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Microcap & Penny Stocks : Biosafe International, Inc [BSFE]
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To: David Furtado who wrote (233)6/11/1997 7:49:00 PM
From: Zoro   of 280
 
Re: Difficulty of obtaining a bond . . . A bond is a guaranty from a financial institution or other financially sound entity or person which provides a source of money to complete/fix a specific obligation of another. In this case, an insurance company or other surity would provide a financial guaranty of BioSafe's performance (and payment) relating to its obligations to some authority ( I don't know whether it's the Environmental Agency or the town). BioSafe will have to pay a premium to obtain the bond. The issuer of the bond will require guaranties from financially sound entities so that if it is called upon to pay the bond, it will, in turn, have someone to look to. In light of BioSafe's tenuous financial condition, I am not confident that it can obtain a bond. I hesitate to speculate on the consequences of its failure to obtain a bond, since BioSafe would then probably be in default of its contract with the town of Fairfield.
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