Timebeat.com Enterprises, Inc. - Name & Symbol change, financing update
October 02 2004 - 7:17PM
PR Newswire (US)
Timebeat.com Enterprises, Inc. - Name & Symbol change,
financing update RICHMOND, BC, Oct. 2 /PRNewswire-FirstCall/ --
From Timebeat.com Enterprises, Inc (pink sheets: TMBT). Name Change
and Symbol change The Board of Directors is pleased to report that
effective September 30th its Company's name has been changed to New
Morning Corporation, also effective Monday October 4th our new
stock symbol will be NWMN. There has been no share consolidation
and shareholders do not need to take any action. Most shareholders
hold stock via brokerage firms and this will all be done
electronically. All previously issued paper certificates are still
valid. Financing As previously announced, this is an extremely
complex financing for which the investors want to be certain of
several aspects including the tax treatment of their investment.
Management is taking an active role in resolving the issues and
plans on engaging one of the premier tax law firms in Canada to
help clarify these issues. During this time period management has
identified another investment group that if the issues can be
resolved, would provide up to $5,000,000 in financing to the
Company (an increase from the previously reported $2,000,000 by the
first group). Due to the issues involved the Company does not
expect this type of financing to be completed until late this year.
As discussed in our prior news release this financing involves
selling all or part of a world license to sell the New Morning
products on which placed a tentative valuation of a North American
license at approximately $30 million. This does not reflect a
valuation of our entire Company but only what is being sold. The
Company would still retain a very significant interest in the
diabetes product and as part of this financing the Company would
have the option to repurchase the entire license in exchange for
converting the cash actually paid to us into shares with a
conversion price fixed above our current price. In addition
Management expects to repurchase the license being sold as soon as
allowed under the terms and conditions of the various agreements.
Management has made progress in advancing our business plan and
expects further advances by the time this financing closes. More
importantly, based on the Valuation Report, management expects that
this financing will be done at a higher price due to that progress.
Currently we expect that future financing to be in the $1.50 to
$2.50 range with the mid-point currently being verbally agreed upon
but non binding on both sides. Financing is being sought to begin
production in North America for the Life Star and Health Star
herbal based diabetes product which according to the phase III
clinical trials released in March are 88% effective in treating
diabetes. Raw materials, consisting of the herbs, would be imported
from China with the final product made in North America. Bridge
Financing Management has also made progress in obtaining interim
bridge financing and hopes to conclude some financing shortly. The
Company is dealing with a number of different sources and for
competitive reasons is not disclosing details at this time. In
addition the Company has reached an advertising agreement to start
advertising the product on radio for test marketing and sales.
Timing for this advertising is still uncertain however it is
expected to be underway in October. Finally Management has been
overwhelmed by shareholder interest in these events by telephone
and email contact. Shareholders are urged not to contact management
for personal "up to date" information. Such information can not be
provided on individualized basis. Shareholders and interested
parties can find new content and information by periodically
visiting our website at http://www.newmorningcorp.com/. About New
Morning New Morning Group is a leading International
Bio-Engineering Company, with locations in China, Hong Kong,
Taiwan, Macau, Canada and the USA, specializing in the research,
development and production of scientifically produced natural
herbal medicinal supplements for the treatment and cure of Diabetes
Mellitus and its complications. New Morning Group is committed to
improving the lives of people with diabetes through the research,
development and commercialization of innovative, cost-effective
natural solutions. More information about New Morning Corporation
can be found at its web site at http://www.newmorningcorp.com/. All
statements, other than statements of historical fact, included
herein, including without limitation, statements regarding future
plans and objectives of the Company are forward-looking statements
that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Contact: Thomas L. Crom 928
474-9151 DATASOURCE: Timebeat.com Enterprises, Inc.; New Morning
Corporation CONTACT: Thomas L. Crom, (928) 474-9151
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