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Gold/Mining/Energy : PYNG Technologies -- Ignore unavailable to you. Want to Upgrade?

To: PeteK who wrote (6870)	1/13/2003 11:56:05 PM
From: Bernard Elbaum	Read Replies (3) \| Respond to of 8117

Can someone please clarify the logic and arithmetic described in the Pyng press release. It seems to say that Pyng is issuing 450,000 shares at $ .26 to buy back 1,799,840 shares originally purchased by Unicorn/BPI at $ .25. This does not point to a very high buy back price. The price it suggests is roughly $ .065 per share. The press release says that Pyng and BPI have negotiated a share sale transaction. But it also states that BPI has agreed not to sell more than 25K shares/mo., which suggests that BPI remains free to dump its shares on the market. This left me, for one, confused. Can anyone clarify? The revenue numbers suggest Pyng broke even last quarter, which is also what M. Jacobs told me. One would have thought that Pyng would announce a breakeven quarter in a press release, instead of merely reporting the revenue figure in executive notes.