from 13 d
ITEMS 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
All Common Stock of the Company acquired or held by Mr. Garcia to date has been
acquired with personal funds in the aggregate amount of approximately
$970. In the future, Mr. Garcia may purchase additional shares of Common
Stock with personal funds, funds borrowed from various financing sources, or a
combination of such personal and borrowed funds. Mr. Garcia has no definitive
arrangements in place with respect to any such borrowed funds.
ITEM 4. PURPOSE OF TRANSACTION
Mr. Garcia believes that the Common Stock of the Company may represent an
attractive investment opportunity at its recent trading prices. Accordingly, to
the extent that the Common Stock remains in its current price range, Mr. Garcia
may consider (either alone or in combination with other interested parties,
which could include members of the Company's executive management) acquisition
of some or all of the outstanding Common Stock owned by other shareholders of
the Company. Such acquisition might be accomplished through a number of
alternative transactions, including without limitation, open market purchases,
privately negotiated transactions and/or a recapitalization of the Company, in
which such shares of Common Stock could be converted into the right to receive
some combination of cash and debt, or all debt. Any such recapitalization could
be effected through a merger or other reorganization of the Company. If Mr.
Garcia were to acquire all or a substantial majority of the outstanding shares
of Common Stock held by other shareholders, the Common Stock could be delisted
from trading on The NASDAQ National Market or any other exchange or
inter-dealer quotation system, and the Common Stock could become eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) Mr. Garcia beneficially owns an aggregate of 4,520,000 shares, approximately
36.5%, of the Common Stock of the Company consisting of: (i) 4,500,000 shares
owned directly by Mr. Garcia, and (ii) 20,000 shares which Mr. Garcia has the
right to acquire under presently exercisable stock options. |
