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Microcap & Penny Stocks : Rande Is. . .FISHING. . [under $1.50] -- Ignore unavailable to you. Want to Upgrade?

To: Rande Is who wrote (2409)	6/24/1999 7:52:00 PM
From: Ga Bard	Read Replies (1) \| Respond to of 4766

From the PLCOP filings on the off shore convertible debenture. Also in November 1998, the Company entered into agreements with ZD Group, L.L.C. ("ZD"), a related party, and Frampton Industries, Ltd. ("Frampton"), an unaffiliated British Virgin Islands company, to secure additional financing. ZD is a New York limited liability company, the beneficiary of which is a member of the family of the Company's Chairman. Under the Frampton agreement, Frampton will loan $500,000 in the form of a convertible, subordinated debenture due December 31, 1999. The debenture will bear a 5% interest rate and will be convertible into the Company's Series E Preferred Stock ("Series E Stock") at a price of $0.10 per share at Frampton's option. This price represents a 50% discount from the then current (November 10, 1998) market price reflecting a discount for the illiquidity of the shares, which do not carry any registration rights. The Company expects to receive the proceeds of this loan in the near future. In January 1999, the Company and Frampton executed a letter agreement pursuant to which Frampton has agreed to act as the exclusive placement agent and financial advisor for the Company in connection with a contemplated proposed offering of convertible debentures. The agreement is for a term of six months (with a potential two month extension at Frampton's option) and provides that Frampton shall be provided an investment banking fee of 8% of the face amount of each debenture funded. This is June six months later ... Now the trading was fine until 1:00 then suddenly 17,200 came into the market and another 16,000 @ 2.29 ... 32,000 x 2 (sell plus buy) is 64,000 that was total volume. Plus some double ticking approximately another 48,000 so that brings the volume about 112K ... so only 100K was normal trading. Now this is my opinion only but the two large block sells did happen. A lot of the E series is available for who ever wants to sell them according to the filings. Just be careful. the stock is well over the .10 level and the .28 range from November. Plus it has run up from .50 back in April to a high of $3.38 and been coming down slowly ever since. Plus they have had no news since March either. If the large block selling ceases the new floor will be in this range it is trading at now. However you need some news on it. Watch for the big block sells at the midpoint. If they have a large block for sell they will sell up to it and not wffect the price. JMHO GB