Pete, here it is. Sorry about the mix up.
Emerging Growth Stocks Corporate Update
February 11, 1997
Please Read our Disclaimer at the bottom if you have not already done so.
IMMUNE NETWORK RESEARCH TO BE ACQUIRED
IMM is halted today to disseminate the news that a new agreement has been struck with
Bio-Fluorescent Technologies of Nevada (new trading symbol - BFTK on the OTC-BB) whereby BFTK
will acquire IMM for 9 million shares of BFTK. IMM closed yesterday at $0.16 (CDN), and BFTK at
$0.34 (US). This news was announced very late in the day, well after the close of trading, and therefore
did not have an effect on trading in either stock. The takeover is subject to exchange and shareholder
approvals, and is expected to be wrapped up by May at the latest.
You may recall, this was the same company that attempted to merge with IMM in October, but the VSE
kiboshed the deal for one reason or another. My guess is, this time it will be allowed, because IMM
shareholders can only benefit from the takeover. Let's examine the transaction to see why.
It looks like current IMM shareholders will receive one share of BFTK for every two shares of IMM
they hold. At todays price of $0.37 US, converted to CDN that's about $0.46 CND, divided by two, this
makes our IMM shares worth about $0.23, a nice increase from the current price. But look closer. In
October BFTK was rolled back 1 for 3, leaving a mere 6 million shares outstanding. They rolled it back
for a reason, the same reason any company does it - to move the stock up and do some financing.
Upon the rollback, the stock traded around $0.75, and has since drifted down to the current low level.
Once the dust settles however, I would expect the stock to be promoted to a higher level. My target
would be US $0.80 to $1.00. Call it US $0.90. That makes our IMM shares worth about US $0.45, or
about CND $0.57. This is all theoretical, I admit to reaching a bit here, but I believe, well within the realm
of possibility.
A shareholders meeting should be called shortly, and I see no reason not to vote a resounding yes for
this takeover.
I expect IMM to remain halted for at least the next few days while some administrative details related to
the transaction get completed.
Louis Paquette
Author and Publisher,
EMERGING GROWTH STOCKS
102-2020 Comox St., Vancouver, B.C. V6G 1R9
Phone/Fax : (604) 687-5772, E-mail: 28212@msn.com
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objective analysis of the markets, focusing on the VSE, and individual companies with substantial
upside potential over the next six to twelve months. The information contained herein is believed to be
accurate but this cannot be guaranteed. The analysis does not purport to be a complete study of
securities mentioned herein, and readers are advised to discuss any related purchase or sale decisions
with a registered securities broker. Companies featured in EGS are often at very early stages of
development and can therefore subject to business failure, and are to be considered speculative and
high risk in nature. Reports herein are for information purposes and are not solicitations to buy or sell
any of the securities mentioned. The author may or may not hold a positon (long or short) in the
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