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Gold/Mining/Energy : BCB VOICE SYSTEMS INC. (c.BIV) -- Ignore unavailable to you. Want to Upgrade?

To: D. Peter Vanderlee who wrote (155)	5/15/1998 7:43:00 PM
From: philipah	Read Replies (2) \| Respond to of 440

Hi Peter Congrats on your appointment I hope things are going well. The stock has drifted down and now sits where it was at my last writing. 22 cents. I just read your annual report & couldn't help but notice that current liabilities at yearend exceeded current assets by about 150%. And the deficit exceeded five million dollars. And the auditors report didn't mention it. Subsequent cash losses exacerbated the problem, and in your own words, the recent private placement was a "merely". So what's new in the fundraising department? Your last post reminded readers that "management's interests are very much in line... with shareholders". Have you considered a rights offering to shareholders? It could allow BCB to raise capital inexpensively, allow existing shareholders to avoid dilution, and could contain a "kicker", like a warrant, to secure additional funding in the future. In the meantime, those rights would have a trading value, as would the warrants, so shareholders in effect would actually receive a "dividend" for waiting. Your comments are invited. Good luck to ALL.