MGCN update: 11/24/99
Below is the text of Megachain's press release today. It basically
says what I reported here yesterday regarding MGCN's latest round
with the SEC.
Given the minor and routine nature of the remaining issues to be
resolved with the SEC, it is extremely unlikely that the exemption
request megachain is filing would be denied. We can expect the stock
to continue to trade normally, though with the 'E' attached, until
the SEC is finished and the 'E' is removed.
It's a shame that precious time and resources that would otherwise
be devoted to launching the product are being diverted to dealing
with the SEC's busywork, but fortunately it is only a delay. The
ultimate value of Megachain's concept and product is not affected.
signed,
Blue Voodoo
Wednesday November 24, 10:02 am Eastern Time
Company Press Release
MegaChain.com Responds to SEC Comments
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 24, 1999--Tom
Lavin, President of MegaChain.com Ltd., announced today that the
Company is in the
process of responding to a list of deficiencies provided by the SEC
following the filing
of the 10 SB form in the first week of September of this year.
The Company's trading symbol has been changed to MGCNE while the
process of becoming fully reporting continues.
Corporate Accountants and Securities Counsel for MegaChain.com have
reviewed the SEC comments and have
informed the Company they are of the opinion that no issues have
been raised that cannot be fully addressed in a
complete and timely fashion. Upon full compliance with all SEC
requirements of the reporting process, trading of the
Company's shares, under its former symbol MGCN, will return to the
OTC Bulletin Board.
The Company is also in the process of filing an Exemption Request
Form with the OTC Compliance Unit, under rule
15c2-11, which permits Broker/Dealers to continue to provide quotes
for the stock while the Company responses to the
SEC comments are being reviewed.
MegaChain.com has created an Internet based Ecommerce software that
combines `opt-in' referral email with a
multi-tiered structure that allows anyone with an email account the
opportunity to earn commissions by forwarding
advertising incentives to friends, relatives and business
associates.
MegaChain.com conducts its business internationally via the Internet
at www.megachain.com. The Company's corporate
offices are located at 34 West 8th Avenue, Vancouver, British
Columbia, Canada V5Y 1M7, telephone 604 873-3847,
fax 604 873-4295.
MegaChain.com is traded on the OTC Electronic Bulletin Board under
the symbol ``MGCNE'. For further information
contact Tom Lavin at 604 873-3847, email; info@megachain.com.
Cautionary Statement Under `Safe Harbor`` provisions of the Private
Securities Litigation Reform Act of 1995:
Statements made in this fact sheet contain information about the
Company's future business prospects. These statements
may be considered 'forward looking`` and are subject to risks and
uncertainties that could cause actual results to differ
materially from those set forth or implied by such forward looking
statements.
Contact:
MegaChain.com, Ltd.
604/873-3847 |
