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Microcap & Penny Stocks : WaveRider WAVC NASDAQ ISP Wide Area Wireless Internet
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To: Zeev Hed who wrote (1205)9/22/1999 10:16:00 PM
From: jean1057  Read Replies (2) of 1848
 
E mail that I received regarding convertibles from WAVC:

Subject: Re: floorless convertibles.//

> You are likely referring to the financing that was arranged in Dec 1998
for
> $10 million in three tranches. The details are available on our SEC
fillings
> which can be accessed either via our web site or freeedgar.com. The terms
of
> the financing do allow for additional shares to be issued to the investor
if
> the price is lower after his investment. It becomes complicated but the
> there are some major differences between our financing and the floorless
> convertibles you are referring to, ie., mainly that there is a limit to
the
> number of price resets and hence the number of additional shares. Having
> said that, this particular financing was not under the best of terms but
was
> all that was available to us at the time. since then we have made
> substantially progress in terms of our sales and product development and
our
> prognosis for the next 24 months is indeed favourable. Our sales are
> progressing according to our business plan and we expect the third quarter
> results to show the beginning of significant revenue increases on a
> quarterly basis. We fully expect to become one of the major players in the
> wireless internet sector. I hope this helps. Regards, Hugo Idler.
> _________________________________________
> Hugo Idler
> Director, Investor Relations
> WaveRider Communications Inc.
> hugoidler@waverider.com
> (416) 502-3265
> www.waverider.com
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