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Microcap & Penny Stocks : ROVAC CORP. (OTCBB: ROVC)
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To: Jim Bishop who wrote (36)3/5/2000 10:07:00 PM
From: Katie Kommando  Read Replies (1) of 96
 
More DD:

The following is new information on ROVC which I don't believe has yet been posted. This information is based upon the recent SEC filings and a conversation with Raymond Shea, Jr. (the company's V.P.) on Friday.

Ownership
The following numbers are rounded off. The company has 39M outstanding shares. The major shareholder is Stafford Industries, which owns 23M shares (57%). Raymond Shea, Sr. (CEO) owns 7.2M shares (18%) and Raymond Shea, Jr. (V.P.) owns 2.5M shares (5%). Other insiders own smaller amounts.

Tax Carryforward

The company has a $4.5M tax carryforward.

Applications

CinchLock has been tested and accepted for over one dozen applications, including water, gas, air, chemicals and electrical.

Agreements
NIBCO is paying ROVC for the licensing rights of CinchLock for North America and Europe. These licensing rights are for compressed air and irrigation. NIBCO does not have the rights for additional applications.

Future Prospects
For the past several years ROVC has been focused on the design and development of CinchLock. Marketing of the product is now beginning. NIBCO only has rights to the "tip of the iceberg" and ROVC is currently negotiating with other markets for the additional applications. These will be announced by the company as agreements are reached.

ROVC is also diversifying the application of CinchLock into copper tubing.

Reporting Status
The company is almost current with its filings. 5 reports were filed this past week and the additional filings will be filed shortly. The company is determined to get its filings current.
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