Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2007asset acquisition disposition● NeutralMajor
On November 20, 2007 Odyssey agreed to buy Uranium Acquisition Corp, whose sole asset is a 49% stake in MCA Uranium One (Pty) Ltd, which owns a uranium exploration prospect in the Bela Bela region of South Africa. It issues 5,000,000 shares now, with more shares to follow on benchmarks over two years, a move into uranium beyond the Texas oil interest.
This appears to be a re-filing of the original April 2006 8-K, with the same text as the April 26 filing. It carries no new information beyond the BBB Area 10% interest acquisition already described.
An amended version of the April 2006 filing, adding that the purchase and the CardioBioMedical disposal were approved by majority shareholder consent, that the old director resigned immediately after (not before) the deal, and that the name change took place April 20, 2006. The deal terms (10% BBB Area interest for 20,000,000 shares) are unchanged.
On April 21, 2006 the company bought a 10% working interest in the BBB Area, Wharton, Texas oil exploration project for 20,000,000 restricted shares, renamed itself Odyssey Oil & Gas, and disposed of CardioBioMedical, which reverses the 2005 merger: 22,077,509 shares go back to treasury and the 6,500,000-share warrant is cancelled. Arthur Johnson became President and sole director, and total shares outstanding after the deal were 31,097,500.
On September 23, 2005 the company (then Advanced Sports Technologies) acquired CardioBioMedical Corporation by merger, issuing up to 22,077,509 shares plus a warrant for 6,500,000 shares at $.01. CBM holds North American licence rights to a heart-disease diagnostic device that had not yet sold any units; the Better Buns licence had been terminated, and James Mongiardo replaced Curtis Olschansky as CEO, President and sole director. Not an oil and gas deal at this point.
The company (then named Advanced Sports Technologies, Inc.) dismissed its auditor Salberg & Company and hired Webb & Company, P.A. as of March 4, 2004. Salberg's reports on the 2003 and 2002 years had no adverse opinion but included a going-concern warning, and the filing states there were no disagreements.