(COMTEX) Management's Discussions: 10QSB, CASSCO CAPITAL CORP
Management's Discussions: 10QSB, CASSCO CAPITAL CORP
(Edgar Online via COMTEX)
Company Name: CASSCO CAPITAL CORP
Management's Discussion and Analysis of Financial Condition and
Results of Operations Results of Operations: Cassco Capital Corp.
(Company) was incorporated as Anthony Kane Incorporated under the laws
of the State of Delaware on February 5, 1969, and became subject to the
reporting provisions of the Securities Exchange Act of 1934 on June 11,
1969, when a registration statement filed by the Company was declared
effective by the U.S. Securities and Exchange Commission.
The name of the Company was changed to Maid-Rite Ventures, Inc., on
April 8, 1985, and to Grandee Corporation on September 23, 1985, on
which date the Company also increased its authorized shares of common
stock from 25,000,000 to 75,000,000, concurrently effecting a decrease
in par value per share from $.01 to $.00333.
In July, 1992, the Company entered into an agreement with K C Jakes
BBQ & Grill, Inc., for the purpose of acquiring KC Jakes as a
subsidiary. This agreement was set aside by a court of competent
jurisdiction in 1994, as previously reported by the Company in a filing
under the Securities Exchange Act of 1934 on Form 8-K.
On January 10, 1995, the Company entered into an agreement with
Epsitek, Inc., a Delaware corporation to acquire two subsidiaries of
Epsitek as wholly-owned subsidiaries of the Company. In conjunction
with the acquisition, the Company issued 6,000,000 shares of common
stock to Epsitek, which also appointed new directors and took control
of the Company. Subsequently, Epsitek was unable to complete the
conditions imposed for and at closing. The acquisition, therefore, did
not occur and the shares issued in connection with the acquisition were
returned to treasury and the board members of the Company appointed by
Epsitek resigned.
The Company is now engaged in the process of locating a merger and/or
acquisition candidate.
The Company has had recurring losses from operations since inception
and had a net capital deficiency at year end, each of which raise
substantial doubts about the ability of the Company to continue as a
going concern. Accordingly, the auditors' report and opinion included
in this report contain an explanatory paragraph about these
uncertainties.
The Company, as a result of the cessation of its business and the
failure of its proposed acquisitions, had no operations during the
year; thus, no meaningful comparison can be made to prior years.
Liquidity and Capital Resources: The Company, from inception has
relied on capital infusions from executive officers and directors and
on credit from vendors.
(c) 1995-1999 Cybernet Data Systems, Inc. All Rights Reserved.
Received by Edgar Online: Jul. 12, 1999
CIK Code: 0000054424
SEC Accession Number: 0001050502-99-000403
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