MSGI Technology Solutions, Inc.(fka MSGI)

[enlyten]

as per 10Q MSGI still has INVESTMENTS WORTH OVER 2 Million in
Current Technology Corporation
The Company currently has a $2 million investment in Current Technology Corporation, a corporation formed under the laws of the Canada Business Corporation Act. The Company owns 20 million shares of the common stock of Current Technology, which represents approximately 15% ownership of their outstanding common stock. The Company recorded the investment on a cost method of accounting.


In addition, the Company held warrants to purchase 20 million additional shares of common stock with an exercise price of $0.15 per share. In August 2008, MSGI entered into a Securities Exchange Agreement with holders of the Company’s Series H Preferred stock and other instruments. In connection with this exchange, the warrants to purchase 20 million additional shares of common stock of Current Technology were assigned to the parties to this agreement. See Note 3.


In addition, as part of this investment transaction, Current Technology is to outsource 25% of its business to MSGI through Celevoke, Inc. (an entity in which Current Technology holds a 59% ownership interest). No transactions between MSGI and Celevoke have occurred during the six months ended December 31, 2008 or to date.