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NETOY.COM (Bulletin Board: NTOY) 12 1/2 +2 1/4 Another new internet company comes on the scene, but this one comes out of nowhere. Last Friday, Netoy.com did a reverse merger with Banyon Healthcare (BANH), where Banyon does the acquistion, then the old directors and officers resign and the new Netoy management takes over. They immediately did a 1-10 reverse split, then began an aggressive PR campaign, with at least one new press release every day. But the company is a non-reporting company with the SEC right now and we had to make some phone calls to get information on them. Here's the only revelvant financial data we could dig up from their PR firm and the company itself.
FLOAT: 1.5 million
OUTSTANDING: 7.5 million
MARKET CAP: $90 million
REVENUES: None yet.
CASH: about $1 million
According to Michael Maus, Executive Vice President of the company, the company has about $1 million in cash, and is actively seeking $10 million in private placements. To build a revenue stream, the company is also seeking to acquire other, unnamed companies. The game plan for the company is to sell toys which are usually found only in the speciality shops, not in Toys-R-Us. To that end, NTOY has signed agreements with Gund and Irwin, both of whom sell specialty upscale toys. The company was founded in October 1998, and has been hustling to put themselves together since. We aren't fond of reverse mergers to bring a company public, it usually puts a company on the market too soon. But the company is definitely moving quickly, or at least appearing to, as it put out another press release just moments ago about acquiring a specialty doll store. Mr. Maus states that the company is actively trying to expand quickly, and he stated "give us a couple of weeks and we will "look" like a whole different company." By this he means, more products, people, and more acquired companies. At the very least, they will probably have more press releases, as so far, that's the only product of the company. The web site, at www.netoy.com, isn't planned to open until March 29
Johnny |
