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Technology Stocks : SYTE - Sitestar
SYTE 5.490+0.9%Aug 11 5:00 PM EST
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To: Evan who wrote (113)2/18/2001 11:19:56 AM
From: LORD ERNIE   of 301
 
I will ask it at Alan . Alan gave me a respond about the fillings last week:
Here it is:

1. The shares they are referring to are AUTHORIZED, not ISSUED. Nobody at SYTE is crazy enough to issue shares. Why would they? Management is the largest shareholder, they have $750k in cash on the balance sheet and the business is cash flow positive. Why would they dilute themselves? For what reason?
2. The shares authorized needed to be revised per the financing agreement from last year, it’s just a technicality. They will not be issued, they are just required to be there.
3. Please also tell these guys that considering SYTE's balance sheet, with plenty of cash, its revenue base and positive cash flow, which are all more real than the vast majority of BB companies, calling it scam is a bit more than we would tolerate.
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