Here is the paragraph from the letter. 17,000,000 restricted shares from the PP and the remaining restricted shares through "exercise of options, loan conversions and employment contracts." Approximately 16,000,000 shares to be better clarified through the companies filing of form 10K for 1998.
4. Relative to the number of shares outstanding, I have been advised by securities
counsel as follows. TSIG has approximately 90,000,000 shares issued and outstanding,
of which 17,000,000 restricted, unregistered shares are held in escrow pursuant to the
convertible debenture financing. The number of shares that the investors' will ultimately
receive depends upon the stock price at the time of conversion, if the investors elects to
convert. Other shares have been issued as a result of the exercise of options, loan
conversions, and employment contracts. Most of these shares are restricted. The
precise breakdown of these shares will be publicly available in due course, when the
company files its Form 10K for the year ended December 31, 1998. |
