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Biotech / Medical : Medical Industries Of America, MIOA
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To: lostmymoney who wrote (202)6/17/1997 4:32:00 PM
From: insightful investor   of 570
 
I was able to speak to Mr. Morrell yesterday over the phone. He denied that the company had a debt of 18 million dollars. He said it was less than one million. He denied the lack of cash flow and stated that the cath labs and physican practices were producing good profits that are sequentially growing. He said next quarter would be profitable. He is trying to grow the company through practice acquisitions. To acquire practices MIOA needs either stock or financing. He said that he didn't want to create debt and would therefore require stock. I suggested that he finance his acquisitions through profits. He felt that that would slow down the process and that shareholders are looking for fast growth. He is not aware of the comments made on the internet but stated that alot of misinformation is frequently disseminated through this media to influence stock price. He is receptive to fielding questions from shareholders directly. Hope this helps.
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