Innocent Inc. Announces Letter to Shareholders
November 25 2013 - 10:37AM
Marketwired
Innocent Inc. Announces Letter to Shareholders
MELBOURNE, FL--(Marketwired - Nov 25, 2013) - Innocent Inc.
(OTCQB: INCT) (the "Company"), a development stage oil and gas
drilling and exploration company, is pleased to announce
communication from President and CEO Wayne Doss to INCT
shareholders.
Shareholders,
The last several years have been a disappointment as it relates
to the companies' ability to fund and bring to successful
conclusion the Ecuador and Steele Resources Joint-Ventures,
respectively. And although the potential of the opportunities
was worth the effort, the timing and ability to execute was not in
our favor. The excessive amount of up front funding in a tight
financial market gave new investors great concern. With that
being said, we have decided that the future business model will
consist of opportunities with less initial funding requirements to
prove the opportunity, greater management control over the
expenditures, a mandate to operate with our partners as a team, and
the company involvement not just the funder of the venture, and
then to build on this initial success.
Although we have reserved the losses incurred in our past
ventures, we plan to hold the companies accountable for the revised
and collateral agreements they entered into. We will not walk away
from the obligation of these companies and will take whatever
action is necessary to recover and hold them accountable. The final
agreements in these ventures required the parties to repay the
funds Innocent provided regardless of the success or failure of the
project.
We believe that the newly announced exploration opportunities in
the Powder River Basin of Wyoming, meets our current company
business model. We will operate in our backyard, with proven
professionals in the oil and gas industry, and structure the
operating agreements in a manner that all involved will share on
the rewards. The funding requirements will be line item detail, the
expected return will built on a conservative basis and the
assumptions will be clear and defined. This way we will be able to
adjust the operating plan to maximize gains and minimize losses and
not be committed to excessive amounts of capital prior to seeing
the rewards of the operation.
As most development stage companies, we must seek new capital to
implement our current announced opportunities, with the level of
detail we have prepared to support this new venture and the reward
potential, and we are reasonably confident the company can
secure the funding to move forward. In the event we are not
successful in a timely manner we will reduce the size and scale of
our initial plan to prove the business model.
In summary, management believes that in presenting a new
business model that can be as small as drilling several oil wells
to drilling many within a very short time-frame in areas rich with
history to support the management assumptions, documents to back up
and substantiate our business model, and a well-seasoned team of
oil and gas professionals in fold, management firmly believes this
approach can be the winning formula that can only benefit with the
success of the program, finally providing the company both a
realistically financeable and controllable operation.
Warm Regards,
Wayne Doss CEO
About Innocent Inc. Innocent Inc. is a development stage oil and
gas exploration and production company focused on developing
properties in North America. Innocent Inc. plans to minimize the
risk of exploration through development of proved petroleum
reserves, and expects to maximize profit through strategic
acquisition and liquidation of selected oil and gas properties.
Innocent Inc. has partnered with industry experts in this agreement
and they will provide the technical guidance and field management
experience. Together, this new team of Innocent Inc. and Evergreen
Petroleum will focus on acquiring low risk, high upside properties
coupled with substantial exploration potential. Through
improvements in oil and gas production technologies, we seek to
rapidly increase production levels and generate predictable,
sustainable value. Adhering to our narrow, clearly defined
strategy, we are focused on 100% acquisitions and joint-ventures to
maximize our production capacity.
SAFE HARBOR This press release contains forward-looking
statements regarding future events and our future results that are
subject to the safe harbors created under the Securities Act of
1933 (the "Securities Act") and the Securities Exchange Act of 1934
(the "Exchange Act"). All statements other than statements of
historical facts included in this report regarding our financial
position, business strategy, plans and objectives of management for
future operations, industry conditions, and indebtedness covenant
compliance are forward-looking statements. When used in this
report, forward-looking statements are generally accompanied by
terms or phrases such as "estimate," "project," "predict,"
"believe," "expect," "anticipate," "target," "plan," "intend,"
"seek," "goal," "will," "should," "may" or other words and similar
expressions that convey the uncertainty of future events or
outcomes. Items contemplating or making assumptions about, actual
or potential future sales, market size, collaborations, and trends
or operating results also constitute such forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties, and important factors (many of which are beyond our
company's control) that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the following: oil and gas prices, general economic or
industry conditions, nationally and/or in the communities in which
our company conducts business, changes in the interest rate
environment, legislation or regulatory requirements, conditions of
the securities markets, our access to capital, changes in
accounting principles, policies or guidelines, financial or
political instability, acts of war or terrorism, and other
economic, competitive, governmental, regulatory and technical
factors affecting our company's operations, products, services and
prices.
We have based these forward-looking statements on our current
expectations and assumptions about future events. While our
management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business,
economic, competitive, regulatory and other risks, contingencies
and uncertainties, most of which are difficult to predict and many
of which are beyond our control.
Contact: Innocent Inc. Patrick J. Johnson Chief Operation
Officer 1-786-508-2884 IR@Innocentinc.com
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