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Microcap & Penny Stocks : AREE - Formerly TVSI -- Ignore unavailable to you. Want to Upgrade?

To: Riley G who wrote (100)	2/8/1998 6:44:00 PM
From: TopCat	Read Replies (1) \| Respond to of 6528

Yes, Tide, you need to read the following from the filing Riley linked to......sure doesn't sound like Mr. Raabe turned anything around to me.....This is classic Riley G. (i.e. hope that nobody really reads thoroughly what he links you to) >>In March 1995, as a result of shareholder dissatisfaction with management, Messrs. Renaldo, James Keefe, Greg Tamborello and Lorne Durkett, constituting all the directors of the Company, resigned all their positions with the Company. Messrs. Tom Raabe, Micah Eldred, Bruce Daigle and Jon Reuben were thereafter elected to serve as directors. Tom Raabe became President and CEO and Dan Sullivan continued to serve as chief financial officer. This new management group was faced with the task of resolving the Company's debt crisis while defending numerous creditor and stockholder lawsuits brought against the Company and former management. The Company's financial condition and results of operations continued to worsen. The Company was also saddled with economically unviable long term leases and contracts and a new lawsuit brought by the former CEO, James Renaldo. The new management tried to continue to operate TMC and Consumer Products, but was unable to stem operating losses or reduce the Company's debt to Provident Bank, which had grown to $6-7 million throughout fiscal 1995. By the end of fiscal 1995, QPI Consumer Products Corporation was in bankruptcy and TMC Company was winding down and liquidating its assets. In October 1995, Messrs. Daigle and Eldred resigned from the board of directors and Mr. Sullivan resigned as an officer and employee. In November 1995, the Company hired a turnaround consultant, Bruce Weaver to attempt to reorganize the Company's operations around its remaining profitable operating asset, Multipress. In February 1996, Mr. Weaver became a director and replaced Mr. Raabe as President and CEO. Since the end of fiscal year 1995, the Company has closed down all subsidiaries' operations except Multipress, liquidated its subsidiaries' other assets, repaid substantial debt and settled numerous other material obligations. While the Company is still saddled with serious financial problems, virtually all of which were inherited from the Company's previous management, the Company is in a stronger position to survive than at any time since the end of fiscal 1994.<<

To: Riley G who wrote (100)	2/8/1998 6:54:00 PM
From: TideGlider	Respond to of 6528

Riley: I see that. I have some questions. Maybe another time. I would like to see this take off. I know that just because TSVI and QPI went Bankrupt it doesn't mean there is poor judgement somewhere. Just digging around a little. I see that Raabe was there while they got into financial difficulties also. That is not a reflection on TSVI. Raabe acted as the Attorney as well as being the owner of Planet Sports, correct? Raabe also received an amount of S-8 stock for the services and noted that it was a conflict of interest that was waived by the board. That takes a while for me to digest. I am not as sharp as many of the investors here so I need time to sort things out. I will buy in tomorrow most likely. Just thinking out loud. That can't hurt right? See below. Good Luck TG This opinion has been issued after full disclosure to the Company and waiver by duly authorized officers of the Company of a conflict of interest created by the fact that I am receiving certain shares of common stock from the Company as compensation for legal services, which shares are being registered under the Form S-8 registration statement for which this opinion is being provided. Very truly yours, By: /ss/ Thomas P. Raabe Thomas P. Raabe, Attorney at Law