On April 29, 2014, the Settlement Agreement and Release was signed that ended the litigation concerning Ness Energy International, Inc. and Alpha Capital. We are awaiting the last Satisfaction of Judgment from the federal court in New York. The last document was prepared by our attorney and submitted to the court on the 30th of September. It is expected to be signed by the judge and returned sometime within the next two weeks or so. Upon receipt of this last release, Ness Energy International, Inc. will be free of all litigation both in the U.S. and Israel. In the settlement, Ness was forgiven $1.2 million of debt and penalty in exchange for the assignment of the stock in Ness of Israel, which was the subsidiary that owned the stock in the holding company in Israel. Because two dry holes were drilled on two of the three offshore licenses held by Modi’in, with the professional opinion of a very experienced Israeli geologist, it was obvious there was no economic benefit to continue the litigation.
Upon receipt of the remaining Satisfaction of Judgment from the federal court in New York, the process will begin to return Ness to trading on a public exchange. We estimate it will be a three- to six-month process to obtain approval from the U.S. Securities and Exchange Commission; however, there is no guarantee of the time frame, as there may be other unforeseen issues to deal with before the approval is granted.
As always, thank you for your continued prayers for not only the restoration, but also the recreation and reestablishment of Ness Energy International, Inc.
David M. Boyce