Yeah... It's a shame. This CEO is very slick with his wording not actually promising anything and not putting anything in email.
My guess is this guy has been using qlts the past few years to fund his privately owned company urban dev.
If you dig deep you can see that in the past qlts loaned urban cash for a stake in urban if not repaid by a certain maturity date.
See below...
Q Lotus Holdings Signs LOI with Urban R2 Development Company
Loan Agreement, Convertible into 50% Equity Stake
CHICAGO, April 28, 2011 — Q Lotus Holdings, Inc. (OTCBB:QLTS) announces a Letter of Intent with Urban R2 Development Company, LLC (UR2). Q Lotus will loan UR2 $35,600,000. Anytime after the May closing date, Q Lotus can convert the outstanding principle loan amount plus unpaid interest into a 50% equity stake in UR2. If the loan is not converted into equity, the promissory note will expire on the maturity date, 5 years from closing.
I asked Gary about this and where this stands if qlts currently has a stake in urban and can profit from urban and he danced around the question with some answer like "well if everything goes how he would like it to we will"
Hey atleast he isn't dumping shares and diluting like crazy, if this guy wants 50k cash to remodel his home or what ever he is doing with it fine., I'm sure the stock won't move much. If your in qlts holding a couple of million you are stuck anyway, very hard to get out of this one with out a loss and driving the share price down.
