Mantria Update #6

Mantria Investors were encouraged by Troy Wragg's announcement last Friday of the $100 million system sales Letter of Intent. If this purchase materializes, the proceeds could cover a considerable portion of our collective $30 million dollar investment. Representatives from China, Cowboy Charcoal and other companies are scheduled to visit Mantria Place as well.

Mantria Place is currently operational. The looters Troy mentioned appeared to be interested in any loose metal they could get their hands on. This handywork is typical of drug addicts looking to get the going rate for scrap metal. (The local Civil War battle field parks (ie Chickamagua) have suffered the same fate from looters. I don't think these acts are anything personal.) It sounds like there is still some physical damage to the building.

There are rumors of efforts being made to keep Mantria Place operational into next year. Although Mantria may be facing bankruptcy on their mortgaged property, Mantria does have full ownership of about 500 Acres. Mantria Place is located on this acreage. It may be possible to obtain a loan (from a bank) using Mantria's land as collateral. (We all know about collateral, don't we?) More on this as developments occur.

A committee of 8 investors, one lawyer and one accountant has been set up to review Mantria documents (ie the letter of intent) and to perform other functions. I will post more on this committee as its role and functions are better defined. For now, Mantria Investors are encouraged that efforts are being made to protect our best interests.

Several investors have emailed me with heavy hearts as the holiday season approaches. These are very difficult times for all of us. However, please be assured that none of us are alone. Thru the blogs and contacting our fellow investors, Mantria Investors are well aware that support is available 24/7. This matter has been a terrible way to find out what a good group of people Mantria Investors are! For better or worse, we will continue to face this matter together. And, as Troy announced last Friday, our $100 million dollar letter of intent does give us a "ray of hope".