To: Silicon Trader who wrote (547 ) 1/21/1998 9:00:00 AM From: PC11 Read Replies (2) | Respond to of 7701
Noram Investors: First of all, to Mr. Zilba and his family, my prayers are with you!! Now down to business. If anybody intends to call Noram within the next week, could you please try to get these questions answered. I would do it myself except for: 1. George didn't return my last call (toll-free). He doesn't agree with my style of due-diligence, and I don't agree with his style of running a company. 2. I will be out of town until Tuesday for a well deserved vacation. My questions are: 1. Concerning the "friendly" insider who registered to remove the legend from their 1.5 million restricted shares, could I please have the name of this insider. Also, does he know how long ago this insider recorded this filing. 2. On December 17, 1997 George estimated the float to be 4 million. The 1.5 "friendly" shares brings George's total to 5.5 million. The TA confirmed the float at 6.5 million. Does George know where these extra 1 million shares came from? 3. In our last (and probably final) conversation, George reiterated to me (for the 2nd time) that there would be no further share issuances in the near future. Lo and behold, 192,500 shares have been issued since November 3 (date of 10Q). Can I have an answer as to who received these shares? In closing, I'm only mildly concerned regarding the significant increase in the float. I always use the total shares O/S when I perform my estimates and analysis. That currently stands at 14.3 million. HOWEVER, one cannot discount the question "Why would insiders be selling shares considering the company's potential"? I still feel that a news release explaining the current situation in Venezuela is necessary. Whether good news or bad, the shareholders have a right to know. Best of luck Paul