PWEBE filed its form 10, and it has lots of funny stuff.
For one thing, they conveniently omit the name of the auditor.
That's something I've only seen once before. I'm sure that the SEC
will not deem this registration effective without a valid audit.
Then there are these excerpts:
We may need additional capital and be unable to raise it. We believe,
based on our current expenditure rate, that we will need additional financing by
the fall of 1999.
and check out the bios for Chris Larsen and his little brother:
Directors and Officers
Name Age Position Held
---- --- -------------
Christian R. Larsen 25 Director, President,
Acting Chief Executive Officer
Mark S. Jensen 42 Chief Operating Officer
Bryan R. Larsen 22 Secretary, Treasurer
Lamar P. Taylor 37 Director
Allan E. Oepping 24 Director
Eric K. Schmitter 24 Director
Benjamin A. Black 27 Director
Christian R. Larsen: Mr. Larsen serves as President and Acting Chief Executive
Officer of Pacific WebWorks and has done so since April 1999. He will serve as
President until April of 2000. In July, 1993 he started Innovative Research and
Animated Design, Inc. (the "IRAD") which developed custom and commercial
software for animation and special effects. IRAD grew to a Company employing 28
individuals. He has seven years' experience providing computer consulting and
business management services. Mr. Larsen filed a Chapter 7 voluntary bankruptcy
petition in May of 1997 in the District of Utah Central Division of the United
States Bankruptcy Court, which was discharged in September of 1997.
Mark S. Jensen: Mr. Jensen serves as Chief Operating Officer of our company. He
joined us in June, 1999, after spending eighteen years in sales, operations, and
services in the software industry. He graduated with a B.A. in Business
Administration and Marketing from Weber State University in 1981.
Bryan R. Larsen: Mr. Larsen serves as Secretary and as a Treasurer. He started
with Utah WebWorks in January of 1998 as an administrative assistant and was
elected Secretary of that company in September of 1998. He has been employed as
a woodworker and a delivery driver. He attended Salt Lake Community College in
Salt Lake City, Utah during 1994.
Wow. These guys are running a company with a market cap of $45 M? |
