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Non-Tech : BRLI-- A substantially undervalued micro-cap -- Ignore unavailable to you. Want to Upgrade?

To: Tom Shutters who wrote (78)	6/12/1998 1:24:00 PM
From: Bucky Katt	Respond to of 105

TS--Recap of todays NT-10-Q filing>>PART III - NARRATIVE State below in reasonable detail the reasons why the Form 10-K, 20-F, 11-K, 10-Q or N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period. As a result of a recent acquisition, the Company has not been able to compile the requisite financial data necessary to enable it to have sufficient time to complete the Company's financial statements by June 15, 1998, which is the required filing date for the Company's quarterly report on Form 10-Q, without unreasonable effort and expense. PART IV - OTHER INFORMATION [1] Name and telephone number of person to contact in regard to this notification Sam Singer 201 791-2600 [Name] [Area Code] [Telephone No.] [2] Have all other periodic reports required under Section 13 or 15[d] of the Securities and Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months [or for such shorter period that the registrant was required to file such reports] been filed? If answer is no, identify report[s]. [ x ] Yes [ ] No [3] Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? [ ] Yes [ x ] No

To: Tom Shutters who wrote (78)	6/19/1998 10:18:00 AM
From: Bucky Katt	Respond to of 105

From the 10K filed 6-18-98>>[21] On July 19, 1996, BRLI completed the purchase from SmithKline Beecham Clinical Laboratories, Inc. ("SBCL") of certain assets, rights and associated goodwill including the Customer List related to SBCL's operation of its Renal Dialysis Testing Business. The purchase price was $1,800,000 of which $1,200,000 was paid at the Closing. The $600,000 balance was payable in 24 consecutive monthly installments of $25,000 commencing January 1, 1997. Interest was imputed at the prime rate. At January 31, 1997, the outstanding debt balance was $551,373. At the Closing, SBCL agreed for a three-year period commencing no more than 120 days after the Closing, to cease performing renal dialysis clinical laboratory testing services for renal dialysis centers or other entities which provide diagnosis and/or treatment to dialysis patients. Funding for the $1,200,000 down payment made by BRLI at the Closing was provided pursuant to its term loan and credit line facilities with Midlantic Bank, N.A. The Company estimated that approximately $1,000,000 in annual revenues could be generated by this acquisition. (See Note 22) [22] On December 30, 1996, the Company commenced a lawsuit against SmithKline Beecham Clinical Laboratories ["SBCL"] alleging that SBCL materially and repeatedly breached its obligations and its representations and warranties made in the Asset Sale/Purchase Agreement and the Non-Competition Agreement between the parties and claimed unspecified amounts of compensatory and punitive damages and related costs. This lawsuit is in its initial stages and no assurances can be given at this time that it will be concluded in the Company's favor. As a result of its allegations against SBCL, the Company has not made any payments with respect to the $600,000 note payable issued in connection with the purchase. This lawsuit may be worth several dollars per share if Bio wins. This is the "kicker"