Well, it looks like Seth Cayer is alive and well....
Registrant:
Seth Cayer (L1NC-DOM)
181 North Colonial Homes Cir.
Atlanta, GA 30309
Domain Name: L1NC.COM
Administrative Contact:
Cayer, Seth (SC13129) s3th@MINDSPRING.COM
404-352-9623
NEW YORK, May 24 /PRNewswire/ -- Malibu Inc., (OTC Bulletin Board: MALB) announces that the Company has developed an internet website that enables the posting of a variety of different types of classified ads on the Internet. The website is named L1NC.COM and is currently being demonstrated. l1nc.com will be operated on a promotional basis until June 15, 1999.
Thereafter, management will evaluate the market acceptance of the site and will determine if future customers will be charged to post their
advertisements. Management expects to join an affiliate program that will enable other websites to link to L1NC.COM.
Malibu, Inc., intends to operate the website as a wholly owned subsidiary. The L1NC.COM website is still in a developmental stage and it is unknown when (or if) it will prove profitable.
Malibu, Inc., reports that the Company has been in a dispute with its subsidiary Mechanical Resources Inc., regarding the terms of the Letter of Agreement between the two companies dated September 29, 1997, purporting to affect a merger.
The companies have attempted to negotiate their differences but have not been successful in coming to terms. Mechanical Resources, has taken the
position that it will not be bound to the Letter of Agreement as written and
that Malibu has defaulted on certain terms of the contract. Further,
Mechanical Resources claims the merger was never consummated.
Malibu refutes any claims made by Mechanical Resources regarding defaults to the Letter of Agreement. Malibu will investigate legal actions that can be brought against Mechanical Resources.
Nevertheless, if this dispute is not resolved in Malibu's favor, it will have a material adverse impact on Malibu's financial position, since Malibu's only other subsidiary, Reliance Construction Systems, filed for Chapter 11 Bankruptcy protection in 1997. The Bankruptcy proceeding was subsequently converted to a Chapter 7, with all debts discharged. Reliance Construction Systems is no longer operating.
SOURCE Malibu Inc.
CONTACT: Thomas Telegades of Malibu Inc., 212-317-0677 |
