$CMIT NOTE J - ACQUISITION OF SUBSIDIARY The Co
Post# of 88926
$CMIT NOTE J - ACQUISITION OF SUBSIDIARY
The Company formed a wholly owned subsidiary CMARK Technologies, Inc. for
the sole purpose of acquiring through an asset purchase the companies of
Secure Fortress, pie, a company incorporated in England, Fortress USA, a
Delaware corporation and a wholly owned subsidiary of Secure Fortress, SF
I ltd, a company organized under the laws ofthe United Kingdom and a
wholly owned subsidiary ofSecure Fortress and Zephyr Communications, Inc,
a Washington corporation and a wholly owned subsidiary of SF I. CMARK
Technologies, Inc. acquired a patent for secure cable connections valued
at $1,463,000 and furniture and equipment valued at $100,000. The Company
also acquired certain secured debentures to Trafalgar Capital Specialized
Investments Fund in the amount of $995,850 in the transaction. The Company
issued 7,000,000 Series A convertible preferred stock to Trafalgar Capital
Specialized Investment Fund.
CMARK Technologies, Inc. is still in the development phase and has not
begun operations. Certain acquisition costs have been capitalized and are
being amortized over 5 years. Ongoing operational expenses such as payroll
and other operating costs are expensed as incurred. The cost of the patent
is being amortized over 10 years and the carrying value of the patent is
tested for impairment on an annual basis.
See Note I and L
This is huge just read the client lists of all the names of subsidiaries involved guys buy what ever you can thus will be in $ land
$CMIT this luxenburg fund has a huge position in this play and we heard that they may increase there postion getting ready for the buy out this play could become the penny stock play of the year TRAFALGAR LUXEMBOUR Luxembour 13,919,294 1/23/1 R 13,919,294 25,000,00 COM CS1 CAPITAL G g 3 M
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SPECIALIZED ° INVESTMENT FUND, FIS
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