With its Quarterly report submitted to the SEC on August 21,2000, Audiomonster Online Inc. has disclosed that their purchase of 100 percent of the outstanding shares has been terminated by Asset Mix Investment Limited. The following excerpt from Audiomonster Online’s filing explains. (The Company refers to Audiomonster Online Inc.)"On June 20, 2000 the Company entered a share purchase agreement with Asset Mix Investments Limited ("AMIL") to acquire 100 percent of the outstanding shares of ADS Technologies Inc. and paid non refundable deposits totaling USD $600,000 pursuant to the share purchase agreement. Subsequently, on July 15, 2000 the Company missed a payment pursuant to the payment schedule and AMIL elected to terminate the share purchase agreement on July 17, 2000."
A quick look through the detailed quarterly report shows that Audiomonster Online Inc. did not have the capitol available to them to continue there purchase of the shares and that the continuation of the company in general is suspect.
AUTOMEDIA is currently trying to get comments from ADST as to how this will affect their future plans and if they actually get to use the $600,000 that was paid to AMIL. We will keep you posted.
Link for more info: www.audiomonster.com
