VTEH confirmed that the deal with Internet Casino is off because of a decline in stock price. Internet has refused to comment.
Donald, you are not going to find much "operations" because they don't operate anything. From the SEC documents, VTEH consists of one employee, complete with an answering machine, who subleases (from CD max) a small office in VA. (The Bamptons lease 2700 sq ft. in Vancouver, for what reason I have no idea but it is listed as investor relations!)It is incorporated in Idaho, because in its previous existence it was a mining co., and then a failed biotech company, and then with the coming of the Bamptons magically transformed itself into an internet gaming developmental company (after they gave up the ice melting business,which was also probably a failed venture).VTEH created two subsidiaries: e-casino, and CCCI, Cybernet Currency Clearing, Inc. CCCI is not operational but it is intended to convert world currencies into "ecash") and then hard currency. They are relying on the 60 mill to make it operational. E casino was incorporated in the Marshall Islands and then it entered into a LICENSING agreements with CWH, Casino World Holdings and ADSS (Alphacom Data Security Services). CWH was supposed to provide necessary technology and some banking services. CWH has "arrangements" with a company called Moncall, a "Monegasque" corporation (what's that -Madagascar!!!), which has an office in Monaco. It (Moncall) has a "letter" from the Dept of financing in Monaco to provide platform for interactive wagering.
VTEH states they are behind on their payments to CWH because they claim that CWH did not properly maintain its web site and as such discouraged investors. (That's Mindwire). They claim that they will catch up with payments after receiving the 60 mil)
ADSS- they state has "limited business experience" and are in the alpha stage of testing but did some limited testing experience in Canada (What result!)
THE COMPANY RELIES ON OTHERS TO DEVELOP TECHNOLOGY AND THEN THEY TRY TO LICENSE SAME. THEY HAVE NO research and development and expend no money for research and development. (no-just stock promotion. They rely on others and look for venture partners. (I'm not even sure they have an operating gaming license in any jurisdiction-except this Marshall Island thing (what happened to the Cook Islands- isn't that what they said)
Financing- the 60 mill was facilitated by a company called DGC (no address given) located in Northern Cypress. VTEH agreed to pay them 20% (of 60 mill as finders fee) VTEH also received 3 mill of convertible debentures (convertible into 2 million shares of KNKV)Debenture matures in 4 years (from 3/96
Foreign money - 55% from "Regis Investment" out of Hong Kong. Smaller amounts from Switzerland and Grand Cayman Islands. I am trying the best I can to confirm "foreign money" arrangements. That's difficult. Thanks eelliot |
