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

To: Sergio H who wrote (84)	1/25/1998 11:40:00 PM
From: JBH	Read Replies (1) \| Respond to of 184

Hi Sergio, After viewing the SB-2 it looks as if there is somewhere around 792,000 shares to be issued. The 507,000 is for sale by the company at a redeemable price of 4.67 to the underwriter. 233,000 shares of common stock at a 7.94 value to other un-named holders. 50,783 warrants to puchase at 3.31. The company stands to pocket somewhere around 2-3 mil on the total deal IF and when all warrants and offerings are exercised to be used as working capital. As far as when, the best read I could get was, I think, 30 days after the filing from "time to time." THis is my read, please correct me if I'm wrong. John