Entry into Material Definitive Agreement
On September 7, 2012, Altairnano, Inc. .. and Inversiones Energeticas S.A. de C.V. ("INE") entered into an amendment .. to the existing contract dated February 9, 2011 between the Company and INE .. for the provision of a ten megawatt ALTI-ESS advanced battery system in El Salvador. As anticipated by the Contract, the Contract was submitted for approval to a government entity that regulates electric utilities in El Salvador. The failure of that entity in April 2011 to grant the required approval triggered a 120-day period during which INE could continue to seek approval and at the end of which the Contract automatically terminated. That period has previously been extended by the Company and INE. Pursuant to the Amendment, the period during which INE can seek regulatory approval, before automatic termination, to December 28, 2012.
It is very good to extend the contract. Actually, before summer, ALTI will complete huge change. Wondering the continue selling pressure, who did it? I will definitely believe that is from ALTI itself.
Lower down the price will only benefit the company which prepare to pay for leaving shareholder who will against domestication, right?