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Next Millennium Commercial Corp.
Symbol NM.H
Shares Issued 9,674,698
Close 2006-08-08 C$ 0.13
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Next Millennium goes to court over latest failure


2006-08-17 17:18 ET - Street Wire

by Stockwatch Business Reporter


Hapless Next Millennium Commercial Corp., which has been trading on the Vancouver Stock Exchange and its successor exchanges since the last millennium, still lacks any sort of business. Its entire record is one of failure, again and again. The difference this year is that it now has a lawsuit.

Before 1990, the company was in mining, which failed; then in 1992 came ads on cash-register tapes, which failed; in 1995, another advertising idea failed. The next five inactive years were the company's best -- no business, no failures. The old pattern resumed in 2000 with an ATM deal that failed; the next year a reverse takover failed; in 2005, a training deal failed. That penultimate failure, almost 20 years on, brings us to the company's, so far, final failure, a gambling venture, and a resulting lawsuit over $200,000 lost.

Next Millennium, now run by Wayne Cockburn, Michael Curtis and Raymond Savoie, is taking 0707199 B.C. Ltd. (CGC Gaming), CGC director Jazz Seikham and his business partner, Firoz Karim, to court over the latest mishap.

Next Millennium's claim

As stated in next Millennium's Aug. 4, 2006, statement of claim, by July 22, 2005, CGC, Mr. Seikam and Mr. Karim allegedly had represented that CGC had acquired rights to bingo halls in Cranbrook, Esquimalt and Williams Lake, B.C. Next Millennium also says they represented that Mr. Seikham had acquired rights to a casino in Quesnel and that CGC had entered deals to acquire rights to gaming centres at nine other B.C. locations.

Next Millennium, believing the defendants' representations, entered an LOI to acquire CGC, as well as Mr. Seikham's rights to the Quesnel casino, in a reverse takeover.

Under the LOI, the parties would negotiate a definitive agreement, expected to close by Oct. 31. The shell company would also provide a $200,000 loan to the vendors, which they were to use to acquire more gaming licences and assets. It provided this money on Aug. 3.

At Oct. 31, the parties had not reached a definitive agreement for the reverse takeover and the deal terminated in accordance with its terms. CGC and Mr. Seikham then were obligated to repay the $200,000 loan, which they allegedly did not use for its intended purpose. While the plaintiff has sought repayment of the money, the debtors have refused.

After the termination of the reverse takeover, the gullible gambler says it found the defendants did not have rights to the B.C. bingo halls and gaming centres, as previously represented. Because of these misrepresentations, it says it has suffered loss and damage and wasted time and money.

Next Millennium, represented by Judy A. Rost of Alexander, Holburn, Beaudin & Lang LLP, is claiming $200,000 and 15-per-cent interest against CGC and Mr. Seikham. Alternatively, it is seeking restitution of $200,000 for unjust enrichment. It is also claiming damages against all the defendants.

None of the defendants has filed a statement of defence and Next Millennium has not proven its claims in court.

Side note

When Next Millennium began its journey, it was named Englefield Resources Ltd. It had 2.33 million shares issued and outstanding. After a series of name changes, two rollbacks and much boardroom coming and going, New Millennium has 9.67 million shares issued. On a preconsolidated basis, this would be 116.09 million shares, which is almost 5,000 per cent greater than what it started with.

It is fortunate that Next Millennium has 994 years before the next millennium, as this may be ample time for it to achieve commercial success.