U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-SB
General Form for Registration of Securities of Small Business Issuers
Under Section 12(b) or (g) of the Securities Exchange Act of 1934
RUB INVESTMENTS LIMITED
(formerly Titanic Las Vegas, Inc.)
---------------------------
(Name of Small Business Issuer)
Nevada 88-0448193
- ----------------- -------------------
(State or Other Jurisdiction of I.R.S. Employer
Incorporation or Organization) Identification Number
1850 East Flamingo Road, Suite 111
Las Vegas, Nevada 89119
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(Address of Principal Executive Offices including Zip Code)
702-866-5839
(Issuer's Telephone Number)
Securities to be Registered Under Section 12(b) of the Act:
None
Securities to be Registered Under Section 12(g) of the Act:
Common Stock
$.001 Par Value
(Title of Class)
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PART I
ITEM 1. BUSINESS.
FORWARD LOOKING STATEMENTS
In this registration statement references to "Rub Investments," "we,"
"us," and "our" refer to RUB INVESTMENTS LIMITED.
This Form 10-SB contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. For this
purpose any statements contained in this Form 10-SB that are not statements
of historical fact may be deemed to be forward-looking statements. Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate" or "continue" or comparable terminology are intended
to identify forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, and actual results may differ
materially depending on a variety of factors, many of which are not within
Rub Investments control. These factors include but are not limited to
economic conditions generally and in the industries in which Rub Investments,
may participate; competition within Rub Investments chosen industry,
including competition from much larger competitors; technological advances
and failure by Rub Investments to successfully develop business
relationships.
DESCRIPTION OF BUSINESS
Business Development
Rub Investments Limited was incorporated as Titanic Las Vegas, Inc., on
April 1, 1999 in the state of Nevada, to conduct business as a Titanic
"themed" hotel and casino on the Las Vegas Strip. However this business was
not approved by the Las Vegas city council, and Titanic Las Vegas, Inc.
ceased such operations. We have been in the development stage since
inception, and have not conducted any business. Rub Investments has not
engaged in any commercial operations. Rub Investments does not have active
business operations, and at this time we are considered a "Blank Check"
company.
We will attempt to locate and negotiate with a business entity for
purposes of combining the target company with us. The combination will
normally take the form of a merger, stock-for-stock exchange or
stock-for-assets exchange. In most instances the target company will wish to
structure the business combination to be within the definition of a tax-free
reorganization under Section 351 or Section 368 of the Internal Revenue Code
of 1986, as amended. No assurances can be given that we will be successful in
locating or negotiating with any target company.
Our search for a business opportunity will not be limited to any
particular geographical area or industry. Our management has unrestricted
discretion in seeking and participating in a business opportunity, subject to
the availability of such opportunities, economic conditions and other
factors. Our management believes that companies who desire a public market to
enhance liquidity for current stockholders, plan to raise capital through the
public sale of securities or plan to acquire additional assets through
issuance of securities rather than for cash will be potential merger or
acquisition candidates.
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The selection of a business opportunity in which to participate is
complex and extremely risky and will be made by management in the exercise of
its business judgment. There is no assurance that we will be able to identify
and acquire any business opportunity which will ultimately prove to be
beneficial to our stockholders and us.
Our activities are subject to several significant risks, which arise
primarily as a result of the fact that we have no specific business and may
acquire or participate in a business opportunity based on the decision of
management which will, in all probability, act without consent, vote, or
approval of our stockholders.
Perceived Benefits
There are certain perceived benefits to being a reporting company with a
class of publicly traded securities. These are commonly thought to include
the following:
* the ability to use registered securities to make acquisitions of assets
or businesses;
* increased visibility in the financial community;
* the facilitation of borrowing from financial institutions;
* improved trading efficiency;
* stockholder liquidity;
* greater ease in subsequently raising capital;
* compensation of key employees through stock options for which there may
be a market valuation;
* enhanced corporate image;
* a presence in the United States capital market.
Potential Target Companies
A business entity, if any, which may be interested in a business
combination with us, may include the following:
* a company for which a primary purpose of becoming public is the use of
its securities for the acquisition of assets or businesses;
* a company which is unable to find an underwriter of its securities or is
unable to find an underwriter of securities on terms acceptable to it;
* a company which wishes to become public with less dilution of its common
stock than would occur upon an underwriting;
* a company which believes that it will be able to obtain investment
capital on more favorable terms after it has become public;
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* a foreign company which may be seeking an initial entry into the United
States securities market;
* a special situation company, such as a company seeking a public market
to satisfy redemption requirements under a qualified Employee Stock Option
Plan;
* a company seeking one or more of the other perceived benefits of
becoming a public company.
A business combination with a target company will normally involve the
transfer to the target company of the majority of our issued and outstanding
common stock, and the substitution by the target company of its own
management and board of directors.
No assurances can be given that we will be able to enter into a business
combination, as to the terms of a business combination, or as to the nature
of the target company.
We are voluntarily filing this Registration Statement with the
Securities and Exchange Commission and are under no obligation to do so under
the Securities Exchange Act of 1934.
RISK FACTORS
Our business is subject to numerous risk factors, including the
following:
No Operating History or Revenue and Minimal Assets. We have had no
operating history and have not had any revenues or earnings from operations.
We have had no significant assets or financial resources. We will, in all
likelihood, sustain operating expenses without corresponding revenues, at
least until the consummation of a business combination. This may result in
incurring a net operating loss, which will increase continuously until we can
consummate a business combination with a target company. There is no
assurance that we can identify such a target company and consummate such a
business combination.
Speculative Nature of Our Proposed Operations. The success of our
proposed plan of operation will depend to a great extent on the operations,
financial condition and management of the identified target company. While
management will prefer business combinations with entities having established
operating histories, there can be no assurance that we will be successful in
locating candidates meeting such criteria. In the event that we complete a
business combination, of which there can be no assurance, the success of our
operations will be dependent upon management of the target company and
numerous other factors beyond our control.
Scarcity of and Competition for Business Opportunities and Combinations.
We are and will continue to be an insignificant participant in the business
of seeking mergers with and acquisitions of business entities. A large number
of established and well-financed entities, including venture capital firms,
are active in mergers and acquisitions of companies, which may be merger or
acquisition target candidates for us. Nearly all such entities have
significantly greater financial resources, technical expertise and managerial
capabilities than we do and, consequently, we will be at a competitive
disadvantage in identifying possible business opportunities and successfully
completing a business combination. Moreover, we will also compete with
numerous other small public companies in seeking merger or acquisition
candidates.
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Impracticability of Exhaustive Investigation. Our limited funds and the
lack of full-time management will likely make it impracticable to conduct a
complete and exhaustive investigation and analysis of a target company. The
decision to enter into a business combination, therefore, will likely be made
without detailed feasibility studies, independent analysis, market surveys or
similar information which, if we had more funds available to us, would be
desirable. We will be particularly dependent in making decisions upon
information provided by the principals and advisors associated with the
business entity seeking our participation.
No Agreement for Business Combination or Other Transaction--No Standards
for Business Combination. We have no current arrangement, agreement or
understanding with respect to engaging in a business combination with a
specific entity. There can be no assurance that we will be successful in
identifying and evaluating suitable business opportunities or in concluding a
business combination. Management has not identified any particular industry
or specific business within an industry for evaluation by us. There is no
assurance that we will be able to negotiate a business combination on terms
favorable to us. We have not established a specific length of operating
history or a specified level of earnings, assets, net worth or other
criteria, which we will require a target company to have achieved, or without
which we would not consider a business combination with such business entity.
Accordingly, we may enter into a business combination with a business entity
having no significant operating history, losses, limited or no potential for
immediate earnings, limited assets, negative net worth or other negative
characteristics.
Continued Management Control, Limited Time Availability. While seeking a
business combination, management anticipates devoting only a limited amount
of time per month to our business. Our sole officer has not entered into a
written employment agreement with us and he is not expected to do so in the
foreseeable future. We have not obtained key man life insurance on our
officer and director. Notwithstanding the combined limited experience and
time commitment of management, loss of the services of this individual would
adversely affect development of our business and our likelihood of continuing
operations.
Conflicts of Interest--General. Our officer and director participates in
other business ventures, which may compete directly with us. Additional
conflicts of interest and non-arms length transactions may also arise in the
future. Management has adopted a policy that we will not seek a business
combination with any entity in which any member of management serves as an
officer, director or partner, or in which they or their family members own or
hold more than 10% ownership interest.
Reporting Requirements May Delay or Preclude Acquisition. Section 13 of
the Securities Exchange Act of 1934 (the "Exchange Act") requires companies
subject thereto to provide certain information about significant acquisitions
including audited financial statements for the company acquired covering one
or two years, depending on the relative size of the acquisition. The time and
additional costs that may be incurred by some target companies to prepare
such financial statements may significantly delay or essentially preclude
consummation of an otherwise desirable acquisition by us. Acquisition
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prospects that do not have or are unable to obtain the required audited
statements may not be appropriate for acquisition so long as the reporting
requirements of the Exchange Act are applicable.
Lack of Market Research or Marketing Organization. We have neither
conducted, nor have others made available to us, market research indicating
that demand exists for the transactions contemplated by us. Even in the event
demand exists for a transaction of the type contemplated by us, there is no
assurance that we will be successful in completing any such business
combination.
Lack of Diversification. Our proposed operations, even if successful,
will in all likelihood result in our engaging in a business combination with
only one target company. Consequently, our activities will be limited to
those engaged in by the business entity which we merge with or acquire. Our
inability to diversify our activities into a number of areas may subject us
to economic fluctuations within a particular business or industry and
therefore increase the risks associated with our operations.
Regulation Under Investment Company Act. Although we will be subject to
regulation under the Exchange Act, management believes we will not be subject
to regulation under the Investment Company Act of 1940, insofar as we will
not be engaged in the business of investing or trading in securities. In the
event we engage in business combinations, which result in our holding passive
investment interests in a number of entities, we could be subject to
regulation under the Investment Company Act of 1940. In such event, we would
be required to register as an investment company and could be expected to
incur significant registration and compliance costs. We have obtained no
formal determination from the Securities and Exchange Commission as to our
status under the Investment Company Act of 1940 and, consequently, any
violation of such Act could subject us to material adverse consequences.
Probable Change In Control and Management. A business combination
involving the issuance of our common stock will, in all likelihood, result in
stockholders of a target company obtaining a controlling interest in us. Any
such business combination may require our stockholders to sell or transfer
all or a portion of our common stock held by them. The resulting change in
control will likely result in removal of our present officer and director and
a corresponding reduction in or elimination of his participation in our
future affairs.
Reduction of Percentage Share Ownership Following Business Combination
of The Company. Our primary plan of operation is based upon a business
combination with a business entity, which, in all likelihood, will result in
our issuing securities to stockholders of such business entity. The issuance
of our previously authorized and unissued common stock would result in
reduction in percentage of shares owned by our present stockholders and would
most likely result in a change in control or management.
Taxation. Federal and state tax consequences will, in all likelihood, be
major considerations in any business combination we may undertake. Currently,
such transactions may be structured so as to result in tax-free treatment to
both companies, pursuant to various federal and state tax provisions. We
intend to structure any business combination so as to minimize the federal
and state tax consequences to the target company and us; however, there can
be no assurance that such business combination will meet the statutory
requirements of a tax-free reorganization or that the parties will obtain the
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intended tax-free treatment upon a transfer of stock or assets. A
non-qualifying reorganization could result in the imposition of both federal
and state taxes, which may have an adverse effect on both parties to the
transaction.
Possible Reliance Upon Unaudited Financial Statements. We will require
audited financial statements from any business entity that we propose to
acquire. No assurance can be given, however, that audited financials will be
available to us prior to a business combination. In cases where audited
financials are unavailable, we will have to rely upon unaudited information
that has not been verified by outside auditors in making our decision to
engage in a transaction with the business entity. The lack of the type of
independent verification, which audited financial statements, would provide
in evaluating a transaction with a target company increases our risk.
Additionally we will not have the benefit of full and accurate information
about the financial condition and operating history of the target company.
This risk increases the prospect that a business combination with such a
business entity might prove to be an unfavorable one for us.
Computer Systems Redesigned for Year 2000. Many existing computer
programs use only two digits to identify a year in such program's date field.
These programs were designed and developed without consideration of the
impact of the change in the century for which four digits will be required to
accurately report the date. If not corrected, many computer applications
could fail or create erroneous results by or following the year 2000 ("Year
2000 Problem"). The companies or governments operating such programs may not
have corrected many of the computer programs containing such date language
problems. It is impossible to predict what computer programs will be
affected, the impact any such computer disruption will have on other
industries or commerce, or the severity or duration of a computer disruption.
We do not have operations and do not maintain computer systems. Before
we enter into any business combination, we may inquire as to the status of
any target company's Year 2000 Problem, the steps such target company has
taken or intends to take to correct any such problem and the probable impact
on such target company of any computer disruption. However, there can be no
assurance that we will not enter into a business combination with a target
company that has an uncorrected Year 2000 Problem or that any planned Year
2000 Problem corrections will be sufficient. The extent of the Year 2000
Problem of a target company may be impossible to ascertain and any impact on
us will likely be impossible to predict.
ITEM 2. PLAN OF OPERATION.
We intend to enter into a business combination with a target company in
exchange for our securities. As of the initial filing date of this
Registration Statement, neither our officer and director nor any affiliate
has engaged in any negotiations with any representative of any specific
entity regarding the possibility of a business combination with us.
Management anticipates seeking out a target company through
solicitation. Such solicitation may include newspaper or magazine
advertisements, mailings and other distributions to law firms, accounting
firms, investment bankers, financial advisors and similar persons, the use of
one or more World Wide web sites and similar methods. No estimate can be made
as to the number of persons who will be contacted or solicited. Management
may engage in such solicitation directly or may employ one or more other
entities to conduct or assist in such solicitation. Management and its
affiliates may pay referral fees to consultants and others who refer target
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businesses for mergers into public companies in which management and its
affiliates have an interest. Payments are made if a business combination
occurs, and may consist of cash or a portion of our stock retained by
management and its affiliates, or both.
