To: Dave Dalry who wrote (18 ) 5/19/1998 8:59:00 PM From: Jeffrey L. Henken Respond to
Dave the selling could be coming from one single source. As you know one of the things that we try to do when we get in an investment is get enough buying to control the float. There is not much of a float here but as I look over the chart I notice that the stock has had a great deal of resistance to moving higher than $3. I went to the 10KSB in an effort to identify who might actually have enough shares to be keeping this stock from rising like I figured it would be doing already and this is what I found:On September 23, 1997, Columbia acquired all of FICI Common Stock (the "Acquisition") from Messrs. Baetz and Gallant. Pursuant to the terms of the agreement of acquisition of the FICI Common Stock (the "Stock Purchase Agreement") Messrs, Gallant and Baetz received 10,631,250 shares of Common Stock (after Columbia effectuated a 1 for 2 reverse stock split of its common stock)in exchange for the FICI Common Stock, which represented approximately 85% of Columbia's then issued and outstanding Common Stock. In connection with the purchase of the FICI common stock by the Company, 618,750 shares of Common Stock were issued by the Company to Baytree Associates, Inc. ("Baytree") as a fee for services rendered to the Company for arranging the transactions which are the subject of the Stock Purchase Agreement. See "Item 12 - Certain Relationships and Related Transactions." Even if we have to buy out the entire float to get these Baytree shares it will only take ten trading days. stocktools.com
