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Regarding H1 B transfer for a H1 B 2008 cap

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  • Regarding H1 B transfer for a H1 B 2008 cap

    I am currently on F1 Status on my OPT. I had applied for H1B through company XX for the fiscal year 2008. In the lottery system, my application was selected and I also received my approval notice (Form I797 B) along with the receipt.
    There were some layoffs in the company XX that I was working during the month of May 2007 and unfortunately I was affected in those layoffs. The last working day for me at company XX is May 30, 2007.

    1. What is the procedure for me to apply for a transfer of my H1B visa which is valid from October 1, 2007?
    2. Is there a particular time limit within which I need to make this transfer from my previous company XX to another company YY (who is willing to sponsor my H1B visa)?
    3.If 1 and 2 are possible, Is it possible to get I 797 B along with I94?
    I heard from some people that since the H1B visa that I have received, is based on “Approval on Abroad”, I can transfer to any company on terms of "Change of Employer" and "approval on Abroad" and there is no time limit for doing the transfer. But I will have to go out of USA and get a stamping and then return to USA to start working. Is this right?
    I am in a dilemma. Any help will be appreciated.
    Please let me know

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