I've been trying to dig up the answer by going through the lengthy SEC filings in July and Sept.
"IBZT never applied for new symbol that I am aware of so maybe this is just a dividend. That being said, why would the company with license only take 11M shares of this stock? It appears they get new stock, with new symbol. WE are missing a piece to the puzzle here and nobody seems to know for sure."
The filings say IBIZ Inc will be a public company so they will have a new symbol.
The 11.2 million shares you mention is a "share exchange" between IBIZ Inc and IBIZ AG. The latter's parent company is Endeavour Capital AG, which is based in Europe. If I'm not mistaken, it appears this "share exchange" arrangement allows IBZT to get a foothold in Europe for the VKB and rights to sell Endeavor Capital's product, the E-Pen in the US. Endeavour will have the rights to market the VKB (dubbed the light key) in Europe. The 14A filing says...
- After completion of the spin-off, IBIZ (IBIZ Inc) intends to do a share exchange with IBIZ AG, a wholly-owned subsidiary of Endeavour Capital AG
- This will be accomplished by the issuance by IBIZ of 11,200,000 shares of common stock to the parent of IBIZ AG, Endeavour Capital AG, in exchange of 100% of the issued and outstanding common stock of this company (IBIZ AG).
- The new subsidiary of IBIZ will hold products and licenses for the spin- off operation and introduce to the Programmable Digital Assistant ("PDA") market the virtual laser light keyboard "Light Key".
- As a complimentary input device Endeavour Capital will introduce its and virtual pen, the E-Pen, capable of storing and sending to the PDA hand held or any computer any hand writing or written-on-paper image.
- Endeavour Capital has assigned all licenses for "Light Key" and E-Pen and Endeavour Capital owned intellectual properties to its wholly owned subsidiary IBIZ AG, for the purpose of the share exchange.
Endeavour owns the rights to E-Pen and IBZT owns the rights to light key. IBIZ Inc will be able to market the E-Pen in the US, likewise, IBIZ AG will be able to market the light key in Europe. Now you can argue which product has better potential, but I would guess most people here would say the light key. THis could be huge for IBIZ Inc.
Now what worries me is what happens to shareholders of IBZT who were holders of the stock after 9/25/03? Will they be left holding the bag? I wouldn't think so but I would appreciate feedback from the anyone reading this.
