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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (2016)	6/15/1999 8:21:00 PM
From: Daniel Chisholm	Read Replies (1) \| Respond to of 7056

John, Under the terms of the Subscription Agreement the Trust will pay $100 million cash to Hitsgalore.com within one year. The Subscription Receivable will be secured by an assignment of certain assets held by the Life Foundation Trust. It looks like the terms have not changed. "Let's exchange promises, we'll worry about cash later". The Subscription is a binding legal obligation of the Life Foundation Trust. The stock to be received by the Trust following shareholder approval will be restricted, and held by the Trust pursuant to a lock-up agreement. Being a somewhat suspicious Evil Naked Canadian Shirtseller (TM), I'm trying to figure out what they have left unsaid here. Although they (HITT and LFT) state they have entered into a "binding legal obligation", it occurs to me that there may be other aspects of their Subscription Agreement that they might not have made public in this press release. Such as specific terms and conditions of the deal, and procedures and/or penalties for withdrawing from the deal. It strikes me that receiving a $100 million commitment is probably a "material event". I look forward to assuaging my above-noted suspicions when I read the details of their agreement with LFT that they will doubtless disclose when they file an 8-K with the SEC. They will be filing an 8-K regarding this, now won't they? - Daniel