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Multi Media Industries Corp.(MMIC) Exciting Internet Speculation? I stumbled upon this sleeper last week when I noticed their press release regarding the acquisition of AuctionFun,com. Since the press release the stock has suddenly come to life with increased volume and price appreciation. quicken.com <<< Press Release Samy M. Salem President of MULTI MEDIA INDUSTRIES CORP. (OTC BB:MMIC), today announced the Company has entered into a letter of intent to acquire AuctionFun.com, Inc. through an exchange of shares. AuctionFun.com is developing an online auction/trading web site, which will offer interested buyers and sellers the opportunity to buy and sell a wide range of items, primarily focused on collectibles, antiques, sports and cinematic memorabilia, coins and stamps. This agreement is subject to the preparation of definitive documents and approval of the board of directors of both companies. The final determination and closing is expected on or about May 20, 1999. MULTIMEDIA INDUSTRIES CORP. is a licensor and distributor of feature films and music Contact: Samy Salem ( President) - (201) 307-8758 .>>> Upon checking with the company I found out that AuctionFun.com is to be fully functional within the next 6/8 weeks. The site will attract buyers and sellers because of a variety of special features such as: Business to Business services Sellers will have the ability to create personalized categories Ability of sellers to take advantage of a special user friendly credit card charging service. A unique search engine which will enable buyers and sellers to better track auction items. Incresed security to help authenticate people who use the site and the goods that will be sold through the site. I have reviewed the consolidated financial report for the period through December 1998. The company commenced operations in 1995 as a world wide licensor and distributor of feature films, television programs and music. However the company is changing its business focus to become a holding company for internet startups. (remember CMGI?) AuctionFun.com is the first of such acquisitions. There are about 40 million shares outstanding. The float is about 10 million shares and the balance either restricted or owned by insiders. The company projects first 12 months of operations gross revenue of about 5 million and the income about 1.5 million dollars. Past operating loss will enable it to defer taxes for quite some time. Will this be the next Ebay.com ? only time will tell. The above information contains forward looking statements. The company's financial results may defer from those reflected in the forward looking statements.Therefore investors are cautioned not to place undue reliance on any such statements. It is your money. Please do your own due diligence. | ||||||||||||
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