To: Joe Copia who wrote (90881 ) 8/28/2001 1:03:21 PM From: eric siegel Respond to of 150070 I agree,a stock at .012 splitting to sub penny levels seems ludicrous to me too.Co. CEO blames shorts on poor prices,here is his letter to shareholders when stock was .35 in July. President's Message (7/11/2001) Dear Voyager Family: Many of you have called questioning the decline in our stock value from a high of almost $10 to a low of 35 cents. I have looked into the matter and it appears that unscrupulous market makers have used what are referred to as "shorting" tactics to repeatedly buy then sell over 900 percent more shares than held in public hands and artificially deflate the price. In my opinion, once share prices "bottom out," these self-serving market makers intend to buy as many shares as possible, wait until they increase, then cash out. NASD rule 3370 (b)(2)(B) allows market makers to make a "short" sale by allowing them to sell securities without demonstrating that they are available. This has the effect of creating securities out of thin air. In my opinion, this rule needs revision. By keeping stock prices down, market makers profit and then increase their ownership in an obviously healthy company like Voyager at the stockholders' expense. Savvy market makers know a value when they see it and also know how to manipulate the market to advance their self-serving interests. Voyager is completely undeserving of its treatment by unscrupulous market makers. Contrary to their efforts and misrepresentations, we are thriving. Monthly sales revenues are up over 500% year on year, active independent distributor enrollments are up by more than 1000%, seven acclaimed product formulations have been launched with an eighth slated for August, and we are the exclusive purveyors of patented Bio Laser technology to the world. Add beautiful literature, a phenomenal website, exquisite business management technology, public accountability and excellent customer service, and you have a booming business. In my opinion, our management team (with over 60 years combined industry experience), coupled with tremendous field leadership, has done more in a handful of months than any competitor I know. You can help us rectify this short stock situation and beat these self-serving market makers at their own game. I encourage you to purchase as much of our undervalued common stock as possible and order out your certificates. Those of you who have already purchased common stock should also order out your certificates. This means that you request from your brokerage house the immediate delivery of your stock certificates. By so doing, market makers will have to go to the market and purchase shares to deliver into your hands. Even better, not only will they have to buy one share to give you, they will have to buy another share to pay back what they borrowed when they "booked" the purchased share to your account. Expect activity not only from the market makers but also from the brokerage firm through which you purchased your shares. When you request your shares, your broker must deliver them to you within the guidelines established by the Securities and Exchange Commission (SEC). If the broker doesn't have the shares to deliver, the brokerage house must go to the market and purchase the shares for delivery. To help you take advantage of this share value bonanza, Voyager is designing a share purchase program we will announce at our beach party in August. We are very excited about your opportunity to increase your ownership and share in the future value of our stock at discount prices. The bottom line: We win by making Voyager even stronger. Don't allow market manipulators to distract you from building our dream. We must focus on using our success to command respect both in the market and among our peers. Journey on and journey well, Marvin Higbee