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Technology Stocks : The Panda Project (PNDA) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Farmwald who wrote (845)	2/9/1998 3:20:00 AM
From: Rubber Man	Read Replies (1) \| Respond to of 1521

Summary of new minimum maintenance requirements (Nasdaq SmallCap Market): -Net tangible assets(1) of $2,000,000, or market capitalization of $35,000,000, or $500,000 in net income for two of the last three years. -A public float of 500,000 shares(2). -A $1,000,000 market value for the public float -300 shareholders -A bid price of $1.00(3). -2 market makers -Corporate Governance Standards (see initial listing requirements) (1) Net tangible assets are total assets less total liabilities and goodwill. (2) The Public float consists of shares that are not held directly or indirectly by any officer or director of the issuer and by any other person who is the beneficial owner of more than 10 percent of the total shares outstanding. (3) A company is not in compliance with this requirement when its stock drops below $1.00 for 30 days. The company will be notified of delisting proceedings unless the stock closes at $1.00 or more for ten consecutive days, within 90 days of falling out of compliance.

To: Mike Farmwald who wrote (845)	2/9/1998 9:31:00 AM
From: Mitchell Ryan	Read Replies (1) \| Respond to of 1521

<<What he got was much more interesting. They (IIRG) said that Panda is going to announce next Tues that GM, EG&G, SAAB and "others" have ordered samples of Panda products. (I wasn't clear whether it was VSPA or Compass). They strongly encouraged my friend that the stock was a good buy. They also said that the road show has been canceled due to the crush of orders. Also, they are busy trying to close a financing and there may be an announcement next week.>> If sales are so brisk, then why the need for bridge loans and last minute financing? This sounds like an act of desperation to keep the stock price inflated. It will be interesting to see what happens today. So far, it doesn't appear as though the IIRG leaks have had much effect, since the price has been dropping precipitously. Ryan

To: Mike Farmwald who wrote (845)	2/9/1998 6:46:00 PM
From: Mike Farmwald	Read Replies (2) \| Respond to of 1521

IIRG (Panda PR agency) is calling people today and telling them that the announcement for tomorrow (Tues) is off, and that they are going to hold off until they have something to announce about the finances. My guess is that they're scared that they indeed may have violated securities laws with previous calls and and are trying to "fix" the situation by undoing the announcement. It really looks like this group gets read - at least by Panda and IIRG. Mike