Ugly Ducklings- DD of the obscure and out of favor Message Board

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Microcap & Penny Stocks : Ugly Ducklings- DD of the obscure and out of favor

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To: Johnny Ro who wrote (9)	7/21/1998 10:08:00 AM
From: John Liu	Read Replies (1) of 102

Checked out AVRI's financials and one thing concerned me alot. What concerned me was AVRI's issuance of Perfered Stock to raise capital? "The Company decided in the fourth quarter of 1997 to issue additional equity or debt instruments for cash. On March 11, 1998 the Company completed a private placement of $3,000,000. The placement was comprised of 3,000 shares of Series B Convertible Preferred Stock. These shares have a par value of $.10 and are priced at $1,000 per share. The Company believes that this funding plus anticipated revenue will be sufficient to meet its minimum plan objectives for the next year. This level of funding plus anticipated sales revenues should be sufficient to allow the Company to continue its Houston focused sales efforts and the completion of a basic medical transcription voice recognition software solution." What consequences is there if any with the issuance of perfered stock with the stock price now at around $1(had some bad luck previously with perfered stocks being converted to common stock). Thanks, John

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