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Gold/Mining/Energy : FASC (First American Scientific Corp)
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To: jmt who wrote (542)10/13/1998 12:09:00 PM
From: Coho  Read Replies (1) of 972
 
jmt, I had a fairly long discussion with a promoter who is close to both FASC management and the main principle responsible for the technology. The principle has a huge position through the debt agreement., AKA. debt for paper.

FASC is an odd company, the promoter confirmed the significant advances of the company but was also frustrated with the absence of public reporting, investor relations, promotion etc.. The problem was reported to be due to the poor business acumen of the CEO. BUT, that is also the good news!!

The proposed Joint Venture partner was reported to be taking a large position in the company for cash and in exchange will be appointing a new board. The JV is well equipped in respect to funding, vision and ability.

As I suspected several months ago the company was on the brink seemingly headed for collapse with the technology being sold for debt. The crisis was apparently averted as the debt holders (technology) made a business decision to stay the course, joint venture with a new partner and advance the company.

When??? My impression was less than two months, probably within a month. My experience says longer then expected.

Overall, I was left with my same impression; FASC presents an excellent growth potential stock investment but is high risk due to current management, over-dilution and weak financial resources. Lets hope the ramblings of Howe Street promoters give a fair depiction of the New FASC, which could be awesome.

Good

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