Is this a promotion or what?
4,000,000 shares issued in 1997 at 1.5 cents a share?
1. Offering Memorandum dated February 14, 1997 with a Sticker Update dated
April 1,1997 pursuant to which the Company sold 4,000,000 shares of Common Stock
at $.015 per share for an aggregate investment of $60,000. The Offering was made
pursuant to an exemption provided by Rule 504 of Regulation D promulgated under
the Securities Act of 1933, as amended (the "Act"). The sale of shares was to 14
investors in the state of Nevada and 27 additional investors, all of which
purchases took place outside the United States.
Virtually no revenues as of June 30, 1998
Revenue $ 1,938 $ --
Expenses $1,593,871 $ 136,854
Net loss for the period $1,591,933 $ 136,854
Top management and outside directors getting nearly a $1 million a year in salaries. This is a penny stock?
Annual Compensation Compensation
---------------------------------------- ------------
SECURITIES
OTHER UNDERLYING
ANNUAL OPTIONS ALL OTHER
NAME AND SALARY BONUS COMPENSATION GRANTED COMPENSATION
PRINCIPAL POSITION PERIOD ENDED ($) ($) ($) (#) ($)
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Chief Executive 1998 261,000 CDN$ Nil Nil 350,000 CDN$
Officer
Robert Kubbernus
Vice-President 1998 87,000 CDN$ Nil Nil 250,000 CDN$
Cameron Chell
Director 1998 87,000 CDN$ Nil Nil 200,000 CDN$
Julia Johnson
Director 1998 87,000 CDN$ Nil Nil 200,000 CDN$
Arthur Wong
VP, Sales & 1998 100,000 CDN$ Nil Nil 110,000 CDN$
Marketing
Mitch Tarr
VP, Operation 1998 45,000 CDN$ Nil Nil 49,500 CDN$
Vera Gmitter
VP, Technology 1998 80,000 CDN$ Nil Nil 88,000 CDN$
Tej Minhas
====================================================================================================
</TABLE>
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<PAGE> 25
<TABLE>
<CAPTION>
=====================================================================================================
Long Term
Annual Compensation Compensation
---------------------------------------- ------------
SECURITIES
OTHER UNDERLYING
ANNUAL OPTIONS ALL OTHER
NAME AND SALARY BONUS COMPENSATION GRANTED COMPENSATION
PRINCIPAL POSITION PERIOD ENDED ($) ($) ($) (#) ($)
-----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
VP, Channel Sales 1998 90,000 CDN$ Nil Nil 110,000 CDN$
Garry Leitch
Options at a discount of 23% of the LOWEST PRICE DURING THE PREVIOUS 10 DAYS.
Happy investing,
Andras |
