CTTC filed one of those ubiquitous, but always interesting Form 8-Ks with the beloved SEC, a retrospective announcement -- that's their style -- about entering into a Material Definitive Agreement with the real estate company, yes, the real estate company Tonaquint, itself held by Utah Resources International, Inc.
(I'm sure we can find a Romney in there somewhere, though this is slim pickings for a venture capitalist. Maybe it's a practice toy for a Romney grandson or something?)
Stand back in awe, here it comes:
On July 16, 2013 Competitive Technologies, Inc. (the "Company") entered into a securities purchase agreement (the "Agreement") with Tonaquint, Inc. ("Tonaquint"). Pursuant to the agreement, Tonaquint will acquire a $112,500 convertible promissory note in consideration for $100,000. The note is convertible at a conversion price of $0.30 per share.
Item 9.01. Exhibits. The following exhibits are included herein: Exhibit no. Description 10.1 Securities Purchase Agreement between Competitive Technologies, Inc. and Tonaquint, Inc. dated July 16, 2013
Shares convertible at .30? Why, someone is making out like a retarded bandit!
Here's the exciting details about Tonaquint:
Company Overview Tonaquint, Inc. engages in real estate development. The company is based in Chicago, Illinois. The company operates as a subsidiary of Utah Resources International, Inc.
No, wait! Don't fall for the "real estate" gag! I mean, another of its recent investment/acquisitions is Silver Dragon Resources to whom it offered a cool 2.5 million in "convertible financing." Their gig? Silver Dragon's goal in corporate life?
It is management's objective to grow Silver Dragon into a significant silver producer by developing the Cerros las Minitas project in Mexico, its six Sino-Top properties in China (particularly Dadi and Laopandao), and its Erbahuo Silver mine (via its Chifeng Silver Dragon subsidiary), also in China.
To restate Tonaquint's reality:
Tonaquint is a privately held investment company with a primary focus on real estate and oil and gas interests in the western United States.Mr. John Fife is the CEO, there is no Board of Directors. But wait... Mr. John Fife is also CEO (wouldn't YOU like to be MR. JOHN FIFE?) of United American Healthcare (UAHC:OTC US) -- last trading at 0.03 on a volume of zero.
The tantalizing tease on Utah Resources International, Inc? Are you sitting down?
UTAH RESOURCES INTERNATIONAL INC is in the Land Subdividers and Developers, Except Cemetaries industry in SAINT GEORGE, UT. This company currently has approximately 1 to 5 employees and annual sales of Under $500,000.
Yes, URI actually manages to somehow have a subsidiary, the rock solid investment company and real estate/oil and gas developer, Tonaquint.
High finance! Big stakes! Snaking down the pipes, CTTC's only hope now is RotoRooter.
A common trait among these financial giants is a tendency to be unable to file their 10-Q on time with the SEC. They have bigger fish to fry? Better things to do?
Go long on CTTC, now that it is so amply shored up. Go wayyyyyyyyy long! Go ahead, I dare ya! CALMARE / Scrambler Therapy, you remember that scientistic garbage, filed as "equivalent" to a "TENS Unit"? By all means, throw your money away on that, too! The non-doctorate holding, non-professorship holding, patent phenom Giuseppe Marineo has got your back! BELIEVE in it enough and it will reduce your CRPS pain (so long as it is very limited, preferably to one foot or one hand) and there is no diagnostic criteria or documentation of pre- or post- treatment changes necessary!
© 2013 L. Ryan