A little DD..
As luck would have it 10Q filed today. Also 5 press releases in April. Tons of info...Here's some from 10Q 3 mos. ending March 31,1999....and press releases.
Significant dates:
1. May 26 Name change to IATR (Internet and Technology Resources)
2. May 27 Launch new website www.IATResources.com
10mil shares outstanding
Float ?? (Anyone know)
Cash (47,086)
Accounts Receivable 2,222,319
Accounts Payable 2,554,644
Total Assets 6,028,800
Total Liabilities 2,820,910
Ex-entertainment co. Getting into investments in the internet and ecommerce arena. Using Strategic Capital Consultants to help coordinate acquisitions and capital funds.
Recent investments:
1. Pacific Softworks
2. Flowersandgifts.com
Overview from 10Q:
The Company has retained the services of Strategic Capital Consultants to advise and assist the Company in locating acquisitions in the internet and e-commerce industries. During the quarter ended March 31, 1999, the Company made two investments in internet-related companies. On February 4, 1999, the Company announced that it made an initial investment in flowersandgifts.com, a storefront on the Internet to sell flowers and gifts. The Company has executed an agreement with flowersandgifts.com to acquire up to $1,000,000 of common stock in the aggregate, subject to certain conditions. The initial investment was $200,000 for 100,000 shares, representing approximately 2% of the
outstanding common stock of flowersandgifts.com. Additionally, the Company has the right to purchase up to an additional $1,000,000 in common stock of flowersandgifts.com at a price of $2.10 per share. The Company then invested the sum of $100,000 for an additional 50,000 shares of the common stock. Subsequently, on February 24, 1999, the Company entered into a Stock Sale Agreement with Pacific Softworks, Inc. ("Pacific") to purchase 100,000 restricted shares of Pacific's common stock for the total sum of $500,000. The Company has executed an agreement with Pacific to acquire up to an additional 100,000 of common stock in the aggregate at a price of $6.00 per share, subject
to certain conditions.
In view of the diminished revenue resulting from the discontinuance of certain television production and distribution activities, the Company has focused on the following areas in order to generate working capital over the next twelve months: collection of current accounts receivables; revenues to be derived from two made-for-television movies currently in development and
additional equity financings currently being negotiated.
It is the Company's intention to seek a strategic alliance, acquisition, or merger, that would enable it to generate revenues sufficient to operate profitably, although there can be no assurance that any such alliance, acquisition or merger will be successful. Since the Company's experience has been in the entertainment industry, it is focusing primarily on enabling technologies in the converging telecommunications, cable, satellite, e-commerce, entertainment and on-line industries.
Seems like they are off to an ambitious beginning. I'm sure most of this is already known to the thread. I hope this helps out.
Cray |
