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Microcap & Penny Stocks : ISGI ANYONE????
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To: David Blair who wrote (2542)9/16/1996 6:44:00 PM
From: Texas77   of 2665
 
David,

My information comes from the 10Q filed 8/22/96. Par. 5 clearly states that as of 6/30/96 they have an accumulated deficit of $22,536,588. The company's working capital to date have been satisfied through cash on hand, proceeds from private placements, certain loans from private individuals and private financings with a limited number of non-resident institutional investors conducted pursuant to Reg. S of the federal securities laws.

The following paragraph states that "the foregoing matters raise substantial doubt about the companies ability to continue as a going concern. The company is negotiating with several alternative financing sources in order to secure sufficient funding to support it's contemplated expansions and acquisitions."

Now that leads to the questions I have for them that you should be concerned about also.

1. Where will the 5M come from that is to be advance to TWT as part of the prefered stock agreements or is it already part of the current reported debt?

2. Are the reg. S private financings still ongoing?

3. What is the projected stock float after the reverse split - total outstanding shares?

4. Does ALL of the different type of preferred stock dilute on a 1:15 basis the same as the common (I think not all!)

5. Has there been a lot of insiders converting and selling their preferred?

I called them for three weeks in a row to talk with their IR man but he was out every time (once moving, once on vacation, and once on business - per the girl that answered the phone). If he would have only answered these questions to my satisfaction I would still be a bull.

There are plenty of good companies out there that answer my questions when I call and until I see a good quarterly report from TWTI I am out. I would expect now that they are being re-organized they will resume late filing!!!! Some day TWTI may become a good investment - and I wish you all the best but I am very glad that I sold last week. The stock closed down about 5% again today. Very soon it will be under .50 and I still won't buy until I get answers. Stocks can and DO go to zero and without some dramatic funding TWTI is an excellent candidate. I fear that the dramatic funding will mean more stock dilution (after the split). I like the business projections for 1997 and if they are correct there is plenty of time to get in for the upside. I like them - I just don't believe them. That little Missouri streak in me says - show me.
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