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Microcap & Penny Stocks : ECNC: BETTING, INC. A WAGER ON NEW GAMING TECHNOLOGY
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To: steveK. who wrote (2096)5/14/1999 8:06:00 PM
From: DaiTN  Read Replies (2) of 2909
 
SteveK. Thanks for the respond. Perhaps, you misunderstand my question because you did not receive a Proxy Statement.

BETT 10Q report for 1st fiscal quarter clearly stated that BETT had 10 millions authorized common stocks, and 5 millions authorized preferred stocks. The company had issued 14.4 millions shares of common stocks, which is 4.4 millions shares over the authorized amount.To repair the error, BETT had to convert the extra 4.4 million shares into preferred stocks to comply with SEC. It means that BETT had max-out its common stocks of 10 millions and should have 4.4 million shares of preferred stocks outstanding. (These are facts filing with SEC as of November 30, 1998).

Here is my question: The Preliminary Proxy Statement I just received from BETT indicated that as of March 25,1999, BETT only has one class of voting stock, with a total of 7,843,234 shares outstanding. Why there is a discrepancy in the number of the outstanding shares? What happened to the other 6.6 millions shares of stocks issued?

By the way, I already booked my trip to Vegas for the meeting, should you guys plan a get together for a drink on Friday night, please count me in. Go BETT!!!!!!

DaiTN
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