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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Rocket Red who wrote (130427)3/30/2004 10:19:13 AM
From: Taki  Read Replies (3) of 150070
 
PCES,filed 10k yesterday.You See bold?
As of December 31, 2003, the Company had no material liabilities, and cash and cash equivalents of $1,897,678. As of March 1, 2004 the Company has no ongoing operations and no revenues and has minimal operating expenses. The Company presently has no employees.

The net proceeds from the sale will be retained by the Company pending a determination of whether to engage in a follow-on transaction. The Company has been seeking a business combination with another entity, before considering possible liquidation and distribution of its assets. The Company believes that with the cash on hand and net operating loss carryforwards, subject to the limitation of such carryforwards under the Internal Revenue Code, such a combination may be attractive to potential partners and would better serve the interests of the Company’s shareholders. As of the date of this Form 10-KSB, no definitive agreement has been signed for a follow-on transaction. If no suitable business combination is identified, the Company may elect to liquidate and distribute the remaining net proceeds to shareholders. If the Company liquidated at the present time, all of the net assets of the Company would be paid to holders of the Company’s preferred stock.
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