correction: LFT's domains are registered to Alex Truong of Solvere. I may have been mistaken when I said this person is an employee of Hitsgalore.
Hitsgalore's most recent 10Q indicated that HITT bought just about everything Solvere has, but it doesn't say that it acquired the Solvere business. It would appear that while HITT and Solvere are now joined at the hip, Solvere is not a consolidated subsidiary, so I guess this means that a Solvere employee is not a Hitsgalore employee. How much difference this makes, I don't know.
I still see no reason to think that the LFT sites were not taken down at the whim of Hitsgalore.
On April 20, 1999, the Company completed the purchase of all rights, title and
interest in the internet-related development assets, equipment and software,
owned or under development, by Solvere, Inc. ("Solvere"), a closely held
Delaware corporation. The assets acquired included all computer equipment,
software and internet technology, including, but not limited to all of
Solvere'se-commerce, web-based e-mail, multimedia distribution system and
shopping cart technology. The purchase price consisted of $125,000 in cash and a
commitment by the Company to issue 100,000 shares of its common stock. The
common stock which is to be issued to Solvere was assigned a value of $367,200
and is classified as common stock to be issued in the accompanying June 30, 1999
balance sheet. Of the total purchase price, $26,500 was allocated to property
and equipment and $465,700 was allocated to intangible assets. The intangible
assets acquired are being amortized over three years.
Pursuant to the asset purchase agreement, the Company is to pay Solvere $4,000
per month for future systems maintenance costs incurred by Solvere and
$125,000 for future development of the acquired internet software technology.
The Company and Solvere also agreed to co-license certain of Solvere's
proprietary technology in return for the payment to Solvere of 50% of all
marketing costs incurred by Solvere and approved by the Company. The Company
was also granted an unrestricted right to use the proprietary technology. |
