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TOPIC: PLKC REVERSE MERGER WITH PLUGINZ

PLKC REVERSE MERGER WITH PLUGINZ 10 years 1 month ago #1273

  • BamBam17
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[PLKC REVERSE MERGER WITH PLUGINZ]
BACKGROUND PLKC REVERSE MERGER WITH PLUGINZ.

investorshub.advfn.com/boards/board.asp?board_id=2243

From the October 22nd news release : CUMMING, GA--(MARKET WIRE)--Oct 22, 2007 -- PlanetLink Communications Inc. (OTC BB:PLKC.OB - News) announced that Planettraks, a wholly owned subsidiary, has signed a definitive acquisition agreement to acquire Pluginz, LLC for a combination of stock and a promissory note. The transaction is expected to close within the next three business days.

As per the terms of the agreement, PlanetLink will issue 1,700,000,000 shares of restricted common stock to the shareholders of Pluginz, LLC and a promissory note for $75,000 due in 180 days, as consideration for the purchase of Pluginz.

biz.yahoo.com/iw/071022/0318440.html

Then , in the October 23rd 8-K : A copy of the agreement was attached as an exhibit to a Current Report filed by the Registrant on October 19, 2007. A press release issued on October 23, 2007 by the Registrant in connection with the acquisition is also attached to this current report .

biz.yahoo.com/e/071023/plkc.ob8-k.html

Because the October 22nd news release has not been contradicted in any subsequent news releases it should be considered that the 1.7 billion shares are restricted , but it would have been good to have such confirmations in subsequent 8-K's and re-confirmed in subsequent news releases .

It is likely a moot issue in that Lott would want Pluginz and DNC to succeed , and upon that success the 1.7 billion shares would be worth commensurately more than at the time of gaining those shares , so selling them pre-maturely would not be in his , Pluginz , or DNC's best interests .

:-o

MAY GOD BLESS ALL.
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