Our management has entered into a verbal agreement with the law firm of
Sperry Young & Stoecklein, to supervise the search for target companies as
potential candidates for a business combination. Sperry Young & Stoecklein,
will receive legal fees in consideration of its agreement to provide such
services. Sperry Young & Stoecklein will pay as its own expenses any costs it
incurs in supervising the search for a target company. Sperry Young, &
Stoecklein is not authorized to enter into any agreement binding us, which
can only be done by action of our officer, director and stockholders, as may
be required. Sperry Young & Stoecklein is an affiliate of our management. It
is anticipated that Sperry Young and Stoecklein will receive attorney's fees
in connection with our merger upon determining a merger candidate.
We have no full time employees. Our president has agreed to allocate a
portion of his time to our activities, without compensation. The president
anticipates that our business plan can be implemented by his devoting no more
than 10 hours per month to our business affairs and, consequently, conflicts
of interest may arise with respect to the limited time commitment by such
officer.
Management is currently involved with other blank check companies, and
is involved in creating additional blank check companies similar to this one.
A conflict may arise in the event that another blank check company with which
management is affiliated is formed and actively seeks a target company.
Management anticipates that target companies will be located for us and other
blank check companies in chronological order of the date of formation of such
blank check companies or, in the case of blank check companies formed on the
same date, alphabetically. However, other blank check companies with which
management is or may be affiliated may differ from us in certain items such
as place of incorporation, number of shares and stockholders, working
capital, types of authorized securities, or other items. It may be that a
target company may be more suitable for or may prefer a certain blank check
company formed after we were. In such case, a business combination might be
negotiated on behalf of the more suitable or preferred blank check company
regardless of date of formation.
Our Articles of Incorporation provide that we may indemnify our officers
and/or directors for our liabilities, which can include liabilities arising
under the securities laws. Therefore, our assets could be used or attached to
satisfy any liabilities subject to such indemnification.
General Business Plan
Our purpose is to seek, investigate and, if such investigation warrants,
acquire an interest in a business entity, which desires to seek the perceived
advantages of a corporation, which has a class of securities registered under
the Exchange Act. We will not restrict our search to any specific business,
industry, or geographical location and we may participate in a business
venture of virtually any kind or nature. Management anticipates that it will
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be able to participate in only one potential business venture because we have
nominal assets and limited financial resources. This lack of diversification
should be considered a substantial risk to our stockholders because it will
not permit us to offset potential losses from one venture against gains from
another.
We may seek a business opportunity with entities which have recently
commenced operations, or which wish to utilize the public marketplace in
order to raise additional capital in order to expand into new products or
markets, to develop a new product or service, or for other corporate
purposes.
We anticipate that the selection of a business opportunity in which to
participate will be complex and extremely risky. Management believes (but has
not conducted any research to confirm) that there are business entities
seeking the perceived benefits of a publicly registered corporation. Such
perceived benefits may include facilitating or improving the terms on which
additional equity financing may be sought, providing liquidity for incentive
stock options or similar benefits to key employees, increasing the
opportunity to use securities for acquisitions, providing liquidity for
stockholders and other factors. Business opportunities may be available in
many different industries and at various stages of development, all of which
will make the task of comparative investigation and analysis of such business
opportunities difficult and complex.
We have, and will continue to have, no capital with which to provide the
owners of business entities with any cash or other assets. However,
management believes we will be able to offer owners of acquisition candidates
the opportunity to acquire a controlling ownership interest in a public
company without incurring the cost and time required to conduct an initial
public offering. Management has not conducted market research and is not
aware of statistical data to support the perceived benefits of a business
combination for the owners of a target company.
The analysis of new business opportunities will be undertaken by, or
under the supervision of, our officer and director, who is not a professional
business analyst. In analyzing prospective business opportunities, management
may consider such matters as the available technical, financial and
managerial resources; working capital and other financial requirements;
history of operations, if any; prospects for the future; nature of present
and expected competition; the quality and experience of management services
which may be available and the depth of that management; the potential for
further research, development, or exploration; specific risk factors not now
foreseeable but which then may be anticipated to impact our proposed
activities; the potential for growth or expansion; the potential for profit;
the perceived public recognition or acceptance of products, services, or
trades; name identification; and other relevant factors. This discussion of
the proposed criteria is not meant to be restrictive of our virtually
unlimited discretion to search for and enter into potential business
opportunities.
The Exchange Act requires that any merger or acquisition candidate
comply with certain reporting requirements, which include providing audited
financial statements to be included in the reporting filings made under the
Exchange Act. We will not acquire or merge with any company for which audited
financial statements cannot be obtained at or within the required period of
time after closing of the proposed transaction.
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We may enter into a business combination with a business entity that
desires to establish a public trading market for its shares. A target company
may attempt to avoid what it deems to be adverse consequences of undertaking
its own public offering by seeking a business combination with us. Such
consequences may include, but are not limited to, time delays of the
registration process, significant expenses to be incurred in such an
offering, loss of voting control to public stockholders or the inability to
obtain an underwriter or to obtain an underwriter on satisfactory terms.
We will not restrict our search for any specific kind of business
entities, but may acquire a venture, which is in its preliminary or
development stage, which is already in operation, or in essentially any stage
of its business life. It is impossible to predict at this time the status of
any business in which we may become engaged, in that such business may need
to seek additional capital, may desire to have its shares publicly traded, or
may seek other perceived advantages which we may offer.
Our management, which in all likelihood will not be experienced in
matters relating to the business of a target company, will rely upon its own
efforts in accomplishing our business purposes. Following a business
combination we may benefit from the services of others in regard to
accounting, legal services, underwriting and corporate public relations. If
requested by a target company, management may recommend one or more
underwriters, financial advisors, accountants, public relations firms or
other consultants to provide such services.
A potential target company may have an agreement with a consultant or
advisor providing that services of the consultant or advisor be continued
after any business combination. Additionally, a target company may be
presented to us only on the condition that the services of a consultant or
advisor are continued after a merger or acquisition. Such preexisting
agreements of target companies for the continuation of the services of
attorneys, accountants, advisors or consultants could be a factor in the
selection of a target company.
Acquisition of Opportunities
In implementing a structure for a particular business acquisition, we
may become a party to a merger, consolidation, reorganization, joint venture,
or licensing agreement with another corporation or entity. On the
consummation of a transaction, it is likely that the present management and
our stockholders will no longer be in our control. In addition, it is likely
that our officer and director will, as part of the terms of the acquisition
transaction, resign and be replaced by one or more new officers and
directors.
It is anticipated that any securities issued in any such reorganization
would be issued in reliance upon exemption from registration under applicable
federal and state securities laws. In some circumstances, however, as a
negotiated element of our transaction, we may agree to register all or a part
of such securities immediately after the transaction is consummated or at
specified times thereafter. If such registration occurs, it will be
undertaken by the surviving entity after we have entered into an agreement
for a business combination or have consummated a business combination and we
are no longer considered a blank check company. The issuance of additional
securities and their potential sale into any trading market which may develop
in our securities may depress the market value of the our securities in the
future if such a market develops, of which there is no assurance.
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While the terms of a business transaction to which we may be a party
cannot be predicted, it is expected that the parties to the business
transaction will desire to avoid the creation of a taxable event and thereby
structure the acquisition in a tax-free reorganization under Sections 351 or
368 of the Internal Revenue Code of 1986, as amended.
With respect to negotiations with a target company, management expects
to focus on the percentage of the Company which target company stockholders
would acquire in exchange for their stockholdings in the target company.
Depending upon, among other things, the target company's assets and
liabilities, our stockholders will in all likelihood hold a substantially
lesser percentage ownership interest in the Company following any merger or
acquisition. The percentage of ownership may be subject to significant
reduction in the event we acquire a target company with substantial assets.
Any merger or acquisition effected by us can be expected to have a
significant dilutive effect on the percentage of shares held by our
stockholders at such time.
We will participate in a business opportunity only after the negotiation
and execution of appropriate agreements. Although the terms of such
agreements cannot be predicted, generally such agreements will require
certain representations and warranties of the parties thereto, will specify
certain events of default, will detail the terms of closing and the
conditions which must be satisfied by the parties prior to and after such
closing and will include miscellaneous other terms.
We will not enter into a business combination with any entity, which
cannot provide audited financial statements at or within the required period
of time after closing of the proposed transaction. We are subject to all of
the reporting requirements included in the Exchange Act. Included in these
requirements is our duty to file audited financial statements as part of or
within 60 days following the due date for filing our Form 8-K which is
required to be filed with the Securities and Exchange Commission within 15
days following the completion of the business combination. If such audited
financial statements are not available at closing, or within time parameters
necessary to insure our compliance with the requirements of the Exchange Act,
or if the audited financial statements provided do not conform to the
representations made by the target company, the closing documents may provide
that the proposed transaction will be voidable at the discretion of our
present management.
Management has orally agreed that it will advance to us any additional
funds, which we need for operating capital and for costs in connection with
searching for or completing an acquisition or merger. Such advances will be
made without expectation of repayment. There is no minimum or maximum amount
management will advance to us. We will not borrow any funds to make any
payments to our management, its affiliates or associates.
The Board of Directors has passed a resolution which contains a policy
that the we will not seek a business combination with any entity in which our
officer, director, stockholders or any affiliate or associate serves as an
officer or director or holds an ownership interest greater than ten percent
(10%).
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Undertakings and Understandings Required of Target Companies
As part of a business combination agreement, we intend to obtain
certain representations and warranties from a target company as to its
conduct following the business combination. Such representations and
warranties may include (i) the agreement of the target company to make all
necessary filings and to take all other steps necessary to remain a reporting
company under the Exchange Act (ii) imposing certain restrictions on the
timing and amount of the issuance of additional free-trading stock, including
stock registered on Form S-8 or issued pursuant to Regulation S and (iii)
giving assurances of ongoing compliance with the Securities Act, the Exchange
Act, the General Rules and Regulations of the Securities and Exchange
Commission, and other applicable laws, rules and regulations.
A prospective target company should be aware that the market price and
volume of its securities, when and if listed for secondary trading, may
depend in great measure upon the willingness and efforts of successor
management to encourage interest in the Company within the United States
financial community. We do not have the market support of an underwriter that
would normally follow a public offering of our securities. Initial market
makers are likely to simply post bid and asked prices and are unlikely to
take positions in our securities for their own account or customers without
active encouragement and a basis for doing so. In addition, certain market
makers may take short positions in our securities, which may result in a
significant pressure on the market price of our securities. We may consider
the ability and commitment of a target company to actively encourage interest
in its securities following a business combination in deciding whether to
enter into a transaction with such company.
A business combination with us separates the process of becoming a
public company from the raising of investment capital. As a result, a
business combination with us normally will not be a beneficial transaction
for a target company whose primary reason for becoming a public company is
the immediate infusion of capital. We may require assurances from the target
company that it has or that it has a reasonable belief that it will have
sufficient sources of capital to continue operations following the business
combination. However, it is possible that a target company may give such
assurances in error, or that the basis for such belief may change as a result
of circumstances beyond the control of the target company.
Prior to completion of a business combination, we may generally
require that we be provided with written materials regarding the target
company containing such items as a description of products, services and
company history; management resumes; financial information; available
projections, with related assumptions upon which they are based; an
explanation of proprietary products and services; evidence of existing
patents, trademarks, or service marks, or rights thereto; present and
proposed forms of compensation to management; a description of transactions
between such company and its affiliates during relevant periods; a
description of present and required facilities; an analysis of risks and
competitive conditions; a financial plan of operation and estimated capital
requirements; audited financial statements, or if they are not available,
unaudited financial statements, together with reasonable assurances that
audited financial statements would be able to be produced within a reasonable
period of time not to exceed 75 days following completion of a business
combination; and other information deemed relevant.
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Competition
We will remain an insignificant participant among the firms, which
engage in the acquisition of business opportunities. There are many
established venture capital and financial firms which have significantly
greater financial and personnel resources and technical expertise than we do.
In view of our combined extremely limited financial resources and limited
management availability, we will continue to be at a significant competitive
disadvantage compared to our competitors.
ITEM 3. DESCRIPTION OF PROPERTY.
We have no properties and at this time have no agreements to acquire any
properties. We currently use the offices of management at no cost to us.
Management has agreed to continue this arrangement until we complete an
acquisition or merger.
ITEM 4.SECURITIES OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
The following table sets forth each person known by us to be the
beneficial owner of five percent or more of our Common Stock, all directors
individually and all directors and officers as a group. Except as noted, each
person has sole voting and investment power with respect to the shares shown.
<TABLE>
Name and Address Amount of Beneficial Percentage
of Beneficial Owner Ownership of Class
<S> <C> <C>
Anthony DeMint 5,000,000 100%
241 Paradise Bird St.
Henderson, NV 89014
</TABLE>
ITEM 5. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS.
The Company has one Director and officer as follows:
<TABLE>
Name Age Positions and Offices Held
<S> <C> <C>
Anthony N. DeMint 26 President, Secretary, Treasurer, Director
</TABLE>
There are no agreements or understandings for the officer or director to
resign at the request of another person and the above-named officer and
director is not acting on behalf of nor will act at the direction of any
other person.
