I found the following information interesting in the 10KSB that CVIA filed with the SEC today:
RESULTS OF OPERATIONS
The company did not meet fourth quarter revenue projections to a series of factors, including inclement weather trends, lack of specialized equipment, and a labor shortage. These delays caused revenue projections to be re-evaluated and the projections have been delayed to the fiscal quarter.
IPO Site, as originally formed is no longer a viable company. Prior management is no longer in place. CVIA has begun negotiations to sell IPO site to another party.
The Company previously issued warrants at a strike price of $3.00 each, to be exercised on 06/01/1999. 174,591 warrants were exercised.
CVIA Resources, a wholly-owned subsidiary of CVIA has begun initial production - on a limited basis - in both its gold mine and oil field holdings.
The Board of Directors approved a 13.5% holding in Great Mane Marketing Company. Great Mane is a privately held company based in Tulsa, Oklahoma.
The Company changed the Transfer Agent from Oxford Transfer to Transfer Online. The change was effective on 04/30/1999.
CVIA and Clickgarden (an internet company) signed an agreement whereas CVIA agreed to purchase 900,000 shares of Clickgarden stock, at a price of one million dollars payable in $600,000 cash and the balance in CVIA stock. CVIA also has an option to purchase an additional 1,666,667 shares of Clickgarden stock at the purchase price of $2.5 million. The final option will be payable in CVIA common shares. It was anticipated that Clickgarden's website will be available April 2000 and an Initial Public Offering should be initiated in the fall of 2000.
CVIA began discussions with Novactyl, Inc. a company that develops and commercializes existing and over the counter pharmaceutical products, Also, Novactyl owns a patent that, when approved by the FDA, will aid in the treatment of various viral diseases including herpes. CVIA is in the process of examining it's options for future involvement with Novactyl. |
