|RIGHT HERE, ROY RAYO->April 20, 2001 THAON COMMUNICATIONS INC (THAO.OB) |
Item 5. Other Events.
Effective April 5, 2001, two directors of Registrant, Roy U. Rayo and Leodajario Q. Tan, Jr., were removed as directors in order to allow for the appointment of the Presidents of two of Registrant's subsidiaries as directors of Registrant. Geno Brunton, President of Castpro.com, LLC, and Doug Mondo, President of Legal Broadcast Company (see below), were appointed as directors of Registrant.
On April 10, 2001, Registrant consummated the acquisition of all of the outstanding stock of Legal Broadcast Company in exchange for 1,000,000 shares of Series B convertible preferred stock.
LBC provides law firms, corporations and insurance companies with quality, consistency, and reliability in the creation, review, storage, and presentation of video, particularly the video documentation and storage of legal depositions. The legal video production business is a rapidly expanding market with substantial profit margins and limited competition. LBC has initiated an aggressive roll up plan, which utilizes Thaon's subsidiary Castpro.com live streaming technologies as a mechanism for expanding LBC's revenue base.
LBC offers products that utilize cost and time saving technologies that provide real time interactivity and allow attorneys to view legal events such as depositions, hearings, and trials remotely over the Internet. Combined with their current growing book of business and an aggressive roll up plan, LBC intends to securely maintain its role as the industry leader. In addition, to the seasoned management team and current revenue base, Thaon's management was attracted to the opportunity for the company's future growth by incorporating use of live and VOD web casting capabilities, making it an attractive sibling to CastPro.com.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused the report to be signed on its behalf by the undersigned hereunto duly authorized.
Thaon Communications, Inc.
Dated: April 20, 2001 By: /s/ Pearl Asencio - -