Gremlin 9999 from the OTGI 10-k
DESCRIPTION OF BUSINESS
General
Oteegee Innovations Inc., formerly named Pay By The Day Holdings Inc., (the “Company” or “OTGI” or “Oteegee”) was incorporated in August 2007 in Nevada; on August 31, 2007 we entered into a Share Exchange Agreement with Pay By The Day Company Inc., an Ontario Corporation incorporated in June 2003, whereby Pay By The Day Company Inc. became our wholly owned subsidiary. Pay By the Day Company Inc. commenced operations in July 2003 and at the time of the Share Exchange the sole owner of Pay By The Day Company Inc. was Jordan Starkman, Oteegee Innovations Inc. sole officer and director. Our business office is located at 3651 Lindell Rd. Suite #D155, Las Vegas, NV 89103. Our telephone number is 1-800-854-7970.
On March 12, 2010, the Company entered into a non-binding letter of intent (“Letter of Intent”) with Grail Semiconductor, Inc. (“Grail Semiconductor”), pursuant to which the Company will acquire all of the assets of Grail Semiconductor and exclusive rights to a number of other cutting edge independent innovative technologies.
On March 22, 2010, the Company filed a certificate of amendment to the Company’s articles of incorporation (the “Amendment”) with the Nevada Secretary of State changing the Company’s name to Oteegee Innovations, Inc. The Amendment was a result of a letter of intent entered into on March 12, 2010 to acquire all of the assets of Grail Semiconductor, Inc. and exclusive rights to a number of other independent technologies. The holders of the outstanding common stock of the Company approved the name change on March 01, 2010.
On April 7, 2010, the Company effected a 10 or 1 forward split of its issued and outstanding common stock. The Company’s issued and outstanding common shares were increased from 1,539,000 to 15,390,000. The Company also increased its authorized common shares from 100,000,000 to 200,000,000.
On July 6, 2010, the Company closed a share exchange agreement (the “Agreement”) with Oteegee International Holdings Limited, a company incorporated in Hong Kong (“Oteegee International”). Pursuant to the Agreement, the Company issued 61,647,250 shares of common stock pending the close of the Agreement in exchange for 4,000 common shares representing 40% of Oteegee International.
On August 20, 2010, the Company received a notice of termination of the Letter of Intent with Grail Semiconductor, and as a result, the Company cancelled the 61,647,250 of its common shares issued to Oteegee International Holdings Limited.
The Letter of Intent was terminated due to the Company’s inability to raise preliminary funding during the due diligence period of the Letter of Intent. The Company will also convert its advances into equity of Grail Semiconductor and Solar Utilities pursuant to the Letter of Intent.
On November 29, 2010, the Company signed an Asset Purchase Agreement to acquire 100% interest in the Abigail Lithium Project located in the James Bay, Quebec region of Canada. The property is made up of 222 map-designated cells totaling 11,844 hectares. The Company will issue 15 million shares of common stock to the group of sellers plus a cash payment of $250,000 over a six-month period. In addition, the Company will commit to a minimum initial exploration work budget of $300,000 to commence no later than May 16, 2011. After spending a total amount of $2,500,000 on the property, the Sellers of the Abigail Property will receive an additional 1,000,000 shares of the Company’s common stock and an additional cash payment of $250,000. After spending a total amount of $5,000,000 on the property, the Sellers of the Abigail Property will receive an additional 1,000,000 shares of the Company’s common stock and an additional cash payment of $250,000. If a feasibility study is put in place an additional 1,000,000 shares and $250,000 will be delivered to the Sellers, and if a bank feasibility is put in place a further 2,000,000 shares and $500,000 cash will be delivered to the Sellers. The Company has also agreed to pay the selling group a 3% royalty on any commercial producing mineral deposit.
The market for lithium is still small and relatively restricted. Lithium is a key component in existing battery technology, particularly for portable electronics applications. The lithium sector has been further stimulated with the need to develop more environmentally friendly transportation choices. A combination of rising gasoline prices and environmentally-conscious consumers further spurred the hybrid and electric vehicle sector in 2009, culminating in a US government stimulus package directed at the lithium battery and electric vehicle sector in 2009.
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Lithium is a light, highly reactive metal with uses in a variety of industrial applications including ceramics, lubricants and pharmaceuticals. The fastest growing market for lithium is as lithium carbonate for use in batteries, including those in cell phones, computers and new generations of electric and hybrid vehicles. The supply of lithium necessary to produce lithium carbonate can come from two principal sources: (1) brines containing high concentrations of lithium and other elements; and (2) the mineral spodumene, which is usually concentrated in pegmatite deposits. Lithium from spodumene is in silicate form and following mining and production of a concentrate, requires processing to be converted to lithium carbonate. Oteegee believes that lithium demand will grow as its value as a preferred battery material is fully realized.
The Company is in the process of incorporating a new company in Wyoming named Tucana Explorations Inc. (“Tucana”) The interest in the Abigail Lithium Project will be owned by Tucana.
The Company will operate both Pay By The Day and Tucana as wholly owned subsidiaries. The Company operates under the web-site address www.oteegeeinnovations.com with its two web-site addresses as www.paybytheday.com and www.tucanaexploration.com .
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