Hello all:
I was surprised that today's positive news release didn't cause another spike in the price. I guess either people already were figuring on the MIII deal (which was known from the 8K ), or they were disappointed by the lack of specific information in the release.
Anyways... I just wanted to make sure that people were aware of some filings that were made this week. An S-8 was filed on 7/28.
sec.gov
This filing registers 2.335 million shares, given to three different consultants. Some of the important excerpts...
This is an agreement, effective this date, 28 day of June, 1997 between George
LeBlanc its successors and assignees hereinafter called (Consultants) of 111
Tubing Road Broussard, Louisiana 70518 and Environmental Remediation Holding
Corp hereinafter referred to as (ERHC) and its successors and assigns of 420
Jericho Turnpike Suite 321 Jericho, New York 11753
ERHC agrees to pay Consultant with the issuance of 55,000 shares of
ERHC free trading stock to be issued in one certificate of 50,000 shares and one
certificate of 5,000 shares. Consultant shall have the right to purchase
additional 250,000 shares of stock within two years of the date of this
agreement at $.75 a share.
This is an agreement, effective this date, 28 day of June, 1997 between Lexus
Airway International, Inc its successors and assignees hereinafter called
(Consultants) of 1225 Haverhill Dr., West Palm Beach, Florida 33407 and
Environmental Remediation Holding Corp hereinafter referred to as (ERHC) and its
successors and assigns of 420 Jericho Turnpike Suite 321 Jericho, New York 11753
ERHC agrees to pay Consultant with the issuance of 540,000 shares of
share of ERHC free trading stock and Consultant shall have the right to purchase
additional 1,000,000 shares of stock within two years of the date of this
agreement. [note - no price is stated, but I presume it's also at .75/share]
This is an agreement, effective this date, 28 day of June, 1997 and Good Works,
Inc. its successors and assignees hereinafter called Consultants of 4630 Kirkman
Rd. #194 Orlando, Florida 32811 and Environmental Remediation Holding Corp.
hereinafter refereed to as (ERHC) and its successors and assigns of 420 Jericho
Turnpike, Suite 321 Jericho, New York 11753.
ERHC agrees to pay Consultant with the issuance of 1,740,000 shares of share of
ERHC free trading stock to be issued in the following denomination 2
certificates of 400,000 shares each; 4 certificates of 100,000 shares each; 10
certificates of 50,000 shares each and one certificate of 40,000 shares and
Consultant shall have the right to purchase additional 1,000,000 shares of stock
within two years of the date of this agreement at $.75 per share.
If you consider that there are about 13 million shares outstanding, these consultants just got about 15% of the company, not including the additional 2.25 million shares they can buy within the next two years for .75/share.
Other filings:
8K filed 7/25 about the bond for the MIII deal:
sec.gov
8K filed 7/23 about the bond for the STP deal:
sec.gov
10Q filed 7/21 for the quarter ending 3/31/97:
sec.gov
Some of the interesting things to note from the 10Q:
The number of shares outstanding as of March 31, 1997 was 5,839,374. A couple of weeks ago we were hearing the number being up to 13 million. Where did the extra 7 million shares come from? It might be related to the acquisition of the Bass Petroleum subsidiary. Anyone know?
Their current assets, excluding oil reserves, which don't really help pay bills, totalled $2,563. I sure hope they have a lot more than that now, especially since their current liabilities were $356,907.
I'm still waiting for my investor's packet. Has anyone else gotten theirs?
regards,
Mike |
