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Shell Summary for Sept. 19, 2016

2016-09-19 21:02 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange gained 2.44 points to 801.68 Monday. David McMillan's halted NEX shell, Stem 7 Capital Inc. (STS), has revised the terms of its acquisition of GetCarbids Inc., the owner of a website (still under construction) where subscribers will some day be able to buy new or used cars from dealers. Stem 7 and GetCarbids have also upgraded their letter of intent to a definitive agreement. Stem 7, which has 6,921,314 shares issued, will issue 26 million shares (previously 55 million) to the shareholders of GetCarbids. Stem 7 must also sell a $1.5-million private placement of 10 million units (previously a $1.12-million private placement of 7.5 million units) at 15 cents. It will use the proceeds to repay debt, finance acquisition costs and lend up to $700,000 (U.S.) to GetCarbids for development of the website. Somewhere there must be a website developer looking forward to a jolly payday, maybe even retirement.

GetCarbids is based in Washington State, near Seattle. It expects its expensive website to be fully operational by the first quarter of 2017. The website would enable a subscriber to compare cars and anonymously contact dealers with his specifications (such as car colour, type of seats or type of lights). Dealers near the subscriber would then send him offers based on his specifications. His identity would be revealed to a dealer only if he decides to buy a car from such dealer. GetCarbids says it already has 324 dealer affiliates in the Pacific Northwest. It plans to charge annual dealer fees and annual subscriber fees, plus a dealer fee on each sale.

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