>What is a "504 offering"<
A 504 offering is a method by which small companies have been able to raise up to $1 million through a private placement of shares. The private placement has been completed and the 410,000 shares in the float include all those shares. I'll try to answer some of your other questions the best I in the rest of this post.
There was a 1 for 10 reverse split of an existing shell on TRIM in December of 1998. In addition the company repurchased shares. They may have bought the 144 shares. Here is a news story that will help explain how TRIM came to trade with such a limited number of shares:
TAMPA, Fla.--(BUSINESS WIRE)--Dec. 17, 1998--TrimFast Group, Inc. (Nasdaq OTC BB:TRIM) today announced that it has initiated a plan to repurchase up to 500,000 shares of the Company's common stock in open market transactions. Mr. Michael J. Muzio, the Company's President, stated in making the announcement that the Board believes that this is an opportune time for the Company to initiate this stock repurchase program. In addition, the Board of Directors has authorized a 1:10 Reverse Split to take effect December 21, 1998. The Company believes that its TrimFast and Max Impact line of nutritional supplements will continue to grow in 1999 and that the stock repurchase and reverse stock split will provide the Company with a more acceptable capital structure for future business operations. For additional information call Michael J. Muzio at (813) 275-0050 by telephone, or mail inquiries to: Investor Relations, 777 South Harbour Island Blvd, Suite 260, Tampa, FL 33602
This press release contains "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, regarding the Company's business strategy and future plans of operations. Forward-looking statements involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this press release. These and other important factors may cause the Company's actual results and performance to differ materially from the future results and performance expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates.
fast.quote.com
>With the float so small at 400,000 shares, please comment on the planned 144 sales since Dec 98 of at least that amount again which would double the float. When is the 2 years up on the 1.8m shares of Mr Muzio, the President? biz.yahoo.com;
Good questions Tobasco. I'll see if I can't get another call through to talk to the CEO again.
Thanks, Jeff |
