Energy One Corp (EGOC)

[didgi69]

new news read

3 October 2011





Updates & Progress Report










Middle-East





In short: We proposed an in-use protocol. They accepted late last week, with official communication being transmitted by the head of the bus and transit company to the agent, and then by the agent to us over the weekend.





In detail: This project is going to be a massive undertaking. Its going to be lengthy and its going to have elements that neither us nor they have contemplated at this point. We have time, distance, logistics, language and culture to deal with - as well as political relations. Plus, this particular transit company currently manages approximately 14,000 buses with various route segments and build configurations to consider. Agreeably, we have decided to start small and manageable - to take it slow, and to work together as we proceed, as we both agree that doing the job right is more important that trying to do it overnight.





OTC Current Status





In short: Its now Q4 and we're no longer considered as reporting late, so we now qualify for Current Status, as of today.





In detail: In order to make the change we need to submit an attorney's letter verifying our compliance with the reporting requirements for Current Status. We started this over the weekend. It requires a face-to-face interview with the attorney along with a review of our financial reports as filed. Following this, the letter goes to the OTC Markets and they update the status. The process is not a lengthy one, and we do not anticipate any delays. The decision we have to make is if we want to do this before we file Q3 statements, knowing that we would just have to do the attorney letter again following the Q3 report (but it wouldn't be due until sometime in December) - or if we want to file Q3 first and then do the attorney letter right afterward. We expect to resolve this in the next couple of days.





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