Did they, or didn't they ? Will they, or won't they ?
The 60 days has almost arrived. From the August 19, 2013 8-K filing:
" .... 3.2.4. Escrow Trust Account. Upon the earlier of (i) PURE receiving a total of Three Million Dollars ($3,000,000.00); or, (ii) sixty (60) days from Separation Date, PURE will deposit Five Hundred Thousand Dollars ($500,000.00) into an escrow account established at a commercial bank, exclusively dedicated to the purpose of ensuring availability of the funds necessary to pay the monthly Severance Payment to Krall. ... "
And then there's this little ditty.
" ... 4.10 Registration Rights. On or prior to sixty (60) days after the Closing Date the Company shall prepare and file with the Commission a “Shelf” Registration Statement covering the resale of the Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-1 and shall contain (unless otherwise directed by the Purchasers) a “Plan of Distribution” reasonably agreed upon the Purchasers and the Company. Subject to the terms of this Agreement, the Company shall use its best efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof, and shall use its best efforts to keep such Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by such Registration Statement have been sold or may be sold without volume restrictions pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Purchasers (the “Effectiveness Period”). The Company shall immediately notify the Purchasers via facsimile or E-Mail of the effectiveness of the Registration Statement not later than 2-days after the Company receives notification of the effectiveness from the Commission. ... "
They do not have 500k to deposit. As a matter of fact they have zilch
if they paid their prior bills and obligations and will be looking for the greater
fool to finance the Krall parachute. I'd love to see the SEC give and take.
Only the last Moron on earth would send money to these buffoons.
So the effective date of the severance agreement was 8/13. Add 60 days and you get 10/12t, a Saturday. If I understand correctly, those terms that you copied would have to be complied with by Monday 10/14?