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'm guessing this is Gary's last stand. He has this time limit to make it happen. Not the two weeks we hear, but the stock is cleverly higher, if we can get to .10 we should lend Gary the 50k he needs.
