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Microcap & Penny Stocks : INCE - Intercell info??? -- Ignore unavailable to you. Want to Upgrade?

To: Bill Pearson who wrote (2576)	2/28/1998 12:27:00 PM
From: Will Lee	Read Replies (1) \| Respond to of 3358

Bill: I agree that the Preferred Offering was a disaster... the Preferred Stockholders were able to convert at 15% under the market price and sell at market... which destroyed the price of the stock... I assumed that essentially all of the preferred had been converted... do you have an estimate as to the number of preferred shares still outstanding?... and, finally, do you have an estimate of the total number of shares outstanding? Will

To: Bill Pearson who wrote (2576)	2/28/1998 1:36:00 PM
From: Juli	Read Replies (1) \| Respond to of 3358

Bill, I believe Paul may be considering some sort of rights offering. He mentioned that he would give current shareholders an opportunity to buy into Sigma 7. A company that I am very familiar with, having worked for one of their companies, is Safeguard Scientific. They have made tons of money for their shareholders by taking small high tech companies, putting in excellent management, and spinning them off. They give rights to their shareholders to buy into these IPOs. It really looks like Paul is making some smart moves here. Only time will tell if they are the right ones. Incidentally, if any value will be salvaged from ITCO, Paul is talking about distributing that to current INCE shareholders.