From Quarterly Report issued 09/08/98:
The Company has continued its efforts to acquire, merge with or enter into another form of business combination with another entity, and the Company plans to continue these efforts in the current fiscal year. It is presently unknown whether any transaction will be concluded. The Company considers its current cash and cash equivalent balances adequate to satisfy its cash requirements for the next twelve months. However, legal and accounting and other expenses could increase significantly in connection with any contemplated business combination. Due to the nature of the Company's present activities, however, the Company is unable to predict its likely expenditures for professional fees and other expenses. The Company has no major capital commitments.
The Company has no significant equipment and has not engaged in any research or development activities during the past two fiscal years. At present, the Company employs one person, on a part-time basis. The Company does not expect any changes unless the Company determines to proceed with a business combination.
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