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Microcap & Penny Stocks : AMERICAN BIOMED, Minimally Invasive Technology (ABMI)
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To: Jeffrey L. Henken who wrote (1488)7/21/1998 6:42:00 PM
From: dollarone  Read Replies (2) of 2887
 
Jeff, as I have said before I did not lose money in American BioMed. I would have stayed longer but I believe that based on information contained in the public filings the company's management and directors suffer from a lack of integrity. That to me is a very important element in investing in a development stage company. As I have suggested to you before go back and read the filings beginning with the proxy for the 1996 annual meeting to the present and you will find some items that appear questionable once you fit the pieces together. Because the Company changes the disclosure about the same transaction in different documents you have to follow a transaction through several documents, for instance from the proxy to the subsequent 10-Q and 10-K to understand it.
Also a little on the job due diligence training for you. A Company does not have to get shareholder approval to do a reverse stock split because ownership % remains the same. The stock price goes up and the number of shares goes down but the total equity position remains the same. If you have 79,000 shares (isn't that about right?) at .40 and there is a 1 for 2 reverse split then you have 39,500 shares at .80 for a total of $31,600 in both cases. So don't expect a proxy in the mail if the company decides they want to do a reverse split.
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