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Non-Tech : NORE - High Tech Bingo Equipment - Online Bingo
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To: Ed Pettee who wrote (38)12/28/1997 2:39:00 PM
From: Silicon Trader  Read Replies (1) of 7701
 
Ed it is a complicated explaination
There were 3 seperate individuals that were actually one entity( they split a large amount of shares ).
The time frame in which their services were available was from February to approx May 29th 1997 when they were fired, If you check the Press Release on June 2 1997 you will see one titled

Changes in Affiliation : The main thrust of the release was this ,
NRAG announced today that they have terminated the consulting aggreement with Alexander Troy Inc of Orlando Florida. The agreement which was signed February 24.1997 between Alexander Troy requires that Alexander Troy return two -thirds of the NorAm Stock which was advanced to them under the arrangement. The termination became effective at 4 PM ED, May 29, 1997 ..

Ed this was a large portion of the stock .they were supposed to do more then just promote the company but in fact promote the product lines , through industry sources ,they never did .

Shortly there after Noram Hired Rickel which was for a monthly cash payment and a small amount of stock, Rickel came with high marks and big big plans.Problem is that nothing every happened . After being involved with them for almost two months to the companies surprise Rickel was bought out leaving Noram high and dry with no firm again and the loss of stock again . In order to pursue the legal aspect of these events would have come to great expense for the company and taken money away from its projects that were moving forward such as the V-LAND project

The current PR FIRM has been paid in a very small amount of stock
as mentioned in the past 100,000 shares and they do have the right to purchase options for a few hundred more , but i highly doubt they will
They are a small company with very little cash ..

I hope this helps , and i can assure you many lessons were learned during that painfull period . They do owe us the stock but i doubt we will see it. If this had never happened Noram very well could be showing postive numbers as of today . Cant live in the past though. In the world of the OTC there are many snakes in the grass . Im glad Noram learned this lesson early on , and now can move forward from that mistake. It brings up a very good point about the losses though as they were all paper

GO NRAG MBA

jeff

NorAm

PS Here is a tidbit . Noram never did a public offering nor does it have nay public money in it
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