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Technology Stocks : TAVA Technologies (TAVA-NASDAQ)

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To: BACRDI who wrote (15233)	4/22/1998 2:05:00 PM
From: CalculatedRisk	Read Replies (1) of 31646

BACRDI, as reported Mr. Kelsall's selling is a violation of the standard "blackout" period. Most companies (all major companies) do NOT allow officers, directors or other "insiders" to sell shares during certain periods. These so called "blackout periods" start the last month of the quarter and continue until three days after results are reported. For this fiscal quarter, the blackout period started March 1st and will end May 14th (assuming TAVA reports May 11th). Mr. Kelsall sold his shares during this period. This is not an SEC rule. However, they (the SEC) encourage ALL companies to follow this guideline. Many companies will take disciplinary action for any officer violating this rule. What does this mean for investors? Simple ... TAVA has poor internal controls. OTOH, the first quarter is probably OK or Mr. Kelsall will probably be required to disgorge all profits. Also ... many mutual funds will not invest in companies that allow this type of activity. Regards, Bill

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