Pegasus Wireless Corp. (fka PGSW)

[PhillyPA65]

Speculation of Buyout by NMKT

Wednesday February 13, 4:30 pm ET

http://biz.yahoo.com/iw/080213/0361097.html

LOI to Acquire Operations of Pegasus Wireless with $100 Million in Annual Revenue

The Company has not publicly disclosed the companies being considered for acquisition. However, the Company's intent to acquire the operations of Pegasus Wireless has otherwise been disclosed pursuant to a recently filed public court document. Accordingly, NewMarket Technology, Inc. (NMKT.OB), NewMarket China's parent company, has received several inquiries from shareholders regarding the potential acquisition. NewMarket China CEO John T. Verges has issued the following statement to address shareholder questions regarding the Company's intent to acquire the operations of Pegasus Wireless:

"NewMarket Technology, Inc. is the majority shareholder of NewMarket China, Inc. and NewMarket Technology, Inc. has entered into a letter of intent to acquire the operations of Pegasus and subsequently to combine those operations into NewMarket China, Inc.

At this stage, the potential of completing the acquisition must be considered speculative. The letter of intent is subject to due diligence.

Furthermore, Pegasus is an organizationally distressed operation and certain issues regarding the subject distress must be specifically resolved for the proposed transaction between NewMarket and Pegasus to be realized. We are optimistic about the prospects of the acquisition being realized but cannot forecast with any certainty the completion of the acquisition, nor the timing thereof."
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Former CEO is suing PGSW for $2.8 million guaranteed in retirement package. He is trying to block PGSW from selling their 51% ownership of Amax Corp (Fremont, CA).

ORDER GRANTING PLAINTIFF’S EX PARTE APPLICATION TO ENFORCE COURT ORDERS

http://i273.photobucket.com/albums/jj226/albinocat55/ProposedExParteOrder1.jpg

http://i273.photobucket.com/albums/jj226/albinocat55/ProposedExParteOrder2.jpg

Other court docs: http://i273.photobucket.com/albums/jj226/albinocat55

http://www.amax.com/

http://www.amaxit.com/

Research on CEO Knabb and CFO Durland: http://asensio.com/SearchResults2.aspx?Search=pegasus