Who wants to backdoor this... <g>
From briefing.com
While researching a story on the number of perilous Internet initial public offerings that are scheduled to inundate the market over the next several months, Briefing.com stumbled upon a company that, if it successfully completes its IPO, is almost certain to signal the last days of the Internet bubble. Efox.net Inc. plans to participate in Internet mania by bringing itself public in a self-underwritten offering. That is to say, if you mail founder Joseph Preston a couple of hundred dollars, he will set you up as a shareholder in his fledgling enterprise. The 28 year old Mr. Preston describes his recently launched "porn site" as an Internet E-commerce men's entertainment destination for heterosexual males between the ages of 18 and 55 that will tastefully package heterosexual men's favorite pursuits: Ladies, Automobiles, Sports and Stocks (what it calls the "LASS" factor for its male-centric content). If you find Mr. Preston's IPO scheme intriguing, just wait until you hear his plan to reinvent the world of adult entertainment The company plans to revolutionize the industry by offering its models a comprehensive health insurance plan that includes dental, vision and prescription co-pay programs, in addition to a retirement plan. Efox.net will also offer the models an equity stake in the company. In addition, the company believes it will attract beautiful models because it will contribute 1% of net income to the company's scholarship fund. The company will also sponsor Efox "getaway weekends" that include golf excursions, sailing regattas, auto racing training schools, deep sea fishing expeditions and the Efox "Born Again Bachelor Parties." Indeed, investors will have the opportunity to get in on the ground floor. Launched less than three months ago, Efox.net has generated no revenue. But the company does have debts. The majority ($675,600 to be exact) of the $712,497 deficit accumulated by the company arises from non-cash transactions involving the issuance of stock in exchange for services rendered. If the offering is completed as planned, Mr. Preston plans to begin paying himself a salary of $100,000 in 1999, with a 50% raise in 2000. Of course, if interested in becoming an Efox.net subscriber (to the IPO, not the Web site), it is likely that you'll have to call Mr. Preston when you want to trade the stock, as it is doubtful that a firm is likely to make a market in Efox.net anytime soon. |
