i communicated with tom this afternoon, and asked a few questions
about a few more details on this merger...i didnt get into a lot
of detail, as relating it back gets complicated, but i got what i
think is a decent overview from where we stand right now...first
off, Tmm is issuing preferred stock to ECC...that stock can be
converted to common, and we will be voting on that in july or so...
tom has RESCINDED the amci deal, so you can forget about the rumors
circulating privately ("what about tom's 32million"?)...
the production center with all the equipment is unemcumbered !!
we own it, as the new company, with NO DEBT !! additionally, we
rec'd over 100minutes of commercial air time to sell, via USA,
turner or whatever...also, a reverse has been discussed, but at a
1-5 or 1-10 level...NOT 1-100 !!! (as rumored)...i was told we need
only a little money (not sure what that means) for tooling for ECC,
to get this new product going, and a few odds and ends...this deal
has been in the works for several months, and the aforementioned
goodies are reasons why we partnered up with ECC...apparently, mike
also knows people at EPA in D.C., and will be working that end of
it, as well...dave is doing fine, but is still in the hospital, but
tom said he passed our "get wells" on to dave, and he thanked us all
jp |
