[ stock offering ]
Lisa, this is from the url I posted earlier. 2.2 million shares filed for future sale>
THE OFFERING
Shares of Common Stock offered...................2,187,236 Shares
Use of Proceeds..................................The Shares are not
owned by the Company;
accordingly, the
Company will receive
none of the proceeds
from the sale thereof.
NASDAQ Market Symbol.............................FIBR
USE OF PROCEEDS
The Company will not receive any of the proceeds from the sale of the
Shares by the Selling Shareholders.
SELLING SHAREHOLDERS
The Shares are being registered pursuant to registration rights
obligations the Company has to (i) Asia Broadcasting and Communications
Network, Ltd. pursuant to a Share Purchase Agreement by and between the
Company and Asia Broadcasting and Communications Network, Ltd.,
(ii) former shareholders of Sciteq Electronics, Inc., pursuant to a
Stock Purchase and Merger Agreement between Builder's Warehouse Association,
Inc. (a company which merged with the Company) and Sciteq
Electronics, Inc. dated May 31, 1996, which shares have been
transferred to a Selling Shareholder, (iii) former shareholders of
UniPrecision Industrial, Ltd. pursuant to a Stock Purchase Agreement between
Builder's Warehouse Association, Inc. (a predecessor to the Company) and
UniPrecision Industrial, Inc. dated March 1, 1996, (iv) LaRocque Trading Group,
LLC with respect to its purchase of such shares in a private placement; and
(v) Stephen Ricca pursuant to an agreement to issue common stock dated February
19, 1996, as amended. None of the Selling Shareholders has ever held any
position or office with the Company. The following table sets forth certain
information with respect to the beneficial ownership of the Shares by the
Selling Shareholder.
Asia Broadcasting
and Communications
Network, Ltd. 674,419
LaRocque Trading Group, LLC 617,153
Arthur Trakas 14,286
Co-Time Technology, Ltd. 253,330
Pui See Keung 250,594
Tse Wai Pang, Franko 159,003
Lam Pak Lun 97,530
Li Yu On 50,073
Leung Tak Ming 34,862
Yung Wai Lam 26,146
Stephen Ricca 9,840
PLAN OF DISTRIBUTION
Although the Company has been advised by the Selling Shareholders
that there are no underwriting arrangements with respect to the sale of
the Shares, pursuant to this registration the Selling Shareholders may
choose to sell all or a portion of the shares from time to time as
market conditions permit in the over-the-counter market, or otherwise,
at prices and terms then prevailing or at prices related to the then-
current market price, or in negotiated transactions.
The Selling Shareholders may enter into hedging transactions with
broker-dealers or other financial institutions with respect to the
Shares. In connection with such transactions, such broker-dealers or
other financial institutions may engage in short sales of common stock
of the Company in the course of hedging the positions they assume with
the Selling Shareholders. Etc,etc,etc.
........IMO, these shares are going to hang over this stock until they are sold. The effect will only be determined by how ancious or patient the sellers are. If these shares are dumped on the market and company is able to fund project from cash flow or bank loan or another public distribution then I would jump in with both feet.
Just my opinion...don't mean to sound negative. When I get intrigued with a stock I'm usually in too early and find that I could have bot 2x the shares if I had been more patient.
NEPF
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