U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
Atlantis Equities, Inc.
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(Last) (First) (Middle)
750 Lexington Avenue
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(Street)
New York New York 10022
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
9/23/99
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3. IRS Identification Number of Reporting Person, if an entity (Voluntary)
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4. Issuer Name and Ticker or Trading Symbol
CDbeat.com, Inc. ("CDBT")
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5. Relationship of Reporting Person to Issuer
(Check all applicable)
|_| Director |X| 10% Owner
|_| Officer (give title below) |_| Other (specify below)
________________________________________
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing (Check applicable line)
|X| Form filed by One Reporting Person
|_| Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Beneficially Owned
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<TABLE>
<CAPTION>
3. Ownership Form:
2. Amount of Securities Direct (D) or
1. Title of Security Beneficially Owned Indirect (I) 4. Nature of Indirect Beneficial Ownership
(Instr. 4) (Instr. 5) (Instr. 5) (Instr. 5)
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<S> <C> <C> <C>
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</TABLE>
* If the Form is filed by more than one Reporting Person see instruction
5(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
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FORM 3 (continued)
Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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5. Owner-
3. Title and Amount of Securities ship
Underlying Derivative Security Form of
2. Date Exercisable (Instr. 4) Derivative
and Expiration Date --------------------------------- 4. Conver- Security:
(Month/Day/Year) Amount sion or Direct 7. Nature of
---------------------- or Exercise (D) or Indirect
Date Expira- Number Price of Indirect Beneficial
1. Title of Derivative Exer- tion of Derivative (I) Ownership
Security (Instr. 4) cisable Date Title Shares Security (Instr. 5) (Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
Warrant (1) (1) (2) (2) (2) (D)
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</TABLE>
Explanation of Responses:
(1) The Warrant is exercisable, in whole or in part, during the period
commencing on September 23, 1999 and ending on September 29, 1999,
provided however, that if the Company receives a $50,000 loan from
Atlantis Equities, Inc. ("Atlantis"), its registered assignee ("Holder")
or a source arranged by the aforementioned on or before September 29, 1999
such exercise period shall be extended to October 30, 1999 and provided
further, that if the Company enters into an agreement for merger or
acquisition (the "Acquisition") on or prior to October 30, 1999, the
period during which the Warrant may be exercised shall be extended to the
earlier of the closing or termination of the Acquisition, and provided,
further, that if the Company has not closed a merger or acquisition by
October 30, 1999, the Warrant shall expire unless the Company receives, by
November 1, 1999, an additional $50,000 loan from Holder or a source
arranged by the Holder. Atlantis arranged a $50,000 loan to the Company
and by the terms of the Warrant the $50,000 loan extended the exercise
period to October 30, 1999.
(2) The terms of the Warrant entitle Atlantis to purchase from the Company (a)
80% of the fully diluted Common Stock of the Company as constituted on
September 23, 1999 after giving effect to the exercise of the Warrant,
except for options to purchase 190,516 shares of the Common Stock at $2.50
per share (the "Outstanding Options"), and (b) options exercisable for a
number of shares of Common Stock representing 80% of the total of such
shares and the shares of Common Stock underlying the Outstanding Options.
The exercise price of the Warrant is an aggregate of $1,000,000.
ATLANTIS EQUITIES, INC.
By: /s/ Nancy J. Ellin 10/8/99
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** Signature of Reporting Person Date
Nancy J. Ellin
President
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
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