Good question but I don't know. Since Roderick received permission from his attorney to disclose this info to me I will post the email response to all...................
Hi XXXXX
David Otto no longer represents EV Parts, Inc. Our new attorney is allowing me to say the following:
We believed that Techalt was going to fund EV Parts as part of the Agreement and Plan of Merger. The details of when, exactly, the merger would close, and when and how $600,000 in funding would be made, have been in flux. Working out those details is obviously a key to completing the merger. The actual, signed Agreement and Plan of Merger called for a March 18 closing, and the first $300,000 in funding on or before then. If the funding isn't provided, EV Parts has the right to opt out of the Plan of Merger. Since the original signed Agreement, Techalt has proposed two Amendments. The first would have called February 1st, 2008 the closing date, with funding changed to "best efforts," with NO opt-out provision. The second amendment would have retained the opt-out provision, but moved the funding date to June 18.
For what seem like obvious reasons, EV Parts' Board of Directors rejected those amendments. We still don't know if Techalt will contribute funding, so we still don't know if the merger will close on March 18, as originally agreed.
"If it doesn't close, it won't be because of anything EV Parts, Inc., did or didn't do. EV Parts remains committed to abiding by the original Agreement and Plan of Merger we signed. If the merger doesn't happen, it will be because Techalt was unwilling or unable to provide funding."
Roderick
Roderick Wilde, President, EV Parts Inc.
Your Online EV Superstore
www.evparts.com
Tech Support 1-360-385-7082
Phone: Orders: 360-582-1270 Fax: 360-582-1272
160 Harrison Road #7, Sequim, WA 98382
AI