Set forth below is the name of our director and officer, all positions
and offices held, the period during which he has served as such, and the
business experience during at least the last five years:
Anthony N. DeMint acts as President, Secretary, Treasurer and Director
for the Company. Mr. DeMint has served as an officer and Director of the
Company since inception. Mr. DeMint is also sole officer and Director of
Intercontinental Capital Fund, Inc., Navitec Group, Inc, TourPro Golf, Inc.,
Royal Acquisitions, Inc., Tac Assets Corp, Calif Acquisitions, Inc.,
Accessory Specialists Incorporated, and Nothing Corp., which are also blank
check companies. Since 1994, Mr. DeMint has served as President and as a
Director of the Securities Law Institute a securities consulting firm and has
served on the board of directors and as an officer for several private and
public companies. From 1997-1998, Mr. DeMint was Vice President of operations
<PAGE>
and a Director for Worldwide Golf Resources, Inc. From 1995-1997, Mr. DeMint
was Chief Operating Officer, Treasurer and a Director of a publicly held
import and wholesale company, Cutty-Fleet Trading Co., where he managed
day-to-day operations. Mr. DeMint attended Business and Economics school at
the University of Nevada Las Vegas. Mr. DeMint is an affiliate of the law
firm of Sperry Young & Stoecklein.
Previous And Current Blank Check Companies
The SEC reporting blank check companies that Anthony DeMint serves as
President and Director are listed in the following table:
<TABLE>
Date
Incorporation Name Form Type File # of Filing Status(l)
<S> <C> <C> <C> <C>
Intercontinental
Capital Fund, Inc.(2a) 10SB12G 000-27931 04 Nov 99 No
Navitec Group Inc. (2b) 10SB12G 000-28225 22 Nov 99 No
Tele Special.Com (2c) 10SB12G 000-28207 19 Nov 99 Merger
TourPro Golf, Inc. (2d) 10SB12G 000-28569 20 Dec 99 No
Royal Acquisitions, Inc.(2e) 10SB12G 000-28713 18 Jan 00 No
Tac Asset Group (3) 10SB12G
Calif Acquisitions, Inc. (3) 10SB12G
Accessory Specialists Inc. (3) 10SB12G
Nothing Corp. (3) 10SB12G
Your Domain.com (3) 10SB12G
</TABLE>
(1) Under Merger Status "Merger" represents either a merger or an
acquisition has occurred or the company ceased to be a blank check
company by operating specific business a "No" represents that the
company is currently seeking merger or acquisition candidate. More
detailed information for each merger is disclosed in following
paragraphs.
(2) (2a) The SEC has no additional comments as of the date of this filing
and has granted effectiveness on November 15, 1999. (2b) The SEC has no
additional comments as of the date of this filing and has granted
effectiveness on December 10, 1999. (2c) The SEC has no additional comments
as of the date of this filing and has granted effectiveness on December 3,
1999. (2d) The SEC has no additional comments as of the date of this filing
and has granted effectiveness on December 27, 1999. (2e) The SEC has no
additional comments as of the date of this filing and has granted
effectiveness on January 18, 2000.
<PAGE>
(3) 10SB12G to be filed before February 4, 2000.
In January 2000 Tele Special.Com merged with International Brands, Inc.
("INBR") whereby INBR was the surviving corporation and Tele Special.COM
ceased too exist. INBR is a holding company for various Internet related
companies. Pursuant to the Plan of Merger, INBR issued 25,000 shares of
restricted Common Stock to Anthony N. DeMint in exchange for the
cancellation of Mr. DeMint's 5,000,000 shares of Tele Special.Com Common
Stock. INBR paid $150,000 in cash to Sperry Young & Stoecklein, of which
Anthony N. DeMint is an affiliate, for legal fees associated with the
merger. Mr. DeMint currently is a non-affiliated stockholder of INBR.
INBR is currently a SEC reporting company under 12(g) of the Securities
and Exchange Act of 1934.
Conflicts of Interest
Our officer and director may organize other companies of a similar
nature and with a similar purpose as us. Consequently, there are potential
inherent conflicts of interest in acting as our officer and director. Insofar
as the officer and director are engaged in other business activities,
management anticipates that he will devote only a minor amount of time to our
affairs. We do not have a right of first refusal pertaining to opportunities
that come to management's attention insofar as such opportunities may relate
to our proposed business operations.
A conflict may arise in the event that another blank check company with
which management is affiliated is formed and actively seeks a target company.
It is anticipated that target companies will be located for us and other
blank check companies in chronological order of the date of formation of such
blank check companies or, in the case of blank check companies formed on the
same date, alphabetically. However, any blank check companies with which
management is, or may be, affiliated may differ from us in certain items such
as place of incorporation, number of shares and stockholders, working
capital, types of authorized securities, or other items. It may be that a
target company may be more suitable for or may prefer a certain blank check
company formed after us. In such case, a business combination might be
negotiated on behalf of the more suitable or preferred blank check company
regardless of date of formation.
Mr. DeMint may have demands placed on his time, which will detract from
the amount of time he is able to devote to us. Mr. DeMint intends to devote
as much time to our activities as required. However, should such a conflict
arise, there is no assurance that Mr. DeMint would not attend to other
matters prior to ours. Mr. DeMint projects that initially up to ten hours per
month of his time may be spent locating a target company which amount of time
would increase when the analysis of, and negotiations and consummation with,
a target company are conducted.
The terms of business combination may include such terms as are
negotiated by Mr. DeMint, remaining a director or officer of the Company,
and/or the consulting firm retained by management. The terms of a business
combination may provide for a payment by cash or otherwise to Mr. DeMint for
the purchase or retirement of all or part of his common stock by a target
company or for services rendered incident to or following a business
combination. Mr. DeMint would directly benefit from such employment or
payment. Such benefits may influence Mr. DeMint' choice of a target company.
<PAGE>
We may agree to pay finder's fees, as appropriate and allowed, to
unaffiliated persons who may bring a target company to us where that referral
results in a business combination. No finder's fee of any kind will be paid
by us to management or our promoters or to there associates or affiliates. No
loans of any type have, or will be, made by us to management or our promoters
of or to any of their associates or affiliates.
We will not enter into a business combination, or acquire any assets of
any kind for our securities, in which our management or any affiliates or
associates have a greater than 10% interest, direct or indirect.
There are no binding guidelines or procedures for resolving potential
conflicts of interest. Failure by management to resolve conflicts of interest
in favor of us could result in liability of management to us. However, any
attempt by stockholders to enforce a liability of management to us would most
likely be prohibitively expensive and time consuming.
Investment Company Act of 1940
Although we will be subject to regulation under the Securities Act of
1933 and the Securities Exchange Act of 1934, management believes the we will
not be subject to regulation under the Investment company Act of 1940 insofar
as we will not be engaged in the business of investing or trading in
securities. In the event we engage in business combinations which result in
us holding passive investment interests in a number of entities we could be
subject to regulation under the Investment Company Act of 1940. In such
event, we would be required to register as an investment company and could be
expected to incur significant registration and compliance costs. We have
obtained no formal determination from the Securities and Exchange Commission
as to our status under the Investment Company Act of 1940. Any violation of
such Act would subject us to material adverse consequences.
ITEM 6. EXECUTIVE COMPENSATION.
Our officer and director does not receive any compensation for his
services rendered to us, has not received such compensation in the past, and
is not accruing any compensation pursuant to any agreement with us. However,
our officer and director anticipates receiving benefits as a beneficial
stockholder of the company and, possibly, in other ways.
We have not adopted any retirement, pension, profit sharing, stock
option or insurance programs or other similar programs for the benefit of our
officer or director.
ITEM 7. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
We have issued a total of 5,000,000 shares of Common Stock to the
following persons for a total of $5,000 in services:
<TABLE>
Name Number of Total Shares Consideration
<S> <C> <C>
Anthony N. DeMint 5,000,000 $5000
</TABLE>
Anthony N. DeMint is the President, Secretary, Treasurer, and sole
Director for the Company. The total number of shares were issued to Mr.
DeMint in exchange for services rendered to the Company, in lieu of cash.
<PAGE>
ITEM 8. DESCRIPTION OF SECURITIES.
Our authorized capital stock consists of 25,000,000 shares of Common
Stock, par value $.001 per share of which 5,000,000 shares are issued and
outstanding. We neither authorized nor issued any Preferred Stock. The
following statements relating to the capital stock set forth the material
terms of our securities; however, reference is made to the more detailed
provisions of, and such statements are qualified in their entirety by
reference to, the Articles of Incorporation and the Bylaws, copies of which
are filed as exhibits to this registration statement.
Common Stock
Holders of shares of common stock are entitled to one vote for each
share on all matters to be voted on by the stockholders. Holders of common
stock do not have cumulative voting rights. Holders of common stock are
entitled to share ratably in dividends, if any, as may be declared from time
to time by the Board of Directors in its discretion from funds legally
available therefore. In the event of our liquidation, dissolution or winding
up, the holders of common stock are entitled to share pro rata all assets
remaining after payment in full of all liabilities. All of the outstanding
shares of common stock are fully paid and non-assessable.
Holders of common stock have no preemptive rights to purchase our common
stock. There are no conversion or redemption rights or sinking fund
provisions with respect to the common stock.
Dividends
Dividends, if any, will be contingent upon our revenues and earnings, if
any, capital requirements and financial conditions. The payment of dividends,
if any, will be within the discretion of our Board of Directors. We presently
intend to retain all earnings, if any, for use in our business operations and
accordingly, the Board of Directors does not anticipate declaring any
dividends prior to a business combination.
Trading of Securities in Secondary Market
The National Securities Market Improvement Act of 1996 limited the
authority of states to impose restrictions upon sales of securities made
pursuant to Sections 4(1) and 4(3) of the Securities Act of companies which
file reports under Sections 13 or 15(d) of the Exchange Act. Upon
effectiveness of this Registration Statement, we will be required to, and
will, file reports under Section 13 of the Exchange Act. As a result, sales
of our common stock in the secondary market by the holders thereof may then
be made pursuant to Section 4(l) of the Securities Act (sales other than by
an issuer, underwriter or broker).
Following a business combination, a target company will normally wish to
list our common stock for trading in one or more United States markets. The
target company may elect to apply for such listing immediately following the
business combination or at some later time.
In order to qualify for listing on the NASDAQ SmallCap Market, a company
must have at least (i) net tangible assets of $4,000,000 or market
capitalization of $50,000,000 or net income for two of the last three years
of $750,000; (ii) public float of 1,000,000 shares with a market value of
$5,000,000; (iii) a bid price of $4.00; (iv) three market makers; (v) 300
stockholders and (vi) an operating history of one year or, if less than one
<PAGE>
year, $50,000,000 in market capitalization. For continued listing on the
NASDAQ SmallCap Market, a company must have at least (i) net tangible assets
of $2,000,000 or market capitalization of $35,000,000 or net income for two
of the last three years of $500,000; (ii) a public float of 500,000 shares
with a market value of $1,000,000; (iii) a bid price of $1.00; (iv) two
market makers; and (v) 300 stockholders.
If, after a business combination, we do not meet the qualifications for
listing on the NASDAQ SmallCap Market, we may apply for quotation of our
securities on the NASD Over-The-Counter Bulletin Board. In certain cases we
may elect to have our securities initially quoted in the "pink sheets"
published by the National Quotation Bureau, Inc.
Transfer Agent
It is anticipated that we will act as our own transfer agent for our
common stock.
GLOSSARY
"Blank Check" Company As defined in Section 7(b)(3) of the
Securities Act, a "blank check" company is a
development stage company that has no
specific business plan or purpose or has
indicated that its business plan is to
engage in a merger or acquisition with an
unidentified company or companies and is
issuing "penny stock" securities as defined
in Rule 3a51-1 of the Exchange Act.
Business Combination Normally a merger, stock-for-stock exchange
or stock-for-assets exchange between the
Registrant and a target company.
The Company or the Registrant. The corporation whose common stock is the
subject of this Registration Statement.
Exchange Act The Securities Exchange Act of
1934, as amended.
"Penny Stock" Security As defined in Rule 3a51-1 of the Exchange
Act, a "penny stock" security is any equity
security other than a security (i) that is a
reported security (ii) that is issued by an
investment company (iii) that is a put or
call issued by the option Clearing
Corporation (iv) that has a price of $5.00
or more (except for purposes of Rule 419 of
the Securities Act) (v) that is registered
on a national securities exchange (vi) that
is authorized for quotation on the NASDAQ
Stock Market, unless other provisions of
Rule 3a51-1 are not satisfied, or (vii) that
is issued by an issuer with (a) net tangible
assets in excess of $2,000,000, if in
continuous operation for more than three
years or $5,000,000 if in operation for less
than three years or (b) average revenue of
at least $6,000,000 for the last three
years.
<PAGE>
Securities Act The Securities Act of 1933, as amended.
PART II
ITEM 1. MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
(A) Market Price. There is no trading market for our Common Stock at
present and there has been no trading market to date. There is no assurance
that a trading market will ever develop or, if such a market does develop,
that it will continue.
The Securities and Exchange Commission has adopted Rule 15g-9, which
establishes the definition of a "penny stock," for purposes relevant to the
company, as any equity security that has a market price of less than $5.00
per share or with an exercise price of less than $5.00 per share, subject to
certain exceptions. For any transaction involving a penny stock, unless
exempt, the rules require: (i) that a broker or dealer approve a person's
account for transactions in penny stocks and (ii) the broker or dealer
receive from the investor a written agreement to the transaction, setting
forth the identity and quantity of the penny stock to be purchased. In order
to approve a person's account for transactions in penny stocks, the broker or
dealer must (i) obtain financial information and investment experience and
objectives of the person; and (ii) make a reasonable determination that the
transactions in penny stocks are suitable for that person and that person has
sufficient knowledge and experience in financial matters to be capable of
evaluating the risks of transactions in penny stocks. The broker or dealer
must also deliver, prior to any transaction in a penny stock, a disclosure
schedule prepared by the Commission relating to the penny stock market,
which, in highlight form, (i) sets forth the basis on which the broker or
dealer made the suitability determination and (ii) that the broker or dealer
received a signed, written agreement from the investor prior to the
transaction. Disclosure also has to be made about the risks of investing in
penny stocks in both public offerings and in secondary trading, and about
commissions payable to both the broker-dealer and the registered
representative, current quotations for the securities and the rights and
remedies available to an investor in cases of fraud in penny stock
transactions. Finally, monthly statements have to be sent disclosing recent
price information for the penny stock held in the account and information on
the limited market in penny stocks.
