It has been 4 years since to letter, I don't believe that you can invested the company's (Investors) money into another company in return for shares of that company and not give the shareholders the shares they deserve!
We will see what happens. I am surprised that no other shareholders have concerns with the lack of distributing of the shares "promised".
If AFBG really takes off and does well, not distributing the shares may come back to haunt him because some will feel they were entitled to their piece of the pie.