remember who you are dealing with....Western Australians in the porn industry, and be ready to take a profit if things don't look right, this company has burned investors badly twice now, three strikes you're out
people have short memories.... =========================================
Adultshop.com arm paid $1.6m in fees to MD's de facto By Eli Greenblat September 14 2002
Bree Maddox with Malcolm Day. Adultshop.com said it had received legal advice that Ms Maddox was deemed a de facto spouse of Mr Day.
The Perth Theatre Company describes Bree Maddox as an international model, fashion parade star, commercial actor and 2000 Penthouse Pet of the Year, but it is her business and private relationship with Adultshop.com managing director Malcolm Day that is now being exposed to public attention.
Adultshop.com told the Australian Stock Exchange yesterday it had terminated a business deal between a subsidiary, Today's Success, and Ms Maddox that had netted the Miss Universe Australia runner-up $1.6 million in payments since December 2001.
B Mad Online Pty Ltd, owned and controlled by Ms Maddox, was paid an ongoing fee by Adultshop.com to direct Internet traffic to the company's porn-related web sites.
Adultshop.com, which is the subject of an ASX investigation announced on Friday last week, said in yesterday's message to the ASX it had recently received legal advice that as Ms Maddox was deemed a de facto spouse of Mr Day, the item should be treated as a related-party transaction.
"In keeping with the directors' desire to promote high standards of corporate governance, the company and B Mad Online have, by mutual consent, agreed to immediately cease the commercial relationship that has existed between the two companies," said the chairman of Adultshop.com, Kim Heitman. He added that commercial arrangements with B Mad Online were similar to deals the erotic goods e-tailer had with other companies.
Mr Day was unavailable for comment yesterday.
An Internet entertainment site last year reported that Ms Maddox had broken up with Mr Day and was seen having lunch with Australian movie star Heath Ledger.
At the time Ms Maddox, who is an actor in her own right, having appeared in the Perth Theatre Company's production of The Vagina Monologues, said of her meeting with Mr Ledger: "There's nothing romantic going on, or anything like that."
Ms Maddox was unavailable for comment yesterday.
Adultshop.com is being investigated by the ASX over whether it has complied with the market's disclosure regime, and other issues.
Adultshop.com shares closed slightly weaker at 11.5c.
ASC Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
