Kaire Holdings - $0.50 stock- $3 to $4 Book Value Message Board

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Microcap & Penny Stocks : Kaire Holdings - $0.50 stock- $3 to $4 Book Value

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To: Michael Graham who wrote (92)	7/29/1998 3:29:00 AM
From: Micro-Selector	Read Replies (1) of 1640

Mike: Actually, I remember the 1 for 75 NONI day very well. The stock price was about 0.013 x 0.015. I was about to average down since had bought at about 0.03 on news of Potomac acquisition. All of a sudden, the stock rallied up to about 0.02 and then settled back to 0.0175 just before market close. Right AFTER the close a press release came out stating that the 1 for 75 was effective as of market close that day and that the company would now be "Kaire Holdings" trading under the symbol KAHI. This press release is on KAHI's Web page (www.imt-ltd.com). I filed a complaint with the SEC because I had never encountered such a thing -- reverse split with no shareholder approval or prior warning. About 5 MONTHS LATER (no joke) I got this call at home from the SEC (I hoped it was about a complaint I filed against NVXE for not filing their 10K as promised) and the guy explained that rules governing splits vary by state as defined by that state's Rules of Incorporation. Whatever a company has detailed in their "Articles of Incorporation" (which I suppose shareholder's have a right to request from the company) is what they are allowed to do (as long as met requirements for the state in which incorporated). The guy asked if I wanted to follow-up on the complaint with KAHI and I said NO since I planned to average down once the stock settled off (and BOY has it settled!). I do, however, still have his e-mail address since he sent me the SEC ruling on the new OTC:BB filing rules if anyone else is interested in pursuing the unannounced reverse split matter further.... Needless to say, I am impressed with the company's products and on-line ordering system. I still can't figure out from all the SEC filings what the current # of shares out was before the split and is now. I know that the current stake in Potomac was paid for in stock/debt, however, so it could be they are increasing the float to pay for these new deals. I will e-mail the company and request the current #. Sorry for the info overload, just wanted to share what I know. Micro-Selector

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