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Microcap & Penny Stocks : AMERICAN BIOMED, Minimally Invasive Technology (ABMI)
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To: Dan A. who wrote (2835)10/29/1999 12:33:00 PM
From: dollarone  Read Replies (1) of 2887
 
Thanks Dan - I saw that after I posted when I read an earlier post.
I think it is highly disappointing that once again existing shareholders will be so diluted. I think its in everyone's interest to vote NO on the proxy with respect to the reverse split or the authorization of additional shares. That's because ABMI did not receive $10 million, they received only the first tranche. Its my guess that the amount received was minimal - maybe enough to keep the lights on. Who in their right mind would give this company, with the existing officers and directors in place, any material amount of money since they have presided over its substantial decline over the last 4 years. In my opinion current management and directors must be receiving some benefit that the shareholders certainly have not because the Board has taken no action to remove Rash and replace him with an individual with capabilities commensurate to the task of righting this ship. Observe the fact that only one director, Hoffman, is on the audit and compensation commmittees-inspires confidence doesn't it? Also, there is no assurance that additional monies will be forthcoming unless ABMI meets certain criteria, once again not disclosed in the recent release. We'll be doing some investigation into who this investment banker, as they were indicated to be in the press release, is. To me, it's more of the same t(rash) we've been fed for years and will probably add up to the same thing we've seen for years - nothing.
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