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ASHI 11 years 9 months ago #1177

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[Re: ASHI]
Keating not mentioned in latest 10Q filing. Also, new r/m comany will own 99% of the stock.

Other info to note:


The Company signed a letter of intent (the "LOI") on December 20, 2006 involving
the Company and China Renyuan International Inc., a Delaware corporation
("Renyuan"). The LOI confirmed the general terms of the reorganization whereby,
the Company will form a wholly owned subsidiary (the "ASAP Subsidiary"), in
which the officers and directors of the Company will be the officers and
directors of. In addition, the ASAP Subsidiary and the Company will enter into a
transfer agreement whereby all of the assets of the Company will be transferred
to the ASAP Subsidiary and all liabilities, obligations and contracts of the
Company (known and unknown, fixed or contingent or otherwise) will be assumed by
the ASAP Subsidiary ("Assumed Liabilities"). Renyuan will purchase 100,000
shares of the Company's convertible preferred stock for $600,000, which will be
injected into the ASAP Subsidiary. The Company will issue an additional 200,000
shares of the convertible preferred stock in exchange for all of the issued and
outstanding shares of the common stock of Renyuan. The aggregate of 300,000
shares of the Company's convertible preferred stock held by Renyuan will be
convertible into 99% of the then issued and outstanding shares of the Company's
common stock, effecting a change of control of the Company.


On March 7, 2006, a complaint was filed against Cyber Merchants Exchange Inc.
("C-Me") in a Chapter 7 bankruptcy proceeding in U.S. Bankruptcy Court in the
District of Delaware in the matter captioned In Re: Factory 2-U Stores, Inc. The
complaint seeks to recover from C-ME $91,572 in alleged preferential transfers
made to C-ME by the debtor during the ninety-day period prior to the filing of
the debtor's bankruptcy petition. C-ME intends to defend against such preference
claim by asserting that such transfers were made in the ordinary course of
business and such other available defenses.
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ASHI 11 years 9 months ago #1176

Another shell associated with KI Equity... could be really good depending on what's going on. Looks like the merger was announced already and is currently in progress... do your own DD - if you find anything cool, post it here so others can benefit as well!! GLTA.


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