guys,oh, and gals- your welcome, but i just cut and pasted from AOL
the real thank you's go to a person named wingovers on AOL. anyway here are the last
5 Q and A's. sorry for the delay but i had to take the Kids trick or treating last night.
Subj: Answers (21 - 25)
Date: 96-10-30 21:57:43 EST
From: WingOvers
continued from previous page.....
Incorrect Information Q. 21. When was the decision made to "give" Mr. Kelly 1.5
million post reverse split shares? Is he given cash given for his services as
well? If not, are IOU's accruing? Is there a clause in writing that prevents from liquidating
any of these 1.5 million shares for a specific period of time? Is it true he will not be given
these shares at least until the reverse stock split occurs?
A. 21. Mr. Kelly was rewarded the shares for his outstanding contribution
to Tasty Fries, Inc. by the Board of Directors in concert with Whetstone
Ventures Corp. Not only did Mr. Kelly design, engineer and produce the Tasty
Fries Vending Machine, he virtually saved the company from total liquidation by
an arbitration award granted in October 1994 ( California Food & Vending). Mr.
Kelly refused to take the company into bankruptcy and renegotiated with the
arbitrators to award a settlement so the company could retain its identity and
proceed forward. Mr. Kelly has been given nothing, he has earned every share of
the 1.5 million. Mr. Kelly has an employment contract with the company which
commenced in 1994. All Mr. Kelly's stock is restricted and falls under rule 144.
Mr. Kelly's agreement calls for a specific percentage of stock after a reverse
split. Should a reverse split not occur, the same percentage would prevail.
***
Incorrect Information Q.. 22. How can current stock holders obtain any assurance
that further deals of this type will not crop up out of nowhere in the next
several years?
A. 22. See answer #21.
***
Incorrect Information Q. 23. Why would TFRY spend money to open a
facility in Israel when they don't even have one up and running in the US yet?
What are the specifics with this relationship? How are they being paid?
How much are they being paid? Are they being paid with stock and or stock
options?
A. 23. Totally and completely false. Tasty Fries is not opening a facility in Israel.
Tasty Fries is not spending money in Israel. The relationship between
Israel and Tasty Fries is simply that Tasty Fries has sold a distributorship in
Israel. They pay us. There is no stock, no stock options and Eve do have a
facility in the USA S & H Electronics in Robosonia, Pa .
***
Incorrect Information Q 24. Provide a list of all people who were given
stock in exchange for services as well as the number of shares they were
given. Are restrictions in place as to how long they must hold this stock
before they liquidate it?
A. 24. Since I have become President the only people given stock in lieu of cash
for services rendered was the law firm of Kipnis, Tescher, Lippman, Valinsky
and Kain.
***
Incorrect Information Q. 25. Provide a list of all the owners of closely
held companies that TFRY does business with (especially ones where a business
relationship between the parties provides that the company will receive a percentage of TFRY revenue). Are any stock holders of these companies on the TFRY board of directors or of TFRY management?
A. 25. There is absolutely no owners of closed held companies doing business
with Tasty Fries which will receive a percentage of Tasty Fries revenue. There
is absolutely no stockholder on the Tasty Fries Board of Directors or part of
the Tasty Fries management team, which receives a percentage of Tasty Fries
revenue.
Best regards,
TASTY FRIES, lNC.
Edward C. Kelly, President & CEO |
