Avalon Technology Grp (fka AVLN)

[Psionic Trader]

What's with all those needlezap signs all over the place? The needlezap deal was dissolved and 'zapped' long time ago.

Posted by: matrix
In reply to: Isaac Newton who wrote msg# 4607 Date:10/31/2005 8:13:36 AM
Post #of 7374

This particular deal was w/ IT Development Solutions, Inc, which is another Patty/Laura company. It was dissolved in Sep 2005.
http://www.sunbiz.org/scripts/cordet.exe?a1=DETFIL&n1=P04000068309&n2=NAMFWD&n3=0000&....


From what is available right now, it's hard to tell whether Patty rolled everything from IT Development Solutions into IDS Worldwide. Regardless, this deal was terminated in July 2005.


In July 2005, the Company terminated its license and distribution agreement, entered into September 2004, with ITD Development Solutions, Inc. (ITD), whereby the Company had granted ITD the exclusive right to manufacture, distribute and sell the NeedleZap unit in Pakistan and the United Arab Emirates. In connection with this agreement the Company entered into a two year consulting agreement with ITD president Patrick Downs for 2,000,000 shares of the Company’s common stock valued at $880,000. At June 30, 2005, the unamortized balance is $531,667. The Company is attempting to recover shares of its common stock representing the unamortized balance.

http://www.sec.gov/Archives/edgar/data/894552/000119312505168172/d10qsb.htm