We are pleased to announce that as of the week of July 30th, 2018, all of the remaining required accounting information and documents were submitted to the auditing firm. We estimate it will take about two weeks for the auditor to process the information, submit a draft and then complete the audit. As stated in previous updates, once the audit is completed then the process will begin to engage the services of a Market Maker in order to complete and submit the application to the SEC. I am not comfortable with estimating the time that will be required to complete the remaining steps in the process. We are working as swiftly as possible to accomplish all that is required to complete and submit the application to the SEC. Once the application is submitted, the SEC examiner will begin the process of evaluating it. They have to respond within 30 days to the application in which to submit any questions and/or requests for additional information and 30 days to reply after we respond each time. The remaining steps of this process may require several more months to complete.
Other good news is that the sale of the Preferred stock has reached its maximum. We can no longer sell Preferred stock from this offering. This is great news as these funds are critically important and should allow us the means to cover the budget to complete the audit and bring us closer to completing the application process. We are now considering a second Preferred stock offering at a lower dividend/interest rate as we do not know exactly how long we will need to cover expenses until Ness can begin trading. Another reason we are considering the second offering is because we continue to have individuals submitting indications of interest that desire to purchase Preferred stock. We will update the webpage if and when the second Preferred stock offering is ready. We plan on posting another update as soon as the audit is complete and a Market Maker has been engaged. Thank you to all of those who faithfully continue to pray for Ness in order for us to complete its mission for Israel and the return of the Diaspora.
In Jesus Name,
David M. Boyce
Ness Energy International, Inc.