Modification of Purchase Agreement with Detto Technologies, Inc.
On May 3, 2006, the Company modified its agreements previously reached in November 18, 2005. Detto reduced its total cash commitment by $500,000 and increased the total number of common stock in the shared purchase agreement by 2,000,000 shares. This removed any rights that WhiteCanyon, Inc. or ChannelAccess, Inc. and their respective former sole shareholders had to rescind the acquisition agreement. In addition, the modified agreement called for the annual base salary of the employment agreement to increase to an $70,000 annual base salary through with additional income for a 30% earn-out clause through December 31, 2007.
A public company can own other public companies
and other private companies or a combination of them...
Past public or private wouldn't matter...
What have you done for me lately does matter
to public shareholders though...LJ
EDIT...the name of an employee of both companies
and both companies still sharing similar addresses
at the time of the 15-15D filing highlights more
disclosure of an asset needed within a prior 3 year
period, IMO...
Gee Beav, rithmatic isn't usually this hard to read!
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