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Technology Stocks : BIFS ... Patented Environmental Cleanup and Low Float Co.
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To: scion who wrote (368)5/29/2001 7:18:58 PM
From: scion  Read Replies (1) of 381
 
PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In December 2000, the former owner was terminated by the Company.
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 averaged simple traded value over a defined period, less a 15%
discount because of its restricted nature.

On 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.

The Company is involved in certain claims and other legal actions
arising in the ordinary course of business. There can be no assurances that
these matters will be resolved on terms acceptable to the Company. In opinion of
management, based upon the advice of counsel and consideration of all facts
available at this time, the ultimate disposition of these matters will not have
a material adverse effect on the financial position, results of operations or
liquidity of the Company.

secinfo.com
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