"Thanks for taking the time to look into what actually caused the actual demise of the stock price."
Maybe I'm missing something, but during the time frame being discussed the stock price more than doubled (** see below). The demise of INCE didn't come until:
1)Management came forward in Feb of 1997 and stated that there would be a six month delay in achieving the revenues predicted by the proformas they were faxing and emailing investors, which stated that the PI Technology would generate $23,890,000 in revenue by Sept.30th 1997 (and $21 million of pretax profit).
2) Big news was pending during the early summer of 1997. Vern, in INCE investor relations said that there was no way anyone would be disappointed with the news that was pending. The stock traded around $1.50, UNTIL...the news was announced. The "news" was the spin off of ITCO. The stock dropped like a rock. Selling pressure increased as investor faith fell. The last straw was...
3)Major dilution of the commonshare base brought about when tens of million of common shares were added to the float through the on going conversion of Series B and Series C preferred convertible shares. As the share price dropped, the conversions created more shares. The more shares that were created, the more shares were sold. A classic death spiral through convertible funding.
In the end, no shareholder value has been created to date from the millions and millions of dollars spent in the name of building a truly operational company. Anyone of us here could have taken those millions and simply invested it in an S&P Indexed Stock Fund during the last two years and returned a better value to INCE investors.
The last chapters of this soap opera has not been written, but it's hard to believe that any of us who have invested in members of the past or current management team will ever see our original investment back again.
Bill
1) ** Trades during the time Terry Neild's brother was supposedly selling.
02/02/96 34,000,000 1 3/8 1 1/16 1 3/8
02/09/96 20,370,000 1 1/2 1.23 1 5/16
02/16/96 11,070,000 1 1/2 1 5/16 1 3/8
02/23/96 23,370,000 1 5/8 1 3/8 1 5/8
03/01/96 38,390,000 1 7/8 1 1/2 1 3/4
03/08/96 9,850,000 1 7/8 1 1/2 1 9/16
03/15/96 8,630,000 1 3/4 1 1/2 1 3/4
03/22/96 13,700,000 1 7/8 1 5/8 1 7/8
03/29/96 18,820,000 1 15/16 1 5/8 1 7/8
04/04/96 13,660,000 2 1 3/4 2
04/12/96 33,320,000 2 1/4 1 7/8 2 1/8
04/19/96 48,530,000 2 3/8 2 2 3/8
04/26/96 146,750,000 3 3/4 2 1/4 3 1/2
05/03/96 151,320,000 3 1/2 2 15/16 3 3/16
05/10/96 68,300,000 3 1/2 3 3
05/17/96 64,690,000 3 3/8 2 7/8 3
05/24/96 52,710,000 3 1/4 2 1/4 2 3/4
05/31/96 32,320,000 3 1/8 2 1/2 3 1/8
06/07/96 138,900,000 4 7/8 3 1/16 4 7/8
06/14/96 144,230,000 5 3/4 3 5/8 4 1/16
06/21/96 90,460,000 4 3/4 3 7/8 4 1/16
06/28/96 31,950,000 4.09 3 3/4 3 15/16
2) Trades prior to and after the company said "whoops" we're not going to make our forecast.
