This message is for Dave.
Dave you obviously believe that the dividend was issued
as 144 applicable. Only the B are 144. The dividend now
a forward split is still being awarded to the pref A holders
still from the existing float. Now if you read the filing
explaning the share structure you will see that that shares
always had a Oct 98 conversion. I do remember that people
perceived that the shares in the treasury were restricted
for which they are not. I know that because I purchased
5000 from the treasury . There were dates that I had to
have the transaction completed by, but there was no date
restriction.Secondary Offering:
The Company, on August 14, 1996, completed a secondary offering
to the public of 54,000 units (Units) , each Unit consisting of
one share of Series A Preferred stock (Series A Preferred Stock)
and fifty Redeemable Common Stock Purchase Warrants (Series A
Warrants). The Series A Preferred Stock and the Series A Warrants
are now being traded separately.
The Series A Preferred stock will automatically convert into
thirty-five shares of Common Stock on October 1, 1998. If the
Company fails to have $300,000 of pre-tax earnings for the twelve
months ended June 30, 1997, exclusive of extraordinary and
non-recurring items and, upon such failure, the Common Stock does
not trade for at least $2.50 for ten days between June 30, 1997,
and August 15, 1997, then the Company will declare a dividend on
each share of Series A Preferred Stock of one-tenth share of
Series A Preferred Stock and five Series A Warrants. The Company
will declare a similar dividend on the Series A Preferred Stock
unless the Common Stock trades above $2.50 per share for 20
consecutive days after August 14, 1997, but before August 15,
1998, and the Company fails to have pre-tax earnings of $450,000,
exclusive of extraordinary and non-recurring items. Each Series A
Warrant entitles the holder thereof to purchase one share of
Common Stock (Warrant Share) at an exercise price of $1.00 per
Warrant Share until August 14, 2001, unless earlier redeemed.
Regards
WB |
