Warren, to echo Gerald, my understanding is that Jack King had 41,538 options with an Aug 96 expiration date. He exercised and then sold 4,000 shares in the open market to pay for the exercise of the remaining 37,538 options, which he now holds as shares. King now has roughly 350,000 options and shares combined.
Furthermore, let us not forget that Jack King announced a $5,000,000 company share-buyback in July, when Zitel's stock was languishing at $11/sh. The company immediately bought approximately 450,000 shares in the open market, bringing total shares down to about 7.4 million. That was a rather prescient move on King's part (Zitel already has an unrealized gain of over $10,000,000 on that purchase), and was a vote of confidence in good things to come.
Wade |
