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To: Bobby Yellin who wrote (465)	5/9/1998 11:41:00 PM
From: JOHN SAMSEL	Read Replies (1) \| Respond to of 747

Bobby, thanks for your input. What got me thinking about dilution was the letter from CEO Kolbe on April 23 to the Shareholders in which he said he is "currently in negotiations for equity financing ". The joint venture press release on March 24 talked about $2 million USD for 19% common stock. A January 26 press release talked about a $5 million CDN private placement. This to me means cash for stock. Can these last two deals be considered the same as "equity financing"? They were actually financing the company in exchange for equity. Did these two deals increase the outstanding shares of the company? Comments? John