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Microcap & Penny Stocks : XSNI - X-Stream Network

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To: Jeffrey D who wrote (3360)	1/14/2000 1:00:00 PM
From: Jon C	Read Replies (1) of 3519

Jeff, No I don't think that it is those shares. In fact I received a response yesterday re my queries which I am copying below. I have removed names from the email. I don't necessarily agree with his comments. I can only work from information that is in public domain Dear Mr Capper I have looked into the position and there seems to be some confusion on your part as to the position. Firecrest changed its name to Mega Com Group plc. It was acquired (thus became an operating subsidiary) by a US company which changed its name to Mega Com Group Inc. The US company subsequently changed its name to The X-Stream Network Incorporated (X-Stream). X-Stream had a number of subsidiaries, the main one being X-Stream Technologies Incorporated. X-Stream has developed its internet activities since 1998. Mega Com was no longer trading and to "tidy up" X-Stream's consolidated accounts it was decided to hive off Mega Com Group Limited to X-Stream's shareholders as the date of hive off. This needed board approval but not shareholder approval as it was not a material transaction as Mega Com has no assets nor liabilities. Because there were approximately 1,800 shareholders of X-Stream at the date of the hive off, it was decided by the Board of X-Stream, in consulation with the auditors of Mega Com (Baker Tilly) and the solicitors to Mega Com (Fox Hayes) that three partners of this firm would hold the shares as trustees for the shareholders. The ultimate aim will be to allow the registration of Mega Com Group Limited to lapse. Whilst Mr Manning remains a director of Mega Com Group Limited with Mr Carvalho, neither of them are directors of X-Stream. I trust the foregoing is of assistance to you but should you require any further information, please do not hesitate to contact me. Yours sincerely

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