For me, this raises some questions as well:
NOTE #13 - Employment Agreement
The Company has employment agreements with Dr. Thomas Drees and Anthony
G. Hargreaves dated January 22, 1990. The agreements call for a base salary
of $120,000 to Dr. Drees and $72,000 to Mr. Hargreaves annually. Insurance
benefits, home office reimbursement, and an automobile are to be provided by
the Company and reimbursement for out of pocket expenses will be paid to Dr.
Drees and Anthony G. Hargreaves. Subject to an agreement of June 2, 1994, Dr.
Drees and Mr. Hargreaves agreed to cancel all outstanding accruals for
expenses under the provision of the Agreements and to accept as full
satisfaction of all of their claims against Sanguine Corporation the
payments they received in November 1993. In addition the Agreements were
modified to provide that for June, July, and August of 1994, salary shall be
paid at one fourth the amount specified by the Agreements. Commencing
September 1, 1994, Dr. Drees and Mr. Hargreaves will be entitled to receive
one half the salary specified until such time as Sanguine Corporation shall
have raised $1,500,000 in debt or equity funding. All funds raised since the
completion of the Agreement and Plan of Reorganization between Sanguine
Corporation (California), and Sanguine Corporation (Nevada), are being counted
in arriving at this sum.
If Drees is an internationally recognized authority on this stuff, why doesn't he go to work for someone who can pay him what he deserves?
Form 10KSB for SANGUINE CORP filed on Apr 15 1998
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