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Technology Stocks : BIFS ... Patented Environmental Cleanup and Low Float Co. -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (342)	4/2/2001 10:24:18 PM
From: scion	Read Replies (1) \| Respond to of 381

NOTE E - SPECIAL SERVICES AGREEMENT On March 31, 1999, the Company entered into a cancelable special services agreement with an unrelated active participation investor. Pursuant to this agreement, the investor was to provide various public relations and marketing services to the Company in exchange for the right to purchase 87,500,000 shares of the Company's stock for $1,000,000. The purchase of these shares was to occur in stages, at varying per share prices ranging from $.0025 to $.02 per share. At March 31, 1999, the shares associated with this agreement were recorded as subscribed common shares. In accordance with the above agreement, upon collection of the subscription price for the first stage, 25,000,000 shares of common stock were issued. For these shares, the $812,500 difference between the fair value of the stock at March 31, 1999, and its selling price, has been recorded as stock marketing expense. On or about September 1, 1999, the Company was de-listed from the OTCBB. Subsequently, the company reduced the subscription price on the remaining 62,500,000 shares to $.005 per share. In the accompanying financial statements the stock subscription receivable was adjusted to reflect the revised subscription price. During the year ended December 31, 2000, amounts due the Company under this agreement were paid in full and terms of the agreement were considered to be satisfied by Company management. new.edgar-online.com