Ibiz

The Company has made tremendous advances providing product awareness to theVirtual Keyboard technology. As a result of the overwhelming success the Companyhas experienced in this regard, it is the Company's intent to build a redundantsupply chain that will support their ongoing efforts. Spin-off - On October 20, 3003, the Board of Directors approved – more... the spin-off ofiBIZ, Inc., a wholly-owned subsidiary of the Company, into a separate publiccompany. The Company proposes to issue without consideration non-restricted shares ofcommon stock in iBIZ, Inc. pro rata to all shareholders of the Company as ofSeptember 25, 2003 at the ratio of one share of iBIZ, Inc. for each 500 sharesof the Company common stock. The purpose of the spin-off of iBIZ, Inc. is that it will allow management ofeach business to focus solely on that business. In addition, it should enhanceaccess to financing by allowing the financial community to focus separately oneach business. iBIZ Technology Corp. will continue to distribute its product line in North andSouth America providing sub-licenses for all products to iBIZ, Inc. forworldwide distribution with the exception of North and South America. iBIZ, Inc.and iBIZ Technology Corp. are in the process of negotiating the terms of thelicense agreements. It is currently planned that iBIZ, Inc. will support iBIZTechnology Corp. in engineering, production, and business development, throughsynergetic agreements (to be negotiated) using Enterprise Capital and itsaffiliates infrastructure in Europe and Israel. Current funds available to iBIZ will not be adequate for it to be competitive inthe areas in which it intends to operate. iBIZ's continued operations, as wellas the implementation of its business plan, therefore will depend upon itsability to raise additional funds through bank borrowings, equity or debtfinancing. iBIZ estimates that it will need to raise up to approximately$1,000,000 over the next 12 months for these purposes. There is no guarantee that these funding sources, or any others, will beavailable in the future, or that they will be available on favorable terms. Inaddition, this funding amount may not be adequate for iBIZ to fully implementits business plan. Thus, the ability of iBIZ to continue as a going concern isdependent on additional sources of capital and the success of iBIZ's businessplan. Regardless of whether iBIZ's cash assets prove to be inadequate to meetiBIZ's operational needs, iBIZ might seek to compensate providers of services byissuance of stock in lieu of cash. If funding is insufficient at any time in the future, iBIZ may not be able totake advantage of business opportunities or respond to competitive pressures,any of which could have a negative impact on the business, operating results andfinancial condition. In addition, if additional shares were issued to obtainfinancing, current shareholders may suffer a dilutive effect on their percentageof stock ownership in iBIZ. – less – More from ZoomInfo »

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