Adapti Inc (ADTI)

[alabama96]

Not sure what your point is. The LOI is garbage, but Renfro still would get the million dollars. Without that million, this thing would never have got past step 1.

Key developments for BRZL:

May 10th 2010, A month after BRZL cancelled their other R/M.

NEW YORK--(BUSINESS WIRE)--Brazos International Exploration, Inc.(Over The Counter Bulletin Board: BRZL), announced today it has executed a Letter of Intent to purchase Renfro Energy, LLC (“RE”), a Dallas, Texas based independent oil and gas company. RE primary assets is its 100% interest in an oil producing property located in Southwest Louisiana with significant development and exploration potential.

9 Months later:


From Feb 11, 2011 PR
The acquisition of Renfro Energy, which is expected but not certain,

http://www.reuters.com/article/2011/02/10/idUS257093+10-Feb-2011+BW20110210

Then on March 10th 2011

"Brazos International Exploration Inc announced the Company has executed a Definitive Purchase and Sale Agreement to purchase Renfro Energy, LLC, a Dallas based independent oil company with significant oil and gas assets in Cameron Parish, Louisiana. Closing is scheduled to occur on or before March 31, 2011, and shortly thereafter, an aggressive production enhancement and developmental drilling program will be initiated. "

http://www.reuters.com/finance/stocks/BRZL.PK/key-developments/article/2107615

This is where Renfro collects his $1 million. Once the PSA was executed 1 million was wired to his account.

"However, as a show of good faith, BUYER shall make a $1,000,000 non-refundable deposit to SELLER’s checking account by wire transfer at the time of execution of the PSA by BUYER and SELLER. If deposit is not made, this LOI and PSA is null and void and neither party shall have a right to seek damages from the other part"

http://sec.gov/Archives/edgar/data/1420924/000109635010000096/brazosloiex996.htm

March 29ths comes and the closing is extended.

Although Closing was scheduled to occur on or before March 31, 2011, information gathering from Renfro Energy, LLC needed to perform an audit has taken longer than planned and the completion of such audit is not expected until sometime in April, 2011.

http://www.oilandenergynews.com/2011/03/brazos-international-exploration-inc.html

So March 10th Renfro collects his money. We hear one more PR explaining that it is taking longer than planned and is not expected until sometime in April. LOL. Now it is July 7th and still we have not heard anything.