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Gold/Mining/Energy : PYNG Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Edward W. Richmond who wrote (4364)	8/17/1999 11:59:00 AM
From: AriKirA	Respond to of 8117

Hi Ed, Just thought I would post the following excerpt found on the JDX thread: Message 10977785 By the way...JDX has never in its history repriced the insiders options when the stock was doing bad....I for one believe insiders that do repriced options should be taken out behind the barn and %*&@#$%# (pet peeve) Best Regards KEITH I'm sure most of you already know who Keith is... AK

To: Edward W. Richmond who wrote (4364)	8/17/1999 4:04:00 PM
From: m. jacobs	Read Replies (5) \| Respond to of 8117

To Edward Richmond, I am responding to re-pricing of stock options. In the first place there were several levels of stock options issued at the time of cancellation. Some were almost expired, some were getting close, some were due to be re-set, and others were about to be set for employees who had past their trial period. The options were not consistent either in price or time. We have also hired new employees and will need to hire more soon, as we go into production. They, after an initial trial period, also will be entitled to stock options. The reality of hiring qualified medical technical staff is that they, no matter where they work, are induced by stock options as part of the benefits of working for either a large or a small research and development company. This can easily be researched and shown to be a basic reality in the medical development environment. My intention was clear, close out all the old options and reset them for a consistent price and time frame. This was to ensure that individuals who are currently employed or who will be employed by Pyng, as direct employees, directors, have a common base, and a clear understanding that all are equal in the stock option plan. In Canada, where taxes reach 54 percent very easily, stock options are not considered as a capital gain but rather as direct income and are taxed accordingly, if exercised above the strick price. Stock options are not free, the recipient, if they wish to exercise them, must pay the company for the right to do so. In doing so the company receives, from an internal source, additional funding for the operations. The most important issue, for this company, is to ensure that we can offer matching opportunities to current and potential employees, directors, etc. so that we can compete. If we can't, then we may lose good employees to other companies who offer such incentive, and the vast majority does. That is the reality of the market place.We have every intention of ensuring our compedative position in our hiring practice. We have pointed out several reasons to restructure options; we asked the governing authorities if cancellation of all old options and re-pricing would be allowed we were told that they would be. I trust that you are not in disagreement with issuing a stock option benefit? In restructuring for the future, we have also implemented, for the first time in Pyng Medical's existence, a medical benefits plan for employees, would you also consider that out of line, or just an appropriate incentive for the benefit of new and old employees? Our latest news release about production selection, which has been ignored by this thread, should indicate to you how close we are getting and why we need to deal with these internal issues now. Michael Jacobs