GDIC: .10x.18, shell-clean, SEC compliant, 9.9mil O/S
General Devices Inc
VERY CLEAN SHELL, fully SEC Compliant, only 9.98mil shares
outstanding with about 3.7mil in the float.
This has to be one of the cleanest shells that I have
researched. They have NO debt and NO preferred stock.
I spoke with Ted Raymond (President, 610-992-1455). They
will be filing their 10k in the next few days. They are
serious about doing a reverse merger. The company sold over
50% of the stock to three partnerships (see below) that are
experienced in doing reverse mergers. They recently
reversed merged Golf Rounds.com Inc (TEEE) into American
Metals Service Inc (AMTS). The stock went from $1.25 to $5
(currently $3).
Also, they recently settled a personal injury law suit out
of court. They wanted to get it off the books to keep the
shell clean. In my opinion, they would have not paid the
money to do this unless they are trying to get a reverse
merger.
9/30/99 10QSB, Filing Date: 11/12/99
As of October 31, 1999, the issuer had 9,980,174 shares of
its common stock, par value $.01 per share, outstanding.
9/30/99, 10QSB, Filing Date: 11/12/99
Since 1993 the Company has essentially been inactive. Prior
to that time the Company was primarily engaged in the
temporary placement of technical, clerical and computer
personnel. The Company has liquidated the assets of its
former business and is actively seeking an acquisition with
the goal of becoming an operating business.
Form: 8-K Filing Date: 3/1/99
Item 1. Changes in Control of Registrant
On February 17, 1999 the registrant,in a privately
negotiated transaction,sold 5,035,579 newly issued
shares to three investors as follows:
Asset Value Fund Partnership-2,535,579shs-$50,711.50
MYFM Capital,LLC-------------2,000,000shs-$40,000.00
Park Lane Associates,LP------ 500,000shs-$10,000.00
All consideration was paid from cash reserves.The basis
for the change in control is that the total 5,035,759
newly issued shares equal 50.46% of the outstanding
common shares. |
