SlimPickens: From the 8K issued by MTCI in August, 1997:,
" the Registrant (the "Company") entered into two
subscription agreements to sell an aggregate of 10,000,000 shares of common
stock of the Company to Nethold Limited and to Starington Holding, Inc. for a
total cash consideration of $600,000. Shares issued pursuant to these
agreements are not registered and bear a restrictive legend."
" On July 3, 1997, the Company entered into a subscription agreement to sell
2,500,000 shares of common stock of the Company to Hillside Industries, Inc. for
a consideration of $150,000. Shares issued pursuant to these agreements are not
registered and bear a restrictive legend."
"On August 15, 1997, the Company entered into an agreement with Access
America, Inc. ("Access"). Access to purchase advertising time on certain
networks with a fair market value of $4,000,000. The Company agreed to issue
Access 2,000,000 shares of common stock valued at $2.00 per share and further
agreed to issue Access additional shares of common stock if the company's common
stock is traded below $2.00 per share on August 11, 1998, such that the total
value of the shares issued and issuable to Access shall be $4,000,000."
Thus in a similar time frame MTCI sold 12,500,000 at .06 per share yet one month later with no appreciable change in market price Access America accepted 2 million share valued at $2 per share for $4million of advertising time. There was of course a caveat in that MTCI had to agree to increase the number of shares to whatever number times the market value on August 11, 1998 would equal $4 million if the market price were below $2.. The only drawback to that proviso is that currently MTCI stock now trades in the Pink Sheets at less than 4 cents, having been delisted by NASDAQ for failing to meet financial requirements. The company has already entered into agreements which call for them to issue more shares than are authorized (200 million) and now come August 11, 1998, Access America is left holding the perverbial bag. So unless the people at Access America are the world's biggest fools, which I seriously doubt, it isn't difficult to put a real value on any "advertising time" they exchange for stock. |
