for non performance and claimed damages including but not limited to the Charter Party costs incurred by JV002. The Company did not incur any losses as a result of the non performance of JV002.
JV003:
Last update was November 19, 2014 when Xun was waiting on proof of funds for the 20% financing. There is ongoing activity with JV003 in regards to the funding, none of which is reportable at this time.
THERE CAN BE NO ASSURANCE THAT JV003 WILL BE ABLE TO OBTAIN THE REMAINING 80% FINANCING REQUIRED TO PURCHASE THE 8.54 MILLION METRIC TONS OF AVIATION JET FUEL SHOULD THE 20% FINANCING PARTNER PROVIDE PROOF OF FUNDS. THERE CAN BE NO ASSURANCE THAT JV003 WILL BE ABLE TO SELL THE AVIATION JET FUEL SHOULD IT BE SUCCESSFUL IN OBTAINING FINANCING FOR THE AVIATION JET FUEL. EVEN IF JV003 WAS SUCCESSFUL IN SELLING THE AVIATION JET FUEL, THERE CAN BE NO ASSURANCE THAT THE SALE OF THE AVIATION JET FUEL WILL BE PROFITABLE OR THAT THE COMPANY WILL BE ABLE TO GENERATE SUFFICIENT REVENUES TO OPERATE PROFITABLY.
DISCLAIMER: SUBJECT TO SAFE HARBOR CLAUSE.
We thank you for your interest, support and faith in the Company.
Respectfully,
Xun Energy, Inc.
Jerry G. Mikolajczyk
President and CEO
