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Biotech / Medical : Medical Industries Of America, MIOA
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To: Mr. Miller who wrote (221)7/18/1997 1:24:00 PM
From: William S. Noone   of 570
 
The Swiss Advisory Group anticipates an update on this company by the last week in August. The last bit of info this service had was to take 50% of any profits over 20% when the stock was at 3 and cut any losses beyond 10%. This services indicated it had concerns about findings outlined in the audit. It indicated that this company has been closely held corporation in the past and presently and it appears there remains at least one investor who is shorting the company. A buy is now at 1.50 per share or below. The company is not generating sufficient cash to grow so the only alternative is to issuse stock or take on more debt to grow the business. Stock is a better choice considering their debt service according to the service. This is bad for existing shareholders but could prove beneficial if the company can continue to demonstrate quarter by quarter profit; and interest institutional investors or a buyer. The service does not anticipate the stock price reaching the $8 range or above as predicted based on stock that can be issued, law suits, debt service. A technical trading range would be between $1.50 and $5 per share according to the Swiss Group. The advisory services is postive on the management and the business plan but debt, cash flow, settlement of suits, need to be handled. The service indicates that an investment in this company has a high degree of risk. One of the main concerns of this advisory group has now is that the board appears it has not created a true performance based compensation package for key executive staff based on specific business sales, profit, and stock price objectives. Options were issued but at a $1.50 to management this in their opinion is not sufficient performance based compensation system.

This is the opinion of this service that I read not mine.
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