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Microcap & Penny Stocks : JNNE Jones Naughton: Go Online via Kiosk -- Ignore unavailable to you. Want to Upgrade?

To: Little Engine who wrote (2370)	5/14/1999 12:15:00 AM
From: Steve Misic	Read Replies (1) \| Respond to of 4824

LE, As I remember it, Joe Naughton did receive ANFS shares, but not all of them when the deal closed. The shares were restricted. The plan was to use the shares to acquire business opportunities. I remember Joe tried to acquire 2 companies in 1996 and 1997, but both deals fell apart. ANFS was trading between $3.00 and as high as $10.00 during this time, and I remember thinking Joe would do great if a deal would happen. His ANFS shares were worth almost double what he sold RETN for. Then I heard that someone had called ANFS and that they were told that the RETN sale had not happened. This was over a year from the press release saying it was done. I called Joe and he told me personally that it did happen, he had most of the shares in his safe. ANFS during this time had dropped from $10.00 to around $2.00 and then they did a reverse split. The actual number of shares Joe has should be reduced by the reverse split. Along the way were the joint ventures with NDSS for Internet multiple listings services in Mexico and Indonesia and the Royal West-Costco Stores deal. Since Amerinet was involved in the Costco deal, the commissions that JNNE was suppose to earn were tied up in the lawsuit. Hence, the lost business opportunities, and the large damage amount in the lawsuit. JNNE's argument is the Costco commissions are suppose to be lifetime and if the program is successful ect,ect. More lost revenue. ANFS argument as I see it is that they had to close down RETN, and did not receive fair value. This is the only thing they could argue. This is very weak. ANFS did not set the world on fire as a publicly traded company, and is being taken private. My question is why would the new people take ANFS with a lawsuit hanging over their heads? Would you? During all of this mess, JNNE had to survive somehow. They may never see a dime from this suit, but they may be able to put it in the rear view mirror if what they are doing now is successful. How is that for a rags to riches story? As to the dulition, my response has and always will be it beats the alternative at this point. If this was a pump and dump scam with news releases every day about zillions of dollars in revenues and earnings like I have seen from some of these BB stocks then I would have sold years ago. Even now with all the news releases JNNE has done I can't tell you how much they can expect to gross or earn from the new business. Like I said before I will wait and see. Steve