Well ChuckR, here is some earlier news about this company from Jan 13. Interesting flip here it seems for whoever the astute investor that bought those 7½million shares for $75,000, don't you think? I particularly like how the President Darren Little can hold a Board of Directors meeting anywhere he wants it seems, even in a stall of the corporate men's room, being as how he is his own board of directors. If he wants Nasdaq listing that will surely change.
The Company announces that Darren Little has been appointed the President, Secretary and sole Director of the Company in place of Michael Townsend who recently replaced Pamela J. Wilkenson.
In order to provide the Company with working capital the Company has issued 7,500,000 common shares of the Company to certain individuals for proceeds of $75,000.
The Company has reached an agreement in principal with Bingo Inc. whereby the Company will acquire the domain name ''bingo.com'' for $200,000 in cash, the issuance of 500,000 common shares of the Company and an ongoing quarterly payment equal to 4% of the gross revenue of the Company. The Company intends to use the domain name to carry on an internet gaming operation. The acquisition is subject to the preparation and execution of a formal agreement which the Company anticipates will occur on or before January 20, 1998. The Company intends to change its name to reflect its new business direction.
The Company currently does not have sufficient funds to complete the acquisition and intends to meet its obligations through the sale of equity capital.
Progressive General Lumber Corp. is a publicly traded company on the NASD-OTC.
Dated at Vancouver, British Columbia this 13th day of January, 1999.
On behalf of the Board of Directors
''Darren Little''
______________________________________
Darren Little
President, Secretary and Director
So just how many other shares have floated out the door on this one? What other warrants may be outstanding in addition to the additional 500K shares sitting there at an exercise price of $2.00?
Why the market cap keeps getting bigger everywhere I look and the price of the stock is staying the same. How odd. But then who needs financial reports anyway. Management can be counted on to put shareholder interests ahead of their own, can't they?
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