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Technology Stocks : SYQUEST
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To: Michael Coley who wrote (6115)4/9/1998 8:36:00 PM
From: Dale Stempson  Read Replies (1) of 7685
 
Re: "6) Notice the deceptive way that they list the 81 million shares and 53 million warrants, not listing options and preferred shares. One might imply from the numbers shown that the total shares are 134 million, but it's really well over 160 million."

Here's something else I noticed after reading the press release a few times: Although at first look it would appear very recent, the EdHeads did not state over what time period these warrant conversions took place.

SyQuest had 71.9 million shares outstanding as of 12/31/97. Today they report 81 million shares outstanding, a 9 million share difference. The press release references almost 17 million shares (I figure 16.4) added to the outstanding, I think we can thus assume almost half these conversions happened prior to the March quarter.

They go on to say in their release: "SyQuest said it will use the proceeds from the warrant exercise for working capital and to fund the expansion of existing manufacturing capacity to support market demand for the company's new one-gigabyte SparQ drive."

From this statement it would appear they have not yet spent any of the $30 million yet. Geez, they've probably already spent most of the proceeds.

The EdHeads have issued another misleading press release IMO. But aren't they good at it!

Regards - Dale
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