Newgold [NGLD-BB] a failed mining company that has about 30MM shares outstanding. Newgold also had a gold deposit in Nevada that they were/are trying to sell for about $1MM
Newgold is becoming an Internet stock through a RTO
Commeris, the private Internet co had revs last year of about $40,000.00. Commeris thinks that they will be making big bucks shortly and want to go public.
When this merger (via issuance of a tracking stock) was announced, NGLD jumped from 3 cents to $1.15 presplit over the next few months
The old NGLD share holders were to receive about 6% of the new company.
The scary thing about these rto's is that it is very easy for outsiders to get ******.
I agree that rto's can be a good way to go for the insiders, but for the investors in the early shell or investors in the company going public are at the mercy of the insiders.
Monday November 1, 8:00 am Eastern Time
Company Press Release
Newgold, Inc. and Business Web, Inc. dba Comercis Sign Agreement to Extend Date for Completion of Merger
CAMERON PARK, Calif.--(BUSINESS WIRE)--Nov. 1, 1999--A. Scott Dockter, President and Chairman of Newgold, Inc., (OTCBB:NGLD - news), and Chris Meaux, Chairman and President of Comercis announce today that the two companies have signed an agreement whereby the merger agreement which was to have expired on Sunday, October 31, 1999 at midnight is extended to February 1, 2000.
Press Contact:
For more information regarding this announcement, please contact A. Scott Docktor, President of Newgold, Inc., at 916/672-1116 or James Cutburth COO of Comercis at 817/312-5956. |
