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Non-Tech : GTAX - Gilman & Ciocia, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Judith Weintraub who wrote (81)	1/12/1998 5:32:00 PM
From: Sergio H	Respond to of 184

The registration is for the purpose of possible sale by the owners of these shares. Since they were received as payment for services rendered it is highly likely that the shares will be sold in the future. It is probable that these shares will be sold at a level higher than $7.94 and that these shares will be sold over time. When the underwriters accepted the warrants and options as payment they knew that they were accepting a deferred payment with the expectation that the stock price would appreciate. GTAX has paid for services rendered in the past in this same fashion. It is not an uncommon practice for companies to do this and it will have a small impact on the future stock price of GTAX. Sergio