But the question is why put out a pr that you're submitting the offer? Why not wait until you have a deal. They didn't put out a pr with the JV partner they had for ESS 2 years ago or with SED- only after they had signed LOI's with them. Usually these offers are confidential. This one was obviously written in haste with many misspelled words, obviously by either Gerald himself or someone else, but not by their pr firm. It wasn't anywhere except on the OTC news.

There's no way they would hire an investment banking firm, go out and find $700k and enter into a term sheet with an institutional investor based on the offer being accepted unless they already knew it was going to be accepted. The had to have already submitted an LOI or term sheet to MTSL and had at least a verbal agreement before submitting the formal offer last week.