It only took about a year, But finally we have the change that should rocket Firelight.
Read carefully by Feb 14 another approx $600,000.00 Us dollars will be added to the treasure injecting a total of 1.6 million dollars into the company war chest.
"Firelight Corp (C-FRL) - News Release
Firelight arranges new board, completes financing
Firelight Corp FRL
Shares issued 9,356,586 Feb 6 2004 close $ 0.20
Monday February 9 2004 News Release
Mr. Jay Haber reports
FIRELIGHT CORPORATION ANNOUNCES CLOSING OF TRANSACTIONS INCLUDING A USD$ 840,000 PRIVATE PLACEMENT AND CHANGE OF CONTROL
Firelight has completed a series of previously announced transactions with Nantucket Ventures LLC of Houston, Tex.
The transactions included: (1) the resignation of Scott Walters, June Hope and Philip Bucknell, three of the five current directors of the corporation; (2) the resignation of all the incumbent officers of the corporation; (3) the appointment of Jay D. Haber (chairman and chief executive officer) and Thomas J. Concannon (chief financial officer and secretary) as directors and officers of the corporation; (4) the acquisition by Nantucket, of 4,749,983 existing common shares for $204,249 (U.S.), from Multivision Holdings Ltd., a company controlled by Brad Hope and Roy McDonald (the founder transfer); (5) the private placement by the corporation of 11,023,622 common shares to Nantucket, at a price of 7.62 U.S. cents per common share, for total gross proceeds of $840,000 (U.S.); and (6) the assignment by Multivision to the corporation of all of Multivision's rights and interest in the "Accu-Master Golfclub Strike," and in return, the corporation's assignment of its rights to the "Firelight II" barbecue unit to Multivision (all royalty payments from the corporation to Multivision in connection with sales of the "Firelight II" barbecue unit were terminated. Details of the transactions can be found in the filing statement of the corporation filed on SEDAR.
The founder transfer and private placement were arm's-length transactions. The assignment was non-arm's length since Roy McDonald and Norman B. Hope are related to both the corporation and Multivsion. The Firelight II barbecue unit generated nominal revenues for the corporation over the past several years and was deemed by the former board to be of indeterminate value.
Nantucket maintains the right to acquire a further 8,007,178 common shares from the treasury of corporation at a price of 7.62 U.S. cents per common share until Feb. 13, 2004. In addition, Nantucket will be issued an option to acquire a number of common shares equal to 19,030,800 common shares, less the number of common shares subscribed for by Nantucket under the private placement. The option will have a term of two years from the date of closing and the exercise price under the option will be 9.5 U.S. cents per common share.
Collectively, the private placement and founder transfer resulted in Nantucket owning 15,773,605 (65.3 per cent) common shares. Presently, Nantucket has the intention of acquiring further securities of the corporation up to a maximum of 8,007,178 common shares from treasury and may acquire ownership of or control over further securities of the corporation in the future depending upon market circumstances. The securities received pursuant to the private placement have a 12-month statutory resale restriction.
Jay D. Haber, the corporation's new chairman, stated: "We are excited about our investment in Firelight and its future. The company currently has the exclusive rights to produce and market instructional videos featuring noted golf instructor Butch Harmon. New management intends to increase product offerings featuring Mr. Harmon and significantly increase advertising and marketing expenditures. The company has entered preliminary discussions with a major sports management organization to acquire rights to develop new product offerings."
Mr. Haber, a private investor, currently serves as an investment banker and management consultant to a number of private and publicly traded companies. Throughout the 1990s, Mr. Haber served as chairman and chief executive officer of Geokinetics Inc., a Houston-based, publicly traded company. More recently, Mr. Haber served as chief executive officer of a privately held Internet-based application service provider and technology aggregator for the medical community, as part of his investment banking and management consulting activities.
Mr. Concannon currently serves as chief financial officer of a United States-based OTC bulletin board company. He brings many years of financial and managerial experience to the issuer. Prior to serving in his current position, this individual served as chief executive officer of an operating division of a New York Stock Exchange company, as well as serving as a member of the parent company's board of directors. |
