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Technology Stocks : Fonix:Voice Recognition Product (FONX)
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To: Randall E Westberg who wrote (3239)6/20/2002 10:43:44 PM
From: Dan B.   of 3347
 
Re: "If I understand this filing correct, the loan is secured by the intellectual property rights held by Fonix. If Fonix defaults on repayment of the loan, Murdock and Dudley will acquire the property rights to the Fonix technology.

Is this correct?"

No, not quite. Murdock & Dudley could acquire the property rights to the Fonix technology only if the the available shares are NOT increased as planned, at the board meeting July 12th. If the shares are increased as planned(once again), then the intellectual property rights no longer secure the loan.

So anyone thinking of stopping the dilution by stopping the increase of shares, would be handing those two the possibility of acquiring the intellectual property rights, assuming Fonix is then unable to pay the money back in the longer run.

Dan B
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