rca
18 years ago
Syntec Biofuel Inc. (OTC BB: SYBF), formerly NetCo Investments, Inc. (OTC BB: NIVS), announced today that it has terminated the acquisition agreement entered with Syntec Biofuel Inc. (Syntec Biofuel Canada) dated April 7, 2006.
The cancellation was due to NetCo Investments’ inability of closing the minimum required US $500,000 financing to complete the acquisition.
On April 7, 2006, NetCo Investments announced the signing of a definitive purchase agreement to acquire all the assets, including patents of Syntec Biofuel Canada, a scientific research company that has developed and patented a Catalyst to convert Syngas into Ethanol.
NetCo Investments had agreed to issue 15,700,000 shares in exchange for 100% of Syntec Biofuel Canada assets and it would assume the liabilities of Syntec Biofuel Canada.
The acquisition would have been constituted as a reverse take-over (RTO) of NetCo Investments by Syntec Biofuel Canada. The shareholders of Syntec Biofuel Canada would have owned approximately 65% of the combined company if the acquisition were to proceed and complete.
Following the acquisition announcement, NetCo Investments proposed to close a US $1 million private placement to provide funding for the development of the catalyst being acquired from Syntec Biofuel Canada.
The private placement had since been scaled up to US $2 million.
On July 12, 2006, NetCo Investments shareholders ratified the acquisition agreement. NetCo Investments, Inc. subsequently changed its named to Syntec Biofuel Inc.
The closing of the acquisition is subject to NetCo Investments raising a minimum of US $500,000 within 60 days. Failing that, the agreement would be reversed and the assets and liabilities transferred back to Syntec Biofuel Canada and Syntec Biofuel Canada transferring back the 15,700,000 common shares issued as purchase consideration.
With the termination of the acquisition agreement, NetCo Investments/Syntec Biofuel did not say if it will change to present name.
Burnaby, BC based Syntec Biofuel was established in 2001 at the University of British Columbia as a scientific research company.
Syntec Biofuel has received research funding from NRcan and NRC.
Syntec said its patented thermo-chemical catalyst can be used for the production of ethanol from syngas derived from a host of renewable resources including waste gases, biogas, municipal solid waste and virtually any type of low-cost, cellulosic material including wood waste (hardwood/softwood), agricultural residues or DECs (Dedicated Energy Crops).
rca
18 years ago
That's very cute, Aetheum, but you have no interest in these stocks so why are you interested in Serfdom?
Do you know how we know that Paul Taylor knew there was a different Netco when he had me change the name from Telatinos? Because he actually changed it to "Netco Investments Inc. (Texas)" on the resolution.
Why do you think he would do such a funny thing?
Another interesting thing is on all the amendments to the articles of incorporation that he filed -- he amended a document lodged on December 28, 1989. But the articles were December 28, 1988, not 1989.
Isn't that nifty Aetheum?
rca
18 years ago
I never said it was planned specifically. However, Paul Taylor likes to have companies which have similar counterparts. Concorde Resources similar to the oil company. Morgan Guaranty Co., sounding similar to, well, you know. Netco similar to Netco Investments (Washington).
He also likes to spell names one letter off.
It appears to be some type of plausible deniability.
Yes, Aetheum, that Paul Taylor is a tricky one, or at least he thinks he's a tricky one.
rca
18 years ago
Thanks Aetheum, but Pink Sheet's was equally confused, as were some of the major news outlets that put the NIVS P.R. under NCVT (formerly NTCV).
Even on this board, we've had investors come to NCVT and ask about Netco Washington.
This was, when an investor searches for Netco Investments, both boards show up and they can see there is a difference.
But, as a guy with no financial interest in IPCY/CCDX/NCVT, we appreciate that you have taken the time to follow this so closely.
rca
18 years ago
Aetheum, I deleted your message (#2) to Serfdom which you copied from NCVT, IPCY, and BANY. It relates to Netco Texas which is NCVT and the purpose of this board is to prevent investors from being confused between NIVS and NCVT. As such, I removed it as a duplicate message.
I do not censor messages, and if anyone wishes to read the message I deleted, it remains on NCVT, BANY, and IPCY boards.
You are welcome to post on any topic on this board, positive or negative, so long as it relates to NIVS or something that affects NIVS. If you wish to discuss the confusion between NCVT and NIVS, that is fine as well.
rca
18 years ago
Thanks for being the first post here Aetheum, and that's precisely why I started this board. I was never the President of this company, NIVS.
See, when Paul wanted to change the name of his fraud from Telatinos to Netco, he didn't tell me there was another publicly traded company by the same name.
Thus, when NCVT (Netco Texas) fell to .0001, and news came out on NIVS (Netco Washington), investors accidentally bought NCVT.
Paul had a good time printing shares that day, and I bet he was quite excited.
So now we have to make sure the investors know the difference. NIVS is not NCVT and I was never President of NIVS. Fortunately for NIVS investors, neither was Paul!