The litigation with Ms Whortley was not in it, so may be speculation they are resolving that $1.2mil issue somehow? If I knew the outcome of that, I would probably be a buyer right now.
From the August 10-Q The Company has outstanding 1,200,000 shares of redeemable common stock, which becomes exercisable for $1.25 per share on August 1, 2009, which would require the Company to repurchase these shares for $1,500,000. On June 26, 2009, the Company received notice of demand pursuant to paragraph 12 of the Asset Purchase Agreement dated September 28, 2007, between Advanced Vehicle Systems, LLC, and Mrs. Barbara Wortley to purchase 1,200,000 shares of the common stock of the Company on or before August 1, 2009 at a price of $1.25 per share. In response to the demand, management of the Company met with certain personnel in an attempt to reach a compromise and settlement on the matter; however the Company’s offer was not accepted and the holder made certain demands that if not met could result in potential litigation. As of the date hereof, the Company failed to reach an agreement regarding the outstanding redeemable common stock and as such, is in default of its obligation. The Company will continue to negotiate with the holder to try and reach acceptable terms to both parties and avoid litigation. The ultimate outcome at this time cannot reasonably be determined.
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