17 Apr 2002securities registration● Neutral
WITS BASIN PRECIOUS MINERALS INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Apr 2002asset acquisition disposition● Neutral
This second amendment re-files the financial statements and pro forma information for the September 18, 2001 Champion Business Systems merger (terms unchanged: $3,000,000 in shares up to $1,500,000 plus cash). Champion's audited 2000 figures match those given earlier: revenue $1,707,070, net loss $624,017 and a stockholders' deficit of $94,444. The audit report is dated October 12, 2001. The filing does not say what changed from the prior version.
17 Apr 2002asset acquisition disposition● Neutral
This second amendment revises the financial statements and pro forma figures previously filed for the June 6, 2001 purchase of Red Wing Business Systems. The deal was 400,000 company shares plus $1,600,000 cash in four $400,000 payments (at signing, then 6, 12 and 18 months). Red Wing's audited 2000 results show revenue of $2,397,464, a net loss of $468,864 and a stockholders' deficit of $950,804. The filing does not describe what was changed from the earlier version.
17 Apr 2002asset acquisition disposition● Neutral
This amendment restates the April 30, 2001 transactions already reported (activeIQ merger, Minnesota reincorporation, and the $5,500,000 sale of the petroleum business to Capco) and adds activeIQ's March 31, 2001 quarterly financials. They show revenue of $35,311, a net loss of $1,115,734, and cash of $1,132,084. The filing adds a few details: 400,000 shares held by the company were cancelled in the merger, a fairness opinion on the Capco sale came from Business Valuation Services, and Edge Technologies' former holders received a final 225,000 shares and $400,000 cash. The company's address is now listed as 5720 Smetana Drive, Minnetonka.
1 Apr 2002late filing notice▼ Bad
WITS BASIN PRECIOUS MINERALS INC notified the SEC that its annual report would be filed late.
20 Mar 2002securities registration● Neutral
WITS BASIN PRECIOUS MINERALS INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
18 Mar 2002securities registration● Neutral
WITS BASIN PRECIOUS MINERALS INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
12 Feb 2002substantial holder notice● Neutral
Stellent, Inc. reported a WITS BASIN PRECIOUS MINERALS INC shareholding of 952,451 shares (8.50% of votes) in a periodic institutional filing.
10 Jan 2002substantial holder notice● Neutral
William M. Mower reported a WITS BASIN PRECIOUS MINERALS INC shareholding of 462,958 shares (4.20% of votes) in a periodic institutional filing.
27 Dec 2001auditor change● Neutral
On December 20, 2001 the company and Arthur Andersen agreed to end their relationship as auditor, and on December 21 it hired Virchow, Krause & Company, which had also audited Red Wing and Champion before they were acquired. Andersen had been appointed in May 2001 to replace PricewaterhouseCoopers. The filing reports no adverse opinions and no disagreements with Andersen, and no prior consultation with Virchow. It gives no reason for the change.
10 Dec 2001securities registration● Neutral
WITS BASIN PRECIOUS MINERALS INC amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.
13 Nov 2001asset acquisition disposition● Neutral
This amendment supplies the promised financial statements for Champion Business Systems, bought September 18, 2001 (terms unchanged: $3,000,000 in shares and cash). Champion's audited 2000 results show revenue of $1,707,070 and a net loss of $624,017, against a net income of $272,516 in 1999, including a $304,184 software write-down. It had a stockholders' deficit of $94,444 at year-end 2000.
21 Sept 2001asset acquisition disposition● NeutralMajor
The company completed a merger on September 18, 2001 buying Champion Business Systems, a Colorado maker of small business desktop accounting software, its second accounting software purchase of the year after Red Wing. Champion holders get $3,000,000 in total: company shares worth up to $1,500,000 (priced on a 10-day average of Nasdaq SmallCap bid and ask prices) plus the rest in cash, one-third at closing and two-thirds in four instalments at 4, 8, 12 and 16 months, backed by promissory notes secured by the company's Champion shares. It must register the shares for resale, and the sellers' shares are locked up, with 12.5% released every 3 months after registration. Champion's financial statements are promised by December 3, 2001.
21 Aug 2001securities registration● Neutral
WITS BASIN PRECIOUS MINERALS INC registered a securities offering with the SEC using its shelf eligibility.
