Auric,
Here's one more for you to consider. Have a look at a company
called World Star Asia (WSAS OTC Bulletin Board). This is a
shell company, nothing more. On May 8, 1998, they announced
that they had entered into negotiations to acquire an American
direct marketing company. This deal was canceled on June 18,
along with a proposed $.05/share financing. The same day, they
announced that they were entering into a binding letter of intent
to buy CBN World Star Incorporated, which holds the sub-license
to build factories in the Philippines for the production of the
WorldStar Utility Vehicle. This vehicle is "rugged, inexpensive, and
specifically designed for the developing nations of the world."
I'll spare you from further detail, because this deal was also
canceled on Nov. 4, along with another proposed financing of
2.5 million units priced at $.05.
Shareholders must be absolutely thrilled that this latest deal
has been canceled, as they have bid the shares up from the $1.00
area to todays close of $5.50. Yesterday, a release which, among
other things, said "The company currently is a development stage company and has no business operations at this time. The company
is in the process of looking for a viable business opportunity. Further information will be released as matters develop."
They are also proposing a three new for one old share split,
which will result in the currently issued 2.8 million shares
becoming 8.4 million.
Curious about what their plans may be for this shell with a
market cap of $15 million, I phoned the company. The number
listed at the bottom of their release rings into a barber shop
in Vancouver. The barber was not in.
Surelock Homes
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