Fraudulent CONveyance: "The Company also announced it is negotiating the sale of its subsidiary, Momentum Internet
Incorporated (MII), back to the original owners, Vulcan Consultants Inc.
In the sale of MII back to Vulcan Consultants, Vulcan will exchange
725,000 shares of ZiaSun stock, which Vulcan currently holds, for total
ownership of MII. Consummation of this sale is contingent on finalization
of mutually agreeable terms and conditions for both parties, and is
currently expected to be completed by mid August.
In completing the sale of MII, ZiaSun would no longer have an interest
in the following subsidiaries of MII: Momentum Associates Ltd, Momentum
Internet (Phils.) Inc., AsiaEnet Ltd., Graphia International, Swiftrade
Inc., or the following websites of MII: "Momentum Internet"
(http://www.momentumplus.com) , "PinMail" (http://www.pinmail.com),
"MediaHits" (http://www.mediahits.com ), "Swiftrade"
(http://www.swiftrade.com), "Working Mouse" (http://www.workingmouse.com) ,
"AsiaEnet" (http://www.asiaenet.com), "TigerTooth"
(http://www.tigertooth.com), "TigerHits" (http://www.tigerhits.com),
"Search Dragon" (http://www.searchdragon.co m), "M-Finance"
(http://www.mfinance.com) and "Ming Stores" (http://www.mingstores.com) .
Allen D. Hardman, President and CEO of ZiaSun stated, "We believe the
sale of MII will prove quite positive for ZiaSun as MII has not met
earnings expectations. Whereas, the Venture Fund Agreement with The
McKenna Group will provide ZiaSun with desirable, early equity positions in
emerging, high-tech companies with market-leading technology.
Additionally, management anticipates its investment in the newly-formed
venture fund will provide favorable returns on investment, which should
effectively bolster the Company's operating strategy."
Hardman further commented "This new strategic relationship with The
McKenna Group is very significant for ZiaSun, and it is intended to help
accelerate the Company's business growth by providing the Company access to
global market opportunities to which it could not otherwise
cost-effectively gain exposure on its own. Equally important, the
Agreement gives ZiaSun early access to Class-A start-up opportunities
working jointly with other seasoned venture investors, who have many years
of demonstrated successes. Management believes this is an exciting major
step forward in fulfilling ZiaSun's vision to become a world-class business
incubation and holding company with unlimited growth opportunity, and one
which is intended to provide a positive future impact on shareholders'
equity."
Geoff Mott, the Managing Partner of The McKenna Group observed that
"ZiaSun has successfully built businesses with compelling value
propositions in several areas of the 'Internet' economy. Our venture
accelerator works with technology-oriented start-ups that are building
business infrastructure and services for this new economy. We believe the
relationship with ZiaSun will yield a series of business initiatives that
leverage our complementary skills and ZiaSun's existing success model to
outstanding effect."
About ZiaSun Technologies, Inc.
ZiaSun Technologies, Inc. is a leading Internet technology holding
company focused on international investor education and e-commerce. It
specializes in online support services within North America, Asia and other
international markets. The Company's portfolio *currently includes: Online
Investors Advantage (http://www.i-advantage.com), Momentum Asia, Inc.
(http://www .momentumasia.com), ServiceLive (http://www.servicelive.com),
Momentum Internet, Inc. (http://www.momentumplus.com), PINmail
(http://www.pinmail.com), MEDIAh its (http://www.mediahits.com), Swiftrade
(http://www.swiftrade.com), AsiaE net Ltd. (http://www.asiaenet.com),
Tigertooth (http://www.tigertooth.com), Search Dragon
(http://www.searchdragon.com), M Finance (http://www.mfinance.com -- a
top-100 financial Web site), and a 19 percent equity position in Asia4Sale
(http://www.asia4sale. com).
*NOTE: It is anticipated that certain holdings are going to be sold
back to Vulcan as set forth in paragraph three of this Press Release.
Safe Harbor statement under the Private Securities Litigation Reform
Act of 1995: Except for historical information, the matters discussed in
this news release that my be considered forward-looking statements could be
subject to certain risks and uncertainties that could cause the actual
results to differ materially from those projected. These include
uncertainties in the market, competition, legal, success of marketing
efforts and other risks detailed from time to time in the company's SEC
reports. The company assumes no obligation to update the information in
this release.
TEL: 858-350-4060 Michelle Cutting, Shareholder Services
ZiaSun Technologies Inc."
TRUTHY: It is time to do an on lin legal search about fraudulent conveyance. It may not be legal for ZSUN to trade these "assets" away when there is a lawsuit on file against it. As you know, one of the ZSUN8 has sued ZSUN, it's management and it's auditors. It may not be legal for any transfer of any ZSUN assets until this lawsuit is resolved. I think it needs looking into. Of course, this is all just my opinion, but I don't think "THEY" can do this. |
