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Microcap & Penny Stocks : ETPI-Military Entertainment Enters Civilian Market
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To: Toby Zidle who wrote (3515)2/12/1999 2:14:00 PM
From: Toby Zidle  Read Replies (2) of 4767
 
Extracts from the 10-K ... not good news:

The following sections are extracted from the new 10K filing. My further comments are not necessary.

Stargate Entertainment, Inc:

. Stargate opened a location at the Parks Mall in Arlington, Texas in July
1998. This 11,000 square foot facility was undercapitalized and was
unable to support the operations and the Company was forced to close the
facility on 4 January 1999.

. This division depends on large amounts of capital to complete and
finish current projects that are currently due.

. The Company is behind 60 to 90 days on all debt instruments. The
contemplated recapitalization will allow this division to FOCUS & FINISH
its current projects and move from substantial negative cash flow in a
minimal amount of time.

. The FOCUS & FINISH plan of this division depends on the completion of
funding from Capital Growth Planning.

--------

Redfish Management, Inc.

. This operation is consistent with the risks of the restaurant industry.

. The current operations are not producing positive cash flow. Additional
marketing is required for this division to move from negative to positive
cash flow.

. Long term operations and continuation is dependent on positive results from
marketing efforts.

. One of the restaurants, "RedFish Island," is seasonal and will not show
substantial increases until the third and fourth quarters of the fiscal year.

--------

Employees

As of September 30, 1998, the Company had approximately 95 employees, of
which 40 are full time and 55 are employed part time. ... The Company believes that its employee
relations are good, though employee morale fluctuates with the Company's lack of
capital and ability to meet obligations in a timely manner.

-----------

Plan of Operations

With the completion of the contemplated recapitalization of the Company,
ETPI will 'FOCUS AND FINISH' all outstanding projects to include:

. Laser Tag and Face Lift to Pasadena Hero's

. Signage and opening of Hero's Scarsdale

. Marketing and advertisement of all locations

. New deck cover RedFish Island

. Waterpark renovations

. Recovery and Deployment of Amusement assets

In 1998, the Company made commitments and obligations to projects and
operations without completing the financing packages to support the given
operations. In 1999, all financing will be in place and completed prior to any
additional obligations by the Company.

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