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Microcap & Penny Stocks : 1ST MIRACLE GROUP (MVEE), founders last co. went $0.20-$46
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To: JeffO who wrote (4291)8/19/1999 10:52:00 AM
From: Stephen Goldfarb  Read Replies (2) of 5541
 
I am presently disposed to disfavor the merger between First Miracle and Entertainment Internet. It appears that the primary assets and earning potential belong to First Miracle. To my knowledge, the earnings potential of Castnet and planned e-commerce for actors remains unproved. I suggest it is unnecessary to the prospective success of First Miracle. The 1998 financial report for Entertainment Internet, published on the Castnet web site (http://www.eini.net), showed the company as having significant indebtedness. An auditor's warning was included in the financial statement.

Some individuals have suggested that a 6 to 1 reverse split of First Miracle would be more desirable than the planned merger, which splits the combined company into 50/50 portions.

While the continued announcements of new projects is encouraging, I remain concerned at the evident and hitherto undisclosed dilution of First Miracle stock. This was last reported at about 250 million. Also, previously announced projects seem to disappear off the table without acknowledgement. Key individuals have left the company (Golan and Globus) without apparent timely announcement or disclosure of terms.

Steve
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