Even with the Hit to HITT is seems real money is still chasing the stock
"Life Foundation Trust Commits To Close hitsgalore.com inc.
SCOTTSDALE, ARIZ. (May 13) BUSINESS WIRE -May 13, 1999--The Life
Foundation Trust Thursday announced it is fulfilling its $100 million
commitment to hitsgalore.com inc. (OTC BB: HITT) pending on the
Shareholders approval of the issuance of the additional shares.
Life Foundation Trust owns the Production Rights to several producing
oil and gas leases in Central Texas. With the recent increase in the
price of oil and gas, the production on these leases created a cash
flow of over $1.5 million this past month.
These prime oil and gas fields in Central Texas have proven reserves as
shown in several Geological Reports and Reserve Analysis, giving a
complete Geological Engineering Report.
All Reserve calculations are based on proved reserves available, using
the standard definition of proved reserves as defined by the Society of
Petroleum Engineers (SPE INC.).
Jeanette Wilcher, Trustee stated, "In light of the recent drop in the
market value of the stock we are renegotiating for a more favorable
price to the Trust of $20.00 per share; the hitsgalore.com inc. stock
will be acquired in exchange for a joint venture with Life Foundation
Trust for the Production Rights of said Leases."
Wilcher continued, "I think it is admirable that Mr. Reed has resigned
his position as Director of the company. It shows he cares a great deal
about the website at hitsgalore.com inc. the Company and the
Shareholders. In any event, we think that the hitsgalore.com inc
Business Model works! And that hitsgalore.com inc. will be a profitable
Inter Net Company, especially as it brings out new developments and
continues to refine its business plan."
Life Foundation Trust is an International based Trust with several
offices throughout the United States and additional offices in Asia.
The fundamental purpose of the Trust is to generate funds with which to
meet various charitable objectives; including the provision of food to
the hungry, clothes and shelter to the needy, education to the
unlearned and to minister to the spiritual needs of all people.
In addition, to provide financial support for the local, national and
international ministries which are based on the principles of the
Bible."
I am sure MGCN will see the same kind of interest very soon.
JEV |
