Have you been talking to Anita again?
For those of you unfamiliar with Rule 504, as currently crafted it
1) Allows companies to raise up to $1 million per year in "seed capital" without complying with the registration requirements of the Securities Act.
2) Allows for the sale to an unlimited number of persons;
3) Allows for general solicitation or advertising to market the securities; and
4) Purchasers receive securities that are not "restricted." This means that they may resell their securities in the open market without registration or other sales limits imposed on privately placed securities.
For investors already in BETT, this is a better deal than preferred stock financing which so many companies resort to.
I'll be the first to admit, I don't know how much money BETT will need near term, but $1 million at today's price (1/8) will require 8 million shares. All the more reason why BETT should be looking for ways to get its price up before completing upcoming financing. Which, BTW, I believe they can deliver (i.e., higher price) providing they play their "smartcards" right.
Speaking of shares outstanding, BETT reported about 6.1 million shrs oust 5/97, after Hughes bought the leggoons shell for BETT. Since then, BETT has sold about 3.5 million shrs into the market to finance operations. If we use today's price (1/8), BETT raised about $400,000 (probably much less if they waited to sell after 9/97) to finance one year of operations. A $1 million should be enough to get them through the trail phase and started on deployment.
Regarding your post #reply-4906060 some of these numbers don't add up. For example, E&ET boasts that it owns 60% of BETT. If that is the case, then there would only be 3,840,000 shrs free trading.
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