HITS -- MUSIC MAKER -- Custom Music CDs Message Board

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Technology Stocks : HITS -- MUSIC MAKER -- Custom Music CDs

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To: Glenn Petersen who wrote (74)	4/23/2002 11:50:06 AM
From: Glenn Petersen	Read Replies (1) of 76

HITS to flush out small shareholders. biz.yahoo.com Monday April 22, 10:40 am Eastern Time Musicmaker.com Seeks 1-For-20 Reverse-Forward Split WASHINGTON -(Dow Jones)- Musicmaker.com Inc. (HITS) is seeking shareholder approval for a 1-for-20 reverse split of its common stock followed immediately by a 20-to-1 forward split, according to a preliminary proxy filed Friday with the Securities and Exchange Commission. Stockholders whose shares are converted into less than 1 share in the reverse split will have the right to receive a cash payment, as permitted under Delaware state law, the filing said. The reverse-forward split will significantly reduce stockholder record-keeping and mailing expenses and provide holders of fewer than 19 shares with a "cost- effective" way to cash out their investments, the filing said. In January 2001 , the company's board approved a plan to liquidate and dissolve the company after failing to find a buyer or partner willing to offer greater value than that expected from liquidation. Shareholders will be able to vote on the proposal at the company's annual meeting. The date of the meeting wasn't disclosed in the filing. Musicmaker.com, of New York , was an Internet-based custom CD-marketing business. The company now seeks to pursue one or more potential acquisitions of other publicly traded or privately held companies or significant interests in such companies in an attempt to refocus the company's strategic direction.

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