After many months of searching to identify an accounting firm with experience in auditing smaller or startup public companies and would accept Ness Energy as a client, a firm has been selected. We are pleased to announce the Board of Directors has approved the accounting firm to audit Ness Energy. An Engagement Letter has been executed to retain the accounting firm of Malone Bailey, LLP of Houston, Texas to perform the auditing requirements for the SEC Form 10 application.
Upon completion of the audit, the last phase of the From 10 application process will be to identify and engage a Market Maker (see definition below) that will agree to accept Ness Energy as a client. This firm will represent the company in this capacity and execute all of the duties that fall under its responsibilities.
Definition of Market Maker found on the SEC website:
A "market maker" is a firm that stands ready to buy and sell a particular stock on a regular and continuous basis at a publicly quoted price. You'll most often hear about market makers in the context of the Nasdaq or other "over the counter" (OTC) markets. Market makers that stand ready to buy and sell stocks listed on an exchange, such as the New York Stock Exchange, are called "third market makers." Many OTC stocks have more than one market-maker.
Market-makers generally must be ready to buy and sell at least 100 shares of a stock they make a market in. As a result, a large order from an investor may have to be filled by a number of market-makers at potentially different prices.
Due to the longer than anticipated time required to reach this pivotal point in this application process, the cost of legal, accounting, transfer agent and consulting fees will require the full $100,000 to complete the application. Therefore, we ask if there are any other Ness Energy stockholders interested in purchasing shares of Preferred Stock to assist in funding the remaining approximately $25,000 to reach the $100,000 maximum, please complete the attached Indication of Interest. The requirements to purchase the Preferred shares are: $1,000 minimum investment and you must currently be a Ness Energy stockholder.
Terms of the Preferred stock are:
$1.00 per share, 10% annual dividend with the option to convert the value of the Preferred stock into common stock at a 20% discount of the common stock.
We are so please to finally be at this point in the journey and look forward to being able to file the application as soon as possible.
As always, thank you for consistently praying for the completion of the application and its speedy approval by the SEC.
Our excitement grows as we step closer to resurrecting Ness for the purpose of discovering an oil field in the Southwest end of the Dead Sea so the mission/assignment can be achieved. The mission statement can viewed by clicking on the heading at the top of the webpage.
David M. Boyce
Ness Energy International, Inc.