alabama96, to help with that DD...
This was not a merger. It was an acquisition like what was PR-ed. Exit Only, Inc. acquired Bayport Corporation. A contract was signed to consummate the transaction.
Shats International knew nothing of how to run any mining, oil & gas, or sea food operations which is why they saw it better to simply let Bayport control running the show since the primary operational piece of the company was going to be Bayport assets. This was finalized and decided sometime after the acquisition contract was signed. It was decided that it would be best to give them the controlling interest through owning the 2,000,000 Series A Preferred Shares. From my understanding, the Transfer Agent (TA) should have all that they need to make the switch as the switch was previously done, but done in error.
As for the mining production that was supposed to had started on July 10, 2011... as I had posted earlier... the BLM had listed them as being in production with how far they had been with their operations from what I had learned which is why they termed it as such. From doing further DD, even though the BLM had approved them to move forward, it was the public water company that stepped in at the very last minute to temporarily stop their production operations. The water company wanted to test the water they were using to make sure there were not any chemicals in the water. From my understanding, they do not and have not ever used chemicals in their water. This means that it is just a matter of time before their production operation starts up again. These guys are much further along than most of the mining companies trading here in penny stock land. I think we will be fine as many will see after a little more of the dust begins to clear.
Not trying to be negative towards you, but rather than make posts to insinuate doubt, a simple phone call to the company would have allowed you to speak to the CEO who would have provided you with the answers you need. That’s one thing that is very different from any of the companies previously that were in EXTO. You could have never spoken to the CEO by simply picking up the phone to call them. You can very easily call the Bayport CEO and speak with as often as you like. He answers the phone very regularly.
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