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Vaping Dragon Industries LLC
13 mins ·
September 29, 2015
SUTIMCo International Inc.
1712 Pioneer Ave.
Cheyenne, WY 82001
Mr. Edward Vakser, Chairman
I am sending you this letter after many attempts to contact you over a prolonged period of time. I have been tirelessly trying to contact you to discuss several pressing matters regarding SUTIMCo International Inc. Back in June you appointed me as the chief executive officer of the company. At that time, I was under the impression that you and I had a clear understanding as to the outline for moving this company into a positive direction. At inception you agreed to compensate me via a share plan for my duties as ceo. You never honored that agreement. After several discussions, I realized that this was going to be a challenge for you to follow through. Instead of pursuing compensation, I agreed publicly in a press release that I would forgo compensation until you, me, your attorney and chief financial officer could repair this haphazardly run company. At that point I felt it was in the best interest of the shareholders for me to focus on repairing the company and moving it in a positive direction rather than my seeking the compensation that you and I initially agreed upon.
My biggest priority is responding to shareholders with updates. You and your inept former ceo, Luther Jeffries, started this ProTek Capital dividend process before my time. I made it a high priority to follow through on your word. Instead of allowing me to tackle this difficult task, you insisted on excluding me and submitting the documentation to FINRA on your own. My major issue is that you refuse to communicate with me so that I am kept abreast of the situation. Shareholders were promised this dividend about a year ago. You assured me that this would be attained. I understand that certain delay matters are out of your control. However, that does not excuse your lack of communication with me. In addition, your extreme confidence in executing this dividend is the sole reason why I thought it would be beneficial to offer a similar type dividend reward to our SUTIMCo shareholders. Well neither dividend was executed and absence leaves me responsible to explain an unfulfilled promise.
The SUTIMCo name change is another issue. You insisted on taking full control of that as well. That would have been fine if you got the job done. You blame your former ceo, Jeffries, for executing a name change on the Wyoming Secretary of State, yet you do not follow up with finalizing it with FINRA. Regardless, FINRA is obviously not going to effectuate a name change for SUTIMCo International with an abandoned name change process for ProTek Capital and a lingering dividend application. For whatever reason, you appear to have lost complete sight of the priority.
Third, you supposedly finalized your agreement for DMND Inc. The concept appeared to be a wonderful insertion into the company. The deal made and the plan for the minimal restricted shares attributed seemed quite beneficial to the company. To date, I have yet to see us move forward with utilizing this venture that cost the company 150 million shares. This was a deal that you supposedly brokered. I signed my name of the press release but I am given no indication on how you intend to move forward with utilizing this acquisition.
Fourth, the tentative plan that you, Mr. Tassan and myself had with respect to the accumulated company deficit went unfulfilled. The SUTIMCo books are a disaster. My understanding was that there was a plan in place for us to reduce the overall liability to the company. I informed shareholders that the SUTIMCo 2nd Quarter would show a reduction in overall liabilities. That did not occur. Actually nothing occurred. Also, we started the process for the retirement of shares. Whether we were doing that via a company buyback or noteholder cancellation, it was never finalized. Consequently your noteholders appear to have done a major conversion in mid September which may very well be the result of the stated internal investigation of your noteholders by the new directors of 3D Entertainment. As of last week SUTIMCo was on the verge of 3 billion outstanding shares and I, the supposed chief executive officer, am left in the dark without knowledge or explanation. ProTek Capital is a complete issue in itself. You, nor any of the remaining company officers, have made yourselves available to discuss with me the severe damage done to the share structure, the outrageous accumulated company deficit and what potential plans exist to move in a positive direction.
Last and most imperative is the Quarter 2 filings for SUTIMCo International. You continue to supply the filings for the company by your choice. You insist on having sole access to OTC Markets and these filings. I was appalled to see that you made the decision to upload these filings with my name on the electronic signature. I did not approve, nor even review, these quarterly financials. You could imagine the awe that I was in to see that you had the audacity to sign my name next to a company report that I never even saw. I am hopeful that you do realize that there is an electronic paper trail that proves that you made no attempt to send this filing to me. Last, this brings us to the recent ProTek Capital filings made on September 18, 2015. I truly believed that we were going to get this set of quarterlies correct. However, after you sent this quarterly draft to me, I questioned you about accrued salaries noted in the amount of $270,000. You did not respond. You simply chose to execute this quarterly filing and sign your name as director. With that said, I immediately resign from both SUTIMCo International (as ceo) and ProTek Capital (as ceo). I am demanding that you remove my name from OTC Markets and press release this material event within three (3) calendar days of this letter.
Jorge Luis Saenz