Response by Team Resources Inc, Complaint #Team Resources Inc., does hereby acknowledge that complainant did in fact acquire a one half unit share in the amount of $34,in the Grand Summit Fund I, LP PartnershipHis one half unit purchase of working interest in eight wells proposed by the Partnership was accepted by the Managing General Partner (Team Resources, Inc.) December 20, SUMMARY OF THE OFFERING The Partnership: Grand Summit Fund I, LP is a Delaware limited partnership formed on August 1, (the “Partnership”) The Managing General Partner/Issuer: Team Resources, Inc., a California corporation formed in December will be the sole Managing General Partner (the “Managing General Partner”) of the Partnership The Business Objective: The business objective of the Partnership is to acquire a fractional undivided working interest (the “Working Interest”) and a net revenue interest (“Net Revenue Interest”) in up to eight oil and gas wells (the “Wells”) to be drilled in the State of Kansas The business objectives of the Partnership were in fact all completedCommunication with complainant has been well documented throughout the drilling, completion efforts of all eight wells in which the Partnership participatedIn addition to these prior communications, results of the drilling and completion of said wells were shared with complainant on several occasions; these dates being September 30, 2011, December 8, 2011, December 17, and September 10, with the latest Partnership update being sent to complainant January 14, (which accompanied the Partnership accounting status through December 31, 2013) Team Resources, Inc claims and understood that he made the decision to invest in this partnership as stated in the PPM, Complainant was to rely solely on the PPM and exhibits which accompanied the PPM for his bases in investment of Partnership units As noted in the front of the PPM (as well as throughout the risk disclosures of the PPM) FORWARD LOOKING STATEMENTS The statements contained in this Memorandum, which are not historical facts are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995, as amended), which can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should” or “anticipates,” or the negative thereof, or other variations thereon or comparable words, or by discussion of strategy that involve risks and uncertainties The Issuer wishes to caution the reader that these forward-looking statements, including, without limitation, statements regarding the development of the Partnership’s business, the markets for its services, the Partnership’s anticipated sources of financing and capital expenditures, future regulation of the Partnership’s business, and other statements contained herein regarding matters that are not historical facts, are only predictions No assurances can be given that such predictions will prove correct or that the anticipated future results will be achieved; actual events or results may differ materially, either because one or more of such predictions provide to be erroneous, or as a result of risks facing the Partnership Such risks include in part, but are not limited to, the Partnership’s inability to market its services to new customers, to manage growth, to obtain required permits and authorizations in a timely manner, and regulatory, legislative and judicial developments that could cause actual results to differ materially from the future results indicated, expressed or implied in such forward-looking statements INVESTMENT IN THE PARTNERSHIP UNITS INVOLVES A HIGH DEGREE OF RISK AND IS SUITABLE ONLY FOR THOSE INVESTORS WHO HAVE SUBSTANTIAL FINANCIAL RESOURCES IN RELATION TO THEIR INVESTMENT AND WHO UNDERSTAND THE PARTICULAR RISK FACTORS OF THIS INVESTMENT IN ADDITION, INVESTMENT IN THE PARTNERSHIP UNITS IS SUITABLE ONLY FOR AN INVESTOR WHO DOES NOT NEED LIQUIDITY IN HIS INVESTMENT AND IS WILLING TO ACCEPT RESTRICTIONS ON THE TRANSFER OF THE PARTNERSHIP UNITS FOR RESIDENTS OF ALL STATES AN INVESTMENT IN THE PARTNERSHIP IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF FINANCIAL RISK ACCORDINGLY, PROSPECTIVE INVESTORS SHOULD CONSIDER ALL OF THE RISK FACTORS DESCRIBED HEREIN PROJECTIONS MAY BE CONTAINED IN THIS MEMORANDUM AND ANY OTHER PROJECTIONS, WHICH DO NOT CONFORM TO THOSE IN THIS OFFERING DOCUMENT, SHOULD BE DISREGARDED EVERY INVESTOR SHOULD BE AWARE THAT THE PARTNERSHIP HAS NO OBLIGATION, NOR DOES IT INTEND, TO REPURCHASE THE UNITS FROM INVESTORS IN THE EVENT THAT, FOR ANY REASON, AN INVESTOR WISHES TO TERMINATE THE INVESTMENT Finally: Acknowledged by Complainant in Exhibit “B” of the Partnership Agreement EXHIBIT B SUBSCRIPTION AGREEMENT Grand Summit Fund I, LP b Analysis of Investment Subscriber acknowledges that it has received full and fair disclosure and carefully considered each of the following items in its entirety relating to the Partnership’s offering of investments in the Partnership (the “Offering”): (i) the form of Partnership Agreement of the Partnership and (ii) the Confidential Private Placement Memorandum (the “Memorandum,” and collectively, the “Offering