BIFS ... Patented Environmental Cleanup and Low Float Co. Message Board

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Technology Stocks : BIFS ... Patented Environmental Cleanup and Low Float Co.

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To: scion who wrote (332)	4/2/2001 9:36:26 PM
From: scion	Read Replies (1) of 381

The employment agreement with the former owner provides that should the former owner be terminated by the Company for any reason, any unexercised stock options can be exercised at any time within one year. In December 2000, the Company terminated the former employee. Subsequently, the former owner notified the Company in writing of his intention to exercise the options on the remaining 12,000,000 shares of restricted stock. If exercised on the termination date, the stock options would be valued at $2,952,000. This amount is based on valuing the stock on the termination date using its average simple traded value over a defined period, less a 15% discount because of its restricted nature. At December 31, 2000, the Company has instituted legal action to void the employment contract and issuance of the 12,000,000 option shares. In the opinion of management and legal counsel, the Company will prevail in their legal proceedings against the former employee and the employment agreement and associated stock options will be voided. new.edgar-online.com

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