Sylios Corp. (fka UNGS)

[blue dog]

Looks like the $2 or $4 million dollar deal is up in the air, per the recent quarterly report:

On May 3, 2011, the Company received a Letter of Intent (“LOI”) from Northwest Florida Operations, Inc. (“Buyer”) for the purchase of certain assets and assumption of certain liabilities under control by US Natural Gas Corp WV. Under the terms of the LOI, the Company is to receive consideration in the amount of Two Million Dollars ($2,000,000) with Six Hundred Thousand Dollars ($600,000) to be paid at closing and the balance over a five year period and the Buyer is to assume approximately Two Million Dollars ($2,000,000) in liabilities. The transaction was scheduled to close on or before June 15, 2011. On June 15, 2011, the Buyer requested an extension for closing to on or before July 29, 2011 so that sufficient due diligence could be completed. On July 29, 2011, the Buyer requested an additional thirty days to close the transaction. As of the date of this filing, the Company has not agreed to the second extension nor agreed to close upon the original terms. There are no guarantees that the transaction will close.

Bummer.