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Microcap & Penny Stocks : RECEPTAGEN---RCEPF

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To: topwright who wrote (67)	11/25/1996 1:41:00 PM
From: Thornton Wilson	of 267

The focus of my meeting was to understand why the financing had been so long delayed. As one of the recent posts speculated, the delays are largely because the banks must ensure that the security is clean -- not drug money or otherwise laundered. When the financing offer first came in, the people backing Fowler assured Chiasson (who is financially astute) that their investment was clean and would sail through the banks. Unfortunately, this turned out to be a mistake on the investors' part, and Chiasson has had to do a lot of the work to satisfy the banks' concerns. This would go a long way to explain the original optimism about the date the investment funds would be available, and the continuing extensions since then. I did not discuss the other matters with Mr. Chiasson. I also did not have the proxy materials in hand at the meeting. However, I suspect that VWD is a money-losing proposition and would also be a distraction for Receptagen after the investment goes through, and properly should be sold to drug distibuting firm that can make good use of it. No opinion about the board members until I read the proxy stuff! Thornton Wilson

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