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To: upanddown who wrote (84687)	1/18/2001 7:35:06 PM
From: jim_p	Respond to of 95453

John, All my information is based on rumors here in Houston. It's my understanding that PEX had a majority of the SMOP shareholders sign lock up agreements to vote in favor of the deal, so the deal is pretty much a matter of formalities. In addition PEX is now buying SMOP shares in the open market. I didn't see a pricing formula in the Purchase and Sale Agreement, but since PEX trades very little volume the rumor is the BOD of both companies have agreed on a price of $10.00 for PEX, or .471 shares of PEX for each share of SMOP. Hope that helps, Jim