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Microcap & Penny Stocks : ShellStockReview

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To: thomas_donald who started this subject4/23/2002 12:09:38 PM
From: Glenn Petersen   of 183
 
You might want to add HITS to your list. From the 10-K:

ITEM 1. BUSINESS.

On January 3, 2001, the Board of Directors of musicmaker.com, Inc. (as used herein, "musicmaker", the "Company" or "we") as then constituted voted unanimously to cease the operations of its Internet-based custom CD-marketing business. The then-Board concluded at that time that this business no longer represented a viable alternative to provide maximum value to the Company's stockholders.

The present Board determined to review alternatives for the Company going forward, which included, among other things, potential dispositions of assets, the possibility of one or more additional cash distributions to stockholders, and the potential continued operation of musicmaker as a public company which might pursue other business opportunities as they arise, as well as other possible steps intended to provide stockholder value, all subject to the ongoing review and consideration of the Board, some of which would require stockholder approval. On February 15, 2001, the Company announced that the Board of Directors had approved a cash distribution in the amount of $3.00 per share to the holders of record of Common Stock as of March 1, 2001, the record date, pursuant to which the Company distributed $9,941,998 to its stockholders.

Thereafter, the Board determined to seek to pursue one or more potential acquisitions of other publicly traded or privately held companies or significant interests in such companies, with a view to refocusing the Company's strategic direction. While the Company continues to actively examine certain potential acquisition transactions and believes that attractive opportunities exist, there can be no assurance whether, when, or on what terms the Company will complete any such acquisition.

freeedgar.com
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