I am convinced that we must pay $ 1,000,000 to buy back shares JFK got before 26/5-2011 otherwise they get the oil terminal back so completely debt free is it not, I could be wrong and had missed something so I would be happy if anyone has other information.
DEPOSIT RELATING TO ACQUISITION OF PROPERTY AND EQUIPMENT OF IDLE OIL TERMINAL FACILITY
On July 1, 2010, EMLL Energy Ltd. closed on the acquisition of property and equipment of an idle oil terminal facility located in Luzerne County, Pennsylvania pursuant to a Sales Agreement dated May 26, 2010 with JFK Petroleum Inc. (“JFK”). Among other things, the Sales Agreement provided that JFK assign its deed to the property (EMLL Energy Ltd. was formed June 1, 2010 to receive the deed) in exchange for the Company’s cash payments to the owner of JFK totaling $50,000 ($15,225 paid through June 30, 2010, $34,775 paid thereafter) and the Company’s issuance of 1,000,000 restricted shares of common stock to the owner of JFK (not issued to date) with a committed buyback of $1.00 per share (or $1,000,000 total), at the owner of JFK’s option, one year after issue date.
The property was acquired by JFK in 2004 and has not been operated as an oil terminal facility. The Company does not intend to use the property as an oil terminal facility until such time as the Company obtains sufficient financing to do so.
I can not understand why some require new PR. all the time, we just got one on 28/12-2010, which I think was a good one, we can not expect a new PR. every week just because someone will have a higher rate of EMLL. MR Khoo must only send out PR. when there is something new to tell, otherwise have no value to us eventually. so we must all be a little patient here
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