Hearx(EAR) Message Board

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Microcap & Penny Stocks : Hearx(EAR)

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To: Harold Feller who wrote (131)	6/10/1997 10:07:00 AM
From: CONANN	of 383

The only consistent insider trading with this company is from the Chairman who has been trading 5,000 shares a week for years, whether the price is high or low. The Chairman has explained in other boards that he still has $7 million of his own money in this company, had not ever received a salary from the company until the middle of last year and his sales are immaterial. Taking the 5,000 per week times 52 weeks, that equates to a little over 250,000 shares sold per year. Taking that number divided by millions that are traded annually, it is a drop in the ocean and not meaningful. The other listings that you may see relate to private placement investors from previous financings who are now allowed to sell some of their shares via Rule 144 paperwork. They are not insiders as their Rule 144 paperpwork becomes public knowledged and miscontrued as insiders. Many of them are selling a portion of their holdings in order to exercise warrants that they got in the private placements. The end result is that none of this trading has any impact and should not be considered as material.

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