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Microcap & Penny Stocks : Biosafe International, Inc [BSFE]
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To: Smoky Lake who wrote (244)7/16/1997 9:35:00 PM
From: Doug Cohen   of 280
 
A group of new investors put $9.5 million cash money into the company; one of their preconditions was that they get to control the board. They're pretty hard-nosed folks,and they want to be in a position to give management only so much running room.

Either they (mgmt) will implement a successful strategy, or the board will replace them. That's the job of a board -- to represent the investors and demand good management.

The new investors were willing to put the money in, but they want to see performance. And since they control the board, they can set the ground rules.

The board has the right to replace management, change strategy, anything. If you were putting a lot of new money into the company, you'd want that right, too.

I hope they're successful. They'll make a lot of money on their investment. If they do, we'll get a chance to recoup some or all of our losses.
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