Summit : Private Placement Form 8 K

Item 3.02 - Unregistered Sales of Equity Securities

In connection with the acquisition described in Item 2.01 above, SNTW will issue 20,000,000 shares of its common stock ("Shares"). The Shares will be issued pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933. The offering was not a public offering as defined in Section 4(2) due to the limited number of persons that received the Shares and the manner of the offering. In addition, the acquirer of the Shares represented that he had the necessary investment intent as required by Section 4(2) and agreed to receive share certificates bearing a legend that stated the securities were restricted pursuant to Rule 144 of the Securities Act.

Certain statements contained in this Current Report on Form 8-K are forward-looking statements and are based on future expectations, plans and prospects for SNTW's business and operations that involve a number of risks and uncertainties. SNTW's forward-looking statements in this report are made as of the date hereof, and the Corporation disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Corporation is identifying certain forward-looking information regarding the transaction described. Actual events or results may differ materially from those contained in these forward-looking statements. Important factors that could cause further events or results to vary from those addressed in the forward-looking statement include, without limitation, risks and uncertainties arising from the ability of SNTW to successfully complete this transaction; uncertainties relating to the ability to realize the expected benefits of the transaction; unanticipated or unfavorable regulatory actions; general economic conditions in the region and industry in which SNTW operates, and other risk factors as discussed in other filings made by the Corporation from time to time with the United States Securities and Exchange Commission.