BEDMINSTER, N.J.--(BUSINESS WIRE)--May 18, 1999--American Metals Service, Inc. (OTCBB- AMTS) announced today that it had acquired the assets of PKG Design, Inc., the developer of two internet websites, golfrounds.com and skiingusa.com. PKG Design has not yet generated significant revenues from the websites. In connection with the acquisition, American Metals issued to the seller, 100,000 shares of common stock and reserved another 280,000 shares, of which 100,000 would be issued if revenues for the first year after the acquisition exceed $200,000 and the balance if revenues for the period exceed $350,000. After the transaction, the outstanding common stock of American Metals will be 2,099,565, excluding the reserved shares.
In connection with the acquisition, American Metals will request shareholder approval to increase authorized shares from six million to twelve million, to change its domicile from Florida to Delaware and to change its name to Golf Rounds.com, Inc. Prior to acquiring PKG Designs, American Metals was seeking to redeploy its assets. |
