We have received some questions via email and thought we'd take the opportunity to answer on the threads so as to offer this information to all investors.
Microphonics has until February 1, 2000 to be fully reporting. Microphonics is aware of the backlog at the SEC due to newly enacted rules for OTC.BB stocks. This seems to be another reason to hire the best fitting of the best available accounting services firms and make sure that the audits and filings are done as expeditiously and as accurately as possible. The further expansion of MRPS will unquestionably require the use of a broader based full service firm. We do expect more details on their plan of attack on these matters in coming days.
Application for a Nasdaq/Amex listing will entail meeting certain requirements, one of which is the stock price. While we'd all like to see higher stock prices, market forces will dictate that contingency. Also related to this is the question of liquidity. A listed stock needs sufficient liquidity or float in order to attract institutional investors. Current float of approximately 4.2 million shares would probably not support any significant institutional buying. So it is possible a forward stock split would have to be considered as part of Microphonics' plan to get listed.
Microphonics is greatly looking forward to holding a shareholder's meeting, but there is nothing currently scheduled and probably won't be at least until they are fully reporting.
In the meantime, they do welcome any shareholder to stop by and visit. They're presently located at 1650 Elm Hill Pike, Suite 4, Nashville, TN.
Any rumors regarding mergers, buy-ins etc. have been addressed in a prior post and no additional information is available.
From our understanding, Jimmy Gayle holds all or most insider shares. Beyond SSA's compensation, the company does not make a habit of using shares for payment of services. Please see our disclaimer for exact amount.
DDSI nor its principals have a present relationship or shared interests with Microphonics. From our understanding, DDSI did not have the resources in place to fulfill Microphonics' needs and the agreement was mutually terminated some time ago. We have spoken with DDSI's CEO, Garrett Cohn, and he was very positive in his comments about MRPS.
Interactive Information Solutions, Inc. was the original New York incorporation upon which Microphonics was based. That was sold in 1996 and immediately following, MRPS acquired 100% ownership of Ultraphonics of N.A, Microphonics Inc, and Soundlogic Inc. There is no present relationship with IISI. Microphonics Inc., the company who's stock is traded, is now structured as a holding company. It has no business on its own. MRPS only provides management and financial support along with other staff functions. Project Manufacturing Inc. was another division of MRPS, but is inactive and possibly dissolved.It was used for manufacturing at one time, but is no longer needed as that is now sub-contracted. Please refer to microphonics.com for further elaboration on the role of each division.
There is no additional information on the Russo-Rozzi matter. When it becomes available, it will be made public.
We again urge any questions regarding Microphonics be directed to either our phone line or email, where we will make every attempt to respond promptly
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Disclaimer: SmartStockAdvisor.com is a compensated agent of Microphonics, Inc. as of May 18,1999. SSA has been hired to perform press and investor relations for the company and are being compensated as follows: during the first three months of our contract SSA will receive 3K freely trading shares and 2K restricted shares per month; thereafter SSA will receive 5K restricted shares per month, with possible additional restricted shares on a quarterly basis. The individuals comprising SmartStockAdvisor.com collectively, in their personal accounts, own less than 1% of the outstanding shares of Microphonics |
