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Replies to post #95131 on JP 3E Holdings Inc (JPTE)
01/17/25 7:52 PM
(Posted 2/12/24) In November 2023, the Company (NHMD) was approached by CNL Group and Jason Hoon Chang about being retained to secure Sugar and Chicken contracts on behalf of Nate’s Food Co. After a meeting with Jason Hoon Chang and Miguel Alcala in Atlanta on November 18-21, 2023, we retained the services of CNL Group and Jason Hoon Chang to work on securing contracts for Sugar and Chicken and signed an Agreement with CNL (a copy of which is attached as an Exhibit 9.1)
In accordance with our commitment, the Company disbursed $150,000 to CNL Group and Jason Chang, as specified in the agreement. Additionally, in November 2023, CNL provided us with a draft contract for a sugar transaction with an anticipated shipping date by the end of December 2023. To proceed with this transaction and secure the sugar, they requested the $150,000, and you can review a copy of the draft contract in Exhibit 9.2. Subsequently, following trips to Panama and South America, Jason Chang informed the company of a shipment delay, which we promptly communicated to our shareholders, with the revised shipping date now set for the end of January.
Unfortunately, CNL has ceased providing updates to the Company, and we have recently discovered that Jason Hoon Chang and Miguel Alcala have been hired by a third-party company. We have reason to suspect that the $150,000 we provided may have been diverted to cover expenses for this third-party entity, such as travel. Furthermore, it has come to our attention that Jason Chang and Miguel Alcala have undertaken business trips to China and Brazil on behalf of this third-party company.
Our concerns about the funds being used for the benefit of this third-party company are partially based by the fact that we facilitated a $100,000 loan to this third-party company, which remains outstanding. The third-party company has communicated their inability to repay the loan to the lender due to a lack of sufficient funds and has said they would provide a plan for repayment (which has not materialized).
As a result, we have reason to suspect that our funds may have been utilized for the advantage of this third-party entity, which, as we understand, might not have had the necessary resources to carry out its own transactions. We are keen to ascertain whether this was the intended arrangement from the outset - that our funds were to be used to facilitate the completion of transactions for the third party, with the intention of later reimbursing our company from the proceeds of these third-party deals and saying our deals didn’t materialize.
Considering these circumstances, the Company has decided that it will elevate this issue to our legal team for a thorough examination of how and where the funds provided by the Company were utilized and who ultimately benefited from them. Following this extensive review, the Company will take the necessary steps as recommended by our legal advisors.
AI
