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Microcap & Penny Stocks : PINC - Planet City -- Software and Services -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (1368)	4/10/1999 4:23:00 PM
From: TEDennis	Read Replies (2) \| Respond to of 1754

Status as of 9/10/99: Regarding Audited Financials: Friday afternoon, our auditors on the West coast gave us one last question to be answered. Unfortunately, the answer needs to come from our Montreal accounting office, which is in a time zone that is hours ahead of the auditors. Our accounting office had already closed for the day before the question was asked. The outstanding question will be answered on Monday morning, and then the auditors can finish their report. While we're waiting, I thought I'd provide some more status info. With respect to outstanding questions: Regarding Planet City Software (PINC) and Planet City Graphics: Planet City Graphics is a privately held company. They did some graphics work for the original Planet City Corp, which was an Internet Mall prior to Planet City's going out of business. What we now know and love as Planet City Software, Inc. was founded by a group of entrepreneurs who purchased the Planet City Corp. shell and formed a new company. They then acquired Millennium Software Solutions (MSS), which was subsequently renamed to Planet City Software Publishing (PCSP). PCSP is now a wholly owned subsidiary of Planet City Software, Inc. The privately held Planet City Graphics was renamed to Global Graphics about 2 months ago to avoid the naming confusion caused by the "Planet City" text in both companies' names. Planet City Software, Inc. currently uses the services of an independent graphic arts contractor. Global Graphics may or may not be contracted by Planet City Software for graphics work in the future. Note that Planet City Graphics has also done some graphics work for Global Telephone Communication, Inc. (OTC BB: GTCI), which compounds the confusion because PINC and GTCI recently signed a marketing agreement for selling the MBCK in China and Asia, as documented at: planetcity.com . Whew! I'm exhausted. I hope that answers any questions that were pending, and doesn't create more. There were some questions regarding the Press Release on the cancellation of 2,000,000 shares and their return to the treasury. Those shares were part of a 3,000,000 share issuance, as described in the following excerpt from a Press Release of 5/13/1998. Sorry, I don't have a link to the electronic text. The Press Release came out prior to our web site's existence. "Planet City (PINC - OTC:BB) is pleased to announce that it has completed its acquisition of Millennium Software Solutions, Inc. of Montreal, Quebec, Canada by issuing 3,000,000 shares of restricted stock for 100% of the company." The cancellation of the 2,000,000 shares was a mutual renegotiation of the acquisition cost of Millennium Software Solutions. This cancellation of shares had the effect of increasing shareholder equity by 13%. I am following up on the AOL-Canada marketing agreement. This requires technical effort on both Planet City's and AOL's part. There have been a few false starts due to scheduling conflicts. As usual with complex arrangements where resources are spread across multiple organizations, tightening up communications will be the key to resolving these issues. I am now in direct contact with AOL-Canada, and am personally working through the issues. More to come on this subject as I tie up all the loose ends. An analysis was done on the various tactics that have been used to promote and sell the MBCK. Tactics deemed ineffective have been halted, and efforts are underway to refocus energies towards those tactics that demonstrated a better return on investment of our time and money. The success or failure of these concerted efforts should be recognized within the next couple of months. I continue to research the company's current obligations, consider near term challenges, and contemplate our long term goals and objectives. I've had a very busy first two weeks as CEO, and am looking forward to what the coming weeks will bring. Regards, TED Terry E. Dennis, CEO Planet City Software, Inc. (OTC BB: PINC)