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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: TE who wrote (596)	5/11/1999 8:13:00 PM
From: Daniel Chisholm	Read Replies (1) \| Respond to of 7056

Since when is a summary judgement a rumor and why would someone pay $25 a share when they could buy it in the open market for less? Something smells!!!! I never heard her say they'd pay $25 a share. You said that she said "We expect to finalize our equity investment in Hitsgalore.com as soon as possible". She never said anything about $25 per share here. The original press release said May 10, 1999-- Hitsgalore.com, Inc. today announced that it has an agreement in principle with the Life Foundation Trust for an equity investment of $100 million at $25 per share. A suspicious person might see some wiggle room or ambiguity in the above statement, especially when combined with the next paragraph: Under the terms of the agreement in principle the Trust will transfer investment securities to Hitsgalore.com in exchange for 4 million shares of restricted common stock that the Trust will hold under a lock-up agreement. Completion of the transaction is subject to execution of definitive agreements and to due diligence and the confirmation of certain legal matters. Furthermore, authorization of the issuance of the additional shares will be submitted to the shareholders for approval. Where does it say that they would deliver $25 worth of "investment securities" for each HITT share? I know it's implied, but I don't see it. Perhaps they meant that the investment would occur once the stock price hit $25? Note that this does not say that the offer was unconditional, or not subject to adjustments, etc. As a matter of fact, it doesn't say very much at all.... - Daniel