Materials”) Subscriber also acknowledges that it has received and carefully considered all answers to any questions the Subscriber submitted to the Partnership regarding an investment in the Partnership and any other written information provided by the Partnership prior to the investment, including information that the Subscriber deemed necessary to verify the accuracy and completeness of the Partnership’s representations included in this Subscription Agreement The Subscriber further acknowledges and agrees that the Subscriber has been given access to, or has been furnished with, all material books and records of the Partnership and all material contracts and documents related to the proposed transaction that Subscriber has requested to review in order to evaluate the merits and risks of this investment All of Subscriber’s questions have been answered, and all such additional information has been provided, to the full satisfaction of the Subscriber, none of which answers or additional information is in any way inconsistent with the written information provided to the Subscriber e No Other Representations Except as set forth in the Offering Materials and the exhibits thereto, no representations or warranties, oral or otherwise, have been made to the Subscriber by the Partnership, or any officer, director, representative, agent, employee or affiliate of the Partnership, or any other person, whether or not associated with this Offering, and in entering into this transaction the Subscriber is not relying upon any representations, warranties or information other than those contained in the Offering Materials and the exhibits thereto and the results of the Subscriber’s own independent investigation Subject: Website - Displayed Partnership homepage only and was a password protected Partnership websiteThe PPM and Exhibits could only be viewed if Complainant requested password Subject: K-Matter - All K-1s pertaining to this Partnership have in fact have been completed and mailed to complainant Respectfully submitted, [redacted] Managing General Partner Grand Summit Fund I, LP President / Team Resources Inc
I have lost $332,with these people Other individuals I have spoken with have lost their investments too WARNING: See the Securities Exchange Commission Civil Action Case Number [redacted] dated 04-06-filed in the United States District Court, Northern District of Texas, Dallas Division My personal opinion is that MessrsBoyles, Oliva, Dressner, Eppy and Stitt (the Defendants) make Bernie Madoff look like an amateur
Response by Team Resources Inc, Complaint #Team Resources Inc., does hereby acknowledge that complainant did in fact acquire a one half unit share in the amount of $34,in the Grand Summit Fund I, LP PartnershipHis one half unit purchase of working interest in eight wells proposed by the Partnership was accepted by the Managing General Partner (Team Resources, Inc.) December 20, SUMMARY OF THE OFFERING The Partnership: Grand Summit Fund I, LP is a Delaware limited partnership formed on August 1, (the “Partnership”) The Managing General Partner/Issuer: Team Resources, Inc., a California corporation formed in December will be the sole Managing General Partner (the “Managing General Partner”) of the Partnership The Business Objective: The business objective of the Partnership is to acquire a fractional undivided working interest (the “Working Interest”) and a net revenue interest (“Net Revenue Interest”) in up to eight oil and gas wells (the “Wells”) to be drilled in the State of Kansas The business objectives of the Partnership were in fact all completedCommunication with complainant has been well documented throughout the drilling, completion efforts of all eight wells in which the Partnership participatedIn addition to these prior communications, results of the drilling and completion of said wells were shared with complainant on several occasions; these dates being September 30, 2011, December 8, 2011, December 17, and September 10, with the latest Partnership update being sent to complainant January 14, (which accompanied the Partnership accounting status through December 31, 2013) Team Resources, Inc claims and understood that he made the decision to invest in this partnership as stated in the PPM, Complainant was to rely solely on the PPM and exhibits which accompanied the PPM for his bases in investment of Partnership units As noted in the front of the PPM (as well as throughout the risk disclosures of the PPM) FORWARD LOOKING STATEMENTS The statements contained in this Memorandum, which are not historical facts are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995, as amended), which can be identified by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should” or “anticipates,” or the negative thereof, or other variations thereon or comparable words, or by discussion of strategy that involve risks and uncertainties The Issuer wishes to caution the reader that these forward-looking statements, including, without limitation, statements regarding the development of the Partnership’s business, the