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Biotech / Medical : MTEN - expected 1000% revenue increase in 97
MTEN 2.220-18.4%Nov 6 3:59 PM EST
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To: Syd Deem who wrote (23)12/27/1996 12:01:00 PM
From: Cavior Organization   of 279
 
With respect, it would be a mistake to overestimate the dilutive impact of Reg-S stock coming into the market at this time.

1) Since late summer, when conversion of the S preferred became possible, company estimates that perhaps several hundred thousand shares were converted and sold (not the same thing) well before Smart Money broke.

2) Company is working out lock-up agreements with several large S-holders, setting a limit to the number of shares which could be sold each quarter.

3) Most important -- company believes that at least half of the S-holders are funds and institutions who are positive on the long term prospects of MTEN and its unique MTI PhotoScreener(TM). These institutional players have indicated that they intend to hold their shares, even though they may have to convert their preferred into common for legal reasons (portfolio liquidity).

In conclusion, please put in context: at September 30 there were 12.7 million common shares outstanding. Maximum number of shares on full conversion of the Reg-S cannot be precisely calibrated, but is probably no more than about 2.5 million shares on top of the 12.7 already outstanding.

Kindly recall that the Reg-S was done to buy Steridyne, a privately held Florida company with positive cash flow whcih will probably contribute close to $500,000 pre-tax to MTEN in the current year and has excellent growth prospects.

Once again, thank you for your continued interest.

Cavior Organization
(IR counsel to MTEN)
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