From SC13D filed today:
Item 4. Purpose of Transaction
On February 11, 2000, Wilmington Securities, Inc. purchased 153,846 shares
of Common Stock from the Issuer. In payment therefor Wilmington Securities,
Inc. delivered to the Issuer for cancellation a promissory note in the amount
of $500,000, made by the Issuer to Wilmington Securities, Inc. on December 1,
1999, in consideration of a loan from Wilmington Securities, Inc. to the
Issuer in that amount. The Issuer paid accrued interest on such loan in the
amount of $8,000 in cash on February 11, 2000.
On February 11, 2000, Wilmington Securities, Inc. converted its holdings
of the Issuer's Series A-2, Series A-3, and Series C Preferred Stock into an
aggregate of 2,458,491 shares of Common Stock.
Wilmington Securities, Inc. acquired a warrant to purchase 250,000 shares
of the Issuer's Common Stock on February 11, 2000, pursuant to a Securities
Purchase Agreement, dated as of January 4, 2000, between Wilmington
Securities, Inc. and the Issuer.
On February 22, 2000, Wilmington Securities, Inc. exercised warrants for
476,667 shares of Common Stock for an aggregate exercise price of $2,089,868.
On February 23, 2000, Wilmington Securities, Inc. exercised warrants for
250,000 shares of Common Stock for an exercise price of $893,750. The
warrants exercised on February 22 and 23, 2000, constituted all warrants then
held by Wilmington Securities, Inc.
On February 22, 2000, the Henry L. Hillman Trust, the JLHS 1976 Trust,
the AHF 1976 Trust, the HLH Jr. 1976 Trust and the WTH 1976 Trust exercised
warrants to purchase 47,141, 15,714, 15,714, 15,714 and 15,714 shares,
respectively, of Common Stock of the Issuer for aggregate exercise prices of
$268,200, $89,400, $89,400, $89,400 and $89,400, respectively.
On February 10, 2000, C. G. Grefenstette sold 5,000 shares of Common
Stock, which he owned of record and beneficially, in his individual capacity
and not as Trustee.
On February 8, 2000, Thomas G. Bigley sold 10,000 shares of Common Stock,
which he owned of record and beneficially, in his individual capacity and not
as Trustee. |
