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Microcap & Penny Stocks : Liteglow (LTGL) -- Ignore unavailable to you. Want to Upgrade?

To: Mad_Mouse who wrote (4618)	8/21/1999 6:09:00 AM
From: Mad_Mouse	Read Replies (2) \| Respond to of 4715

Here is post 613 from RB for those who want to read it: ragingbull.com By: dazzal Reply To: 612 by da_schnauzThursday, 3 Jun 1999 at 9:06 PM EDT Post # of 3269 Dear Mr. da schnauz: The press releases at the time they were made were accurate. No deception was meant. However,our audit is done only at the end of the year. During the course of the year things happen that could not have been forseen, such as Liteglow's lawsuit against Russo Securities for reasons I cannot (legally) discuss. The legal fees were staggering to say the least.Even though we obtained a "victory", it was very costly. In addition,in the 3rd quarter of 1998 we received (unknown to us at the time) some very bad merchandise (Undercar Lighting Kits) from one of our existing Chinese suppliers. This created three bad situations: 1) Defective merchandise that came back to us 2) Loss of profits from sales already accounted for 3) Loss of customers for several months, that have eventually been recouped THIS YEAR. NEEDLESS TO SAY, THE LOSSES BECAME VERY LARGE, AND WERE REALLY NOT FELT UNTIL VERY LATE IN 1998 As for your other comments, the reverse split was a "no brainer". There were too many shares outstanding, caused by our need to raise additional capital to buy new (and better) merchandise, to capitalize our subsidiary LOWGLOW better to manufacture the undercar kits in the USA, and to revitalize the REAL POTENTIAL OF LITEGLOW FROM AN EARNINGS PER SHARE STANDPOINT.Yes it hurts. Yes you lost money (ONLY ON PAPER IF YOU HAVEN'T SOLD),and yes, as the largest shareholder in Litefglow, I lost more then all shareholders COMBINED!I realize this is all just words to you, but I am not your enemy, and I want you and all of our shareholders as ALLIES. Bottom line: The audit is now finished. The papers are in the hands of the attorney. The form 10 will be filed shortly, but I WILL NOT GIVE AN EXACT DAY OR DATE, I DO NOT WANT TO BE CRUCIFIED FOR IT. IT IS BEING DONE.I am open to suggestions, as long as they are made in a constructive manner,O.K.? Tell me what else I can do, I really think we can (eventually) put a SMILE ON YOUR FACE.!!

To: Mad_Mouse who wrote (4618)	8/21/1999 11:19:00 AM
From: jebj	Respond to of 4715

>Most people are more than eager to share good news, but go into denial when there's bad news. - MM Certainly true, MM, but the difference between "most people" and good 'ld Spenc is that most people just don't say anything when they have nothing good to say - good 'ld Spenc, on the other hand, just keeps the lies coming. I had mentioned filing with the SEC but as a BB stock there is little the SEC can do right now. However, there is a great deal that the States Attorney of the county in which they are located can do. Seems they may have opened themselves up to a number of feloney charges here. jb