(B) Holders. There is one holder of our Common Stock. The issued and
outstanding shares of our Common Stock were issued in accordance with the
exemptions from registration afforded by Section 4(2) of the Securities Act
of 1933 promulgated there under.
(C) Dividends. We have not paid any dividends to date, and have no
plans to do so in the immediate future.
<PAGE>
ITEM 2. LEGAL PROCEEDINGS.
There is no litigation pending or threatened by or against us.
ITEM 3.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
We have not changed accountants since our formation and there are no
disagreements with the findings of our accountants.
ITEM 4. RECENT SALES OF UNREGISTERED SECURITIES.
Since inception, we have not sold any securities.
ITEM 5. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Pursuant to Nevada Revised Statutes Section 78.7502 and 78.751 our
Articles of Incorporation and bylaws provide for the indemnification of
present and former directors and officers and each person who serves at our
request as our officer or director. Indemnification for a director is
mandatory and indemnification for an officer, agent or employee is
permissive. We will indemnify such individuals against all costs, expenses
and liabilities incurred in a threatened, pending or completed action, suit
or proceeding brought because such individual is our director or officer.
Such individual must have conducted himself in good faith and reasonably
believed that his conduct was in, or not opposed to, our best interest. In a
criminal action he must not have had a reasonable cause to believe his
conduct was unlawful. This right of indemnification shall not exclusive of
other rights the individual is entitled to as a matter of law or otherwise.
We will not indemnify an individual adjudged liable due to his
negligence or willful misconduct toward us, adjudged liable to us, or if he
improperly received personal benefit. Indemnification in a derivative action
is limited to reasonable expenses incurred in connection with the proceeding.
Also, we are authorized to purchase insurance on behalf of an individual for
liabilities incurred whether or not we would have the power or obligation to
indemnify him pursuant to our bylaws.
Our bylaws provide that individuals may receive advances for expenses if
the individual provides a written affirmation of his good faith belief that
he has met the appropriate standards of conduct and he will repay the advance
if he is judged not to have met the standard of conduct.
Insofar as indemnification for liabilities arising under the securities act
of 1933, as amended, may be permitted to directors, officers or persons
controlling the company pursuant to the foregoing provisions, it is the
opinion of the Securities and Exchange Commission that such indemnification
is against public policy as expressed in the act and is therefore
unenforceable.
<PAGE>
PART F/S
FINANCIAL STATEMENTS.
Set forth below are our audited financial statements from inception
April 1, 1999 and ending January 20, 2000. The following financial statements
are attached to this report and filed as a part thereof.
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F-1
BALANCE SHEET F-2
STATEMENT OF OPERATIONS F-3
STATEMENT OF STOCKHOLDERS' EQUITY F-4
STATEMENT OF CASH FLOWS F-5
NOTES TO FINANCIAL STATEMENTS F-6-F-7
<PAGE>
BARRY L. FRIEDMAN, PC.
Certified Public Accountant
1582 TULITA DRIVE OFFICE (702) 361-8414
LAS VEGAS, NEVADA 89123 FAX NO.(702) 896-0278
INDEPENDENT AUDITORS' REPORT
Board Of Directors January 21, 2000
Rub Investments Limited
Las Vegas, Nevada
I have audited the accompanying Balance Sheets of Rub Investments
Limited., (Formerly Titanic Las Vegas, Inc.), (A Development Stage Company),
as of January 20, 2000, December 31, 1999, and the related statements of
operations, stockholders, equity and cash flows for period January 1, 2000,
to January 20, 2000, and April 1, 1999, (inception) to December 31, 1999.
These financial statements are the responsibility of the Company's
management. My responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit provides a
reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Rub Investments
Limited., (Formerly Titanic Las Vegas, Inc.), (A Development Stage Company),
as of January 20, 2000, December 31, 1999, and the results of its operations
and cash flows for the period January 1, 2000, to January 20, 2000, and April
1, 1999, (inception) to December 31, 1999. in conformity with generally
accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Company will continue as a going concern. As discussed in Note #3 to the
financial statements, the Company has no established source of revenue. This
raises substantial doubt about its ability to continue as a going concern.
Management's plan in regard to these matters are also described in Note #3.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Barry Friedman
Barry L. Friedman
Certified Public Accountant
<PAGE>
<TABLE>
RUB INVESTMENTS LIMITED
(FORMERLY TITANIC LAS VEGAS, INC.)
(A Development Stage Company)
BALANCE SHEET
ASSETS
January December
20, 2000 31, 1999
<S> <C> <C>
CURRENT ASSETS $ 0 $ 0
----------- ---------
TOTAL CURRENT ASSETS $ 0 $ 0
----------- ---------
OTHER ASSETS $ 0 $ 0
---------- ---------
TOTAL OTHER ASSETS $ 0 $ 0
----------- ---------
TOTAL ASSETS $ 0 $ 0
=========== =========
</TABLE>
<TABLE>
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
CURRENT LIABILITIES
Officers Advances (Note #6) $ 1,327 $ 257
----------- -----------
TOTAL CURRENT LIABILITIES $ 1,327 $ 257
----------- -----------
STOCKHOLDERS' EQUITY
Common stock, $.001 par value,
authorized 25,000,000 shares;
issued and outstanding at
December 31, 1999-5,000,000 shares $ 5,000
January 20, 2000-5,000,000 shares $ 5,000
Additional paid-in capital 0 0
Deficit accumulated during
the development stage (6,327) (5,257)
------------ -----------
TOTAL STOCKHOLDER'S EQUITY $ (1,327) $ (257)
------------ -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 0 $ 0
=========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
RUB INVESTMENTS LIMITED
(FORMERLY TITANIC LAS VEGAS, INC.)
(A Development Stage Company)
STATEMENT OF OPERATIONS
Jan. 01, Apr. 01, Apr. 01,1999
2000, to 1999, to (inception)
Jan. 20, Dec. 31, to Jan. 20,
2000 1999 2000
----------- ---------- ------------
<S> <C> <C> <C>
INCOME
Revenue $ 0 $ 0 $ 0
---------- ---------- ------------
EXPENSES
General and
Administrative $ 1,070 $ 5,257 $ 6,327
---------- --------- -----------
Total Expenses $ 1,070 $ 5,257 $ 6,327
---------- --------- -----------
Net Loss(-) $ (1,070) $ (5,257) $ (6,327)
========== ========== ===========
Net loss(-)
per weighted
share (Note #1) $ (.0002) $ (.0011) $ (.0013)
=========== ========== ===========
Weighted average
number of common
shares outstanding 5,000,000 5,000,000 5,000,000
=========== ========= ===========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
RUB INVESTMENTS LIMITED
(FORMERLY TITANIC LAS VEGAS, INC.)
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
Deficit
accumulated
Additional during
Common Shares paid-in development
Stock Amount Capital stage
---------- ------ --------- ----------
<S> <C> <C> <C> <C>
April 1, 1999
issued for services 5,000,000 $ 5,000 $ $ 0
Net loss,
April 1, 1999
(inception) to
December 31, 1999 (5,257)
---------- -------- ---------- ----------
Balance,
December 31, 1999 5,000,000 $ 5,000 $ 0 $ (5,257)
Net loss,
January 1, to
January 20, 2000 (1,070)
--------- -------- --------- -----------
Balance,
January 20, 2000 5,000,000 $ 5,000 $ 0 $ (6,327)
========== ======== ========= ===========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
RUB INVESTMENTS LIMITED
(FORMERLY TITANIC LAS VEGAS, INC.)
(A Development Stage Company)
STATEMENT OF CASH FLOWS
Jan. 01, Apr. 01, Apr. 01,1999
2000, to 1999, to (inception)
Jan. 20, Dec. 31, to Jan. 20,
2000 1999 2000
--------- ---------- -----------
<S> <C> <C> <C>
Cash Flows from
Operating Activities
Net loss $ (1,070) $ (5,257) $ (6,327)
Amortization 0 257 257
Stock issued for services 0 5,000 5,000
Changes in assets and
liabilities
officers advances 1,070 257 1,327
--------- ---------- -----------
Net cash used in
operating activities $ 0 $ 257 257
Cash Flows from
Investing Activities
Organization Costs 0 (257) (257)
Cash Flows from
Financing Activities 0 0 0
--------- --------- ----------
Net increase/decrease in cash $ 0 $ 0 $ 0
Cash,
Beginning of period 0 0 0
--------- ---------- ----------
Cash,
End of period $ 0 $ 0 $ 0
========= ========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements
<PAGE>
RUB INVESTMENTS LIMITED
(FORMERLY TITANIC LAS VEGAS, INC.)
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
January 20, 2000, and December 31,1999
NOTE 1 - History and organization of the Company
The Company was organized April 1, 1999, under the laws of the State of
Nevada as Titanic Las Vegas, Inc. The Company currently has no operations
and, in accordance with SFAS #7, is considered a development stage company.
On April 1, 1999, the Company issued 5,000,000 shares of it's $.001 par
value common stock for services of $ 5,000.
On January 18, 2000, the Company changed it's name to Rub Investments
Limited.
NOTE 2 - Accounting Policies and Procedures
The Company has not determined its accounting policies and procedures,
except as follows:
1. The Company uses the accrual method of accounting.
2. Earnings per share is computed using the weighted average number of
shares of common stock outstanding.
3. The Company has not yet adopted any policy regarding payment of
dividends. No dividends have been paid since inception.
4. In April 1998, the American Institute of Certified Public
Accountant's issue Statement of Position 98-5 ("SOP 98-5"), Reporting on the
Costs of Start-Up Activities which provides guidance on the financial
reporting of start-up costs and organization costs. It requires costs of
start-up activities and organization costs to be expensed as incurred. SOP
98-5 is effective for fiscal years beginning after December 15, 1998, with
initial adoption reported as the cumulative effect of a change in accounting
principle.
NOTE 3 - GOING CONCERN
The company's financial statements are prepared using the generally
accepted accounting principles applicable to a going concern, which
contemplates the realization of assets and liquidation of liabilities in the
normal course of business. However, the Company has no current source of
revenue. Without realization of additional capital, it would be unlikely for
the Company to continue as a going concern. It is management's plan to seek
additional capital through further equity financing's and seeking necessary
bank loans.
<PAGE>
RUB INVESTMENTS LIMITED
(FORMERLY TITANIC LAS VEGAS, INC.)
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS CONTINUED
January 20, 2000, and December 31, 1999
NOTE 4 - WARRANTS AND OPTIONS
There are no warrants or options outstanding to issue any additional
shares of common stock.
NOTE 5 - RELATED PARTY TRANSACTIONS
The Company neither owns or leases any real or personal property. Office
services are provided without charge by an officer and or director of the
Company. Such costs are immaterial to the financial statements and
accordingly, have not been reflected therein. The officers and directors of
the Company are involved in other business activities and may, in the future,
become involved in other business opportunities. If a specific business
opportunity becomes available, such persons may face a conflict in selecting
between the Company and their other business interests. The Company has not
formulated a policy for the resolution of such conflicts. The Company has
formulated no policy for the resolution of such conflicts.
NOTE 6 - OFFICERS ADVANCES
While the Company is seeking additional capital through a merger with an
existing operating company, an officer of the Company has advanced funds on
behalf of the Company to pay for any costs incurred by it. These funds are
interest free.
<PAGE>
PART III
ITEM 1. INDEX TO EXHIBITS.
Exhibit
Number Description
(3)(i) Articles of Incorporation
(a) Articles of Incorporation
(b) Certificate of Amendment of Articles of Incorporation.
(3)(ii) Bylaws
(a) Bylaws
(4) Instrument defining the rights of security holders:
(a) Articles of Incorporation
(b) Bylaws
(c) Stock Certificate Specimen
(24) Consent of expert
(a) Auditors
(27) Financial Data Schedule
SIGNATURES
In accordance with Section 12 of the Securities Exchange Act of 1934,
the Registrant caused this Registration Statement to be signed on its behalf
by the undersigned thereunto duly authorized.
RUB INVESTMENTS, INC.
By:/s/ Anthony DeMint
Anthony N. DeMint, Director and President
February 2, 2000
Las Vegas, NV
ARTICLES OF INCORPORATION
OF
TITANIC LAS VEGAS, INC.
KNOW ALL MEN BY THESE PRESENTS:
That the undersigned, being at least eighteen (18) years of age and
acting as the incorporator of the Corporation hereby being formed under and
pursuant to the laws of the State of Nevada, does hereby certify that:
Article I - NAME
The exact name of this corporation is:
TITANIC LAS VEGAS, INC.
Article II - REGISTERED OFFICE AND RESIDENT AGENT
The registered office and place of business in the State of
Nevada of this corporation shall be located at 1850 E. Flamingo Rd., Suite
111, Las Vegas, Nevada. The resident agent of the corporation is DONALD J.
STOECKLEIN, whose address is 1850 E. Flamingo Rd., Suite 111, Las Vegas,
Nevada 89119.
Article III - DURATION
The Corporation shall have perpetual existence.
Article IV - PURPOSES
The purpose, object and nature of the business for which this
corporation is organized are:
(a) To engage in any lawful activity, (b) To carry on such
business as may be necessary, convenient, or desirable to accomplish
the above purposes, and to do all other things incidental thereto
which are not forbidden by law or by these Articles of Incorporation.
