SHELDON C. FENTON
935934 ONTARIO LTD
During late 2001, 935934 Ontario Ltd., a company of which Sheldon C. Fenton is an officer and director, purchased $480,000 US (plus accrued interest) of the accounts receivable owed for inventory by The SunSwipe Corporation L.L.C. (a wholly owned subsidiary of Veridien) to Norpak Manufacturing Inc.
During 2004 935934 Ontario Ltd.assigned their interest in these monies to Dunvegan Mortgage Corporation and a third party non-related party, who subsequently agreed to
transfer these monies to 3 year Convertible Debentures.
BACKCOURT INDUSTRIES INC.
160 Eglinton Avenue East
Suite 500
Toronto ON M4P 3B5 Canada
Admin-Phone: +1 416 440 2904
Admin-Fax: +1 416 440 2954
Admin-Mailbox: web@viraguard.ca
TANLON MANAGEMENT SERVICES INC.
500
Phone:(416) 440-2904
Fax:(416) 440-2878
WEB PACK INTERNATIONAL INC.
Registrant: Web Pack International Inc.
500 - 160 Eglinton Ave. E.
Toronto, ON M4P3B5
CA
Domain name: WEB-PACK.COM
TANLON MANAGEMENT SERVICES INC.
During fiscal years from 1999-2004 we utilized the services of Tanlon Management Services, Inc., a management company of which Sheldon C. Fenton [the Company's President/CEO] is an officer and a director.
We expensed $120,000 for these professional services for each of 1999, 2000, 2002, 2003 and 2004 and $90,000 for 2001 (for which the $30,000 due for the 4th quarter was waived). These fees are intended to cover the salaries and costs of relevant Tanlon employees who provide various support services; none of the fees are intended to compensate Mr. Fenton. In addition to the accrued indebtedness for services, the Company owes Tanlon an additional monies for advanced expenses for related travel, courier/express deliveries, and telephone costs. At January 2004 these fees and expenses remained unpaid in the amount of $549,714 and during April 2004 Tanlon assigned these monies to Dunvegan Mortgage Corporation, who agreed to transfer these monies to a 3 year convertible debenture.
At December 31, 2004 these fees and expenses for 2004 remain unpaid in the amount of $31,573 and are included in accounts payable.
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DUNVEGAN MORTGAGE CORPORATION
Owned by Dunvegan Mortgage Corporation of which Mr. Fenton is CEO and Director
Form 4 - FENTON SHELDON CAREY
500-160 EGLINTON AVE EAST
TORONTO, A6 M4P3B5
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VERIDIEN CORP
Form 10QSB for VERIDIEN CORP
16-Aug-2004
...one debenture in the principal amount of $1,780,811 is held by Dunvegan Mortgage Corporation a company of which Veridien's President & C.E.O. Mr. Sheldon Fenton is an officer and a director.
16-Aug-2004
Quarterly Report
During the second quarter of 2004 $471,215 of existing convertible debenture principal, along with $427,773 of convertible debenture accrued interest and $1,181,822 of payable debt was rolled into 2 convertible debentures. These debentures carry interest rates of 10% and have terms of 3 years.
These instruments are immediately convertible into common shares, at the option of the holder, at conversion rates of $0.051. One debenture in the principal amount of $300,000 is held by a person not affiliated or related to the company and one debenture in the principal amount of $1,780,811 is held by Dunvegan Mortgage Corporation a company of which Veridien's President & C.E.O. Mr. Sheldon Fenton is an officer and a director.
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