HITSGALORE.COM (HITT) Message Board

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Microcap & Penny Stocks : HITSGALORE.COM (HITT)

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To: Q. who wrote (4255)	10/2/1999 12:55:00 PM
From: Q.	Read Replies (1) of 7056

RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--May 10, 1999-- Hitsgalore.com, Inc. (OTC BB:HITT) today announced that it has an agreement in principle with the Life Foundation Trust for an equity investment of $100 million at $25 per share. Under the terms of the agreement in principle the Trust will transfer investment securities to Hitsgalore.com in exchange for 4 million shares of restricted common stock that the Trust will hold under a lock-up agreement. Completion of the transaction is subject to execution of definitive agreements and to due diligence and the confirmation of certain legal matters. Furthermore, authorization of the issuance of the additional shares will be submitted to the shareholders for approval. Three interesting things, here. 1. The lockup again. Who believes that Jeanette would keep her word about this? 2. due diligence. How hard did Dorian Reed try here? Did he ask "are you party to any lawsuits"? LFT was already the defendant in the Marasco suit. 3. Five months later, there has been no proxy to solicit shareholder votes to authorize the share transfer. In the absence of this agreement, Dorian Reed lent the shares to LFT, according to the 10Q.

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