The Truthseeker Report; (HSNS) - HIGH SPEED NET SOLUTIONS INC. SON OF NCDR? Nostradomus warned us of such things.
While NCDR finally drifts away to nothingness, it appears its close relative HSNS is in the active pump phase.
HSNS was previously called ZZAP.NET (ZZNT), and prior to that was EMN Enterprises (EMNE).
Back in October 1998 ZZNT made a few announcements, one was that they were going to list on a National Exchange, well that obviously did not happen (unless one counts the OTCBB!)
DAYTONA BEACH, Fla., Oct. 15 /PRNewswire/ -- Michael Pruitt, spokesperson for ZZAP.NET (OTC Bulletin Board: ZZNT) announced this morning that..."We feel that the current stock value is lower than it should be," commented Pruitt. "We have chosen to list on a major national stock exchange and, with the help of experienced legal and financial advisors and sponsorship support from players currently involved with that national exchange, have been rapidly moving forward with an effective application strategy. Due to our last two acquisitions we now have over $15 million in assets, and management is extremely hopeful that we'll soon be approved for trading."
The other announcement was that ZZNT would acquire 18% of a private company called Summus.
DAYTONA BEACH, Fla., Oct. 7 /PRNewswire/ -- ZZAP.NET
(OTC Bulletin Board: ZZNT) has acquired 18% and continues to negotiate for the balance of shares for privately held, world-renowned technology company,Summus Technologies, Inc. Recognized as a foremost expert in the wavelet theory, Summus founder Dr. Bjorn Jawerth is well-known in government and military circles for developing highly regarded top-secret military projects.
How is anyone "Well-Known" if they are working on "Top-Secret projects" Wouldn't being well-known nullify the top-secrecry? whoever wrote this release....go back to school.
One month later, ZZNT announces to the world that it will grant Corsaire (now known as NCDR) a sub-license of ZZNT's technology. ZZNT will receive cash and SHARES of NCDR.
DAYTONA BEACH, Fla., Nov. 13 /PRNewswire/ -- ZZAP.NET, INC.(OTC Bulletin Board: ZZNT) and Corsaire, Inc. (OTC Bulletin Board: SNBD) have entered into a Letter of Intent in which ZZAP agreed to grant Corsaire an exclusive worldwide sub-license for ZZAP's streaming video products in the adult market. ZZAP shareholders shall receive (and distribute on a pro-rata basis) shares of Corsaire, and ZZAP is to receive cash at closing, which is to take place within 30 days.
Now, on Feb 5, 1999 ZZNT, now known as HSNS, put out another press release about Summus. This release says that HSNS owns only 12% of Summus, but after an additional transaction will own 14%, and has the right to acquire an additional 6% later in the future. In this transaction "insiders" were cancelling their own shares, does anyone know of a quality company where insiders want LESS stock? HSNS also said they were in the process of filing their Form 10. Is Anyone surprised that the Form 10 still does not exist?
DAYTONA BEACH, Fla., Feb. 5 /PRNewswire/ -- Today, insiders retired shares in order to acquire an additional $1,000,050,000 stake in Summus without increasing the outstanding shares. The dollar value of the Summus stock now owned by High Speed Net Solutions (OTC Bulletin Board: HSNS) (as determined by the original cash purchase price paid into and received by Summus for these shares) is $3,775,000 and represents 14% of Summus common stock. Prior to this transaction, HSNS owned 12% of the Summus stock. HSNS has also contracted for the right to acquire an additional 6% of Summus in the next 12 months, which would bring the company's total ownership interest to 20.64%. The asset will be reflected in the updated Balance Sheet in conjunction with the audit currently being done for the purposes of HSNS filing its Form 10 registration.
In August of 1999, HSNS put out what might be its most curious press release yet, in which it says that Summus is acquiring it!
COLUMBIA, S.C., Aug. 3 /PRNewswire/ -- Summus, Ltd., the leader in Wavelet based compression technology, announced today that it has entered into a Purchase Agreement with private shareholders to acquire 51% of High Speed Net Solutions, Inc. (OTC Bulletin Board: HSNS). Terms of the transaction were not disclosed. Summus also announced that the pending merger with Summus Technologies, Inc. is near completion. The completed merger will restore all technology, intellectual property, government and commercial applications and contracts to Summus.
What is this "Summus" which now controls HSNS? Astute NCDR watchers will remember Chris Byron's EXCELLENT expose on NCDR, entitled "Corsaire's Tangled Tale of Snowboards and Horsehair" from May 5, 1999. Byron reveals that NCDR CEO Dunavant was also the CEO of Summus!
Anyone else smell a rat?
The Truthseeker
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