Pacific Cart Services, a development stage company, was incorporated on August 27, 1999. As of March 31, 1999, PFCS had 10,033,000 shares outstanding, of which 7,250,000 were restricted. The company, which had $110,842 in cash as of March 31, 1999, appears to have raised $184,150 in capital through the sale of its common stock since its inception. James Oste, the President, CEO and a Director, purchased 5,000,000 shares for $50,000; David Glass, the Treasurer, CFO and a Director purchased 250,000 shares for $10,000; Robert Kinloch, the COO and a Director, received 2,000,000 shares as a "finder's fee." The company completed private placements for 2,783,000 shares, raising a total of $124,150. The private placement shares are not restricted.
From the Form 10SB12G/A filed May 6, 1999:
sec.gov
THE BUSINESS
PACIFIC CART SERVICES LTD.. (the "Company"), was incorporated
under the laws of the State of Nevada on August 27, 1998 to a market
mobile vending cart and certain other equipment relating to hot dog
vending under the brand name Mr. Tube Steak. The mobile vending cart
is available in several styles including a counter top model and an
easy tow trailer cart.
The Company is a development stage corporation that has not yet
commenced operations.
Mr. Tube Steak Canada, Inc.
In January 1999, the Company signed a five year exclusive
distribution agreement with Mr. Tube Steak Canada, Inc. ("MTS") to
market its mobile vending cart in the states of Washington and
California. Originally, the agreement covered the United States of
America, however, on March 1, 1999, by amendment, the parties reduced
the territory to the States of California and Washington.
Under the terms of the agreement with MTS, the Company has an
exclusive five (5) year right to distribute carts and products
manufactured by MTS in California and Washington. The Company will
acquire the carts and products from MTS for a fixed price as set forth
in the agreement. The Company then has the right to determine the
price that the carts and products will be sold in California and
Washington. The Company will be responsible for all costs associated
with the sale and marketing of the carts and products including, but
not limited to advertising, marketing, pricing and distribution of the
carts and products. |
