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Microcap & Penny Stocks : EXSO -- Consolidated Eco-Systems (Exsorbet Industries)
EXSO 0.00010000.0%Mar 7 3:00 PM EST
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To: tdl4138 who wrote (1376)8/14/1997 1:09:00 PM
From: J.S.   of 5015
 
To All,

Talked extensively to Chip Sexton this morning. Do not have time
to post everything all at once.

I'll start with what is probably of global interest and tail off
with technical issues and minutiae that have been brought up here
and there.

1. An 8K and press release will be issued tomorrow (aproximately).
The company will file for a five day extension and report earnings
by next week. An estimate of this quarter's earnings will be
given in this filing (and possibly in the press release).

2. There are approximately 42,000,000 shares issued. No more
conversions will be honored. There is a provision for stock
options (they are way out of the money, mostly but there is
still a need to reserve some stock for them). The company's
position is that due to these and other pending issues that
they are at their limit.

3. There is no stock option plan by the company. The only plan is
one allowing employees to purchase on the open market. They do have
some deferred compensation agreements.

4. There was roughly $5,800,000 issued in floorless convertible
debentures. The extra $100,000 being interest. The $7,000,000
figure previously given was an overestimation. Of these
only $2,200,000 remain. Again, conversions will not
be honored apart from a some sort of settlement such as the Shaar
deal.

5. Company has a long term plan to recoup substantial amount
of damages resulting from the rape of the company's stock
by the debenture holders.

6. The Shaar fund has become long and is vigorously pursuing
ways to help the company cut costs through better insurance
arrangements.

7. No possibility to raise the share limit or do a reverse split.
Mssrs. Woodcock, McDonald, and Connors have too much at stake.
All have no intention to sell and are working very hard.

(more to come)

Joe


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