01/23/97 147,800 4 3/4 4 3/8 4 1/2
01/24/97 76,000 4 11/16 4 3/8 4 1/2
01/27/97 70,100 4 5/8 4 5/16 4 5/16
01/28/97 53,000 4 5/8 4 1/16 4 1/4
01/29/97 30,100 4 3/8 4 4
01/30/97 63,800 4 3/8 3 7/8 4 1/16
01/31/97 66,400 4 1/8 3 7/8 4
02/03/97 180,200 4 3 5/8 4
02/04/97 159,400 4 3/8 4 4 1/4
02/05/97 220,900 4 3/8 4 3/16 4 5/16
02/06/97 149,100 4 7/16 4 1/8 4 5/16
02/07/97 95,600 4 7/16 4 1/8 4 7/16
02/10/97 71,700 4 9/16 4 1/4 4 3/8
02/11/97 20,800 4 1/2 4 5/16 4 5/16
02/12/97 73,500 4 7/16 3 15/16 4 1/8
02/13/97 77,200 4 1/8 3 3/4 3 7/8
02/14/97 56,900 3 15/16 3 5/8 3 3/4
02/18/97 214,000 3 15/16 3 11/16 3 13/16
02/19/97 50,700 4 1/8 3 3/4 4 1/16
02/20/97 40,000 4 1/8 3 11/16 3 7/8
02/21/97 89,200 3 7/8 3 3/8 3 9/16
02/24/97 52,700 3 13/16 3 3/8 3 3/4
02/25/97 130,400 3 3/4 3 5/16 3 1/2
02/26/97 250,300 3 1/2 3 3 1/4
02/27/97 161,400 3 3/8 2 5/8 2 3/4
02/28/97 464,800 2 3/4 2 5/16 2 5/8
03/03/97 143,200 3 1/8 2 5/8 2 15/16
03/04/97 95,300 3 1/16 2 15/16 3
03/05/97 39,700 3 1/16 2 3/4 2 15/16
03/06/97 199,200 3 1/16 2 5/8 2 11/16
03/07/97 64,300 2 11/16 2 9/16 2 11/16
03/10/97 38,200 2 7/8 2 9/16 2 7/8
03/11/97 45,800 3 2 11/16 2 7/8
03/12/97 57,000 3 2 11/16 3
03/13/97 24,100 3 2 7/8 2 15/16
03/14/97 31,900 3 2 3/4 2 3/4
03/17/97 2,500 3 2 3/4 2 3/4
03/18/97 9,600 3 2 3/4 2 3/4
03/19/97 38,300 3 2 11/16 2 7/8
03/20/97 27,000 2 7/8 2 11/16 2 7/8
03/21/97 52,400 2 7/8 2 3/4 2 3/4
03/24/97 66,200 2 13/16 2 7/16 2 9/16
03/25/97 52,000 2 9/16 2 3/8 2 1/2
03/26/97 36,100 2 5/8 2 7/16 2 1/2
03/27/97 46,000 2 5/8 2 1/4 2 7/16
03/31/97 23,500 2 7/16 2 1/16 2 1/16
04/01/97 104,500 2 7/16 2 2
04/02/97 69,200 2 1/4 2 2 1/8
04/03/97 91,900 2 7/16 2 3/16 2 3/16
04/04/97 79,200 2 3/8 2 1/16 2 1/16
04/07/97 45,400 2 5/16 2 1/16 2 1/4
04/08/97 128,200 2 7/16 2 1/8 2 5/16
04/09/97 24,200 2 7/16 2 3/16 2 5/16
04/10/97 72,100 2 3/16 2 1/16 2 1/8
04/11/97 49,800 2 5/16 2 1/8 2 5/16
04/14/97 48,000 2 5/16 2 3/16 2 1/4
04/15/97 38,300 2 5/16 2 1/8 2 3/16
04/16/97 20,000 2 1/4 2 1/16 2 1/8
04/17/97 52,300 2 5/16 2 2 1/8
04/18/97 85,300 2 1/4 2 2 1/8
04/21/97 47,500 2 3/16 2 1/16 2 1/8
04/22/97 85,300 2 1/8 2 2 1/16
04/23/97 74,300 2 1/16 1 15/16 2
04/24/97 83,400 2 1/16 1 3/4 1 13/16
04/25/97 106,000 1 15/16 1 5/8 1 5/8
04/28/97 61,000 1 3/4 1 1/2 1 1/2
04/29/97 58,400 1 9/16 1 1/4 1 5/16
04/30/97 146,700 1 5/8 1 5/16 1 7/16
05/01/97 109,100 1 1/2 1 5/16 1 5/16
3)Trades after ITCO news, as conversion sales increased. Notice increasing volume.
05/30/97 3,048,100 1 13/16 1 1/4 1 7/16
06/30/97 3,932,800 1 7/16 0 3/8 0 3/8
07/31/97 4,565,700 0.69 0 1/4 0.36
08/29/97 2,152,600 0.40 0.27 0.33
09/30/97 2,354,400 0.47 0.22 0.27
10/31/97 2,857,000 0.37 0.22 0.27
11/28/97 2,232,100 0.30 0.14 0 3/16
12/31/97 3,632,200 0.21 0 1/16 0.13
01/30/98 1,305,400 0.14 0.10 0.10
02/27/98 1,822,700 0 1/8 0.07 0.11
03/31/98 7,132,200 0.11 0.05 0 1/16
04/30/98 1,553,100 0 1/8 0.08 0 1/8
05/29/98 575,600 0.12 0.06 0 1/16
06/30/98 1,136,200 0 1/16 0.04 0.05 |