13 Aug 2001asset acquisition disposition● Neutral
This amendment adds the financial statements for Red Wing Business Systems, the accounting software maker the company bought on June 6, 2001 for 400,000 company shares and $1,600,000 cash (paid $400,000 at closing, then $400,000 at 6, 12 and 18 months). Red Wing's audited 2000 figures show revenue of $2,397,464 and a net loss of $468,864, versus a net loss of $15,440 in 1999. Its stockholders' deficit was $950,804 at year-end 2000. The deal terms are unchanged from the earlier filing.
15 June 2001asset acquisition disposition● NeutralMajor
The company bought all the stock of Red Wing Business Systems, a Minnesota maker of accounting software for small and mid-sized businesses (emphasis on farm and agricultural producers), on June 6, 2001. The sellers received 400,000 company shares and $1,600,000 cash, of which $400,000 was paid at closing and $1,200,000 is due in three $400,000 instalments at 6, 12 and 18 months. The filing also includes activeIQ's March 31, 2001 quarterly financials, showing a net loss of $1,115,734 on revenues of $35,311.
14 May 2001asset acquisition disposition● NeutralMajor
The deal closed on April 30, 2001: the company sold its petroleum business (via Meteor Enterprises) to Capco for $5,500,000 (cash $4,697,501, a $500,000 9-month note, and 100,833 company shares Capco held), merged with activeIQ, and reincorporated in Minnesota as Active IQ Technologies, Inc. Each activeIQ shareholder gets one company share plus a warrant for two shares per three held (exercise $5.50, expiring April 30, 2006). Shareholders approved all steps on March 27, 2001, so this resolves the proposals in the earlier proxy. The company also replaced PricewaterhouseCoopers with Arthur Andersen as auditor (no disagreements reported) and extended its public warrants for 690,000 shares to December 4, 2001.
10 May 2001substantial holder notice● Neutral
IntraNet Solutions, Inc. disclosed a new substantial WITS BASIN PRECIOUS MINERALS INC shareholding (10.70% of votes).
9 May 2001substantial holder notice● Neutral
Wayne W. Mills, Tamara P. Mills reported a WITS BASIN PRECIOUS MINERALS INC shareholding of 1,859,834 shares (18.30% of votes) in a periodic institutional filing.
9 May 2001substantial holder notice● Neutral
William M. Mower disclosed a new substantial WITS BASIN PRECIOUS MINERALS INC shareholding (6.10% of votes).
13 Feb 2001business combination● Neutral
The company filed an 8-K restating the three proposals from its February 2 preliminary proxy (Capco asset sale, Minnesota reincorporation, activeIQ merger) and attached the agreements and proxy as exhibits. It states all three must be approved for any to proceed. It adds no new terms.
2 Feb 2001business combination● NeutralMajor
The company (filing as Meteor Industries, Inc., a Colorado petroleum distributor) filed a preliminary proxy asking shareholders to vote on three linked proposals: selling substantially all its assets to Capco Energy under a January 30, 2001 agreement, reincorporating in Minnesota, and merging with activeIQ Technologies under a January 11, 2001 agreement. The filing says the Board makes no recommendation because three directors are also Capco directors, and each proposal gives rise to dissenters' rights. The asset sale is valued at $5,500,000.
19 Jan 2001substantial holder notice● Neutral
Wayne W. Mills, Tamara P. Mills disclosed a new substantial WITS BASIN PRECIOUS MINERALS INC shareholding (23.40% of votes).
31 Mar 2000late filing notice▼ Bad
WITS BASIN PRECIOUS MINERALS INC notified the SEC that its annual report would be filed late.
18 May 1999late filing notice▼ Bad
WITS BASIN PRECIOUS MINERALS INC notified the SEC that its quarterly report would be filed late.
1 Apr 1999late filing notice▼ Bad
WITS BASIN PRECIOUS MINERALS INC notified the SEC that its annual report would be filed late.
17 Aug 1998late filing notice▼ Bad
WITS BASIN PRECIOUS MINERALS INC notified the SEC that its quarterly report would be filed late.
31 Mar 1998late filing notice▼ Bad
WITS BASIN PRECIOUS MINERALS INC notified the SEC that its annual report would be filed late.
29 Aug 1997securities registration● Neutral
WITS BASIN PRECIOUS MINERALS INC filed the final prospectus for a registered offering.
29 Aug 1997securities registration● Neutral
WITS BASIN PRECIOUS MINERALS INC amended a filing by which it registered a securities offering with the SEC.