CarbonMeta Technologies Inc (COWI): (5) Mr. Weisel is the Chairman and CEO o...

Reply Private New

Replies (1) Next 10 Prev Next

Send PM Follow Ignore

Followers	46
Posts	3467
Boards Moderated	1
Alias Born	07/21/2003

SPIN

Re: SPIN post# 8914

Friday, 08/10/2007 9:20:47 PM

Friday, August 10, 2007 9:20:47 PM

(5) Mr. Weisel is the Chairman and CEO of Innova.

The following information contains a description of each selling shareholder's
relationship to Innova and how each selling shareholder acquired the shares to
be sold in this offering. None of the selling stockholders have held a position
or office, or had any other material relationship, with Innova, except as
follows:

SHARES ACQUIRED IN FINANCING TRANSACTIONS WITH INNOVA

CORNELL CAPITAL PARTNERS, L.P.: Cornell Capital Partners is the investor under
the Equity Distribution Agreement. All investment decisions of, and control of,
Cornell Capital Partners are held by its general partner, Yorkville Advisors,
LLC. Mark Angelo, the managing member of Yorkville Advisors, makes the
investment decisions on behalf of and controls Yorkville Advisors. Cornell
Capital Partners has or will acquire all shares being registered in this
offering in financing transactions with Innova.

http://www.sec.gov/Archives/edgar/data/1156784/000114420405030419/v026510_sb2.txt

Additionally, Advanced Communications, through its wholly owned investment subsidiary Hudson Street Investments, Inc., owns a minority interest in Yorkville Advisors Management, LLC, an investment management partnership. For more information, visit Advanced Communications' website at http://www.advancedcomtech.net/

http://www.eetimes.com/press_releases/prnewswire/showPressRelease.jhtml?articleID=X273100&Compan...

We have financed our acquisitions and investments principally with short-term borrowings, which were provided to us by Cornell Capital Partners, L.P., a private limited partnership ("Cornell Capital"), and cash received in exchange for the issuance of 4,200 shares of our Series A Preferred Stock to Cornell Capital. We have funded our ongoing operations through cash distributions received from (i) our investment in Yorkville Advisors, an investment management partnership, and (ii) working capital generated by Cyber-Test, our core operating business. Our cash and cash equivalents totaled $1,193,170 at June 30, 2004.

On July 16, 2003, we entered into an Equity Line of Credit Agreement with Cornell Capital Partners, L.P., a private limited partnership. Pursuant to the Equity Line of Credit, the Company may, at its discretion, periodically sell to Cornell Capital Partners shares of common stock for a total purchase price of up to $30,000,000. For each share of common stock purchased under the Equity Line of Credit, Cornell Capital Partners will pay 91% of the lowest closing bid price of the Company's common stock on the Over-the-Counter Bulletin Board or other principal market on which the common stock is traded for the five (5) days immediately following the notice date. The effectiveness of the sale of the shares under the Equity Line of Credit is conditioned upon us registering the shares of common stock with the Securities and Exchange Commission. In accordance with the terms of the Equity Line of Credit with Cornell Capital Partners, Cornell is not permitted to own more than 9.99% of the outstanding common stock at any one time; however Cornell is permitted to waive such restriction, which waiver is effective on the 61st day after delivery of the waiver to the Company.

During the fiscal year ended June 30, 2004, we made advances under the Equity Line of Credit in the aggregate amount of $725,000 in exchange for issuing 361,956,145 shares of common stock to Cornell Capital Partners. The Company netted $684,125 from these advances after deducting escrow agent expenses and other direct costs totaling $40,875 that have been recorded as a reduction of common stock as of June 30, 2004. These advances were principally used to provide a source of working capital to sustain our limited operations and enabled us to restructure and settle a majority of our outstanding obligations. During the fiscal year ended June 30, 2004, Hudson Street received $335,000 of partnership cash distributions from Yorkville Advisors. We believe that our existing sources of liquidity including cash resources and cash provided by operating activities, supplemented as necessary with funds available under our Equity Line of Credit arrangement, and distributions from Hudson Street's investment will provide sufficient resources to meet our present and future working capital and cash requirements for at least the next 12 months.

{snip}

CHANGE IN NET ASSETS

As of and through June 30, 2004, the Company experienced material changes to its net assets from its prior fiscal year ended June 30, 2003. During the fiscal year ended June 30, 2004, the Company purchased the business and operating assets of Cyber-Test Florida and through its wholly-owned investment subsidiary, Hudson Street, made a minority investment in the amount of $2,670,000 in Yorkville Advisors, an investment partnership. As a result of the Cyber-Test Florida acquisition, the Company acquired total assets of approximately $1.6 million, consisting principally of cash ($643,195), accounts receivable ($391,101), inventory ($350,480) and fixed assets ($166,516) and assumed $313,091 of liabilities, which consisted principally of accounts payable and accrued expenses. The Company also recorded goodwill in the amount of $2,445,592 associated with the Cyber-Test Florida acquisition. In addition, during this period, the Company acquired the license rights to certain intangible assets of Innova Holdings, Inc. (formerly known as Hy-Tech Technology Group, Inc.) and its wholly-owned subsidiary Hy-Tech Computer Systems, Inc. for $503,300, and settled approximately $2.2 million of liabilities for stock and cash resulting in $780,938 of forgiveness of debt income. The net effect of these transactions on the balance sheet was to increase our net assets by approximately $7.9 million.

http://sec.edgar-online.com/2004/11/03/0001144204-04-017551/Section9.asp

Advanced Communications and Pacific Magtron Announce Business Reorganization And Voluntary Bankruptcy Filing for Pacific Magtron

NEW YORK, May 23 /PRNewswire-FirstCall/ -- Advanced Communications Technologies, Inc. (BULLETIN BOARD: ADVC) , a technology and services holding company that specializes in the repair of computers, peripherals and consumer electronics, and its majority owned subsidiary, Pacific Magtron International Corp. (BULLETIN BOARD: PMIC) , announced today that Pacific Magtron International Corp. and its wholly owned subsidiaries have filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court in the District of Nevada. Pacific Magtron is a California-based distributor and reseller of computer systems, components, peripherals and software.

{snip}

Martin Nielson, chairman and chief executive officer of Pacific Magtron, said, "This bankruptcy filing is necessary to the future success of Pacific Magtron and for our strategy for growth. Since the company could not sustain itself and continue operations under the circumstances, we were determined to find an operating partner to manage PMIC's legacy business and protect our creditors. I am confident that our methodology will lead to new and exciting developments for the company over the near term."

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/12-10-2004/0002594496&...

Martin Nielson

Director at
Innova Robotics & Automation, Incorporated
Fort Myers, Florida
TECHNOLOGY / TECHNICAL & SYSTEM SOFTWARE

54 years old

{snip}

Mr. Nielson is also a director of Advanced Communications Technologies, Inc.

http://www.forbes.com/finance/mktguideapps/personinfo/FromMktGuideIdPersonTearsheet.jhtml?passedMktG...