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Microcap & Penny Stocks : IGRM- ANY INFO

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To: T. L. who wrote (20)	10/17/1996 9:29:00 AM
From: George Burdell	of 53

One point that needs to be clarified about funding is that they intend to do it with stock. They calculate their EPS on the basis of 5 million shares, but there are only 3 million in the public's hands, including more than 500,000 held by management. The other 2 million is set aside already for acquisitions. In this way, any dilution is already factored in. The followup to that is that they need the stock price up to realistic levels if they expect to make smart acquisitions, ie, why trade your stock for .50 worth of an acquisition if it has been valued at >$4 for most of its existance. Look for management to figure some way to get the price back up.

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