Shell Summary for Oct. 16, 2014
2014-10-16 20:26 ET - Market Summary
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by Stockwatch Business Reporter
The TSX Venture Exchange finally had an up day Thursday, adding 13.57 points to 791.93. Keir Reynolds's halted NEX shell, CCT Capital Ltd. (CCW), has submitted a filing statement outlining the details of its plan to acquire David Mezheritsky's luxury luggage designer company, Mezzi Canada Inc.
The shell, which has 32,124,853 shares outstanding, will issue six million shares to Mezzi shareholders, and then change its name to Mezzi Holdings Inc. and resume trading under the ticker symbol MZI. CCT does not specify where those six million shares will go. The shell discloses that Mr. Mezheritsky founded Mezzi in January, 2012, and names him as the company's founding director and chief executive officer, but he will resign when this transaction closes and take on a smaller consulting role. Between January, 2012, and January, 2014, Mezzi sourced its products -- luggage, handbags, duffel bags, briefcases etc. -- from China and stored them in a warehouse in Richmond, B.C. In late 2013, the company decided to stop doing business with Chinese factories and searched for a manufacturer in the United States to accommodate new, higher-quality products, which will be available for sale soon. Mezzi says it will equip its products with a "Mezzi Trackr," a GPS tracking device that allows owners to monitor the whereabouts of their luggage on their smart phone using Bluetooth technology. The company will sell its products on-line through its website, as well as on the websites of Wayfair, Sears and Amazon. Mezzi also plans to use fashion bloggers to promote its products, as well as "key celebrity influencers." It does not have any deals with celebrities yet, but it anticipates Jesse Metcalfe, a Hollywood actor and a friend of Mr. Reynolds, will help out with the promotion. As well, CCT's marketing manager, Olivia Lovenmark, says that Mezzi pieces will appear in an upcoming Hollywood movie, Entourage.
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Oh my...doesn't this look, smell and taste like something you would find on a stale $1.00 a slice pizza? The Bent Boys are setting up for some Xmas money?
Posted by Da Crusader at 2014-10-17 10:46
Just was reading financials of NEX shell CCT Finacial. Was shocked to see over $400k in management fee's for just 3 months and a huge bonus paid.
The Company paid $56,250 (July 31, 2013 – $nil) for management fees and $171,250 bonus payments to the Chief Executive Officer and a company controlled by the Chief Executive Officer of the Company.
For 3 months ended July 31, 2013 total expenses were...$937k. For a shell.
RELATED PARTY TRANSACTIONS AND BALANCES
During the three months ended July 31, 2014 and 2013, the Company incurred and paid the following items to
related parties:
July 31, 2014 July 31, 2013
Consulting fees $ - $ 10,200
Professional fees 1,100 268
Management fees 402,500 -
$ 403,600 $ 10,468
For the three months ended
? The Company paid $56,250 (July 31, 2013 – $nil) for management fees and $171,250 bonus payments to
the Chief Executive Officer and a company controlled by the Chief Executive Officer of the Company.
? The Company paid $27,500 (July 31, 2013 – $nil) for management fees and $1,100 (July 31, 2013 – $nil) for
professional fees to a firm of which the Chief Financial Officer of the Company is a partner.
? The Company paid $30,000 (July 31, 2013 – $nil) for management fees and $80,000 bonus payments to the
Chairman and a company controlled by the Chairman of the Company.
? The Company paid $37,500 (July 31, 2013 – $nil) for consulting fees to the Company’s President and
director and a company controlled by the Company’s president and director of the Company.
? The Company paid $nil (July 31, 2013 – $10,200) for consulting services provided by a former director and a
company controlled by a director of the Company.
? The Company paid $nil (July 31, 2013 – $268) for legal fees to a firm of which a former director of the
Company is a partner.
The balances due to the Company’s directors and officer were $90,207 as at July 31, 2014 (July 31, 2013 –
$92,674). These amounts are unsecured, non-interest-bearing and payable on demand.
Posted by Durag at 2014-10-17 15:03
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