UNIVERSAL EXPRESS INC - USXP Message Board

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Microcap & Penny Stocks : UNIVERSAL EXPRESS INC - USXP

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To: peacelover who wrote (765)	7/3/1998 3:18:00 PM
From: Gordon Gekko	Read Replies (2) of 2493

The class B shares are convertible into class A shares They get converted on a one for one basis. I could not find anything that states they are restricted. I suppose all 1.3M shares could get converted at any time. The B shares are worth 1 1/3 votes of an A share. There were 220,000 B shares converted in 1997. In addition, there was a convertible debenture due on June 30, 1998 for the amount of $625,000. This and the $10M financing agreement are probably the only reasons for the reverse split (to minimize the number of shares issued). There are now probably 2M shares outstanding with another 4M to come from the new financing package.

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