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To: John A. Paul who wrote (2761)	1/16/1998 6:09:00 PM
From: don roberson	Respond to of 3906

Or, you could look at it as their way of getting in at a price that will afford them an opportunity, if the company is successful, to sell fewer shares, earlier, to get their initial investment back, without losing too much of the controlling percentage. See? You can look at the glass half empty, or half full.

To: John A. Paul who wrote (2761)	1/16/1998 6:42:00 PM
From: Amots	Respond to of 3906

JP This is from the SB-2 filed on 4/21/97 <<6% CONVERTIBLE DEBENTURES ... The holder may convert the Debentures into Common Stock commencing on the effective date of this Registration Statement. The conversion price per share will be either (a) $6.525, the Market Price as defined in the Debentures as of March 21, 1997, or (b) 80% of the Market Price on the date of conversion, whichever is lower. "Market Price," as used herein, means the average closing bid price of the Common Stock on the five (5) trading days immediately preceding March 21, 1997 or Conversion Date as may be applicable, as reported by the National Association of Securities Dealers>> As you can see a conversion of the current outstanding debentures (about $4.3 based on SEC fillings) will result about 18MM shares to the holders ($4.3MM/$0.3/80%), about 1.5MM more shares then Waite and See will get for the first $5MM. My guess is that beside selling the 800,000 shares that were already converted (7/97), the holders also shorted the stock to get a better conversion price. Did they already covered in the last 3 days??? Your guess is good as mine. Still holding 2/3 of my shares (Bought at $0.35) and waiting. Good luck to all. Amots