markets for its services, the Partnership’s anticipated sources of financing and capital expenditures, future regulation of the Partnership’s business, and other statements contained herein regarding matters that are not historical facts, are only predictions No assurances can be given that such predictions will prove correct or that the anticipated future results will be achieved; actual events or results may differ materially, either because one or more of such predictions provide to be erroneous, or as a result of risks facing the Partnership Such risks include in part, but are not limited to, the Partnership’s inability to market its services to new customers, to manage growth, to obtain required permits and authorizations in a timely manner, and regulatory, legislative and judicial developments that could cause actual results to differ materially from the future results indicated, expressed or implied in such forward-looking statements INVESTMENT IN THE PARTNERSHIP UNITS INVOLVES A HIGH DEGREE OF RISK AND IS SUITABLE ONLY FOR THOSE INVESTORS WHO HAVE SUBSTANTIAL FINANCIAL RESOURCES IN RELATION TO THEIR INVESTMENT AND WHO UNDERSTAND THE PARTICULAR RISK FACTORS OF THIS INVESTMENT IN ADDITION, INVESTMENT IN THE PARTNERSHIP UNITS IS SUITABLE ONLY FOR AN INVESTOR WHO DOES NOT NEED LIQUIDITY IN HIS INVESTMENT AND IS WILLING TO ACCEPT RESTRICTIONS ON THE TRANSFER OF THE PARTNERSHIP UNITS FOR RESIDENTS OF ALL STATES AN INVESTMENT IN THE PARTNERSHIP IS SPECULATIVE AND INVOLVES A HIGH DEGREE OF FINANCIAL RISK ACCORDINGLY, PROSPECTIVE INVESTORS SHOULD CONSIDER ALL OF THE RISK FACTORS DESCRIBED HEREIN PROJECTIONS MAY BE CONTAINED IN THIS MEMORANDUM AND ANY OTHER PROJECTIONS, WHICH DO NOT CONFORM TO THOSE IN THIS OFFERING DOCUMENT, SHOULD BE DISREGARDED EVERY INVESTOR SHOULD BE AWARE THAT THE PARTNERSHIP HAS NO OBLIGATION, NOR DOES IT INTEND, TO REPURCHASE THE UNITS FROM INVESTORS IN THE EVENT THAT, FOR ANY REASON, AN INVESTOR WISHES TO TERMINATE THE INVESTMENT Finally: Acknowledged by Complainant in Exhibit “B” of the Partnership Agreement EXHIBIT B SUBSCRIPTION AGREEMENT Grand Summit Fund I, LP b Analysis of Investment Subscriber acknowledges that it has received full and fair disclosure and carefully considered each of the following items in its entirety relating to the Partnership’s offering of investments in the Partnership (the “Offering”): (i) the form of Partnership Agreement of the Partnership and (ii) the Confidential Private Placement Memorandum (the “Memorandum,” and collectively, the “Offering Materials”) Subscriber also acknowledges that it has received and carefully considered all answers to any questions the Subscriber submitted to the Partnership regarding an investment in the Partnership and any other written information provided by the Partnership prior to the investment, including information that the Subscriber deemed necessary to verify the accuracy and completeness of the Partnership’s representations included in this Subscription Agreement The Subscriber further acknowledges and agrees that the Subscriber has been given access to, or has been furnished with, all material books and records of the Partnership and all material contracts and documents related to the proposed transaction that Subscriber has requested to review in order to evaluate the merits and risks of this investment All of Subscriber’s questions have been answered, and all such additional information has been provided, to the full satisfaction of the Subscriber, none of which answers or additional information is in any way inconsistent with the written information provided to the Subscriber e No Other Representations Except as set forth in the Offering Materials and the exhibits thereto, no representations or warranties, oral or otherwise, have been made to the Subscriber by the Partnership, or any officer, director, representative, agent, employee or affiliate of the Partnership, or any other person, whether or not associated with this Offering, and in entering into this transaction the Subscriber is not relying upon any representations, warranties or information other than those contained in the Offering Materials and the exhibits thereto and the results of the Subscriber’s own independent investigation Subject: Website - Displayed Partnership homepage only and was a password protected Partnership websiteThe PPM and Exhibits could only be viewed if Complainant requested password Subject: K-Matter - All K-1s pertaining to this Partnership have in fact have been completed and mailed to complainant Respectfully submitted, [redacted] Managing General Partner Grand Summit Fund I, LP President / Team Resources Inc
I have lost $332,with these people Other individuals I have spoken with have lost their investments too WARNING: See the Securities Exchange Commission Civil Action Case Number [redacted] dated 04-06-filed in the United States District Court, Northern District of Texas, Dallas Division My personal opinion is that MessrsBoyles, Oliva, Dressner, Eppy and Stitt (the Defendants) make Bernie Madoff look like an amateur