I e-mailed a few questions to Michael Robbins yesterday. Here are the questions and the responses he sent back:
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1) Are manufacturing facilities currently under construction in
the eastern U.S.? And if so, where are they being built, when are they expected to start production, and how are they being financed?
The company is targeting Rome, NY, Middletown, OH and
Zachary, LA in that order for new plant sites. Expected
production time has been delayed several times, hence the
company has not made sufficient progress to warrent a press
release to answer your questions definitively. The company
hopes to finance new facilities in the Eastern United States
mostly with local economic development funds.
2) Of the outstanding shares, how many are in the float and
how many are restricted?
As of July 31, 1996 there were 14,118,832 weighted shares
outstanding. Around the same time, insiders held 1,921,783
shares. From these numbers, roughly 86 percent of the
shares outstanding are in the float. I will mail you a proxy
statement that has more details on stock options and other
shares held by the company.
3) Has the company recently conducted, or does it intend to
conduct, any private placements, convertible debentures, or other means of raising capital which would be dilutive to the shares?
Since the $625,000 convertable debt offering announced July
18, 1996, there has been no substantially dillutive action of
any kind. The company is adverse to issuing stock at current
price levels.
4) When are the results of the last quarter expected to be
released?
The last quarter ended October 31. The company has 45
days to file the results, which gives it a deadline of
mid-December.
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Sounds to me like no eastern plants are under construction yet. I find that rather disappointing. I think I'll wait until after the quarter results come out before I'll continue considering investing in IABSF.
regards,
Mike |
