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Technology Stocks : JMAR Technologies(JMAR) -- Ignore unavailable to you. Want to Upgrade?

To: Linda Kaplan who wrote (5074)	2/13/1998 3:10:00 PM
From: jeffbas	Read Replies (3) \| Respond to of 9695

I think you folks are trying to read to much into the tea leaves. Warrants are plain and simple a capital raising device. They would have expired worthless. The company extended them for 60 days because it expects to need more capital and wants to have some extra time to examine all its options for raising it. The most common one in this situation is for there to be a brief final period added for exercise at a reduced price. In that case arbitrage tends to drive the common stock toward that price. I owned this stock in size many years ago and follow it from time to time. However, I wouldn't touch it with a ten foot pole until I knew what was going to be done with the warrants.

To: Linda Kaplan who wrote (5074)	2/13/1998 4:22:00 PM
From: Dale Kohler	Read Replies (1) \| Respond to of 9695

Linda- That was a good post. I will respond to each point in turn. Even though companies do have the right to extend the expiration date of warrants it is not as commonly done as some people would have us believe. Many many times warrants do expire worthless. That is why I was aghast that you were angry in an earlier post because the extension was only 2 months. You were within 9 calendar days from having your warrants be totally worthless, the company extended them increasing their value 80% the first day, and you were angry. I couldn't comprehend it. Certainly nobody should buy warrants expecting extension! I do believe that left totally to his own decision Mr. Martinez would have allowed the warrants to expire. I believe he was swayed by several faxes he received, imploring him to consider the 'loyal shareholders' who had such faith in him that they took the warrant route instead of the more stable common stock route. The lateness I referred to was the time of day rather than time until expiration. Another post suggested that the news was released after the market close in order to thwart the traders and give everybody an equal opportunity to respond to the news. This is more likely than my supposition. I no longer subscribe to the theory that management knew the partiality they showed to one group of investors would result in a lopsided 300% gain for one group compared to a 8% gain for the others in the first week. I do believe that if the warrants weren't extended we would have seen a better rise in the price of the common. You ask why I continue to decry a decision which has already been made? Because the decision is only half made! JMAR still has to decide: 1. Whether to extend the warrants further. 2. Whether if they do extend them further to what level they should raise the exercise price. Your next post Linda suggests that I should find hope in the fact that the trivial upward move of JMAR common this week. JMAR is still in it's narrow trading range of the last couple weeks. If you have read all of my posts you know that I attribute our stagnant stock price to manipulations (trading tactics as Speedy would put it) directly traceable to the existence of the warrants. I believe that we could and should be between $5 and $7 considering the several promising fronts our company is advancing on. The Swiss Placement also holds guilt in my opinion. Oh, they were given warrants too. I also think JMAR has a bright future, and yes we can disagree with our conclusions and still remain amicable. Dale