Looks like there was a little dilution this quarter, I sure would like to know if anymore of the following will be going on. The preferred stock issue is the only thing i dont like with USTI......
The company is in arrears in the payment of dividends to holders of its
Series B, D and E Preferred Stock. Holders of Series B Preferred Stock are
entitled to annual dividends of $.07 per share, payable quarterly and, as of
September 30, 1999, are entitled to the payment of approximately $384,975 in
dividends, which are currently in arrears. Holders of Series D Preferred Stock
are entitled to annual dividends of $.07 per share, payable quarterly and, as of
September 30, 1999, are entitled to the payment of approximately $336,860 in
dividends, which are currently in arrears. Holders of Series E Preferred Stock
are entitled to annual dividends of $.07 per share, payable quarterly and, as of
September 30, 1999, are entitled to the payment of approximately $174,445 in
dividends, which are currently in arrears.
On October 5, 1999, the preferred stock holder elected its option to
convert its 500,000 shares of the Company's Series D preferred stock into shares
of the Company's common stock. There were dividends in arrears on the Series D
preferred stock in the amount of $336,860, which was also converted into common
stock. A total of 2,391,035 shares of the Company's common stock were issued as
a result of this conversion. |
