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What do you guys think of this stock? Preliminary research shows this as something that could do well over the long term.
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Telruc
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News should be coming out for this stock on Friday. If they can raise the money needed for this venture, then this stock should do well. If however, they cannot this might make the stock drop a bit. See attached filling. Do your own DD.
5-Oct-2004
Other Events, Financial Statements and Exhibits
ITEM 8.01 OTHER EVENTS Letter Agreement
On October 1, 2004, NanoPierce Technologies, Inc. (the "Registrant") signed a Letter Agreement (the "Agreement") with Xact Resources International, Inc. ("Xact Resources"). The Agreement is to provide for the development of a joint venture between the Registrant and Xact Resources. The purpose of the joint venture would be to produce, market and sell YBG-2000, a biotech yeast beta glucan product which has been developed by Xact Resources. YBG-2000 is a natural beta glucan immune system feed supplement refined from bakers yeast. It is used to replace antibiotic fast growth additives which are currently used by producers of feeds for the livestock, poultry and shrimp industries.
As part of the Agreement, the Registrant has agreed to provide temporary financing of seventy-five thousand dollars ($75,000.00). The Registrant in return has been provided an exclusive right for a thirty (30) day period to raise a total of one million, five hundred thousands dollars ($1,500,000.00) in order to purchase a fifty percent (50%) ownership in the joint venture. If the Registrant is unable to raise such funds and/or is unable to provide reasonable proof of such financing at the end of the thirty (30) day period, upon written demand by the Registrant, Xact Resources shall have ninety (90) days to return the seventy-five thousand dollars ($75,000.00).
DENVER, Nov 4, 2004 (BUSINESS WIRE) -- NanoPierce Technologies (NPCT) today announced that a 60-day extension had been granted by Xact Resources International in connection with the Letter Agreement with Xact Resources to form a joint venture to produce, market and sell a biotech yeast beta glucan product known as YBG-2000. NanoPierce, in accordance with the terms of the Letter Agreement, is to contribute $1.5 Million to the joint venture for a 50% equity interest in the joint venture. NanoPierce is arranging the $1.5 Million financing through the exercise of a portion of its outstanding warrants and from other sources. NanoPierce was initially given 30 days to complete the financing, but was granted a 60-day extension to December 31, 2004, in order to complete the financing. NanoPierce advanced an additional $75,000 to Xact Resources as consideration for the extension. Paul Metzinger, President and Chief Executive Officer of NanoPierce, said: "We have developed a plan for the exercise of the outstanding warrants sufficient to fund the Company's contribution to the new enterprise. This plan will be implemented during the extension period."
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