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To: Donald A. Kerper who wrote (114)	4/16/1997 9:11:00 AM
From: Darrell L. Peterson	of 913

Donald: Regis Investment the big "institutional holder" out of Hong Kong. Their investment is $175,000 for debentures that convert to 15,200,000 shares ($0.03 per share) according to the S filing last year. Their $40.0million financing is gone as of February. Total stock outstanding in this deal 32,161,100 as of last year more could have been issued, that makes a market cap of over $300,000,000 when it was at $10.0, It looks to me that they can't start because they do not have the money for the licenseing fees. Investors are a pawn in this game right now, my lousy 20,000 shares are probably wall paper. Darrell

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