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Technology Stocks : BIFS ... Patented Environmental Cleanup and Low Float Co.
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To: scion who wrote (330)4/2/2001 9:32:36 PM
From: scion  Read Replies (1) of 381
 
In November 2000, the Company entered into an agreement with a South Carolina
corporation for sales and telecommunication consulting. The agreement is for a
two- year term, extendable for additional one-year terms. Among other things,
the agreement provides for the following:

o At signing, 150,000 shares of unrestricted stock as a signing bonus;
o Stock options on 4,850,000 shares of the Company's restricted common
stock at an exercise price of $.60 per share. These options have vested
at December 31, 2000, but must be exercised within two years. By August
2001, these shares must become free trading.
o A cash payment based on a set fee per room or square footage for
services sold on behalf of the Company.

For the year ended December 31, 2000, a signing bonus of $40,500, which
represents the stock's fair market value, was recorded in accordance with the
above agreement.

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