retiring the 61M shares sure gave OTGI's market cap some breathing room.
After reading the entire OTGI board I'm thinking the old blood investors that basically got wiped out averaging down just unloaded for tax reasons so they can get back in if the CEO's new deal gains traction, which is now underway. OTGI was completely illiquid (the stock never experienced any buy pressure in its entire history prior to last week) until the bidwhackers came on strong at .06, that attracted a new crowd and when peeps found out the OS was only 30M and the Float 11M, and the new deal was Lithium, fell in love.
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 canceled the 61,647,250 of its common shares issued to Oteegee International Holdings Limited.
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Dear Shareholder,
I am writing you today because I believe it is important that shareholders are fully informed about the events that directly impact our Company. Of course I feel very strongly about protecting the interests of our shareholders, and believe it is imperative that we convey the new opportunity that the Company is currently undertaking with all of the benefits.
During our due diligence of Grail Semiconductor, our initial feedback was that the investment community would support a long-term vision IP investment in Grail, but following the signing of the LOI we were unable to secure sufficient funding to close the project in August 2010. Since the subsequent termination of the LOI to acquire Grail we have been working relentlessly to deliver both capital value and shareholder enhancement to the Company.
As with anything in life we must be positive and move forward, and Oteegee lives by the same philosophy. The Company continues to own 100% of Pay By The Day and most recently was extremely pleased and proud to announce the signing of an LOI to acquire 100% interest in the Abigail lithium property in Quebec on November 12th, 2010.
Oteegee's transformation into the mining sector will allow the Company to experience and prosper from a booming sector driven by huge demand placed on Canadian resources by China and other emerging economies. The decision to acquire the Abigail property was further validated by neighboring Nemaska Exploration's Whabouchi projects confirmation of high grade spodumene and its ranking by researcher signumBOX of 1st in Canada and 3rd in the world amongst hard rock pegmatite projects being developed.
The Company is still driven in its belief in technology and is looking to stay in the vertical technology space. Our growth will continue with a focus in the commodity supply side starting with the Abigail lithium project. Lithium is a viable entry point into the mining sector due to its diverse range of end uses. We consider the battery market, primarily for hybrid and electric vehicles and as storage batteries for wind and solar power plants, as its target market. Lithium ion batteries have become the rechargeable battery of choice for the makers of cell phones, laptop computers, power tools, and hybrid cars. In addition, the future of lithium lies in the global demand for environmentally friendly plug-in electric cars. With the prospect of soaring demand from the auto and technology sectors, we will seek to form strategic relationships with large auto/technology companies for distribution of potentially all end products. The Company believes it is in the most opulent area for future growth and creating shareholder value, and we are extremely excited about our future.
In closing this letter to you I would like to personally thank you our shareholders for your patience, loyalty, and support. We look forward to continuing to build shareholder value for you over the long term.
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