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Microcap & Penny Stocks : ZuluGroup.com (ZULU/ESVS)-Ecommerce & Internet Advertising
ZULU 0.0001000-50.0%Mar 7 3:00 PM EST
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To: CWIII who wrote (1538)3/30/1999 11:30:00 AM
From: Jon Tara  Read Replies (1) of 2003
 
Bro-ther!

"However, the Registrant has had a significant decrease in its immediate cash resources and delays in the implementation of its business plans which have placed considerable constraints on its ability to fund administrative and regulatory costs and to cover professional fees related to the preparation and finalization of the financial statements and annual report."

Translation: We can afford limo rides for Mr. Hayton, and we can afford outrageous "consultant" fees. But we can't afford to pay an accountant to satisfy regulatory requirements.

I can't imagine a lamer excuse than this! (OK, maybe "the dog ate the annual report...")

"Also, the Registrant and Zulu-tek, a non-reporting issuer, have continued to pursue a business combination but the form and structure of the combination has vacillated and, as of the date hereof, has not been fully documented in a manner which will allow for complete reporting."

Translation: The merger is in serious jeopardy. Even we don't know what the proposed terms are. We've just been waving our arms around.

"Management of both companies are continuing to pursue the business opportunities and the Registrant intends to prepare and file its annual report and to complete the audit of its financial statements if operating revenues or capital resources allow, but there is no assurance that its current circumstances will allow it to fund these costs."

Translation: we may never file another annual report.
Implication: we may become a non-reporting company.
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