posted
I was surprise when I did a search and found nothing on the board about this company. I first noticed it after the initial rise, but passed on the rapid rise in price. A quick look at the chart will show the EXPLOSION in the later days of March followed by a couple periods of yo-yo'ing. Take today for instance...+55%.
-------------------- "You cannot play them all, so pick good ones and play them well." Posts: 176 | From: San Diego, Ca | Registered: Dec 2004
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posted
This is the news that cooralates to the rise in price. Can't say as that I have heard of these jeans, maybe one of you have.
On March 24, 2005, Marine Jet Technology Corp. (the "Company"), a Nevada corporation, entered into a Letter of Intent to acquire Antik Denim, LLC, a California limited liability company ("Antik"). Antik designs, develops, markets and distributes high fashion jeans and accessories with an Old West flair under the brand name "Antik Denim". Antik's products include jeans, jackets, belts, purses and t-shirts. Antik currently sells its products in the United States, Canada, Japan and the European Union directly to department stores and boutiques and through distribution arrangements in certain foreign jurisdictions. Antik was established in September 2004, is headquartered in Commerce, California, and maintains two showrooms in New York and Los Angeles.
Under the transactions contemplated under the Letter of Intent, the Company will acquire all of the outstanding membership interests in Antik from Antik's existing members ("Antik Members"). In the exchange, the Company will issue shares of its common stock to Antik Members in such amount so that, immediately after giving effect to the acquisition, the Antik Members will own in the aggregate 95.8% of the Company's issued and outstanding shares of common stock on a fully diluted basis. At the close of the transaction, it is contemplated that a new board of directors will be designated by the Antik Members and that the board will include one member to be designated by Keating Reverse Merger Fund, LLC, the Company's current principal shareholder. After the payment of certain transaction related fees (including the issuance of the Company's common stock to certain finders and advisors), the current stockholders of the Company are expected to own approximately 3.8% of the issued and outstanding common stock after completion of the transaction with Antik.
The completion of the acquisition is subject to the negotiation and execution of a definitive acquisition agreement, the delivery of financial statements of Antik prepared in accordance with generally accepted accounting principles in the United States of America, and the approval by the Company's board and stockholders of the acquisition, a corporate name change, an increase in the Company's authorized common stock and a reverse stock split to be mutually determined. Subject to the satisfaction of the above conditions and other customary conditions, the acquisition is presently expected to close in the second quarter of 2005. However, there can be no assurances that the acquisition will be completed.
The Company is currently a public "shell" company with nominal assets whose sole business has been to identify, evaluate and investigate various companies with the intent that, if such investigation warrants, a reverse merger transaction be negotiated and completed pursuant to which the Company would acquire a target company with an operating business with the intent of continuing the acquired company's business as a publicly held entity.
-------------------- "You cannot play them all, so pick good ones and play them well." Posts: 176 | From: San Diego, Ca | Registered: Dec 2004
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Marine is presently authorized under its Certificate of Incorporation to issue 45,000,000 shares of common stock, par value $0.001 per share, and 5,000,000 shares of preferred stock, par value $0.001 per share. Of the 5,000,000 shares of preferred stock authorized, 850,000 shares will be designated as Series A Convertible Preferred Stock pursuant to a certificate of designations ("Certificate of Designations"), which will be approved by Marine's board of directors, and filed with and accepted by, the Secretary of State of the State of Nevada prior to the closing of the exchange transaction. Currently, Marine has 28,122,570 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding.
-------------------- "You cannot play them all, so pick good ones and play them well." Posts: 176 | From: San Diego, Ca | Registered: Dec 2004
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Is this a shell that just bought a jeans company? Not sure if I am reading the info correctly and thought some of the senior/smarter guys might have feedback to break this down Barney-style.
-------------------- "You cannot play them all, so pick good ones and play them well." Posts: 176 | From: San Diego, Ca | Registered: Dec 2004
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posted
this is a marine engine company that never sold a product that is buying a jean company..
the jeans are suppose to be first class.
Antik denim they sell for 280 a pair.. and you have to wait 4 weeks to get them.. they go up to size 31..
Posts: 1070 | From: louisville,ky,usa | Registered: Oct 2004
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