KG4;
Your question about stock ownership? I found this in the EDGAR report:
Dr. G. Michael Swor Common 3,809,890 (1)
Frank M. Clark Common 50,000
Donald K. Lawrence Common 250,000
James D. Stuart Common 879,745 (2)
Irwin Newman Common -0- -0-
Sam Norton Common 53,400
David Swor Common 473,445
Tom DeCesare Common 9,469
All Executive Officers and Directors as a Group (eight (8) persons) 4,894,689 (3)
(1) This includes 631,260 owned by Dr. Swor's wife of which he is deemed the beneficial owner (2) This include 31,563 which Mr. Stuart owns jointly with his brother and 816,619 which Mr. Stuart received as a gift from Dr. Swor in 1996. (3) In addition to the shares owned by the Executive Officers and Directors as a group, said officers and directors own (including those beneficially held) options to purchase 4,466,316 shares of the Company's Common Stock pursuant to Employee Stock Option Plans adopted in 1994 and 1998. In the event all such options to purchase were exercised, this group would own a total of
9,361,005 shares of the Company's Common Stock which would represent 61.53% of the total shares of Common Stock outstanding. (See Part I, Item 6. "Executive Compensation - - Employee and Consultant Stock Option Plans."
I believe it was around page #33. The report is hard for me to read on the web sight. There are a number of restricted shares and options to purchase more shares at $1.75 per share.
The report also mentioned that salaries as of June 30, 1998 were $144,000.
I had quickly scanned the report before my visit and realized that most of my questions had been answered in it. I felt that if I asked my questions I would have been told what I could have read. So I spent my time getting to know the people, looking at the operation and the product line.
As I was leaving Mr. Clark did mention something about a stockholders meeting in the near future. No set date at this time though.
Tom B.
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