AUTO: .016x.025, merger, DD below
AUTO completes merger with Sunteck Transport Company.
biz.yahoo.com
Appears there will be 27,256,953 shares outstanding
after the merger:
7,756,953 (Shares Outstanding 11/09/2000)
10,000,000 (shares issued to Sunteck for merger)
9,500,000 (shares issued to previous creditors)
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27,256,953
INFO ON SUNTECK AND WWW.Ubidfreight.com
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ubidfreight.com
Sunteck, which was formed in 1997, is a full service third party transportation
logistics provider. Its services include ground transportation coast to coast,
local pick up and delivery, warehousing, air freight and ocean freight. Sunteck
has developed strategic alliances with Less than Truckload (LTL), truckload,
air, rail and ocean common carriers to service its customers' needs. Sunteck's
personnel have in excess of forty years of freight industry experience.
The proceeds of the financing are intended for the development and
implementation of Ubidfreight.com, an e-commerce business-to-business
application which will provide an interactive freight auction matching available
freight (shippers) and available cargo space (truckers and other carriers). The
proceeds will be used to complete site development, fund start-up expenses,
commence marketing and provide for administrative costs. The transition of
Sunteck's existing customer and common carriers relationships as well as its
industry experience and expertise will be a key elements in the development and
success of the Ubidfreight.com business.
Ubidfreight.com is a start-up business-to-business e-commerce real time freight
auction market place where shippers will offer their freight for bid directly to
carriers/truckers for transport. This live interactive environment will benefit
shippers and carriers by reducing the cost of handling their freight through the
competitive auction process.
PAYOFF OF PREVIOUS CREDITORS
============================
On February 2, 2000, the Company filed a disclosure statement and
reorganization plan (the "Plan") pursuant to Chapter 11 of Title 11 of the
United States Bankruptcy Code. The Plan provides for the issuance of one share
of its common stock and a cash payment of $ 0.03 for each dollar of
approximately $9.5 million of unsecured debt. At the time of filing, the
requisite number and dollar amount of the unsecured creditor group had voted to
support the Plan. Preliminary hearings were held to consider compliance with the
disclosure requirements. On August 1, 2000, the Company received the conditional
confirmation of the Plan, as amended, from the Bankruptcy Court. Accordingly,
the Plan will become effective without further action by the Court upon the
closing of AutoInfo's merger with Sunteck
freeedgar.com
NOT A RECOMMENDATION TO BUY AUTO. I OWN SHARES IN AUTO. |
