Goose,
That paragraph was in the last 10-Q when Keating
Fund aquired MJET. The actual agreement with Antik will
be released when and if agreed upon. The below paragraphs are new as of today.
I believe the 3.8% they refer to below, is the percentage
of stock being trade out there right now. The float. Because
the balance of the 28mil OS is probably tied up in escrow.
If anyone can confirm this, please do.
"On March 24, 2005, the Company entered into a Letter of Intent to acquire Antik Denim, LLC, a California limited liability company ("Antik"). Antik is a designer of highly-detailed antiquated and vintage denim and related apparel with an Old West flair. Antik currently sells its products through showrooms located in New York and Los Angeles as well as fine retail stores located in Japan and the European Union. The Company was established in September 2004 and is headquartered in Commerce, California.
Under the transactions contemplated under the Letter of Intent, the Company will acquire all of the outstanding membership interests in Antik from Antik's existing members ("Antik Members"). In the exchange, the Company will issue shares of its common stock to Antik Members in such amount so that, immediately after giving effect to the acquisition, the Antik Members will own in the aggregate 95.8% of the Company's issued and outstanding shares of common stock on a fully diluted basis. After the payment of certain transaction related fees (including the issuance of the Company's common stock to certain finders and advisors), the current stockholders of the Company are expected to own approximately 3.8% of the issued and outstanding common stock after completion of the transaction with Antik.
Completion of the acquisition is subject to the negotiation and execution of a definitive acquisition agreement, the delivery of financial statements of Antik prepared in accordance with generally accepted accounting principles in the United States of America, and the approval by Antik's board and stockholders of the acquisition, a corporate name change, an increase in the Company's authorized common stock and a reverse stock split to be mutually determined. There can be no assurances that these conditions will be satisfied or that the acquisition will be completed."
