Steve, the employee options at .75 is a concern plus the approval of a 20:1 reverse split in December 1999 ...
On February 8, 1999, the Company's Board of Directors approved the award of options on 809,000 shares of the Company's common stock under the Employees' Equity Incentive Plan. The options have an exercise price of $0.75 per share, will vest in their entirety on February 8, 2000, and have an exercise period of ten years.
The 1999 annual meeting of the stockholders of the Company was held on December 14, 1999. At the annual meeting, (i) the two Class II directors to the Board, Peter Hoetzinger and James D. Forbes, were elected to the Board for a three-year term; (ii) a proposal to amend Article FOURTH of the Company's Certificate of Incorporation to effect a reverse stock split of the Company's common stock on a ratio not to exceed one for 20 was adopted by stockholders of the Company; (iii) a proposal to increase the number of shares reserved for issuance under the Employees' Equity Incentive Plan from 3,500,000 to 4,500,000 was adopted by the stockholders of the Company; and, (iv) a proposal to amend Articles NINTH and TENTH of the Certificate of Incorporation of the Company to add two additional fair price provisions which, in certain circumstances, may
require payment of a higher price to stockholders of the Company was not adopted by the stockholders of the Company.
I agree with your thoughts and there are not much I see wrong except there is not interest in the stock at this time and so forth. But the company appears really strong and just watching it.
:-) Gary |
