TraderGreg, Is the float 4M only? What about the private placements? This company seems to be desperate for $$$. Long term it looks not so good. It could be a nice news play for the coming week, though. The risk of dilution can't be ignored. If anybody has a different opinion please respond.
Witold
%%%%%%%%%%%%%%%%%%%%%%%
From: biz.yahoo.com
"dilution of the value of the Company's common shares as a result of the conversion of the Series D and Series E preferred stock and the exercise of the warrants issued in the December 1998 and March 1999 private placements"
"The Company anticipates that it's existing working capital will be sufficient to fund its operations at least through October 31, 1999. Continuing operations thereafter will depend on cash flow operations and the ability to raise additional funds through equity, debt or other financing. There can be no assurance, however, that such funds will be available. "
"The Company raised $1,800,000 (net of expenses) in connection with a private financing of Series E Preferred Stock consummated on March 17, 1999. The Company intends to meet its long-term liquidity needs through available cash and cash flow as well as through additional financing from outside sources. On February 19, 1999, the Company entered into a letter of intent with a New York Stock Exchange member firm for a proposed underwritten secondary public offering of up to $20 million of Common Stock." |
