Ed Pettee , I hope you dont mind but i can help you answer those
questions. Glad to see new faces on our thread .
Question number one : I pulled this of the 10QSB ( the last one )
Issuance of common stock for services at:
$.50 per share 1/27/97 460,000
$.6875 per share 3/19/97 478,500
$1.0625 per share 4/11/97 50,000
$.8125 per share 4/22/97 285,000
$.7187 per share 5/1/97 6,300
$.484 per share 5/22/97 3,000
$.36 per share 6/18/97 3,500
$.28 per share 7/9/97 7,500
$.21 per share 8/8/97 20,000
$.38 per share 9/5/97 11,000
The issuance of shares was for the purpose of trying to get this company the recognition it so desperatly deserves . i know of 4 consulting firms during that period that were issued stock. all of them with the same result i might add .Unfortunetly in the world of the OTC there are many vultures out there waiting to capitilize on small companies lack of cash and strong desire for recognition. The Company has since taken a whole new stance on this issue . The current Pr firm was issued very very little stock(100,000) and some options if the chose. It was a large lesson to learn but all in all the company is in very good shape moving forward with only 14 out and a float of around 3.6 million . this stock moves well on volume .
Question number # 2 :
When the federal law came into effect all local licenses became null and void causing all existing Casino's/ gaming facility's to re-apply under the new federal laws.
There are two general categorys casino license and a bingo/slot license. The bingo/ slot license is the one the Mandarin will receive.
These are the following things required to get one of these licenses
1 The Federal Department of Tourism has to designate an area in which you intend to operate in a tourist area
2 The local population must approve the facility by a referendem vote
3 The facility must meet the federal guidlines for( File application) A) investment B) Equipment
Currently steps 1 and 2 are completed to be licensed as a bingo slot facility
The only thing left is to have the application submitted to federal government and the facility has to be inspected to determine if the Facility /Equipment meets federal guidlines. This is taking place now .
In additionto the new laws, NorAm mentioned in a recent confrence call that one other reason they were putting this project on a temporary hold was due to the re kindaling of acquisiton talks with the facility itself. Talks like this did take place early this year . With the Mandarin replacing many many gaming facility as the only qualified facility in Tucacus, this brings a whole new light to this project.
Question # 3
Currently 90% of exsisting "lotteries" are illegal ,that is both paper and machine driven " ..
Next year there will be a new lottery law that will eliminate all lotteries that were not in existence prior to 1961 we are anticipating this new law will be in effect sometime in 1998
In order for a company to stay in operation they must prove to the federal government that they were in exsistence prior to that date or its AUDIOS
I think this is a great law but IMO we have such a much better product Noram will walk all over the competition , but it will be nice to have the others out of the way ,
you mentioned the corupt part of VLand , that's were James Gagle comes in LOL no worries there and great collection system to boot!!!!!
GO NRAG MBA
Jeff
NorAm |
