10Q filed; looks like Caza still wants the shell that McKay walked away from........he was always the money man for McKay anyway
As reported in our Form 10-K FYE 09-30-08 and as filed with the Commission on a Form 8-K on July 28, 2008, we had signed a change of control contract with Mr. Glen McKay of Toronto, Canada which, if the agreement had closed, would have resulted in the company's pursuit of a business plan involving the purchase of the monorail system in Las Vegas, Nevada, building of a high-speed railroad between the monorail and an area near Los Angeles, California, and the development of real estate opportunities in the adjacent areas.
The contract with Mr. McKay expired by its own terms without the change of control having occurred.
We now have an oral agreement with Mr. Georges EmmerSon Caza, of Beijing, China, regarding his obtaining control of our company. Mr. Caza proposes to acquire several Chinese companies as subsidiaries of our company. The specifics of his proposal are not yet determined. Until we enter into a formal agreement with Mr. Caza, we propose to carry out our plan of business as first discussed above. We cannot predict to what extent we might incur further operating losses through any business entity, which we may eventually acquire.