As of May 31, 1999, CN had $1.59 cash per share. If you adjust for the
potential dilution from the outstanding options, the cash per share is
equal to $1.51. The following analysis does not include the options
issued for the acquisition of iAW, Inc.
Shares Cash/Mkt. Cash
Outstanding Securities Per Share
Balance at June 30, 1999 21,775,000 $34,455,000 $1.59
Add options and warrants 1,959,000 1,349,640
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Adjusted balance 23,734,000 $35,804,640 $1.51
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Not only has CN repurchased 5,807,000 of its shares at an average
price of $1.28 since November 30, 1998, but various parties have also
exercised options to purchase 783,000 shares at an average price of
$.42. Additionally, the company has repurchased a warrant for
1,000,000 shares for $750,000. The following analysis was compiled
primarily from the Form 10-K and the Form 10-Qs:
Outstanding options and warrants: Potential
Number Proceeds
675,000 @ $.40 675,000 $ 270,000
1,382,440 @ $.42 1,382,440 580,440
50,000 @ $1.09 50,000 54,500
635,000 @ $1.22 635,000 774,700
1,000,000 @ $.50 1,000,000 500,000
Less options exercised/purchased (1,783,000) (830,000)
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Balance currently outstanding 1,959,000 $1,349,640
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