Replies to post #57176 on Sylios Corp. (fka UNGS)

[flaflyersfan]

linkvest, the last financial report for UNGS was from the period ending 209 days ago;

According to that same report, UNGS disposed of some or all of those oil and gas properties to Bayport (BAYP);

On July 9, 2014, the Company entered into definitive agreements with Bayport International Holdings, Inc. for the disposition of certain assets currently operated by the Company's operating subsidiaries within the states of West Virginia. Included within the assets are certain leases covering mineral rights, oil and natural gas wells and ancillary facilities constructed by the Company for the delivery of natural gas in West Virginia. On July 31, 2014, the transaction closed.

On July 31, 2014, the Company and Bayport International Holdings, Inc. ("Bayport") closed on the Asset Purchase Agreement entered into between the companies on July 9, 2014. Included within the assets sold by the Company were certain leases covering mineral rights, oil and natural gas wells, certain right of ways and ancillary facilities constructed by the Company for the delivery of natural gas in West Virginia. The Company will file the required Bill of Sales, Assignments and Deeds with the designated County Clerks for the transaction. At Closing, Bayport remitted the required funds as per the Asset Purchase Agreement and issued to the Company three Notes with varying maturity dates.

PRs state that UNGS had approximately 150 oil and gas wells. BAYP PRs say they acquired 125 of them.

UNGS did not PR that they were getting rid of their assets...at all.

UNGS could clear the air a bit by filing the Quarterly report for the 3rd quarter which is over 2 months late.

Good luck.