<PAGE>
Article V - POWERS
This Corporation is formed pursuant to Chapter 78 of the Nevada
Revised Statutes. The powers of the Corporation shall be those powers
granted by 78.060 and 78.070 of the Nevada Revised Statutes under which
this corporation is formed. In addition, the corporation shall have the
following specific powers:
(a) To elect or appoint officers and agents of the corporation
and to fix their compensation; (b) To act as an agent for any
individual, association, partnership, corporation or other legal
entity; (c) To receive, acquire, hold, exercise rights arising out of
the ownership or possession thereof, sell, or otherwise dispose of,
shares or other interests in, or obligations of, individuals,
association, partnerships, corporations, or governments; (d) To
receive, acquire, hold, pledge, transfer, or otherwise dispose of
shares of the corporation, but such shares may only be purchased,
directly or indirectly, out of earned surplus; (e) To make gifts or
contributions for the public welfare or for charitable, scientific or
educational purposes.
Article VI - CAPITAL STOCK
Section 1. Authorized Shares. The total number of shares which
this corporation is authorized to issue is 25,000,000 shares of Common
Stock of $.001 par value.
Section 2. Voting Rights of Stockholders. Each holder of the
Common Stock shall be entitled to one vote for each share of stock
standing in his name on the books of the corporation.
Section 3. Consideration for Shares. The Common Stock shall be
issued for such consideration, as shall be fixed from time to time by
<PAGE>
the Board of Directors. In the absence of fraud, the judgment of the
Directors as to the value of any property or services received in full
or partial payment for shares shall be conclusive. When shares are
issued upon payment of the consideration fixed by the Board of
Directors, such shares shall be taken to be fully paid stock and shall
be non-assessable. The Articles shall not be amended in this
particular.
Section 4. Stock Rights and Options. The corporation shall have
the power to create and issue rights, warrants, or options entitling
the holders thereof to purchase from the corporation any shares of its
capital stock of any class or classes, upon such terms and conditions
and at such times and prices as the Board of Directors may provide,
which terms and conditions shall be incorporated in an instrument or
instruments evidencing such rights. In the absence of fraud, the
judgment of the Directors as to the adequacy of consideration for the
issuance of such rights or options and the sufficiency thereof shall
be conclusive.
Article VII - MANAGEMENT
For the management of the business, and for the conduct of the affairs
of the corporation, and for the future definition, limitation, and
regulation of the powers of the corporation and its directors and
stockholders, it is further provided:
Section 1. Size of Board. The initial number of the Board of
Directors shall be one (1). Thereafter, the number of directors shall
be as specified in the Bylaws of the corporation, and such number may
from time to time be increased or decreased in such manner as
prescribed by the Bylaws. Directors need not be stockholders.
Section 2. Powers of Board. In furtherance and not in
limitation of the powers conferred by the laws of the State of Nevada,
the Board of Directors is expressly authorized and empowered:
<PAGE>
(a) To make, alter, amend, and repeal the Bylaws subject to the
power of the stockholders to alter or repeal the Bylaws made by the
Board of Directors;
(b) Subject to the applicable provisions of the Bylaws then in
effect, to determine, from time to time, whether and to what extent,
and at what times and places, and under what conditions and
regulations, the accounts and books of the corporation, or any of
them, shall be open to stockholder inspection. No stockholder shall
have any right to inspect any of the accounts, books or documents of
the corporation, except as permitted by law, unless and until
authorized to do so by resolution of the Board of Directors or of the
stockholders of the Corporation;
(c) To authorize and issue, without stockholder consent,
obligations of the Corporation, secured and unsecured, under such
terms and conditions as the Board, in its sole discretion, may
determine, and to pledge or mortgage, as security therefore, any real
or personal property of the corporation, including after-acquired
property;
(d) To determine whether any and, if so, what part of the earned
surplus of the corporation shall be paid in dividends to the
stockholders, and to direct and determine other use and disposition of
any such earned surplus;
(e) To fix, from time to time, the amount of the profits of the
corporation to be reserved as working capital or for any other lawful
purpose;
(f) To establish bonus, profit-sharing, stock option, or other
types of incentive compensation plans for the employees, including
officers and directors, of the corporation, and to fix the amount of
profits to be shared or distributed, and to determine the persons to
participate in any such plans and the amount of their respective
participations.
<PAGE>
(g) To designate, by resolution or resolutions passed by a
majority of the whole Board, one or more committees, each consisting
of two or more directors, which, to the extent permitted by law and
authorized by the resolution or the Bylaws, shall have and may
exercise the powers of the Board;
(h) To provide for the reasonable compensation of its own
members by Bylaw, and to fix the terms and conditions upon which such
compensation will be paid;
(i) In addition to the powers and authority hereinbefore, or by
statute, expressly conferred upon it, the Board of Directors may
exercise all such powers and do all such acts and things as may be
exercised or done by the corporation, subject, nevertheless, to the
provisions of the laws of the State of Nevada, of these Articles of
Incorporation, and of the Bylaws of the corporation.
Section 3. Interested Directors. No contract or transaction
between this corporation and any of its directors, or between this
corporation and any other corporation, firm, association, or other
legal entity shall be invalidated by reason of the fact that the
director of the corporation has a direct or indirect interest,
pecuniary or otherwise, in such corporation, firm, association, or
legal entity, or because the interested director was present at the
meeting of the Board of Directors which acted upon or in reference to
such contract or transaction, or because he participated in such
action, provided that: (1) the interest of each such director shall
have been disclosed to or known by the Board and a disinterested
majority of the Board shall have, nonetheless, ratified and approved
such contract or transaction (such interested director or directors
may be counted in determining whether a quorum is present for the
meeting at which such ratification or approval is given); or (2) the
conditions of N.R.S. 78.140 are met.
<PAGE>
Section 4. Name and Address. The name and post office address
of the first Board of Directors which shall consist of one (1) person
who shall hold office until his successors are duly elected and
qualified, are as follows:
NAME ADDRESS
DONALD J. STOECKLEIN 1850 E. Flamingo Road, Suite 111
Las Vegas, NV 89119
Article VIII - PLACE OF MEETING; CORPORATE BOOKS
Subject to the laws of the State of Nevada, the stockholders and the
directors shall have power to hold their meetings, and the directors shall
have power to have an office or offices and to maintain the books of the
Corporation outside the State of Nevada, at such place or places as may
from time to time be designated in the Bylaws or by appropriate resolution.
Article IX - AMENDMENT OF ARTICLES
The provisions of these Articles of Incorporation may be amended,
altered or repealed from time to time to the extent and in the manner
prescribed by the laws of the State of Nevada, and additional provisions
authorized by such laws as are then in force may be added. All rights
herein conferred on the directors, officers and stockholders are granted
subject to this reservation.
Article X - INCORPORATOR
The name and address of the incorporator signing these Articles of
Incorporation are as follows:
NAME POST OFFICE ADDRESS
DONALD J. STOECKLEIN 1850 E. Flamingo Road, Suite 111
Las Vegas, NV 89119
<PAGE>
Article XI - LIMITED LIABILITY OF OFFICERS AND DIRECTORS
Except as hereinafter provided, the officers and directors of the
corporation shall not be personally liable to the corporation or its
stockholders for damages for breach of fiduciary duty as a director or
officer. This limitation on personal liability shall not apply to acts or
omissions which involve intentional misconduct, fraud, knowing violation of
law, or unlawful distributions prohibited by Nevada Revised Statutes
Section 78.300.
IN WITNESS WHEREOF, the undersigned incorporator has executed
these Articles of Incorporation this 1st day of April, 1999.
/s/ Donald Stoecklein
DONALD J. STOECKLEIN
STATE OF NEVADA )
) ss:
COUNTY OF CLARK )
On April 1, 1999, personally appeared before me, a Notary Public,
DONALD J. STOECKLEIN, who acknowledged to me that he executed the foregoing
Articles of Incorporation.
/s/ Debra Amigone
_________________________________
NOTARY PUBLIC
CERTIFICATE OF AMENDMENT
OF
ARTICLES OF INCORPORATION
OF
TITANIC LAS VEGAS, INC.
The undersigned President and Secretary of TITANIC LAS VEGAS, INC.
does hereby certify:
That the Board of Directors of said Corporation, at a meeting duly
convened and held on the January 13, 2000, adopted a resolution to amend
the Articles of Incorporation as follows:
1. Article I is amended to read as follows:
Article I - NAME
The exact name of this corporation is:
RUB INVESTMENTS LIMITED
The number of shares of the corporation outstanding and entitled to
vote on an amendment to the Articles of Incorporation is 5,000,000; that
the said changes and amendments have been consented to and approved by a
majority of the stockholders holding at least a majority of stock
outstanding and entitled to vote thereon at a meeting of the Shareholders
held January 13, 2000.
DATED: January 17, 2000
/s/ Anthony DeMint
________________________________
ANTHONY N. DeMINT,
President and Secretary
STATE OF NEVADA )
) SS:
COUNTY OF CLARK )
On January 17, 2000, personally appeared before me, a Notary Public,
ANTHONY N. DeMINT, who acknowledged that he executed the above instrument.
Debra Amigone
_____________________________
NOTARY PUBLIC
BYLAWS
OF
TITANTIC LAS VEGAS, INC.
a Nevada corporation
ARTICLE I
OFFICES
Section 1. PRINCIPAL OFFICES. The principal office shall be
in the City of Las Vegas, County of Clark, State of Nevada.
Section 2. OTHER OFFICES. The board of directors may at any
time establish branch or subordinate offices at any place or places where
the corporation is qualified to do business.
ARTICLE II
MEETINGS OF STOCKHOLDERS
Section 1. PLACE OF MEETINGS. Meetings of stockholders shall
be held at any place within or without the State of Nevada designated by
the board of directors. In the absence of any such designation,
stockholders' meetings shall be held at the principal executive office of
the corporation.
Section 2. ANNUAL MEETINGS. The annual meetings of
stockholders shall be held at a date and time designated by the board of
directors. (At such meetings, directors shall be elected and any other
proper business may be transacted by a plurality vote of stockholders.)
Section 3. SPECIAL MEETINGS. A special meeting of the
stockholders, for any purpose or purposes whatsoever, unless prescribed by
statute or by the articles of incorporation, may be called at any time by
the president and shall be called by the president or secretary at the
request in writing of a majority of the board of directors, or at the
request in writing of stockholders holding shares in the aggregate entitled
to cast not less than a majority of the votes at any such meeting.
The request shall be in writing, specifying the time of such
meeting, the place where it is to be held and the general nature of the
business proposed to be transacted, and shall be delivered personally or
sent by registered mail or by telegraphic or other facsimile transmission
to the chairman of the board, the president, any vice president or the
secretary of the corporation. The officer receiving such request forthwith
shall cause notice to be given to the stockholders entitled to vote, in
<PAGE>
accordance with the provisions of Sections 4 and 5 of this Article II, that
a meeting will be held at the time requested by the person or persons
calling the meeting, not less than thirty-five (35) nor more than sixty
(60) days after the receipt of the request. If the notice is not given
within twenty (20) days after receipt of the request, the person or persons
requesting the meeting may give the notice. Nothing contained in this
paragraph of this Section 3 shall be construed as limiting, fixing or
affecting the time when a meeting of stockholders called by action of the
board of directors may be held.
Section 4. NOTICE OF STOCKHOLDERS' MEETINGS. All notices of
meetings of stockholders shall be sent or otherwise given in accordance
with Section 5 of this Article II not less than ten (10) nor more than
sixty (60) days before the date of the meeting being noticed. The notice
shall specify the place, date and hour of the meeting and (i) in the case
of a special meeting the general nature of the business to be transacted,
or (ii) in the case of the annual meeting those matters which the board of
directors, at the time of giving the notice, intends to present for action
by the stockholders. The notice of any meeting at which directors are to
be elected shall include the name of any nominee or nominees which, at the
time of the notice, management intends to present for election.
If action is proposed to be taken at any meeting for approval of
(i) contracts or transactions in which a director has a direct or indirect
financial interest, (ii) an amendment to the articles of incorporation,
(iii) a reorganization of the corporation, (iv) dissolution of the
corporation, or (v) a distribution to preferred stockholders, the notice
shall also state the general nature of such proposal.
Section 5. MANNER OF GIVING NOTICE; AFFIDAVIT OF NOTICE.
Notice of any meeting of stockholders shall be given either personally or
by first-class mail or telegraphic or other written communication, charges
prepaid, addressed to the stockholder at the address of such stockholder
appearing on the books of the corporation or given by the stockholder to
the corporation for the purpose of notice. If no such address appears on
the corporation's books or is given, notice shall be deemed to have been
given if sent by mail or telegram to the corporation's principal executive
office, or if published at least once in a newspaper of general circulation
in the county where this office is located. Personal delivery of any such
notice to any officer of a corporation or association or to any member of a
partnership shall constitute delivery of such notice to such corporation,
association or partnership. Notice shall be deemed to have been given at
the time when delivered personally or deposited in the mail or sent by
telegram or other means of written communication. In the event of the
transfer of stock after delivery or mailing of the notice of and prior to
the holding of the meeting, it shall not be necessary to deliver or mail
notice of the meeting to the transferee.
If any notice addressed to a stockholder at the address of such
stockholder appearing on the books of the corporation is returned to the
corporation by the United States Postal Service marked to indicate that the
United States Postal Service is unable to deliver the notice to the
stockholder at such address, all future notices or reports shall be deemed
<PAGE>
to have been duly given without further mailing if the same shall be
available to the stockholder upon written demand of the stockholder at the
principal executive office of the corporation for a period of one year from
the date of the giving of such notice.
An affidavit of the mailing or other means of giving any notice
of any stockholders' meeting shall be executed by the secretary, assistant
secretary or any transfer agent of the corporation giving such notice, and
shall be filed and maintained in the minute book of the corporation.
Business transacted at any special meeting of stockholders shall
be limited to the purposes stated in the notice.
Section 6. QUORUM. The presence in person or by proxy of the
holders of a majority of the shares entitled to vote at any meeting of
stockholders shall constitute a quorum for the transaction of business,
except as otherwise provided by statute or the articles of incorporation.
