This company finally filed something with the SEC:
edgar-online.com
There's lots of fun stuff.
Annapolis graduate Charles Bream, who took over as CEO after conman Dunavant quit, is now gone too:
. In November 1999, Charles C. Bream, the Company's former
president and chief executive officer, filed a demand for arbitration pursuant
to an employment agreement between Mr. Bream and the Company. In his demand, Mr.
Bream alleged wrongful termination by the Company and is seeking damages in
excess of $200,000. The Company has responded to Mr. Bream's demand alleging
that Mr. Bream voluntarily terminated his employment with the Company.
It sounds as if the company now believes what we already suspected, that its so-called satellite data acquisition is a fake:
In June 1999, the Company acquired 100% of
the issued and outstanding common stock of Satellite Access Systems, Inc.
("SAS"), based in St. Petersburg, Florida, which had purportedly developed
certain intellectual property used in the high-speed transmission of data over a
narrow bandwidth environment. Since these acquisitions, the Company has been
involved in the attempted verification of the SAS technology ...
3. The Company has expended substantial funds and resources in
connection with the acquisition and operation of SAS and the process of
verifying the SAS technology. There is ongoing litigation involving SAS that has
delayed the verification process, and events leading up to the litigation have
created considerable doubt in management's view as to the legitimacy of the SAS
technology.
But hey, we already knew that, didn't we?
It also appears that they haven't grown any:
. EMPLOYEES
As of December 31, 1999, the Company had seven full-time
employees. Of this total, three were engaged in administration and four in
research and development.
Also, more than just a wee bit of dilution has been going on here:
. In October and November 1999 and January 2000, the Company
issued an aggregate of 13,000,003 shares of the Company's common stock to
approximately nine persons in consideration for $1.3 million. Mr. Musolino, the
Company's president and chairman of the board, acquired 11,650,343 shares of
this total through two trusts for the benefit of his children.
The financial statements are a hoot. In September, this company had almost no assets, other than "intangible assets."
Thanks, AG, for setting me up for the double zero. |
