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Thursday, December 29, 2011 3:37:55 PM
On 3/22/11 our investment oversight committee consisting of representatives of Syndication Inc. and Better Environment Concepts Inc. (BECI, the Company’s investor/financer), concluded that the cost of the warehouse with the required roof replacement was exceedingly overpriced and financing under such conditions was declined. However, the committee did pass a motion to approve a counter offer of $175,000.00 “as is” for the purchase of the foreclosed warehouse property and instructed the CEO to begin appraising alternative prospect properties. On 6/15/11 the CEO reported that he had identified a number of potential properties and with the Board anticipating the release of cash reserves being held in escrow, requested approval to move forward with bids. He further, requested that the bidding process be coordinated with the BECI oversight funding committee and the resolution was passed.
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