Calypso Wireless (fka CLYW)

[sugarpea29]

"Subsequent to the acquisition, the Company changed it focus from developer and supplier of real-time video cellular phones to a developer and supplier of real-time cellular phones software only. Therefore, the Company has decided to not continue with the transaction and does not plan to acquire any additional ownership in RV Tech. Because there are no assets that meet the definition of capitalizable assets under SFAS Number 142 and RV Tech has deficit equity, the investment has been impaired to a value of $1. This impairment cost has been recognized as an expense in 2005."

So, just like that, Calypso Wireless took $1,000,000 cash and 1,000,000 shares of stock and declared it a value of $1 and wrote it off as an expense...LOL. INTERESTING!!!

- Repost from July 2, 2006