Linden, it was one year ago that FNTTE hired Writer and Chatfield, and did a private offering of convertible preferred.
I wonder if there are shares coming out of lockup right now?
Here's the newsrelease from exactly one year ago:
Wednesday November 11, 5:07 pm Eastern Time
Company Press Release
1st Net Technologies Inc. Announces Preferred Unit Offering and Management Additions
SAN DIEGO--(BUSINESS WIRE)--Nov. 11, 1998--1st Net Technologies Inc., a Colorado corporation engaged in the provision of Internet services to businesses, today announced that its board of directors has approved certain personnel changes in its senior management and in the composition of its board of directors, as well as a private offering of preferred units.
The company recently filed a 15c-211 application with the NASD for quotation for sale of its common shares on the OTC Bulletin Board. The company has received its trading symbol, ``FNTT,' and the NASD has approved its application to trade. Both the preferred unit offering and these management changes are material developments which affect the rights and privileges of those investors who may elect to purchase common shares over the OTC Bulletin Board.
The preferred unit offering is being sold privately by the company's management and is not available to the general public. Specifically, the company is now offering to sell, on a ``best efforts' basis, up to 200,000 units, each unit consisting of two shares of voting, participating, cumulative and convertible Series ``A' Preferred Stock and one warrant to purchase one share of Common Stock at $5.00 per share.
Each warrant is exercisable immediately and expires upon the one-year anniversary date of the closing of a firmly-underwritten public offering of Common Stock with total equity of the company at the closing of $5 million or higher (the Public Offering). Holders of the preferred units are entitled to receive mandatory, cumulative annual dividends of $.30 per share of Series ``A' Preferred Stock.
The preferred units also carry a liquidation preference of $2.50 per share of Series ``A' Preferred Stock and generally convert automatically into Common Stock upon either the Public Offering or when the stock price for common shares reaches $3.00 or higher. Prospective buyers of the company's Common Stock are encouraged to contact the company's Vice President of Investor Relations, Jeff Chatfield, at 619/675-4449 if they would like to obtain a more detailed summary of the preferred unit offering.
Gregory D. Writer, Jr. has been appointed chairman and chief executive officer of the company. Writer has served as director of Corporate Finance for Entrepreneur Investments, LLC, a Colorado private investment banking firm, since 1997.
The company's board also appointed Jeffrey Chatfield as vice president, Investor Relations. Chatfield is formerly a licensed stockbroker.
Gerald Young has been named vice president of Sales & Marketing. Young previously served as the president of Corporate Identities Inc., a California information publication firm for publicly-traded companies.
Alex Ramia is now vice president, Network & System Operations. Ramia, a computer specialist, has 18 years of experience in systems administration, computer networking and integration.
The company provides several core products and services, including the creation and maintenance of corporate due diligence Web sites, subscriber database capture and maintenance, electronic newsletters, the Angel Network radio program in Southern California, press release services, ``E'-mail services, and community financial, sports and children's browsers. The company also owns and operates an Internet mall, 1stNetZing Mall, located at 1stnetmall.com, where client retailers can market their products.
Note: News releases and other information on 1st NET TECHNOLOGIES INC. can be accessed at 1stnettech.com on the Internet.
The foregoing press release may include numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The federal securities laws provide a limited ``safe harbor' for certain forward-looking statements. Forward-looking statements in this press release relating to product development, business prospects and development of a commercial market for technological advances are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with new business ventures including, but not limited to, market conditions, successful product development and acceptance, competition and overall economic conditions, as well as the risk of adverse regulatory actions. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.
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Contact:
1st Net Technologies
Jeff Chatfield, 619/675-4449 |
