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Microcap & Penny Stocks : 1st Net Technologies ( FNTT ) -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (1703)	8/30/1999 7:33:00 PM
From: Q.	Respond to of 1827

Form 10: Mariah, the IP telephony subsidiary, was acquired for only $75 k. Shows you how much it is worth. Acquisition of Mariah On August 15, 1998, Mariah's board of director's approved the issuance of 4,000,000 shares of common stock of Mariah, to 1st Net Technologies (representing 100.00% of the outstanding common stock as of December 31, 1998), in a business combination accounted for as a purchase, in accordance with the terms of Accounting Principles Board Opinion No. 16, with an effective date of December 31, 1998. The price paid was $75,000 (the net book value of the technology rights). The results of operations of Mariah are included in the accompanying consolidated financial statements since the date of acquisition. The total net book value (approximated to equal fair value) of the net assets of Mariah at December 31, 1998, amounted to $11,799. The excess purchase price was accordingly allocated to goodwill, with a subsequent reduction in full due to the Company's interest in Mariah's losses. As of December 31, 1998 Mariah incurred net losses of $86,901 and as a result, the Company recorded a reduction of Mariah's non-current assets acquired on a prorated basis by $9,398. (See also Notes 1b & 1j).

To: Q. who wrote (1703)	8/30/1999 7:35:00 PM
From: Q.	Read Replies (2) \| Respond to of 1827

Form 10: Greg Writer, Jeff Chatfield, Gerald Yound & Alex Ramia own a grand total of zero shares: SHAREHOLDER/POSITION/TITLE SHARES HELD OWNERSHIP -------------------------- ----------- --------- Gregory D. Writer Jr. -- CEO and Chairman of the Board...... -0- 0.0% Clifford J. Smith -- President.............................. 50,000 1.4 Grey Mare, Inc./Mary E. Writer -- Secretary and Treasurer... 163,000 4.6 Jeffrey Chatfield -- V.P. Investor Relations................ -0- 0.0 Gerald Young -- V.P. Sales and Marketing.................... -0- 0.0 Alex Ramia -- V.P. Network and Systems Operations........... -0- 0.0 EI/James H. Watson Jr. -- Director.......................... 1,600,000 45.5 Cede & Co. -- Investor...................................... 778,200 22.2 Mark Lair -- Investor....................................... 400,000 11.4 --------- ----- Total listed...................................... 2,991,200 85.1% ========= ===== Total shares authorized, issued and outstanding... 3,513,000 100.0% ========= =====

To: Q. who wrote (1703)	8/30/1999 7:46:00 PM
From: Q.	Read Replies (2) \| Respond to of 1827

Form 10: Gregory D. Writer, Jr., our former Chief Executive Officer from 1997 through June, 1999. James H. Watson, Jr. became our Chief Executive Officer on June 29, 1999 Funny that FNTT didn't bother to announce the material event that the top executive was replaced. The dates in the form 10 and the newsreleases are inconsistent. Here's an excerpt from a July 7 news release, issued AFTER Writer was gone, according to the form 10, in which Writer was quoted as being chairman: SAN DIEGO--(BUSINESS WIRE)--July 7, 1999--1st Net Technologies, Inc. (OTC BB:FNTT - news) today reported audited financial results for its calendar year ended Dec. 31, 1998. <snip> ''We are very pleased that the $1 million revenue milestone, the first in our history, was achieved in conjunction with innovative service introductions,'' said Greg Writer, 1st Net's chairman