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Microcap & Penny Stocks : MEGACHAIN.COM LTD (OTC-BB: MGCN)
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To: B A V who wrote (176)11/23/1999 2:38:00 PM
From: Blue Voodoo   of 191
 
MGCN update 11/23/99

Megachain's lawyer, Oren Braitman, has been working full time, along
with MGCN's accountant, to resolve the SEC issue. The SEC's last
round of questions included issues regarding clarification of their
business plan and Y2K compliance. MGCN's responses to this round
were fired off a few days ago. MGCN of course has no control over
how long the SEC will spend processing those answers, but apparently
the SEC was relatively prompt in turning around its previous
response.

Megachain still says that they plan to launch in this quarter, which
means before the end of the year.

I expect one or more news releases in the next 2 to 3 weeks.

I suspect (though I have no hard evidence) that they would rather
not launch while MGCN still has the 'E' appended. Although the 'E'
has no effect on the operation of the business, the publicity
associated with the launch will greatly increase MGCN's visibility
in the investment community, and I believe they'd rather not have
the stigma of the 'E' interfering with that publicity.

Since MGCN has fully complied with all of the SEC's requests,
Megachain expects the 'E' to be removed very soon. It is my belief
that the launch is being postponed until that happens.

signed,
Blue Voodoo
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