Looks like Independent Music Group Inc. was in a "business transaction with Olympusat Inc.... http://tinyurl.com/93pux2x
Quote:Company's authorized Capital Stock from 10,000,000 to 20,000,000 in order to facilitate a business transaction with OlympuSAT Inc., a division of Ocean Communications, Inc. ("OlympuSAT") which is the subject of a letter of intent.
I Noticed Anthony Escamilla is also listed as a defendant in the Olympusat action >> D-52 = ANTHONY ESCAMILLA
Anthony Escamilla is also personally listed on judgement
Mr. Escamilla is Director and Executive Vice President of Independent Music Group, Inc. Anthony Escamilla(4) 100,000
The SEC doc goes on to state the following:
Reasons for the Proposed Name Change and Increase in Authorized Shares
The Board of Directors of the Company has executed a Letter of Intent with OlympuSAT, Inc.("OlympuSAT"), a division of Ocean Communications, Inc., whereby OlympuSAT will purchase the exclusive licensing rights to distribute the Company's programming service to cable sytems and Direct Broadcast Satellite platforms via the OlympuSAT digital transponder service for a period of five years. Pursuant to the Letter of Intent, the Company will issue Common Stock to OlympuSAT upon execution of the Agreements. At this time, the Company has issued and outstanding approximately 9.7 million of its 10 million authorized shares. The Company believes that an increase in the authorized Common Stock is necessary to facilitate the transaction with OlympuSAT.
There can be no assurances, nor can the Board of Directors of the Company predict what effect, if any, these proposed amendments will have on the market price of the Company's Common Stock. The amendments are being sought solely to enhance the image of the Company, its corporate flexibility, and to facilitate its pending transaction with OlympuSAT.
Hmmm ~ Interesting timing to be offering a private placement and raising $276,000.
Quote:As of October 31, 2004, the Company completed a private placement to 47 investors for the allocation of 1,107,000 shares of common stock at $0.25 per share (“private placement shares”). The Company received gross proceeds of $276,750 (audited) from the offering. Of the total gross proceeds, $10,000 (audited) was received on November 10, 2004 and has been reflected as a subscription receivable as of October 31, 2004 in the accompanying financial statements. The Company incurred offering costs of $46,604 (audited) and has applied such costs against the proceeds from the offering.