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Microcap & Penny Stocks : MIDL .... A Real Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: Ga Bard who wrote (876)	6/18/1998 1:35:00 AM
From: Kurt N	Read Replies (1) \| Respond to of 7039

Hmmmm....If there is another 10% dividend I'll gladly take it. The way I read this is that there are earnings requirements for the Fiscal year ending June 30th, 1998. On August 15th, 1998 a dividend must be paid (unless the earnings requirements were met, or common trade above $2.50 for 20 consecutive days). Could the 50% dividend be considered payment in advance??? And is a 50% dividend 'similar' to a 10% dividend??? Kurt .... The Series A Preferred stock will automatically convert into thirty-five shares of Common Stock on October 1, 1998. If the Company fails to have $300,000 of pre-tax earnings for the twelve months ended June 30, 1997, exclusive of extraordinary and non-recurring items and, upon such failure, the Common Stock does not trade for at least $2.50 for ten days between June 30, 1997, and August 15, 1997, then the Company will declare a dividend on each share of Series A Preferred Stock of one-tenth share of Series A Preferred Stock and five Series A Warrants. The Company will declare a similar dividend on the Series A Preferred Stock unless the Common Stock trades above $2.50 per share for 20 consecutive days after August 14, 1997, but before August 15, 1998, and the Company fails to have pre-tax earnings of $450,000, exclusive of extraordinary and non-recurring items. .....