EQST - engaged in the development and production of hydrogen-enriched alternative fuels. They plan to employ gasification technologies and catalytic conversion processes to produce clean fuels. They design, build, lease and in some cases operate the gasification technologies with broad potential application within the energy field. They have various technologies allow for the use of steam for reformation of coal and other carbonaceous feedstocks, conversion of waste solid fuel sources into gaseous form and allow for incineration of waste in an environmentally friendly manner.
*(On May 31, 2010, we entered into a Joint Venture Agreement with ZAO Transmashholding, a company registered in Moscow, Russia. The business purpose of the Joint Venture is to use the knowledge, connections and efforts of both parties to enhance their financial capacities in order to achieve their common business goals. Transmashholding has set up a bank account with $102,368,000 (Rub 3,200,000,000) to act as collateral for the Joint Venture to acquire lines of credit for financing its business projects. We are solely responsible for acquiring the lines of credit against the provided collateral, and will assume the main responsibility of finding and arranging investment opportunities for the Joint Venture. All revenues generated by the Joint Venture will be divided equally between both parties. Each party will be responsible for their own costs and neither party shall be liable for mistakes made by the other.
On September 15, 2011, we entered into an Asset Purchase Agreement to acquire certain properties in Greece in exchange of 225,590 class A preferred shares.
The properties include two hotels and a piece of land to be developed into a hotel. As at September 30, 2011, the transaction had not yet closed.
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