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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: StocksDATsoar who wrote (113944)4/24/2003 10:16:55 PM
From: Jim Bishop  Read Replies (1) of 150070
 
LSRY 8k

April 24, 2003

LASER RECORDING SYSTEMS INC (LRSY.OB)
form 8-K
Item 5: Other Events and Regulation FD Disclosure.
On March 28, 2003, the Company entered into a non-binding letter of intent for the acquisition of SCL Ventures, Ltd. SCL is a Bermuda company in formation that proposes to engage in a telecommunications related business. The letter calls for the parties to negotiate an exchange agreement under which the Company would issue shares comprising 95% of its outstanding common stock to the shareholders of SCL in exchange for all of the outstanding stock of SCL, making SCL a wholly-owned subsidiary of the Company. The Company would also issue additional shares comprising 2% of its outstanding common stock to founders of SCL, their affiliates and others as directed by SCL. In connection with the proposed exchange, an unrelated party is to provide financing in an amount that will result in SCL's having a total equity investment of not less than $6 million following the closing. The Company cannot offer any assurances that the proposed exchange agreement will be successfully negotiated or that the proposed transaction will be completed.

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