HouseHold Direct Answers Questions
These are the significant questions from last week.
1) Please describe in step by step form, the "milestones" goals as foreseen by management of BYIT with regard to:
A) The audit process
B)The filing process
C) The financing endeavors
D) The website launch in January, 2000
E)The acquisitions
F)The marketing goals for January, 2000
ANSWER: This question, in part, describes the significant events of an audit and the SEC required due diligence process for filing the form 10SB. The Company expects to comply with all of these, but will not offer a detailed response until they get clearance from their auditors and SEC counsel, which should occur shortly. The Company anticipates approval to become fully reporting in due course. Shareholders will be able to view the entire filing at freeedgar.com. As soon as the filing is completed, the Company would like to conclude a significant funding so that they can immediately apply for a full NASDAQ listing and not even bother with the small cap if possible. Once net tangible assets are met and if the share price escalates significantly as hoped, then this will become a realistic goal for the first half of 2000. Some of the acquisition activities are being postponed because they will interfere with the audit process and may cause delays. Marketing and many other updates should be announced shortly.
2. SSA: Regarding Unimart and AHBC, you stated negotiations are continuing. With the two under contract, and assuming the terms of acquisition were Set forth in the contract, what is subject to 'continued negotiations'? The Unimart and AHBC announcements of 1999, and follow up information from
HHD, indicated the audits had already begun in the summer of '99 ?
a) Did the audits begin last year as indicated?
b) If so, have these audits been completed?
c) If not, why not?
d) The audit beginning January 2000 ? does it relate to HHD as a whole entity, or is it an audit of Unimart, AHBC to determine if the acquisitions will take place?
ANSWER: Let us answer the above questions this way. Lack of available favorable financing in the past, and the dilution that would have resulted due to a lower stock price than today, dramatically slowed down the completion of the audits and acquisitions last year. These are no longer significant concerns, so the only thing delaying them now is the SEC filing. Again, the Company wishes to streamline the filing process. Once that is completed the audits will proceed with renewed vigor. Depending on what an audit uncovers of course determines what a proper price to pay would be, and a favorable BYIT share price will help as well.
3. Correction to a poster who claimed SmartStockAdvisor was putting out the Press Releases.
COMMENT: Labreche Murray, the Company?s Public Relations firm, has the major responsibility of drafting and releasing all press releases. They read the boards and note all comments.
4. Comments to a poster who claimed that the Company should not be releasing press releases on deals that are not done. Another who asks when the money will be secured by the Company.
COMMENT: This announcement of the signed agreement with Nutmeg Securities to secure major financing for HouseHold Direct.com was deemed to be a material event and therefore a Press Release was put out. Nutmeg Securities normally commit to helping only NASDAQ and small cap companies of much larger size. The Press Release does not state that the Company has received financing via Nutmeg yet., but there is no reason based on Nutmeg Securities track record to have any doubt that they will be successful.
The bigger picture is this: $600,000 has come in, and obviously much more is expected to come in to the Company within the next 30 - 90 days.
CONTACT: Investor Relations - SmartStockAdvisor.com,
Toll Free: 877-643-8821, E-mail: smartstockadvisor@yahoo.com
Web Site: 1stnettech.com
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Direct.com, Incorporated. Please see the following link for the complete
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