Marine Jet Technology Corp (fka mjet)

[lcde]

I'm new at 'shell corporations' so i am not sure. This is an excerpt from their news site (i bolded the points of interest)

February 9, 2005

The following are excerpts from a letter to shareholders of IntelliJet Marine, Inc. dated February 4, 2005

To the Stockholders of Marine Jet Technology Corp.

Re: Distribution of Shares of Common Stock of Intellijet Marine, Inc.

Dear Stockholder:

This letter is being provided to you by the Board of Directors of Intellijet Marine, Inc. (“Intellijet”), a Nevada corporation organized on October 22, 2004. Recently, you received the Schedule 14f-1 Information Statement filed by Marine Jet Technology Corp. (“Marine Jet”) with the Securities and Exchange Commission on January 13, 2005. The Information Statement furnished you with certain information in connection with the proposed sale by Mr. Jeff P. Jordan of all of his shares of common stock, representing 70.1% of the outstanding shares of common stock, of Marine Jet and the resultant change of control of Marine Jet.

In connection with the above-described transaction, Marine Jet organized Intellijet as a wholly-owned subsidiary and, on January 20, 2005, Intellijet entered into an agreement with Marine Jet providing for Marine Jet to transfer all of its assets to Intellijet and for Intellijet to assume, and indemnify and hold harmless Marine Jet for, all of the liabilities and obligations of Marine Jet. Subsequently, the Boards of Directors of Marine Jet and Intellijet . . . . . authorized the distribution of all of the 21,822,570 outstanding shares of common stock of Intellijet owned by Marine Jet to the stockholders of Marine Jet of record on January 24, 2005 . . . . . . on a pro rata basis (the “Distribution”). . . . . .The shareholders of Marine Jet have received stock representing the number of shares of common stock of Intellijet that is equivalent to the number of shares of common stock of Marine Jet that you currently own.

. . . . . . . . . . The Boards of Directors of Marine Jet and Intellijet determined that the Distribution would be in your best interest for the following reasons:

·Intellijet will be a private corporation focused on the further development and sale of marine jet technology. . . . . .

· We believe that Intellijet will have a better chance of commercializing the technology that Marine Jet has worked to develop for so long because Intellijet will not have to cope with the complex problems and financial burdens associated with the new regulations affecting public companies.

· Marine Jet will continue to be a public company with its shares of common stock traded on the OTCBB.

· You will continue to own the shares of common stock of Marine Jet that you currently own . . .

Sincerely,

IntelliJet Marine, Inc.
4805 158th Court NE
Redmond, WA 98052-5261
425-869-2723
[e-mail]

_____

I too would like to know more about the process. It seems that you retain the MJET stocks and intelliJet goes private. But is MJET a company anymore?

My understanding is that a company (MJET) is purchased by a private corporation(antik jeans) which then uses all of the SEC filings from the company to become public. eventually changes the ticker and then you own that amount of then new company. I may be wrong...