Something just emailed in:
Monday, February 16, 1998
Editor: Bob Davis napeague.com
A NEW BLIVIT LIST MEMBER!
I was quickly scanning misc.invest.stocks when I noticed an old and
familiar name - "Riley G"...so of course I had to stop and read the post.
Some of you will remember "Riley G" from my write-up on OVIS last August.
Subsequently, OVIS carried out some form of transaction which resulted in
it merging with a bottled water company and changing its symbol to RMIL.
A while later the SEC halted trading in RMIL ""because of questions
regarding the accuracy of statements concerning, among other things,
the ownership and value of certain assets claimed by RMIL, RMIL's business
operations and the merger of RMIL with third parties."
Well....the post read "TVSI has been shooting up the past few days on
rumors of a big merger. Check it out." Hey...I'm a cooperative guy....
so...of course I followed "Riley G's" instructions.....
After visiting Silicon Investor and discovering that there are already
almost 1,000 posts to the TVSI forum, I went to EDGAR to see what I could
find. The company, Travis Industries Inc. (OTC BB:TVSI) does report,
but it is not up to date with its filings. On July 2, 1997 the company
filed a "Notification of Late Filing", indicating that it would file
within 15 days. Well, we got the first batch of tomatoes harvested in
late July, but we never saw the 10-K.
As a result, I can't tell you much about the financial condition of this
company. However, it is very clear that the company is coming out of
bankruptcy, and as a result is probably not financially strong.
I don't even know how many shares are outstanding. I do know that they
issued an additional 7 million shares under a S-8 Registration in February
1997, and that there were 121 million shares outstanding as of December 31,
1996, but they may have come out of bankruptcy with a reduced number of
shares outstanding.
The "fuel" propelling this little "rocket" is one of those famous
"reverse mergers" in which a shell corporation becomes the mechanism for
taking a company public. TVSI has just announced that it will acquire
"Planet Sports, Inc.", and then change the name of the surviving company
to "Planet Sports". "Planet Sports" will then acquire "Next Level(TM)
Sportsystems Inc.", which has a "has a unique vision to combine high-
visibility marketing and community service through the....."
Oh well...never mind.
This stock currently trades at around $.08, which, if there are 121
million shares outstanding, gives it a market valuation approaching
$10 million..... Somehow that seems a bit high <G>.
If I learn anything more about this company I will post in on the
Napeague web site at napeague.com .
NOTICE
This analysis is based on publicly-available information, and is in no
way warranted by me as to accuracy or completeness. I do not guarantee to
advise you as to any change in this information. I am not a stockholder
in this Company and probably never will become one. I otherwise have
no affiliation with this Company, and I am not compensated by it in any
way whatsoever.
TG |
