Lock-Up Extensions Requested
I trust you are well.
On January 27th, I had the opportunity to meet with our German sponsors in New York City. The goal of our meeting was to evaluate our current position in regards to our desired public listing on the Frankfurt Exchange.
On September 9th, 2008, I wrote you a letter explaining our intentions to go public so we could finally raise the capital we need to grow Paradise Publishers, accompanied with a Shareholder LockUp Agreement that was a requisite from our German sponsors as part of their requirement to take our shares public. At that time, we anticipated our stock trading by year’s end.
Like most everyone however, we did not foresee the way in which the changing global economical landscape would impact this goal. Since then, many barriers to our listing have presented themselves; simply because many of the requirements to become listed continue to change in response to the global economic turmoil.
Fortunately, through persistence, we have been able to overcome most of these challenges and last week’s meeting was a reaffirmation of our progress. More importantly, we finally received a firm commitment from the German’s to conclude our listing within the upcoming quarter, or perhaps sooner, depending on the exchange’s response time. In preparation for our listing, we have been asked to amend an existing in our original Shareholder LockUp Agreements sent previously on September 9th which stated:
“This Lock-Up Agreement shall lapse and become null and void on January 1, 2009, if Paradise Publishers Inc has not yet been listed on a public stock exchange on or before such a date” Attached you will find a simple Agreement extension.
This agreement extension simply asks you to extend the original contract’s expiry date to July 31st, which will grant us the time needed to pursue this public listing. I apologize for the hassle, but if I could ask you to sign the extension and fax back to me at 307.459.0945 we can all help speed up this process. As you have done before, I thank you once again for your prompt assistance in this matter.