Syndication Inc. Board Authorizes CEO to Consider the Sale of a 20% Stake in SRE S.C; Board Rejects Marshall Jr., Sentinel Renew
05 8월 2010 - 3:55AM
Syndication Inc., (Pink Sheets:SYNJ), announced that the Board of
Directors authorized the CEO to move forward with the negotiations
on the terms of a sale of 20% of Sentinel Renewable Energies S.C.,
(SRE S.C.). SRE S.C., a subsidiary of Syndication Inc., is the
Company's bio-diesel manufacturing project located in South
Carolina. The company can not release the exact terms of the
potential sale at this time, but broad strokes of the agreement
include an estimated cash payment of approximately $1 million
dollars to be paid to SRE S.C. and a 5% stock dividend of the
purchasing company to be paid to the shareholders of Syndication
Inc. The CEO of Syndication asked the BOD to approve an additional
2% to 5% common stock dividend of Syndication's stock to be paid in
conjunction with the settlement of the 20% sale of SRE S.C. "For
some time now we have been approached by a number of suitors that
have wanted to invest in our SRE S.C. project. Recent events within
the internal make up of our company have opened the doors to move
forward with these opportunities," said the CEO of Syndication Inc.
The Company reports further that the Board's of Syndication Inc.
and Sentinel Renewable Energies S.C. Inc., (SRE S.C.), by unanimous
vote rejected the proposed employment terms offered by McCutcheon
Marshall Jr., President and Chairman of the Board of SRE S.C. Key
demands of Mr. Marshall's employment proposal included a commitment
for a 1 year contract with a salary totaling $220,000 which
included a $100,000 cash signing bonus. Further conditions of the
proposal demanded that SRE S.C. pay invoices from non-affiliated
companies in excess of $35,000. The Board wishes to note that his
terms were non-negotiable. Mr. Marshall Jr. has been the point man
on the development of our bio-diesel manufacturing facility for SRE
S.C. and his office has been principally responsible for the
overall development activities of the project. They included the
time lines of financing, development strategies of key contracts
and the introduction of the Company to Mr. Peter Katzburg who under
his watch ultimately became the CFO for the project. Mr. Marshall
Jr., originally a 51% shareholder of SRE S.C., was reduced late in
the year of 2009 to a 20% shareholder for reasons related to
continued delays in the procurement of a $3.5 Million Dollar USDA
government backed loan.
The need to move the project forward forced the company to seek
alternative sources of financing and fostered Mr. Marshall's
introduction of Peter Katzburg as CFO for the project. It's
important to note that this loan was conditioned on a number of
criteria, including that the Company be minority owned and that Mr.
Marshall be willing to collateralize his personal assets. These two
conditions, specifically the agreement of Mr. Marshall to go at
risk for $3.5 million dollars among other issues, were the basis
under which the original terms of Mr. Marshall's employment
contract and 51% ownership in SRE S.C. were structured. When the
company decided to seek financing terms that did not require Mr.
Marshall to be at risk, it was agreed to by all parties to modify
the terms of Mr. Marshall's arrangement. It was the concern of the
Board that control of the company should not be vested in an
individual that shares no financial risk or stake in the success of
the project.
The Board also rejected the Marshall Employment proposal on the
basis of salary. Originally, and to this date, all Board members
agreed that there would be no salary packages for any Board members
until we had an up and operating plant that was producing both
revenue and income. Mr. Marshall has demanded a 1 year $220,000
dollar salary package and stated clearly that his focus would be on
many other projects other then SRE S.C. in the US and around the
world. The Board wishes Mr. Marshall well and good luck on all his
endeavors and we are sure our joint efforts will bring us together
on other projects in the future. However, at this time, our
concerns are not vested in projects all over the world; our
concerns are vested in the SRE S.C. project and in the best
interest of the Syndication shareholders. We would only grant such
a generous salary package based on performance and the assurance
that our needs were a 100% priority.
The Board wishes to indicate that we are aggressively moving
forward on all fronts with SRE S.C. project. We would also like to
indicate that there is news pending on the sale of the 20% stake of
SRE S.C. and the new site location for the plant.
This press release may contain forward-looking statements
covered within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements relate to,
among other things, plans and timing for the introduction or
enhancement of our services and products, statements about future
market conditions, supply and demand conditions, and other
expectations, intentions and plans contained in this press release
that are not historical fact and involve risks and uncertainties.
Our expectations regarding future revenues depend upon our ability
to develop and supply products, which we may not produce today and
that meet defined specifications. When used in this press release,
the words "plan," "expect," "believe," and similar expressions
generally identify forward-looking statements. These statements
reflect our current expectations. They are subject to a number of
risks and uncertainties, including, but not limited to, changes in
technology and changes in pervasive markets.
CONTACT: Syndication Inc.
Brian Sorrentino
888-422-5515
Box 503, Damascus, MD 20872
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