Biosafe International, Inc [BSFE] Message Board

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Microcap & Penny Stocks : Biosafe International, Inc [BSFE]

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To: David Furtado who wrote (235)	6/16/1997 9:10:00 PM
From: Doug Cohen	of 280

Reincorporating is not recapitalizing. Recapitalizing is raising more capital and making changes in the stock structure. They were planning to move to Delaware (slight oversimplification) with the same number of shares, share rights, etc. -- not recapitalizing. They're also trying to raise more money. They plan to issue $10M of preferred stock which will convert into common stock based on the average price of the stock in the week prior to issuance. If they issue the pref stock this week, it would be based on last week's average closing price of about 25c per share. Thus, the $10 million would result in 40 million new shares on top of the 16.8 million now outstanding. We'll all get diluted way down. But the company has a chance of survival if they've got $10 million of new equity. Depends if the management can make the company successful. Only time will tell.

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