SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15 (D)
of the
SECURITIES AND EXCHANGE ACT OF 1934
For the quarter ended March 31, 1999
PLANET RESOURCES, INC.
(Formerly Allied Silver-Lead Company)
(Exact name of registrant as specified in its charter)
DELAWARE
(Formerly Idaho)
(State or other jurisdiction of incorporation or organization)
1-7149 82-0277987
(Commission File Number) (IRS Employer Identification Number)
C/O HUNTER M.A. CARR
PRESIDENT
PLANET RESOURCES, INC.
ONE TEN PARK PLACE, SUITE 200
HOUSTON, TEXAS 77084
(Address of principal executive offices)
(281) 578-8800
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all documents
and reports required to be filed by Section 13 or 15(d) of the Securities and
Exchange Act of 1934 during the preceding 12 months or for such shorter period
that the Registrant was required to file such reports, and (2) has been
subject to such filing requirements for the past 90 days.
X Yes No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at March 31, 1999
----- -----------------------------
Common Stock, $.001 par value 8,000,340
FORM 10-Q
PLANET RESOURCES, INC.
(Formerly Allied Silver-Lead Company)
INDEX AND REPORT
PART 1. FINANCIAL INFORMATION
Planet Resources, Inc. is a mining company in the development stage and
is not required to file Part I of Form 10-Q (Financial Information) under the
terms of Rule 13(a) -13(b).
PART II. OTHER INFORMATION AND SIGNATURES
In March 1999, New Planet Resources, Inc. ("New Planet"), a wholly owned
subsidiary of Planet Resources, Inc. ("Planet") was incorporated in the State
of Delaware. New Planet was formed in connection with the execution of an
Agreement and Plan of Distribution (the "Agreement") by and between Planet and
New Planet dated March 25, 1999. Under the Agreement, Planet will transfer,
among other things, its mineral properties to New Planet. Planet, with
assets, then consisting primarily of cash in the bank, will acquire National
Law Library, Inc. ("National") through a tax-free exchange of shares of common
stock of National for Planet common shares pursuant to an Agreement and Plan
of Reorganization (the "Acquisition Agreement") dated March 24, 1999. Upon
completion of the acquisition, which will be accounted for as a reverse
acquisition of Planet by National, the National shareholders will own a
majority of the outstanding shares of Planet.
New Planet intends to become a public company upon the effectiveness of a
registration statement, will then change its name to Planet Resources, Inc.
Consequently, (i) all of Planet's prior business operations will be continued
by New Planet after the distributions, and (ii) the management of Planet
before the Acquisition Agreement and distribution, and New Planet after, the
distributions being identical. At this time New Planet has no operations.
The distributions will be effected after the acquisition. On the
distribution date, Planet will distribute to the Planet stockholders, shares
of New Planet Common Stock. The distributions will not take place unless all
of the conditions to effecting the acquisition (other than the completion of
the distribution) have been fulfilled.
No exhibits are attached.
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PLANET RESOURCES, INC.
(formerly Allied Silver-Lead Company)
By: /s/Hunter M.A. Carr
-------------------------
Hunter M.A. Carr, President
Date: May 17, 1999
