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$1,000,000 Financing

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Internet_Hound   Sunday, 08/14/05 11:09:19 PM
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$1,000,000 Financing

I mentioned earlier the new 10Q mentioning this:

"Management estimates that approximately $1,000,000 will be needed to accomplish these tasks, to continue development and production activities and deploy a new and invigorated sales and marketing effort."

We know that earlier 10Q mentioned financing to buy Techone via "private placement that resulted in the sale of an aggregate of 10,125,000 shares of the Company's common stock for aggregate proceeds of $1,700,000. Kyoung Ho Lim acquired 4,000,000 shares, Young Hee Lee acquired 6,125,000 shares."

That works out to .1679 per share.

They must have known the situation, and for some reason they paid .1679 for all those shares. Had to be private placement, because with only 2 million float, no way they could get it for that little. That's what intrigues me about this issue.

Anyway, wanted to mention that.


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