List candidate
Impact date: Last quarter of 2000
Comet Technologies...CMEK
Shares outstanding 3,598,000
This 8-K was filed on 9-28-2000
ITEM 5. OTHER EVENTS
On or about September 28, 2000, the following press release
was mailed to each of the stockholders of record of Comet
Technologies, Inc.
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PRESS RELEASE
SE GLOBAL SEEKS US LISTING THROUGH MERGER WITH COMET TECHNOLOGIES
SALT LAKE CITY, September 27, 2000
SE Global Equities Company Limited ("SEG", a subsidiary of
Capital Alliance Group Inc.) and COMET Technologies, Inc.
("COMET") are pleased to announce that they have signed a letter
of intent outlining a proposed merger between the two companies.
COMET is a fully reporting company, which is listed on the NASD
OTC:BB.
SEG is a premier financial Internet portal, which enables
investors to trade stocks on-line, 24 hours a day, at discounted
rates on stock exchanges around the globe. SEG is building a
network of over 100 reputable brokerage firms, which will provide
investors with direct access to over 50 of the world's
established and emerging stock exchanges.
SEG has received strong interest from the international
investment community for the creation of a public market for its
shares. Gaining a US listing through the merger with COMET,
anticipated to take place during the last quarter of 2000, will
significantly enhance SEG's efforts to broaden its international
investor base and accelerate its plans for a further listing on
other senior US and Asian exchanges. To date SEG has received
paid in capital of over US $5 million and is currently in the
process of completing additional private placements. SEG will
vend all of its assets into the new merged company.
Following this US listing, the merged company intends to obtain a
dual listing in Hong Kong during the first quarter of 2001,
followed by a further listing in Europe. Prior to its
commencement of trading in Asia, the new company will seek to
raise additional capital for its operations through SEG's
sponsors - Tai Fook and ICEA Capital Limited. Tai Fook is one of
the top securities brokerage firms in Hong Kong. ICEA Capital
Limited is a subsidiary of Industrial Commercial Bank of China,
the largest bank in China with 36,000 branches. In 1998, ICEA
was ranked as the third largest bank in the world. This new US
listing will be an important first step in a coordinated effort
to create liquidity in the North American equities market,
followed by Asian and European markets.
Prior to the merger, COMET will re-capitalize so that following
the merger the total issued and outstanding shares of the new
company will be approximately 11.9 million shares. At that time
Capital Alliance Group will hold approximately 9.5 million of
these shares. SEG will also appoint eight directors to the board
replacing all of COMET's existing board.
Mr. Toby Chu, SEG's President and CEO states, "We are excited
about what this merger does for us in accelerating our plans for
creating a public market in North America, Asia and Europe for
SEG. Immediately following this merger, we will commence the
process for advancing to a senior US exchange. Given the
feedback we have received from our initial institutional
presentations, we believe that by taking SEG public now it will
allow us to capitalize on the opportunities before us and to
accelerate the process of enhancing shareholder value."
This merger is subject to due diligence review by both parties,
the negotiation and execution of definitive agreements, and
approval of SEG's and Comet's boards of directors and
shareholders, if necessary, as well as the applicable Canadian
and U.S. regulatory agencies.
2
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Contact: COMET TECHNOLOGIES, INC.
10 West 100 South, Suite 610
Salt Lake City, Utah 84101
(801) 532-7851
The Private Securities Litigation Reform Act of 1995 (``Act'')
provides a safe harbor for forward-looking information made on
behalf of the Company. All statements, other than statements of
historical facts which address the Company's expectations of
sources of capital or which express the Company's expectation for
the future with respect to acquisitions, financial performance or
operating strategies, can be identified as forward-looking
statements. Such statements made by the Company are based on
knowledge of the environment in which it operates, but because of
the factors previously listed, as well as other factors beyond
the control of the Company, actual results may differ materially
from the expectations expressed in the forward-looking
statements.
*****************
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, as amended, the Registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly
authorized.
COMET TECHNOLOGIES, INC.
Date: September 27, 2000 By: /s/ Jack Gertino, Secretary/----- |
