Joe:
"Top Net does not own 3.2 million shares of Xecom."
What? Check the following from Xecom Form 10 QSB for the quarterly period ending September 30, 1997:
F. STOCK TRANSACTIONS
On June 20, 1997, the Company entered into a settlement agreement whereby
the Class A Preferred Shareholder, Top-Net Inc., a Nevada corporation,
would forego $396,000 in accrued dividends, as well as any future
dividends, and by which they would also convert its entire portion or
1,043,750 of their Xecom Class A Preferred Shares into 3.2 million shares
of common stock as opposed to 3,939,113 common shares which they were
entitled to convert.
On June 23, 1997, the Company entered into an agreement for the return
of 700,000 shares of Class B Preferred Stock.
On June 23, 1997, the Company entered into an agreement with the
Investing Banking Company whereby the IBC returned the remaining
990,000 Class B Preferred Shares which were issued pursuant to a
Consulting Agreement (See Footnote C.)
On July 1997, the Company issued 166,000 shares of common stock to the
Preferred C Shareholders in lieu of cash dividends.
So, if Top Net does not have 3.2 million shares today, they must have disappeared, right? What happened to them?
Wes |