The stockholders present at a duly called or held meeting at which a quorum
is present may continue to do business until adjournment, notwithstanding
the withdrawal of enough stockholders to leave less than a quorum, if any
action taken (other than adjournment) is approved by at least a majority of
the shares required to constitute a quorum.
Section 7. ADJOURNED MEETING AND NOTICE THEREOF. Any
stockholders' meeting, annual or special, whether or not a quorum is
present, may be adjourned from time to time by the vote of the majority of
the shares represented at such meeting, either in person or by proxy, but
in the absence of a quorum, no other business may be transacted at such
meeting.
When any meeting of stockholders, either annual or special, is
adjourned to another time or place, notice need not be given of the
adjourned meeting if the time and place thereof are announced at a meeting
at which the adjournment is taken. At any adjourned meeting the
corporation may transact any business which might have been transacted at
the original meeting.
Section 8. VOTING. Unless a record date set for voting
purposes be fixed as provided in Section 1 of Article VII of these bylaws,
only persons in whose names shares entitled to vote stand on the stock
records of the corporation at the close of business on the business day
next preceding the day on which notice is given (or, if notice is waived,
at the close of business on the business day next preceding the day on
which the meeting is held) shall be entitled to vote at such meeting. Any
stockholder entitled to vote on any matter other than elections of
directors or officers, may vote part of the shares in favor of the proposal
and refrain from voting the remaining shares or vote them against the
proposal, but, if the stockholder fails to specify the number of shares
such stockholder is voting affirmatively, it will be conclusively presumed
that the stockholder's approving vote is with respect to all shares such
stockholder is entitled to vote. Such vote may be by voice vote or by
ballot; provided, however, that all elections for directors must be by
ballot upon demand by a stockholder at any election and before the voting
begins.
When a quorum is present or represented at any meeting, the vote
of the holders of a majority of the stock having voting power present in
person or represented by proxy shall decide any question brought before
such meeting, unless the question is one upon which by express provision of
the statutes or of the articles of incorporation a different vote is
<PAGE>
required in which case such express provision shall govern and control the
decision of such question. Every stockholder of record of the corporation
shall be entitled at each meeting of stockholders to one vote for each
share of stock standing in his name on the books of the corporation.
Section 9. WAIVER OF NOTICE OR CONSENT BY ABSENT
STOCKHOLDERS. The transactions at any meeting of stockholders, either
annual or special, however called and noticed, and wherever held, shall be
as valid as though had at a meeting duly held after regular call and
notice, if a quorum be present either in person or by proxy, and if, either
before or after the meeting, each person entitled to vote, not present in
person or by proxy, signs a written waiver of notice or a consent to a
holding of the meeting, or an approval of the minutes thereof. The waiver
of notice or consent need not specify either the business to be transacted
or the purpose of any regular or special meeting of stockholders, except
that if action is taken or proposed to be taken for approval of any of
those matters specified in the second paragraph of Section 4 of this
Article II, the waiver of notice or consent shall state the general nature
of such proposal. All such waivers, consents or approvals shall be filed
with the corporate records or made a part of the minutes of the meeting.
Attendance of a person at a meeting shall also constitute a
waiver of notice of such meeting, except when the person objects, at the
beginning of the meeting, to the transaction of any business because the
meeting is not lawfully called or convened, and except that attendance at a
meeting is not a waiver of any right to object to the consideration of
matters not included in the notice if such objection is expressly made at
the meeting.
Section 10. STOCKHOLDER ACTION BY WRITTEN CONSENT WITHOUT A
MEETING. Any action which may be taken at any annual or special meeting of
stockholders may be taken without a meeting and without prior notice, if a
consent in writing, setting forth the action so taken, is signed by the
holders of outstanding shares having not less than the minimum number of
votes that would be necessary to authorize or take such action at a meeting
at which all shares entitled to vote thereon were present and voted. All
such consents shall be filed with the secretary of the corporation and
shall be maintained in the corporate records. Any stockholder giving a
written consent, or the stockholder's proxy holders, or a transferee of the
shares of a personal representative of the stockholder of their respective
proxy holders, may revoke the consent by a writing received by the
secretary of the corporation prior to the time that written consents of the
number of shares required to authorize the proposed action have been filed
with the secretary.
Section 11. PROXIES. Every person entitled to vote for
directors or on any other matter shall have the right to do so either in
person or by one or more agents authorized by a written proxy signed by the
person and filed with the secretary of the corporation. A proxy shall be
deemed signed if the stockholder's name is placed on the proxy (whether by
manual signature, typewriting, telegraphic transmission or otherwise) by
the stockholder or the stockholder's attorney in fact. A validly executed
proxy which does not state that it is irrevocable shall continue in full
force and effect unless revoked by the person executing it, prior to the
vote pursuant thereto, by a writing delivered to the corporation stating
that the proxy is revoked or by a subsequent proxy executed by, or
attendance at the meeting and voting in person by the person executing the
<PAGE>
proxy; provided, however, that no such proxy shall be valid after the
expiration of six (6) months from the date of such proxy, unless coupled
with an interest, or unless the person executing it specifies therein the
length of time for which it is to continue in force, which in no case shall
exceed seven (7) years from the date of its execution. Subject to the
above and the provisions of Section 78.355 of the Nevada General
Corporation Law, any proxy duly executed is not revoked and continues in
full force and effect until an instrument revoking it or a duly executed
proxy bearing a later date is filed with the secretary of the corporation.
Section 12. INSPECTORS OF ELECTION. Before any meeting of
stockholders, the board of directors may appoint any persons other than
nominees for office to act as inspectors of election at the meeting or its
adjournment. If no inspectors of election are appointed, the chairman of
the meeting may, and on the request of any stockholder or his proxy shall,
appoint inspectors of election at the meeting. The number of inspectors
shall be either one (1) or three (3). If inspectors are appointed at a
meeting on the request of one or more stockholders or proxies, the holders
of a majority of shares or their proxies present at the meeting shall
determine whether one (1) or three (3) inspectors are to be appointed. If
any person appointed as inspector fails to appear or fails or refuses to
act, the vacancy may be filled by appointment by the board of directors
before the meeting, or by the chairman at the meeting.
The duties of these inspectors shall be as follows:
(a) Determine the number of shares outstanding and the
voting power of each, the shares represented at the meeting, the existence
of a quorum, and the authenticity, validity, and effect of proxies;
(b) Receive votes, ballots, or consents;
(c) Hear and determine all challenges and questions in any
way arising in connection with the right to vote;
(d) Count and tabulate all votes or consents;
(e) Determine the election result; and
(f) Do any other acts that may be proper to conduct the
election or vote with fairness to all stockholders.
<PAGE>
ARTICLE III
DIRECTORS
Section 1. POWERS. Subject to the provisions of the Nevada
General Corporation Law and any limitations in the articles of
incorporation and these bylaws relating to action required to be approved
by the stockholders or by the outstanding shares, the business and affairs
of the corporation shall be managed and all corporate powers shall be
exercised by or under the direction of the board of directors.
Without prejudice to such general powers, but subject to the same
limitations, it is hereby expressly declared that the directors shall have
the power and authority to:
(a) Select and remove all officers, agents, and employees
of the corporation, prescribe such powers and duties for them as may not be
inconsistent with law, with the articles of incorporation or these bylaws,
fix their compensation, and require from them security for faithful
service.
(b) Change the principal executive office or the principal
business office from one location to another; cause the corporation to be
qualified to do business in any other state, territory, dependency, or
foreign country and conduct business within or without the State; designate
any place within or without the State for the holding of any stockholders'
meeting, or meetings, including annual meetings; adopt, make and use a
corporate seal, and prescribe the forms of certificates of stock, and alter
the form of such seal and of such certificates from time to time as in
their judgment they may deem best, provided that such forms shall at all
times comply with the provisions of law.
(c) Authorize the issuance of shares of stock of the
corporation from time to time, upon such terms as may be lawful, in
consideration of money paid, labor done or services actually rendered,
debts or securities canceled, tangible or intangible property actually
received.
(d) Borrow money and incur indebtedness for the purpose of
the corporation, and cause to be executed and delivered therefore, in the
corporate name, promissory notes, bonds, debentures, deeds of trust,
mortgages, pledges, hypothecations, or other evidences of debt and
securities therefore.
Section 2. NUMBER OF DIRECTORS. The authorized number of
directors shall be no fewer than one (1) nor more than seven (7). The
exact number of authorized directors shall be set by resolution of the
board of directors, within the limits specified above. The maximum or
minimum number of directors cannot be changed, nor can a fixed number be
substituted for the maximum and minimum numbers, except by a duly adopted
amendment to this bylaw duly approved by a majority of the outstanding
shares entitled to vote.
<PAGE>
Section 3. QUALIFICATION, ELECTION AND TERM OF OFFICE OF
DIRECTORS. Directors shall be elected at each annual meeting of the
stockholders to hold office until the next annual meeting, but if any such
annual meeting is not held or the directors are not elected at any annual
meeting, the directors may be elected at any special meeting of
stockholders held for that purpose, or at the next annual meeting of
stockholders held thereafter. Each director, including a director elected
to fill a vacancy, shall hold office until the expiration of the term for
which elected and until a successor has been elected and qualified or until
his earlier resignation or removal or his office has been declared vacant
in the manner provided in these bylaws. Directors need not be
stockholders.
Section 4. RESIGNATION AND REMOVAL OF DIRECTORS. Any
director may resign effective upon giving written notice to the chairman of
the board, the president, the secretary or the board of directors of the
corporation, unless the notice specifies a later time for the effectiveness
of such resignation, in which case such resignation shall be effective at
the time specified. Unless such resignation specifies otherwise, its
acceptance by the corporation shall not be necessary to make it effective.
The board of directors may declare vacant the office of a director who has
been declared of unsound mind by an order of a court or convicted of a
felony. Any or all of the directors may be removed without cause of such
removal is approved by the affirmative vote of a majority of the
outstanding shares entitled to vote. No reduction of the authorized number
of directors shall have the effect of removing any director before his term
of office expires.
Section 5. VACANCIES. Vacancies in the board of directors,
may be filled by a majority of the remaining directors, though less than a
quorum, or by a sole remaining director. Each director so elected shall
hold office until the next annual meeting of the stockholders and until a
successor has been elected and qualified.
A vacancy in the board of directors exists as to any authorized
position of directors which is not then filled by a duly elected director,
whether caused by death, resignation, removal, increase in the authorized
number of directors or otherwise.
The stockholders may elect a director or directors at any time to
fill any vacancy or vacancies not filled by the directors, but any such
election by written consent shall require the consent of a majority of the
outstanding shares entitled to vote. If the resignation of a director is
effective at a future time, the board of directors may elect a successor to
take office when the resignation becomes effective.
If after the filling of any vacancy by the directors, the
directors then in office who have been elected by the stockholders shall
constitute less than a majority of the directors then in office, any holder
or holders of an aggregate of five percent or more of the total number of
shares at the time outstanding having the right to vote for such directors
may call a special meeting of the stockholders to elect the entire board.
The term of office of any director not elected by the stockholders shall
terminate upon the election of a successor.
<PAGE>
Section 6. PLACE OF MEETINGS. Regular meetings of the board
of directors shall be held at any place within or without the State of
Nevada that has been designated from time to time by resolution of the
board. In the absence of such designation, regular meetings shall be held
at the principal executive office of the corporation. Special meetings of
the board shall be held at any place within or without the State of Nevada
that has been designated in the notice of the meeting or, if not stated in
the notice or there is not notice, at the principal executive office of the
corporation. Any meeting, regular or special, may be held by conference
telephone or similar communication equipment, so long as all directors
participating in such meeting can hear one another, and all such directors
shall be deemed to be present in person at such meeting.
Section 7. ANNUAL MEETINGS. Immediately following each
annual meeting of stockholders, the board of directors shall hold a regular
meeting for the purpose of transaction of other business. Notice of this
meeting shall not be required.
Section 8. OTHER REGULAR MEETINGS. Other regular meetings of
the board of directors shall be held without call at such time as shall
from time to time be fixed by the board of directors. Such regular
meetings may be held without notice, provided the notice of any change in
the time of any such meetings shall be given to all of the directors.
Notice of a change in the determination of the time shall be given to each
director in the same manner as notice for special meetings of the board of
directors.
Section 9. SPECIAL MEETINGS. Special meetings of the board
of directors for any purpose or purposes may be called at any time by the
chairman of the board or the president or any vice president or the
secretary or any two directors.
Notice of the time and place of special meetings shall be
delivered personally or by telephone to each director or sent by
first-class mail or telegram, charges prepaid, addressed to each director
at his or her address as it is shown upon the records of the corporation.
In case such notice is mailed, it shall be deposited in the United States
mail at least four (4) days prior to the time of the holding of the
meeting. In case such notice is delivered personally, or by telephone or
telegram, it shall be delivered personally or by telephone or to the
telegraph company at least forty-eight (48) hours prior to the time of the
holding of the meeting. Any oral notice given personally or by telephone
may be communicated to either the director or to a person at the office of
the director who the person giving the notice has reason to believe will
promptly communicate it to the director. The notice need not specify the
purpose of the meeting nor the place if the meeting is to be held at the
principal executive office of the corporation.
Section 10. QUORUM. A majority of the authorized number of
directors shall constitute a quorum for the transaction of business, except
to adjourn as hereinafter provided. Every act or decision done or made by
a majority of the directors present at a meeting duly held at which a
quorum is present shall be regarded as the act of the board of directors,
subject to the provisions of Section 78.140 of the Nevada General
Corporation Law (approval of contracts or transactions in which a director
has a direct or indirect material financial interest), Section 78.125
(appointment of committees), and Section 78.751 (indemnification of
directors). A meeting at which a quorum is initially present may continue
to transact business notwithstanding the withdrawal of directors, if any
action taken is approved by at least a majority of the required quorum for
such meeting.
