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Microcap & Penny Stocks : Tokyo Joe's Cafe / Anything goes -- Ignore unavailable to you. Want to Upgrade?

To: USA who wrote (16775)	5/12/1998 1:21:00 PM
From: Jack of All Trades	Respond to of 34592

Haven't had a chance to dd.

To: USA who wrote (16775)	5/12/1998 1:22:00 PM
From: Don Powrie	Read Replies (1) \| Respond to of 34592

>>>>NEWS! Nasdaq:NATK (ouch!) North American Announces Shareholders Approve Financing and Reverse Split; Sale of TechXTract Technology; and First Quarter Results HOUSTON, May 12 /PRNewswire/ -- North American Technologies Group, Inc., (Nasdaq: NATK - news) held its annual meeting on May 12, 1998 in Houston, and the shareholders approved several proposals which will have a significant effect on the company and its shareholders. -- NATK stockholders gave the Company approval to issue and sell up to $2 million of cumulative convertible preferred stock in a private placement transaction. The issue will be made under the terms of its Master Certificate of Designation of Cumulative Preferred Stock, Series G -- Subseries II. The Company anticipates the preferred stock will be sold to a group consisting of existing preferred stockholders, including NationsBanc Capital Corporation, and several new private investors. The funds will primarily be used to build and operate the Company's first commercial scale plant for manufacturing the TieTek Composite Railroad Crosstie. The completion of the private placement is subject to the execution of definitive documentation and customary closing conditions. -- NATK stockholders also approved a reverse split of the outstanding shares of common stock. The reverse split will be effective in accordance with a formula based on the trading price of the Company's common stock prior to the filing of the amendment to the Company's certificate of incorporation effecting the reverse split. Under this formula the reverse split will be effected pursuant to a ratio calculated by dividing $ 1.50 by the average of the low bid prices of the Company's common stock as reported on the Nasdaq SmallCap Market(SM) (the ''SmallCap Market'') during the ten (10) trading days prior to filing the amendment. The Company anticipates filing this amendment on May 12, 1998 and, given recent trading prices, expects that the ratio used in the reverse split calculation will be 9 or 10. NATK requested approval for the reverse split to meet Nasdaq's new requirements regarding a minimum bid price of $1 per share. The Company will be mailing information relating to the reverse stock split to its stockholders. -- NATK stockholders also elected Donovan Boyd and Henry Sullivan as directors for terms of three years, and ratified the appointment of BDO Seidman, LLP as independent auditors for the Company for the fiscal year ending December 31, 1998.