|
Summary of 2005 Actions
IntelliJET Marine, Inc.:
-
assumed all assets and liabilities of Marine Jet Technology Corp,
effective January 20, 2005.
-
has the same shareholders, officers and directors, as did Marine Jet
Technology Corp. on January 20, 2005.
-
is continuing with its business plan to develop, license and sell marine
propulsion technology.
-
does not plan to register with the SEC, and its stock will not be free
trading any time soon.
Effective February 9, 2005, the
controlling interest in the Marine Jet Technology Corp shell was acquired by
Keating Reverse Merger Fund.
For further information about Marine Jet Technology Corp (MJET), search the
SEC website
www.sec.gov or contact
Marine Jet Technology Corp.
Patrick Chow, Chief Financial Officer
5804 E. Slauson Avenue
Commerce, CA 90040
(323) 725-5555
Back to Top
Frequently
Asked Questions:
Q. Does this mean I own
shares of both MJET and IntelliJet?
A.
Yes, if you owned shares of MJET before January 24, 2005, you own an equal
number of shares in IntelliJET Marine, Inc.
Q. If I still own MJET
and I sell the shares, do I lose shares of IntelliJet?
A.
No. You own shares in two separate entities. You can sell your MJET
shares and still retain your stock in IntelliJET Marine.
Q. Will IntelliJet go
public at some later date after products are developed? What plans can you
tell me about for IntelliJet.
A. IntelliJET does not plan to register with the SEC and its stock will not
be free trading any time soon. We anticipate that the most likely eventual
exit strategy is the merger of IntelliJet into a larger company, but there
are no current discussions with any potential buyers.
February 9,
2005
The following are excerpts from a letter to shareholders of IntelliJet
Marine, Inc. dated February 4, 2005
To the Stockholders of Marine Jet Technology Corp.
Re: Distribution of Shares of Common Stock of Intellijet Marine,
Inc.
Dear
Stockholder:
This letter is being provided to you by
the Board of Directors of Intellijet Marine, Inc. (“Intellijet”), a Nevada
corporation organized on October 22, 2004. Recently, you received the
Schedule 14f-1 Information Statement filed by Marine Jet Technology Corp.
(“Marine Jet”) with the Securities and Exchange Commission on January 13,
2005. The Information Statement furnished you with certain information in
connection with the proposed sale by Mr. Jeff P. Jordan of all of his shares
of common stock, representing 70.1% of the outstanding shares of common
stock, of Marine Jet and the resultant change of control of Marine Jet.
In connection with the above-described transaction, Marine
Jet organized Intellijet as a wholly-owned subsidiary and, on January 20,
2005, Intellijet entered into an agreement with Marine Jet providing for
Marine Jet to transfer all of its assets to Intellijet and for Intellijet to
assume, and indemnify and hold harmless Marine Jet for, all of the
liabilities and obligations of Marine Jet. Subsequently, the Boards of
Directors of Marine Jet and Intellijet . . . . . authorized the
distribution of all of the 21,822,570 outstanding shares of common stock of
Intellijet owned by Marine Jet to the stockholders of Marine Jet of record
on January 24, 2005 . . . . . . on a pro rata basis (the “Distribution”).
. . . . .The shareholders of Marine Jet have received stock representing the
number of shares of common stock of Intellijet that is equivalent to the
number of shares of common stock of Marine Jet that you currently own.
. . . . . . . . . . The Boards of Directors of Marine Jet and Intellijet
determined that the Distribution would be in your best interest for the
following reasons:
·
Intellijet will be a private corporation focused on the further
development and sale of marine jet technology. . . . . .
·
We believe that Intellijet will have a better chance of commercializing
the technology that Marine Jet has worked to develop for so long because
Intellijet will not have to cope with the complex problems and financial
burdens associated with the new regulations affecting public companies.
·
Marine Jet will continue to be a public company with its shares of common
stock traded on the OTCBB.
·
You will continue to own the shares of common stock of Marine Jet that you
currently own . . .
Sincerely,
IntelliJet Marine, Inc.
4805 158th
Court NE
Redmond, WA 98052-5261
425-869-2723
info@intelliJetMarine.com
|
www.iiJet.com