<PAGE>
Section 11. WAIVER OF NOTICE. The transactions of any meeting
of the board of directors, however called and noticed or wherever held,
shall be as valid as though had at a meeting duly held after regular call
and notice if a quorum be present and if, either before or after the
meeting, each of the directors not present signs a written waiver of
notice, a consent to holding the meeting or an approval of the minutes
thereof. The waiver of notice of consent need not specify the purpose of
the meeting. All such waivers, consents and approvals shall be filed with
the corporate records or made a part of the minutes of the meeting. Notice
of a meeting shall also be deemed given to any director who attends the
meeting without protesting, prior thereto or at its commencement, the lack
of notice to such director.
Section 12. ADJOURNMENT. A majority of the directors present,
whether or not constituting a quorum, may adjourn any meeting to another
time and place.
Section 13. NOTICE OF ADJOURNMENT. Notice of the time and
place of holding an adjourned meeting need not be given, unless the meeting
is adjourned for more than twenty-four (24) hours, in which case notice of
such time and place shall be given prior to the time of the adjourned
meeting, in the manner specified in Section 8 of this Article III, to the
directors who were not present at the time of the adjournment.
Section 14. ACTION WITHOUT MEETING. Any action required or
permitted to be taken by the board of directors may be taken without a
meeting, if all members of the board shall individually or collectively
consent in writing to such action. Such action by written consent shall
have the same force and effect as a unanimous vote of the board of
directors. Such written consent or consents shall be filed with the
minutes of the proceedings of the board.
Section 15. FEES AND COMPENSATION OF DIRECTORS. Directors and
members of committees may receive such compensation, if any, for their
services, and such reimbursement of expenses, as may be fixed or determined
by resolution of the board of directors. Nothing herein contained shall be
construed to preclude any director from serving the corporation in any
other capacity as an officer, agent, employee, or otherwise, and receiving
compensation for such services. Members of special or standing committees
may be allowed like compensation for attending committee meetings.
ARTICLE IV
COMMITTEES
Section 1. COMMITTEES OF DIRECTORS. The board of directors
may, by resolution adopted by a majority of the authorized number of
directors, designate one or more committees, each consisting of one or more
directors, to serve at the pleasure of the board. The board may designate
one or more directors as alternate members of any committees, who may
<PAGE>
replace any absent member at any meeting of the committee. Any such
committee, to the extent provided in the resolution of the board, shall
have all the authority of the board, except with regard to:
(a) the approval of any action which, under the Nevada
General Corporation Law, also requires stockholders' approval or approval
of the outstanding shares;
(b) the filing of vacancies on the board of directors or in
any committees;
(c) the fixing of compensation of the directors for serving
on the board or on any committee;
(d) the amendment or repeal of bylaws or the adoption of
new bylaws;
(e) the amendment or repeal of any resolution of the board
of directors which by its express terms is not so amendable or repealable;
(f) a distribution to the stockholders of the corporation,
except at a rate or in a periodic amount or within a price range determined
by the board of directors; or
(g) the appointment of any other committees of the board of
directors or the members thereof.
Section 2. MEETINGS AND ACTION BY COMMITTEES. Meetings and
action of committees shall be governed by, and held and taken in accordance
with, the provisions of Article III, Sections 6 (place of meetings), 8
(regular meetings), 9 (special meetings and notice), 10 (quorum), 11
(waiver of notice), 12 (adjournment), 13 (notice of adjournment) and 14
(action without meeting), with such changes in the context of those bylaws
as are necessary to substitute the committee and its members for the board
of directors and its members, except that the time or regular meetings of
committees may be determined by resolutions of the board of directors and
notice of special meetings of committees shall also be given to all
alternate members, who shall have the right to attend all meetings of the
committee. The board of directors may adopt rules for the government of
any committee not inconsistent with the provisions of these bylaws. The
committees shall keep regular minutes of their proceedings and report the
same to the board when required.
ARTICLE V
OFFICERS
Section 1. OFFICERS. The officers of the corporation shall
be a president, a secretary and a treasurer. The corporation may also
have, at the discretion of the board of directors, a chairman of the board,
one or more vice presidents, one or more assistant secretaries, one or more
<PAGE>
assistant treasurers, and such other officers as may be appointed in
accordance with the provisions of Section 3 of this Article V. Any two or
more offices may be held by the same person.
Section 2. ELECTION OF OFFICERS. The officers of the
corporation, except such officers as may be appointed in accordance with
the provisions of Section 3 or Section 5 of this Article V, shall be chosen
by the board of directors, and each shall serve at the pleasure of the
board, subject to the rights, if any, of an officer under any contract of
employment. The board of directors at its first meeting after each annual
meeting of stockholders shall choose a president, a vice president, a
secretary and a treasurer, none of whom need be a member of the board. The
salaries of all officers and agents of the corporation shall be fixed by
the board of directors.
Section 3. SUBORDINATE OFFICERS, ETC. The board of directors
may appoint, and may empower the president to appoint, such other officers
as the business of the corporation may require, each of whom shall hold
office for such period, have such authority and perform such duties as are
provided in the bylaws or as the board of directors may from time to time
determine.
Section 4. REMOVAL AND RESIGNATION OF OFFICERS. The officers
of the corporation shall hold office until their successors are chosen and
qualify. Subject to the rights, if any, of an officer under any contract
of employment, any officer may be removed, either with or without cause, by
the board of directors, at any regular or special meeting thereof, or,
except in case of an officer chosen by the board of directors, by any
officer upon whom such power or removal may be conferred by the board of
directors.
Any officer may resign at any time by giving written notice to
the corporation. Any such resignation shall take effect at the date of the
receipt of such notice or at any later time specified therein; and, unless
otherwise specified therein, the acceptance of such resignation shall not
be necessary to make it effective. Any such resignation is without
prejudice to the rights, if any, of the corporation under any contract to
which the officer is a party.
Section 5. VACANCIES IN OFFICES. A vacancy in any office
because of death, resignation, removal, disqualification or any other cause
shall be filled in the manner prescribed in these bylaws for regular
appointments to such office.
Section 6. CHAIRMAN OF THE BOARD. The chairman of the board,
if such an officer be elected, shall, if present, preside at all meetings
of the board of directors and exercise and perform such other powers and
duties as may be from time to time assigned to him by the board of
directors or prescribed by the bylaws. If there is no president, the
chairman of the board shall in addition be the chief executive officer of
the corporation and shall have the powers and duties prescribed in
Section 7 of this Article V.
Section 7. PRESIDENT. Subject to such supervisory powers, if
any, as may be given by the board of directors to the chairman of the
board, if there be such an officer, the president shall be the chief
executive officer of the corporation and shall, subject to the control of
the board of directors, have general supervision, direction and control of
<PAGE>
the business and the officers of the corporation. He shall preside at all
meetings of the stockholders and, in the absence of the chairman of the
board, of if there be none, at all meetings of the board of directors. He
shall have the general powers and duties of management usually vested in
the office of president of a corporation, and shall have such other powers
and duties as may be prescribed by the board of directors or the bylaws.
He shall execute bonds, mortgages and other contracts requiring a seal,
under the seal of the corporation, except where required or permitted by
law to be otherwise signed and executed and except where the signing and
execution thereof shall be expressly delegated by the board of directors to
some other officer or agent of the corporation.
Section 8. VICE PRESIDENTS. In the absence or disability of
the president, the vice presidents, if any, in order of their rank as fixed
by the board of directors or, if not ranked, a vice president designated by
the board of directors, shall perform all the duties of the president, and
when so acting shall have all the powers of, and be subject to all the
restrictions upon, the president. The vice presidents shall have such
other powers and perform such other duties as from time to time may be
prescribed for them respectively by the board of directors or the bylaws,
the president or the chairman of the board.
Section 9. SECRETARY. The secretary shall attend all
meetings of the board of directors and all meetings of the stockholders and
shall record, keep or cause to be kept, at the principal executive office
or such other place as the board of directors may order, a book of minutes
of all meetings of directors, committees of directors and stockholders,
with the time and place of holding, whether regular or special, and, if
special, how authorized, the notice thereof given, the names of those
present at directors' and committee meetings, the number of shares present
or represented at stockholders' meetings, and the proceedings thereof.
The secretary shall keep, or cause to be kept, at the principal
executive office or at the office of the corporation's transfer agent or
registrar, as determined by resolution of the board of directors, a share
register, or a duplicate share register, showing the names of all
stockholders and their addresses, the number and classes of shares held by
each, the number and date of certificates issued for the same, and the
number and date of cancellation of every certificate surrendered for
cancellation.
The secretary shall give, or cause to be given, notice of all
meetings of stockholders and of the board of directors required by the
bylaws or by law to be given, and he shall keep the seal of the corporation
in safe custody, as may be prescribed by the board of directors or by the
bylaws.
Section 10. TREASURER. The treasurer shall keep and maintain,
or cause to be kept and maintained, adequate and correct books and records
of accounts of the properties and business transactions of the corporation,
including accounts of its assets, liabilities, receipts, disbursements,
gains, losses, capital, retained earnings and shares. The books of account
shall at all reasonable times be open to inspection by any director.
<PAGE>
The treasurer shall deposit all moneys and other valuables in the
name and to the credit of the corporation with such depositories as may be
designated by the board of directors. He shall disburse the funds of the
corporation as may be ordered by the board of directors, shall render to
the president and directors, whenever they request it, an account of all of
his transactions as treasurer and of the financial condition of the
corporation, and shall have other powers and perform such other duties as
may be prescribed by the board of directors or the bylaws.
If required by the board of directors, the treasurer shall give
the corporation a bond in such sum and with such surety or sureties as
shall be satisfactory to the board of directors for the faithful
performance of the duties of his office and for the restoration to the
corporation, in case of his death, resignation, retirement or removal from
office, of all books, papers, vouchers, money and other property of
whatever kind in his possession or under his control belonging to the
corporation.
ARTICLE VI
INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES,
AND OTHER AGENTS
Section 1. ACTIONS OTHER THAN BY THE CORPORATION. The
corporation may indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative,
except an action by or in the right of the corporation, by reason of the
fact that he is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise, against expenses, including
attorneys' fees, judgments, fines and amounts paid in settlement actually
and reasonably incurred by him in connection with the action, suit or
proceeding if he acted in good faith and in a manner which he reasonably
believed to be in or not opposed to the best interests of the corporation,
and, with respect to any criminal action or proceeding, has no reasonable
cause to believe his conduct was unlawful. The termination of any action,
suit or proceeding by judgment, order, settlement, conviction, or upon a
plea of nolo contendere or its equivalent, does not, of itself, create a
presumption that the person did not act in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the
corporation, and that, with respect to any criminal action or proceeding,
he had reasonable cause to believe that his conduct was unlawful.
Section 2. ACTIONS BY THE CORPORATION. The corporation may
indemnify any person who was or is a party or is threatened to be made a
party to any threatened, pending or completed action or suit by or in the
right of the corporation to procure a judgment in its favor by reason of
the fact that he is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise against expenses, including
amounts paid in settlement and attorneys' fees, actually and reasonably
incurred by him in connection with the defense or settlement of the action
or suit if he acted in good faith and in a manner which he reasonably
<PAGE>
believed to be in or not opposed to the best interests of the corporation.
Indemnification may not be made for any claim, issue or matter as to which
such a person has been adjudged by a court of competent jurisdiction, after
exhaustion of all appeals therefrom, to be liable to the corporation or for
amounts paid in settlement to the corporation, unless and only to the
extent that the court in which the action or suit was brought or other
court of competent jurisdiction determines upon application that in view of
all the circumstances of the case, the person is fairly and reasonably
entitled to indemnity for such expenses as the court deems proper.
Section 3. SUCCESSFUL DEFENSE. To the extent that a
director, officer, employee or agent of the corporation has been successful
on the merits or otherwise in defense of any action, suit or proceeding
referred to in Sections 1 and 2, or in defense of any claim, issue or
matter therein, he must be indemnified by the corporation against expenses,
including attorneys' fees, actually and reasonably incurred by him in
connection with the defense.
Section 4. REQUIRED APPROVAL. Any indemnification under
Sections 1 and 2, unless ordered by a court or advanced pursuant to Section
5, must be made by the corporation only as authorized in the specific case
upon a determination that indemnification of the director, officer,
employee or agent is proper in the circumstances. The determination must
be made:
(a) By the stockholders;
(b) By the board of directors by majority vote of a quorum
consisting of directors who were not parties to the act, suit or
proceeding;
(c) If a majority vote of a quorum consisting of directors
who were not parties to the act, suit or proceeding so orders, by
independent legal counsel in a written opinion; or
(d) If a quorum consisting of directors who were not
parties to the act, suit or proceeding cannot be obtained, by independent
legal counsel in a written opinion.
Section 5. ADVANCE OF EXPENSES. The articles of
incorporation, the bylaws or an agreement made by the corporation may
provide that the expenses of officers and directors incurred in defending a
civil or criminal action, suit or proceeding must be paid by the
corporation as they are incurred and in advance of the final disposition of
the action, suit or proceeding upon receipt of an undertaking by or on
behalf of the director or officer to repay the amount if it is ultimately
determined by a court of competent jurisdiction that he is not entitled to
be indemnified by the corporation. The provisions of this section do not
affect any rights to advancement of expenses to which corporate personnel
other than directors or officers may be entitled under any contract or
otherwise by law.
