Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (6579)	2/6/1999 12:56:00 AM
From: Ruyi	Read Replies (4) of 18998

"listing soon come" it better RE: BII + $ 2.177 mill. Cash 12/31/97 as per filed documents ($12.875 mill.) loss 9/30/98 ending 3rd qtr.per. statements ($10.698 mill. ) sub total approx. deficit 9/30/98 + $ 6.800 mill. proceeds * cash from 3 equity sales to 9/30/98 ($ 3.798 mill.) deficit approx. ending 9/30/98 + $10.000 mill. proceeds approx.from last placement Nov.98 + $ 6.202 mill. net operating cash balance approx. ($10.00 mill.) est.loss 4 qtr. based on burn /sales ($ 3.800 mill.) deficit est. approx. ending 12/31/98 This loss 4 qtr. could be larger if they had greater sales or conversely less if companies estimates of projected sales weren't met. Figure is assuming historical burn rate & loss to sales ratios. * Rodgers provides some cash & $6.00 mill. approx. towards future advertising as part payment of their getting shares NOT CASH ($12.8 mill. total proceeds of the 3 equity sales) Since we are into mid Feb. I would presume the deficit is now much greater. BII deficit at the end of 9/30/98 was $21,846,787 or $32,000,000 approx. 12/31/98 EST.if losses to sales are historical.

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