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Technology Stocks : Verified Perscriptions System ETCR
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To: uthabros who wrote (339)8/6/2002 8:33:00 AM
From: DaiTN  Read Replies (3) of 397
 
<< The start date for the restriction is July 16, 2001 which means I can immediately apply to take off the restriction which the co. can fool with until Dec. 2002. During that time the co. attorney will help, if needed, to take off the restriction. After that you have to do it yourself. >>

Thanks for the info Utha, I understand mostly what you said, but I don't think I follow you when you said "which the co. can fool with until Dec. 2002". Why does the company want to fool with? And why only until Dec 2002?

The next sentence is also a mystery to me "the co. attorney will help, if needed. After that you have to do it yourself.". How do you take a stock off restriction by yourself without a 'letter of opinion from the issuer's counsel'? You don't have that authority, neither the stock transfer agent. My understanding is only ETCR's counsel can remove the restricted legend by issuing the letter of opinion.

What you can do yourself, is to file the neccessary paperwork with the SEC through your broker to register the shares for selling, once the restricted legend has been removed. You are entitled to remove the restriction after one year, but you are not exempt from filing the paperworks with the SEC if you hold the restricted shares for less than two years.

Who determined the conversion price of .07? The price seems to be a little high if you use the average trading price for ETCR, is this a number the management pulled out from the sky to be used by all shareholders, or is there a method for the calculation for each person who want to convert? TIA
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