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To: Jim Armstrong who wrote (2070)	3/4/1998 7:43:00 PM
From: Milk	Read Replies (3) \| Respond to of 6654

Some thoughts on today's volume: Is the period of 40 days over, and the reg. S investors started to cover their short position? Here is a good article on reg. S: fool.com Watching this story unfold, Milk

To: Jim Armstrong who wrote (2070)	3/4/1998 8:17:00 PM
From: Luminous	Read Replies (2) \| Respond to of 6654

Pure Speculation Below: The Reg S was announced on Jan 13. After receiving the funds ($500,000), Preferred Shares are given to the investor with a conversion rate typically 30%. These Preferred Shares are restricted for 41 days after which they may be placed with a broker. The conversion period for 100% of the shares is 45 days AFTER which the investor may convert all of the shares to common and sell. The 46th day after Jan 13 would be last Saturday Feb 28. If the Preferred Shares were actually issued 3 or 4 days after Jan 13 could we be seeing the results of the conversions today?? At a 30% discount from the 3 day closing bid prior to conversion, the conversion price today would be 0.7 * 0.015 = approx .01 $500,000 / .0105 = 47,619,047 shares Can we expect 47 million shares to be dumped & could this be why on such large volume we have so little price movement??