A discrepancy that has existed for considerable time.
10 K filed 3/27/97
RISK
As in any manufacturing business, there is always a degree of risk to
the capital employed. However, provisions have been made to minimize the risk of investment to its shareholders. Since we own our off-shore facilities and equipment, we control production schedules and are not greatly affected by unforeseen cost fluctuations in labor and raw materials. Our conservative position in the marketplace works in our favor since the bulk of our business is
manufacturing basic items for which there is always a market.
ITEM 2. PROPERTIES
The Registrant owns no real property. It leases manufacturing space consisting of 18,000 square feet located in San Cristobal, Dominican Republic. The monthly rent is $3,750 on a multi-year lease.
The Registrant also leases manufacturing space, consisting of 2,400
square meters, located in Managua, Nicaragua. The monthly rental is
approximately $6,300 on a multi-year lease.
The Registrant leases manufacturing and administrative facilities
located in Hialeah, Florida. The facility leased is 16,800 square feet. The monthly rental is $6,300 on a multi-year lease.
The stock issue is an excellent issue to solve once and for all, but there are discrepancies throughout the filings that one should note.
This is just one example that needs clarification from Mr. Morgan.
In the 10K the company states it owns its facilities offshore, later in the same filing, OVIS states it leases space. |
