Nov '09
According to the letter of intent, a definitive agreement is expected to be executed during the week of December 14, 2009 or shortly thereafter, subject to further due diligence review by the Company. The Company will issue a press release on the details of this transaction early next week.
The Company believes this new technology may qualify it for substantial assistance under the Energy Policy Act of 2005, which authorizes the U.S. Department of Energy to issue loan guarantees to eligible projects that "avoid, reduce, or sequester air pollutants or anthropogenic emissions of greenhouse gases" and "employ new or significantly improved technologies as compared to technologies in service in the United States at the time the guarantee is issued."
The Company's board of directors has also passed resolutions to reduce its authorized capital from 4,999,500,000 to 300 million authorized shares of $0.001 par value common stock. The Company has 75.4 million shares of common stock issued and outstanding, after taking into account 20.8 million shares that have been earmarked for cancellation. Currently there are approximately 5.2 million shares in the float.
Jeantex Group Inc
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