The information I have comes from former Oakridge employees. They are easy to find on LinkedIn and many are eager to tell their story. It is not pretty.
Lee Arrowood tells people that he resigned but Steve Barber claims to have fired him and has blamed all the company's previous issues on him. I think it is quite possible that Mr. Arrowood was placed in a position where he had no choice but to resign.
I was surprised that the Leclanche shares did not bring enough capital to finance the company longer. However, that is assuming that all the proceeds of the sale went into the coffers of Oakridge, not to pay off other debts. Former employees describe the Barbers as being in non-stop fundraising mode all summer, despite the Leclanche sale, so I guess very little went for Oakridge.
Oakridge press releases did mention the Leclanche sale proceeds as going to fund Oakridge operations and growth.
This was the press release: "MELBOURNE, FL--(Marketwired - Jan 5, 2016) - Oakridge Global Energy Solutions, Inc. ( OTCQB : OGES ) is excited to announce that it has sold its entire interest, 11,000,000 shares, of European battery manufacturing company Leclanché (LECN), with financial close dated December 30, 2015. While details of this transaction are under non-disclosure with the buyer, Golden Partner Management SPC of Luxemburg, the purpose of the sale is to make available the necessary capital to fund Oakridge's previously announced expansion strategy."
People invested in Oakridge and others left jobs to take positions with Oakridge based on this press release stating that the sale would finance the company! If the funds went elsewhere, would this not constitute fraud?
