Dakshidin Corporation Update. (Pink Sheets: DKSC)
Since the last update, Dakshiden Corporation has been struggling to complete and close an agreement with what initially appeared to be a very interested party however, to date has not been successful in doing so. After a number of meetings it emerged that the company that we were negotiating with had a number of internal issues to deal with prior to being able to make any commitment and eventually it abruptly ceased all correspondence with Dakshidin Corporation.
As a part of those negotiations, Dakshidin Corporation was undertaking a financial audit. Despite the fact that communications with the other party stopped prior to Dakshidin Corporation having to supply them the financial statements, we were still endeavoring to complete the audit but were unable to do so as a result of a lack of funds; in fact, the company has not had the funds necessary to provide regular updates.
As a result of this long period without sales, Dakshidin Corporation is once again in default with Restec LLC. however, Restec LLC has assured Dakshidin Corporation that an order of 50 windmills would cure this default. 50 windmills is the minimum order acceptable to the manufacturer.
Dakshidin Corporation is currently exploring other sources to initiate and close a deal for the manufacturing and sales of the water pumping windmills however, given the disappointing results of the past, we do not wish to give the impression that any deal is imminent. We will release updates as soon as there is something tangible to report.
Forward-Looking Statements: The information in this press release includes certain “forward-looking” statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Via EPR Network
More Industrial press releases