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Technology Stocks : Fonix:Voice Recognition Product (FONX) -- Ignore unavailable to you. Want to Upgrade?

To: pgl52 who wrote (3235)	6/19/2002 1:47:49 AM
From: Randall E Westberg	Read Replies (1) \| Respond to of 3347

Pgl52, while it does seem as though you haven't visited this site in a few years, you have. But that is just an observation I made and wonder upon. Fonix filed an 8-K report dated June 6 2002. In the report Fonix states that effective June 6th 2002, Murdock and Dudley made a deal to sell a portion of their class A shares with the net proceeds of the sale, minus selling commissions going to the company. For this loan Murdock and Dudley receive an interest rate of 10% annually. Interest to be paid semi-annually. Six months after the date of the note, the outstanding balance of the note will be converted back into the company's class A shares. The conversion price will be equal to the original sale price. If the market price at the time of conversion is less than the original sale price then Fonix will issue additional shares to Dudley and Murdock to make up the difference. The {Loan} Made by Murdock and Dudley is secured by the intellectual property rights of Fonix. Additionally Studdert and Murdock will be reimbursed by Fonix for any costs or expenses incurred with this transaction....including tax liabilities. In addition The Board or Directors shall determine any additional compensation to Dudley and Murdock in consideration of the loan to Fonix. Fonix in Plain English...