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Technology Stocks : Vari-L (VARL) -- Ignore unavailable to you. Want to Upgrade?

To: RobertSheldon who wrote (2167)	5/8/2000 11:11:00 PM
From: Madharry	Respond to of 2702

I confess to a large hole in both my due dilligence in this matter as well as my understanding of what goes into the dillution calculation. You are saying that there 1.9MM options outstanding at 12/31/99 but that these were not included in dillution numbers because they were out of the money, but as of 3/31/00 they were in the money so they were included? Is it not unusual for a company to have options outstanding in excess of 1/3 of the shares outstanding? After this, I will certainly pay attention to the options being granted when I do future due dilligence on a company. I think VAR-L is a wonderful company with excellent prospects, I was just blindsided by the dillution figure. Thanks for the explanation RObert.