Bruce, from WACC Feb SEC filing >> Effective January 1, 1998, the Registrant executed a Subscription
Agreement with a Geneva, Switzerland based investment group to sell 15,000
shares of Series AA Non-voting Convertible Preferred Stock ("Preferred Shares")
and delivered into escrow such shares, in the principal amount of $1,500,000.
The Registrant anticipates receiving such funds over the next 90 days. The
Preferred Shares have a stated value of $100 per share, a par value of $.01 per
share, and are convertible into common stock at any time on or after April 15,
1998 or prior to February 1, 2000 at a conversion price equal to twice the
dollar figure divided by the immediately preceding 5-day average bid price for
the common stock.
Bruce, I DO NOT KNOW IF THIS HAS ANYTHING TO DO WITH THE 15 MILLION SHARES OR NOT. DAN BOYAR IS THE BEST PERSON TO TALK TO ON THIS MATTER.
GOOD HUNTING!
JOE
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