Based on its analysis, the company's management made the strategic decision at that time that the company would diversify its business and focus more on its European projects (e.g. the lithium mine project in Eastern Europe - see below).
This means that even before the world was affected by the corona virus and its dramatic impact on people and the economy worldwide, which in particular also led to a huge drop in the price of oil, it was decided that operations and projects in the U.S. were no longer a priority, so the "Operation Agreement" with Mystic Energy LLC was terminated and we ourselves will act as operator of the oil wells in Kentucky.
To this end, we have since established a subsidiary, which will be the vehicle for all of our U.S. oil and gas operations, with the purpose of reducing the Company's risk exposure in light of the current economic outlook in the U.S. oil and gas business and separating assets in a way that protects the interests of the Company's shareholders from operating risks in the region while reducing operating costs.
In addition, the company signed an agreement with a Swiss company to acquire a stake in this company. this Swiss company is the main shareholder of a lithium mining project in Eastern Europe. a new evaluation report and a professional business plan will be prepared and completed within the first half of 2020. all information already available indicates that this lithium mining project may be one of the most valuable and interesting lithium projects worldwide. this in combination with an enormous strategic aspect, for example with regard to the European manufacturers of electric cars and their interest in a reliable lithium supply and a reduction of the dependency on lithium suppliers e.g. from South America.
The company also signed an agreement with an Israeli company to develop a unique advanced technology for the production of high purity HPA alumina and ammonia. A professional business plan is currently being prepared, on the basis of which we will determine the details of our investment.
In addition, the Company entered into a joint venture agreement with a company in Wyoming in which both parties agreed to explore and exploit a crude oil and natural gas project in the state of Kansas. the joint venture will focus primarily on the exploration and production of the noble gas helium. in the meantime, a sample survey of the exploration area has been completed and the figures are currently being analyzed. the results to date are very satisfactory and a new business plan is also being prepared.
We are convinced that this is absolutely the right step into a promising future. As a result, the company will be transformed into an investment and private equity company. In our opinion, this reorientation - away from the "old economy" and towards "new economy" and future-oriented business models - opens up excellent and disproportionately high growth prospects, especially in view of our excellent global network.