You bet they do. The following is from the January 6, 1998 S-3/A under "Financial Public Relations Agreement"
The Company has entered into a one year agreement (the "MDC Consulting Agreement") with Marketing Direct Concepts, Inc. ("MDC") in connection with services related to the Private Placement and ongoing services of MDC from the completion thereof. Under the MDC Consulting Agreement, the Company will receive a range of services including the establishment of contact with a number of brokers, the preparation of certain reports the establishment of a Web site and the arrangement of broker teleconferences.
In consideration of the services to be provided by MDC, the Company will provide MDC or its designees with the following compensation:
(I) A payment of $75,000, on or before November 3, 1997;
(ii) 40,000 shares of non-registered Common Stock on or before the Second Closing, which shares of Common Stock were issued in November 1997;
(iii) Delivery on October 27, 1997 of 150,000 three year warrants to purchase Common Stock with exercise prices as follows:
(A) 75,000 at $3.4688;
(B) 25,000 at $4.3438;
(C) 25,000 at $4.8438; and
(D) 25,000 at $5.3438;
(iv) Following the Second Closing, 600,000 warrants at $3.4688 exercisable for three (3) years from the Second Closing; and
(v) A fee of $10,000 per month commencing on November 1, 1997. |