Section 6. OTHER RIGHTS. The indemnification and advancement
of expenses authorized in or ordered by a court pursuant to this
Article VI:
<PAGE>
(a) Does not exclude any other rights to which a person
seeking indemnification or advancement of expenses may be entitled under
the articles of incorporation or any bylaw, agreement, vote of stockholders
or disinterested directors or otherwise, for either an action in his
official capacity or an action in another capacity while holding his
office, except that indemnification, unless ordered by a court pursuant to
Section 2 or for the advancement of expenses made pursuant to Section 5,
may not be made to or on behalf of any director or officer if a final
adjudication establishes that his acts or omissions involved intentional
misconduct, fraud or a knowing violation of the law and was material to the
cause of action.
(b) Continues for a person who has ceased to be a director,
officer, employee or agent and inures to the benefit of the heirs,
executors and administrators of such a person.
Section 7. INSURANCE. The corporation may purchase and
maintain insurance on behalf of any person who is or was a director,
officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise
for any liability asserted against him and incurred by him in any such
capacity, or arising out of his status as such, whether or not the
corporation would have the power to indemnify him against such liability
under the provisions of this Article VI.
Section 8. RELIANCE ON PROVISIONS. Each person who shall act
as an authorized representative of the corporation shall be deemed to be
doing so in reliance upon the rights of indemnification provided by this
Article.
Section 9. SEVERABILITY. If any of the provisions of this
Article are held to be invalid or unenforceable, this Article shall be
construed as if it did not contain such invalid or unenforceable provision
and the remaining provisions of this Article shall remain in full force and
effect.
Section 10. RETROACTIVE EFFECT. To the extent permitted by
applicable law, the rights and powers granted pursuant to this Article VI
shall apply to acts and actions occurring or in progress prior to its
adoption by the board of directors.
ARTICLE VII
RECORDS AND BOOKS
Section 1. MAINTENANCE OF SHARE REGISTER. The corporation
shall keep at its principal executive office, or at the office of its
transfer agent or registrar, if either be appointed and as determined by
resolution of the board of directors, a record of its stockholders, giving
the names and addresses of all stockholders and the number and class of
shares held by each stockholder.
<PAGE>
Section 2. MAINTENANCE OF BYLAWS. The corporation shall keep
at its principal executive office, or if its principal executive office is
not in this State at its principal business office in this State, the
original or a copy of the bylaws as amended to date, which shall be open to
inspection by the stockholders at all reasonable times during office hours.
If the principal executive office of the corporation is outside this state
and the corporation has no principal business office in this state, the
secretary shall, upon the written request of any stockholder, furnish to
such stockholder a copy of the bylaws as amended to date.
Section 3. MAINTENANCE OF OTHER CORPORATE RECORDS. The
accounting books and records and minutes of proceedings of the stockholders
and the board of directors and any committee or committees of the board of
directors shall be kept at such place or places designated by the board of
directors, or, in the absence of such designation, at the principal
executive office of the corporation. The minutes shall be kept in written
form and the accounting books and records shall be kept either in written
form or in any other form capable of being converted into written form.
Every director shall have the absolute right at any reasonable
time to inspect and copy all books, records and documents of every kind and
to inspect the physical properties of this corporation and any subsidiary
of this corporation. Such inspection by a director may be made in person
or by agent or attorney and the right of inspection includes the right to
copy and make extracts. The foregoing rights of inspection shall extend to
the records of each subsidiary of the corporation.
Section 4. ANNUAL REPORT TO STOCKHOLDERS. Nothing herein
shall be interpreted as prohibiting the board of directors from issuing
annual or other periodic reports to the stockholders of the corporation as
they deem appropriate.
Section 5. FINANCIAL STATEMENTS. A copy of any annual
financial statement and any income statement of the corporation for each
quarterly period of each fiscal year, and any accompanying balance sheet of
the corporation as of the end of each such period, that has been prepared
by the corporation shall be kept on file in the principal executive office
of the corporation for twelve (12) months.
Section 6. ANNUAL LIST OF DIRECTORS, OFFICERS AND RESIDENT
AGENT. The corporation shall, on or before April 1st of each year, file
with the Secretary of State of the State of Nevada, on the prescribed form,
a list of its officers and directors and a designation of its resident
agent in Nevada.
<PAGE>
ARTICLE VIII
GENERAL CORPORATE MATTERS
Section 1. RECORD DATE. For purposes of determining the
stockholders entitled to notice of any meeting or to vote or entitled to
receive payment of any dividend or other distribution or allotment of any
rights or entitled to exercise any rights in respect of any other lawful
action, the board of directors may fix, in advance, a record date, which
shall not be more than sixty (60) days nor less than ten (10) days prior to
the date of any such meeting nor more than sixty (60) days prior to any
other action, and in such case only stockholders of record on the date so
fixed are entitled to notice and to vote or to receive the dividend,
distribution or allotment of rights or to exercise the rights, as the case
may be, notwithstanding any transfer of any shares on the books of the
corporation after the record date fixed as aforesaid, except as otherwise
provided in the Nevada General Corporation Law.
If the board of directors does not so fix a record date:
(a) The record date for determining stockholders entitled
to notice of or to vote at a meeting of stockholders shall be at the close
of business on the day next preceding the day on which notice is given or,
if notice is waived, at the close of business on the business day next
preceding the day on which the meeting is held.
(b) The record date for determining stockholders entitled
to give consent to corporate action in writing without a meeting, when no
prior action by the board has been taken, shall be the day on which the
first written consent is given.
(c) The record date for determining stockholders for any
other purpose shall be at the close of business on the day on which the
board adopts the resolution relating thereto, or the sixtieth (60th) day
prior to the date of such other action, whichever is later.
Section 2. CLOSING OF TRANSFER BOOKS. The directors may
prescribe a period not exceeding sixty (60) days prior to any meeting of
the stockholders during which no transfer of stock on the books of the
corporation may be made, or may fix a date not more than sixty (60) days
prior to the holding of any such meeting as the day as of which
stockholders entitled to notice of and to vote at such meeting shall be
determined; and only stockholders of record on such day shall be entitled
to notice or to vote at such meeting.
Section 3. REGISTERED STOCKHOLDERS. The corporation shall be
entitled to recognize the exclusive right of a person registered on its
books as the owner of shares to receive dividends, and to vote as such
owner, and to hold liable for calls and assessments a person registered on
its books as the owner of shares, and shall not be bound to recognize any
equitable or other claim to or interest in such share or shares on the part
of any other person, whether or not it shall have express or other notice
thereof, except as otherwise provided by the laws of Nevada.
<PAGE>
Section 4. CHECKS, DRAFTS, EVIDENCES OF INDEBTEDNESS. All
checks, drafts or other orders for payment of money, notes or other
evidences of indebtedness, issued in the name of or payable to the
corporation, shall be signed or endorsed by such person or persons and in
such manner as, from time to time, shall be determined by resolution of the
board of directors.
Section 5. CORPORATE CONTRACTS AND INSTRUMENTS; HOW EXECUTED.
The board of directors, except as in the bylaws otherwise provided, may
authorize any officer or officers, agent or agents, to enter into any
contract or execute any instrument in the name of and on behalf of the
corporation, and such authority may be general or confined to specific
instances; and, unless so authorized or ratified by the board of directors
or within the agency power or authority to bind the corporation by any
contract or engagement or to pledge its credit or to render it liable for
any purpose or to any amount.
Section 6. STOCK CERTIFICATES. A certificate or certificates
for shares of the capital stock of the corporation shall be issued to each
stockholder when any such shares are fully paid, and the board of directors
may authorize the issuance of certificates or shares as partly paid
provided that such certificates shall state the amount of the consideration
to be paid therefore and the amount paid thereon. All certificates shall
be signed in the name of the corporation by the president or vice president
and by the treasurer or an assistant treasurer or the secretary or any
assistant secretary, certifying the number of shares and the class or
series of shares owned by the stockholder. When the corporation is
authorized to issue shares of more than one class or more than one series
of any class, there shall be set forth upon the face or back of the
certificate, or the certificate shall have a statement that the corporation
will furnish to any stockholders upon request and without charge, a full or
summary statement of the designations, preferences and relatives,
participating, optional or other special rights of the various classes of
stock or series thereof and the qualifications, limitations or restrictions
of such rights, and, if the corporation shall be authorized to issue only
special stock, such certificate must set forth in full or summarize the
rights of the holders of such stock. Any or all of the signatures on the
certificate may be facsimile. In case any officer, transfer agent or
registrar who has signed or whose facsimile signature has been placed upon
a certificate shall have ceased to be such officer, transfer agent or
registrar before such certificate is issued, it may be issued by the
corporation with the same effect as if such person were an officer,
transfer agent or registrar at the date of issue.
No new certificate for shares shall be issued in place of any
certificate theretofore issued unless the latter is surrendered and
canceled at the same time; provided, however, that a new certificate may be
issued without the surrender and cancellation of the old certificate if the
certificate thereto fore issued is alleged to have been lost, stolen or
destroyed. In case of any such allegedly lost, stolen or destroyed
certificate, the corporation may require the owner thereof or the legal
representative of such owner to give the corporation a bond (or other
adequate security) sufficient to indemnify it against any claim that may be
made against it (including any expense or liability) on account of the
alleged loss, theft or destruction of any such certificate or the issuance
of such new certificate.
<PAGE>
Section 7. DIVIDENDS. Dividends upon the capital stock of
the corporation, subject to the provisions of the articles of
incorporation, if any, may be declared by the board of directors at any
regular or special meeting pursuant to law. Dividends may be paid in cash,
in property, or in shares of the capital stock, subject to the provisions
of the articles of incorporation.
Before payment of any dividend, there may be set aside out of any
funds of the corporation available for dividends such sum or sums as the
directors from time to time, in their absolute discretion, think proper as
a reserve or reserves to meet contingencies, or for equalizing dividends,
or for repairing or maintaining any property of the corporation, or for
such other purpose as the directors shall think conducive to the interest
of the corporation, and the directors may modify or abolish any such
reserves in the manner in which it was created.
Section 8. FISCAL YEAR. The fiscal year of the corporation
shall be fixed by resolution of the board of directors.
Section 9. SEAL. The corporate seal shall have inscribed
thereon the name of the corporation, the year of its incorporation and the
words "Corporate Seal, Nevada."
Section 10. REPRESENTATION OF SHARES OF OTHER CORPORATIONS.
The chairman of the board, the president, or any vice president, or any
other person authorized by resolution of the board of directors by any of
the foregoing designated officers, is authorized to vote on behalf of the
corporation any and all shares of any other corporation or corporations,
foreign or domestic, standing in the name of the corporation. The
authority herein granted to said officers to vote or represent on behalf of
the corporation any and all shares held by the corporation in any other
corporation or corporations may be exercised by any such officer in person
or by any person authorized to do so by proxy duly executed by said
officer.
Section 11. CONSTRUCTION AND DEFINITIONS. Unless the context
requires otherwise, the general provisions, rules of construction, and
definitions in the Nevada General Corporation Law shall govern the
construction of the bylaws. Without limiting the generality of the
foregoing, the singular number includes the plural, the plural number
includes the singular, and the term "person" includes both a corporation
and a natural person.
<PAGE>
ARTICLE IX
AMENDMENTS
Section 1. AMENDMENT BY STOCKHOLDERS. New bylaws may be
adopted or these bylaws may be amended or repealed by the affirmative vote
of a majority of the outstanding shares entitled to vote, or by the written
assent of stockholders entitled to vote such shares, except as otherwise
provided by law or by the articles of incorporation.
Section 2. AMENDMENT BY DIRECTORS. Subject to the rights of
the stockholders as provided in Section 1 of this Article, bylaws may be
adopted, amended or repealed by the board of directors.
<PAGE>
CERTIFICATE OF SECRETARY
I, the undersigned, do hereby certify:
1. That I am the duly elected and acting secretary of TITANTIC
LAS VEGAS, INC., a Nevada corporation; and
2. That the foregoing Amended and Restated Bylaws, comprising
twenty (20) pages, constitute the Bylaws of said corporation as duly
adopted and approved by the board of directors of said corporation by a
Unanimous Written Consent dated as of APRIL 1, 1999 and duly adopted and
approved by the stockholders of said corporation at a special meeting held
on APRIL 1, 1999.
IN WITNESS WHEREOF, I have hereunto subscribed my name and
affixed the seal of said corporation this1st day of April, 1999.
/s/ Anthony DeMint
_________________________________
Anthony DeMint, Secretary
RUB INVESTMENTS LIMITED
INCORPORATED UNDER THE LAWS OF THIS STATE OF NEVADA
25,000,000 SHARES COMMON STOCK AUTHORIZED, $.001 PAR VALUE
THIS
CERTIFIES
THAT SEE REVERSE FOR
CERTAIN DEFINITIONS
IS THE OWNER OF
FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF
RUB INVESTMENTS LIMITED
transferable on the books of the corporation in person or by duly
authorized attorney upon surrender of this certificate properly endorsed.
This certificate and the shares represented hereby are subject to the laws
of this State of Nevada, and to the Certificate of Incorporation and Bylaws
of the Corporation, as now hereafter amended. This certificate is not
valid unless countersigned by the Transfer Agent. WITNESS the facsimile
seal of the Corporation and the signature of its duly authorized officers.
DATE
RUB INVESTMENTS LIMITED
Corporate Seal
Nevada
SECRETARY
BARRY L. FRIEDMAN, P.C.
Certified Public Accountant
1582 TULITA DRIVE OFFICE (702) 361-8414
LAS VEGAS, NEVADA 89123 FAX NO. (702) 896-0278
CONSENT OF INDEPENDENT AUDITORS
To Whom It May Concern:
January 21, 2000
The firm of Barry L. Friedman, P.C., Certified Public Accountant
consents to the inclusion of their report of January 21, 2000, on the
Financial Statements of Rub Investment Limited, as of January 20, 2000, in
any filings that are necessary now or in the near future with the U.S.
Securities and Exchange Commission.
Very truly yours,
/s/ Barry L. Friedman
Barry L. Friedman
Certified Public Accountant
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<PERIOD-END> JAN-20-2000
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