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Microcap & Penny Stocks : SCTU - SC & T International Inc.
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To: Jamessmith who wrote (215)4/11/1998 12:44:00 AM
From: Joey Two-Cents  Read Replies (1) of 741
 
Doesn't it worry you that they want to reverse split? Page 4 # 3 states they want to get price to $ 5 that would be at leaset a 1 for 25 split and are looking to go as high as 1 for 182. They are in violation of the by laws because the pfd stock that can be converted to common stock is more than they are authorized to issue. They need to increase authorized shares to 75M that's a pre-reverse split equivalent (1.875 Billion shares). Page 2 states Mr Copland bought 15 pfd shares for $ 1.5M convertible to 12 shares to the $. This would give Mr Copland 18M new shares or 450M pre-reverse split shares. Also state they need to issue shares to increase shareholder value. I wouldn't worry about a pump and dump here only 99% dilution of your investment.

edgar-online.com
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