On 10/26/99, OSCR retained the international accounting firm of BDO International. BDO, a firm with 17,000 personnel in over 500 offices worldwide, is reviewing OSCR's financial statements in preparation for filing a 10-SB with the SEC to become fully reporting.......
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OSCR recently sold its e-commerce unit to AMCI International, Inc. (OTC Bulletin Board/AMMN), a fully reporting 12g company, which changed its name to Shopss.com, Inc. The unit OSCR sold includes two operations: (1) shopss.com, a virtual shopping mall that enables shoppers to buy consumer goods, electronics, & books on the Internet; & (2) CCM Computer Accessories, Inc., which assembles computers & owns & operates customer fulfillment centers that function as warehouses & shipping facilities for products ordered at the virtual mall.
In exchange for the assets sold, AMCI will issue 2,207,898 shares, or an amount equal to about 60% of its post-closing outstanding common stock, & pay OSCR cash of $5 million, of which $1 million has been paid, $1 million is to be paid 12/31/99, & $3 million by 1/2/2000. The cash payments will be made from the proceeds of a $25 million equity investment in AMCI International for which AMCI has received a firm commitment.
The outstanding post-agreement shares will be forward split 5.435034 for one. That will result in 20 million post-split & post-agreement outstanding shares of AMCI's common stock. The $25 million funding to AMCI will be made in exchange for 2 million post split shares of AMCI.
OSCR, while concentrating on its communications operation, will have a large chunk of Shopss.com, Inc. stock on its books. I see it as a good move. The value of Shopss.com, Inc. to OSCR could very likely move up based on: (a) What it has already accomplished; (b) The fact that it will be very adequately financed; & (c) As a separate public company, its progress most likely will result in a higher valuation for OSCR than if it had just remained a part of OSCR.
On 10/26/99, OSCR retained the international accounting firm of BDO International. BDO, a firm with 17,000 personnel in over 500 offices worldwide, is reviewing OSCR's financial statements in preparation for filing a 10-SB with the SEC to become fully reporting.
OSCR will be exhibiting at the COMDEX Israel show 11/30/99 -- it will have 2,200 square feet of booth space. The backlog of the communication division at this point in time exceeds $500 million, so the future for OSCR could be attractive.
Check this one out. Use our Financial Navigator. Call James H. Post @ Edelman PR @ 212-704-4473, or e-mail jim_post@edelman.net.
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