BYIT board post: 10SB Filing and Financing Terms Update
We are pleased to report that we were able to secure a phone meeting with John Folger a few minutes ago and get
approval to release the following. We think it addresses the two most important issues addressed by shareholders today.
Again, other answers will be forthcoming later.
SmartStockadvisor relayed our feelings about the importance of the financial filing process during our conversations with
them in late November and found them of the same mind. The Company started working diligently with the accountants as
soon as that firm's schedule cleared up in December. After those meetings were finished, the auditors and SEC attorney
began their work, which is ongoing as we speak. The next step is completing the form 10SB, which is a big job in and of
itself. The goal for the filing completion and submission has not changed , and is still scheduled for approximately month
end. The exact date cannot be determined with absolute precision, but every effort is being made by all concerned to file as
soon as possible. After submission to the SEC, shareholders will be able to view the filing online at
freeedgar.com
We have requested that the Company supply updates to investors via a Press Release when the audit is completed and
again when the Form 10-SB is submitted. They totally agree.
Also, regarding the financing terms mentioned in the Press Release of January 13, 1999: The first $600,000 did not involve
any convertible debentures nor will the remaining larger portion. The phase one financing of $600,000 involved a three date
benchmark (2 dates in December and 1 in early January), in which the investor was given shares at a 20% discount to the
closing price on those pre-determined dates. Shares are freely trading, but the average share acquisition price was
between 90 cents and $1.00 and the investor stated his intent to hold for the long term. Terms of the remaining, larger
financial arrangement cannot be disclosed, as the contract has not been finalized, but again, they will not involve convertible
debentures, nor any terms that the Company feels would be disadvantageous to itself or shareholders. The renewed
strength of the stock price over the last 45 days has made it easier to obtain more favorable terms.
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