Replies to post #21650 on PCT Ltd (PCTL)

[sello]

Well, I'm a bit hesitant to reply to this but it is what it is. The closing date for the magnolia deal was April 27, 2019.

If a definitive agreement is not executed by the parties on or before April 27, 2019 (or such other date agreed to by the parties), the LOI will terminate.

It was not disclosed that the deal had terminated until the 10q that came out May 15th which was 18 days after the scheduled closing.

If a definitive agreement is not executed by the parties on or before April 27, 2019 (or such other date agreed to by the parties), the LOI will terminate. As of April 28, 2019, we had not entered into a definitive agreement with Magnolia or agreed to any extensions of the LOI, therefore the LOI terminated. However, we continue to negotiate with Magnolia for a potential future transaction.

So evidently this was not considered a material event to terminate the LOI or the company did not honor the required disclosure regulation.

Puts us in a position where there is just no way to know one way or the other until the company addresses the issue, which sucks, but you either believe in the fundamental business here or you don't I guess. Personally I will capitalize on any further panic because I do.

PCTL!!

[Dclutch72]

They don't really *have* to. Which is why it's interesting that Magnolia would issue a statement at this point, months after the agreed upon end date that was outlined in that LOI.