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Microcap & Penny Stocks : Rocky Mountain Int'l (OTC:RMIL former OTC:OVIS) -- Ignore unavailable to you. Want to Upgrade?

To: Kurt N who wrote (31237)	12/29/1997 1:03:00 AM
From: s martin	Respond to of 55532

For the record Kurt ... Riley introduced this "misdirection" tonight. <<<<And another thing, this is a most excellent misdirection track on your and S. Martin's part. Kurt>>>> To: +DADDY BIGS (31121 ) From: +Riley G Sunday, Dec 28 1997 11:05PM EST Reply # of 31239 Hit Pay Dirt on that one. On other note: I wonder if any of the nays read the last 10KSB that OVIS / RMIL filed in March 1997. This concerns the boats and Gary Morgan's concern about the deal made by past management! Read and weep nays, as I have held off of this for some time! sec.gov Riley G --- > OLYMPUS VENTURES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS THREE YEARS ENDED JUNE 30, 1996 NOTE 1 - ORGANIZATION AND ACQUISITIONS (CONTINUED): (b) CARIBBEAN CHARTERS LTD. On August 21, 1995, the Company acquired 100% of the sellers interest in Caribbean Charters Ltd. This acquisition was evidenced by a convertible promissory note in the amount of $750,000 convertible into the Company's common shares at a price of $2.50 per share. Since the assets of Caribbean Charters Ltd. consisted of three boats, the purchase price was attributed entirely to property, plant and equipment. This acquisition was also with a related party. Current management has been unable to determine whether the acquisition was made at "arms length" and therefore whether amounts recorded in the financial statements properly reflect the fair values of the assets acquired. During March 1996, the Company exchanged 750,000 common shares for the $750,000 convertible note. In December 1995, one of the boats was sold for $35,000 resulting in a loss of $140,000. In October 1995, a second boat was sold for $60,000 resulting in a loss of $165,000. In May 1996, the third boat was repossessed by a secured lender resulting in a loss of $210,000. Accordingly, as of June 30, 1996, all of the assets of Caribbean Charter Ltd had been disposed of.