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WHY would anyone want to merge with Nannaco?

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clearcoated   Friday, 03/25/05 01:13:56 PM
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WHY would anyone want to merge with Nannaco?

From what I've read in SEC filings, Nannaco does nothing anymore. They've ceased all operating activity. What's anybody's take on GDC's motive for wanting Nannaco?

I do own a small amount of shares, and I'm just doing DD after the fact.


http://biz.yahoo.com/e/050222/nnnc.ob10qsb.html

Nannaco, Inc. ("Nannaco", "the Company", "we", "us") was incorporated under the laws of the State of Texas on October 20, 1998, and immediately thereafter began operations. The Company's shares began trading on September 5, 2002 on the OTCBB. The Company previously provided surface cleaning, surface protection, surface restoration, and other services to commercial businesses, as well to the owners of historical buildings. The Company previously operated under the trade name of Surface Pro.

Until September 2003, Nannaco focused on surface cleaning, surface protection and restoration. However, sales from these products were not sufficient to enable the company to continue operations. In September 2003, the Company changed its strategy due to poor operating conditions and financial results coupled with difficulties in raising capital through debt and equity sources. The Company adopted a new strategy during the fourth quarter of 2003 that committed to the disposal of its current business and to seek a merger/acquisition transaction with a Company having better financial resources. As of September of 2003, the Company ceased all operating activities and has disposed of most of its assets. The Company has entered a new development phase, while formulating a plan to improve its financial position.




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