Also, re proxy filing,
Company seeks shareholders;
<<To approve an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of the Company's common stock from 30,000,000 shares to 50,000,000 shares;>>
Why they want to do this now is a little confusing to me since there are still only 12 million shares out there.
<<As of March 18, 1999, 10,285,253 shares of common stock were issued and outstanding, and approximately 1,880,095 shares of common stock were reserved for issuance under the existing Stock Option Plans. If Proposal 4 is approved, 500,000 additional shares of common stock will also be reserved for issuance under the Company's 1999 Incentive Stock Option Plan. In addition, approximately 753,508 shares of Common Stock are reserved for issuance upon the exercise of currently exercisable warrants, and 1,777,768 shares of common stock are reserved for issuance on conversion of the Company's series B convertible preferred stock.
The increased capitalization to be authorized would provide needed
flexibility for future financial and capital requirements so that the Company could take proper advantage of propitious market conditions and possible business acquisitions. Shares of common stock would also be available to the Company for stock dividends or splits should the Board of Directors decide that it would be desirable, in light of market conditions then prevailing, to broaden the public ownership of, and to enhance the market for, the shares of the Company's common stock.>>
Maybe they're gearing up for a big livakias style hype job.
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