<<The vast majority of the float is controlled directly or indirectly
by insiders. >>
From the last annual report (shares owned):
ALL OFFICERS AND 5,733,130(2) 40.7%
DIRECTORS AS A
GROUP (6 persons)
Here's a good deal:
Effective July 7, 1997, the Company hired Richard Salter as its
Vice President for Business Development, for a period of two years.
Mr. Salter had served the Company as a consultant from June 1996
through July 7, 1997, during which period he received options to
purchase a total of approximately 110,000 shares of Common Stock. In
exchange for his services beginning in July 1997, Mr. Salter receives
options to purchase 5,000 shares of Common Stock (of which 2,500
shares will be issued under Form S-8 and the remaining 2,500 shares
will either be restricted shares or, at the Company's option, will be
issued under Form S-8), for each month that he serves the Company.
In January 1998, the Company granted Mr. Salter options to purchase
100,000 shares of "restricted" Common Stock for a purchase price of
$0.01 per share, for each of the three years 1998, 1999 and 2000 at
the commencement of which Mr. Salter remains with the Company.
In 1/98 the stock was selling for about $4 and in 1/99 it was selling
at about $5. So far he has picked up 200,000 shares under the latter
provision and the stock price is at $25. Not bad for a company with
no revenues. |
