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Technology Stocks : Fonix:Voice Recognition Product (FONX)
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To: ed doell who wrote (1763)3/11/1998 1:37:00 AM
From: john harris  Read Replies (2) of 3347
 
ed: ORCA has had quite a bit of difficulty with its own finances over the last few years.
As you probably know, several of the Board members of PCTH had/have large personal stock holdings in ORCA.

How familiar are you in regard to a bridge loan that was made to ORCA (then called Jungle Street) to keep it afloat in 1996? This loan was made to ORCA by a "third party" called UTCO Associates (a Salt Lake City partnership) and backed by the personal assets of former CEO, Don Morrisson.

Do the terms ($500k @18% from UTCO on 9/25/96)and repayment timing of this loan look anything similar to the terms and repayment timing of an (undisclosed) "third party" loan made by another company that you follow........FONX?

UTCO happened to be given a large share of ORCA (Jungle Street) stock at that time for their "efforts".

Also, ed, I know that you are familiar with PCTH more so than ORCA. Can you tell me if the following look similar:

In late May 1996, FONX made a $1.2M loan to a "third party" at 12% interest. This loan was repaid to FONX in July, 1996.

Also, in late May 1996, PCTH received a $1.2M loan from UTCO at 18% interest. UTCO, again for their efforts, got stock (300K shares of PCTH). This loan was repaid to UTCO on July 19,1996.

This is just part of the strange I'm talking about. :-)
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