Mr. G,
Having read the Bloomberg article I was quite amused by the reference to the Pilar De Caribe, but no reference to the OVIS 1996 10KSB;
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OLYMPUS VENTURES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE YEARS ENDED JUNE 30, 1996
NOTE 1 - ORGANIZATION AND ACQUISITIONS (CONTINUED):
(b) CARIBBEAN CHARTERS LTD.
.............. " Current management
has been unable to determine whether the acquisition was made at
"arms length" and therefore whether amounts recorded in the financial
statements properly reflect the fair values of the assets acquired.
During March 1996, the Company exchanged 750,000 common shares for
the $750,000 convertible note.
In December 1995, one of the boats was sold for $35,000 resulting in
a loss of $140,000. In October 1995, a second boat was sold for
$60,000 resulting in a loss of $165,000. In May 1996, the third boat
was repossessed by a secured lender resulting in a loss of $210,000.
Accordingly, as of June 30, 1996, all of the assets of Caribbean
Charter Ltd had been disposed of." ...........
Good Day
RB |
