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To: C.K. Houston who wrote (672)7/15/1998 8:37:00 PM
From: CalculatedRisk  Read Replies (2) | Respond to of 810
 
TAVA Research: TAVA paying 22% annual interest on new loan.

On March 27th, TAVA borrowed $4 Million from a "hard money" lender. These are the types of lenders that poor performing companies like TAVA (heavy losses, strong negative cash flow) use to obtain funds. The terms of the loan are contained in TAVA's recent 10-Q filing:

"Promissory note payable to an investment company net of a discount of $315,000. Interest at the rate of 11.5% per annum is payable quarterly."

The discount is based on granting warrants for 155,000 shares of TAVA stock at $6.25. TAVA is taking a discount of $315,000 over the term of the loan. The actual discount should be higher, since the value of the warrants is closer to $500K.

If the loan is not paid in full by December 31st of this year, TAVA will grant additional warrants to the lender at the lower of $6.25 or a formula based on market price.

To compute the total interest, we need to add the 11.5% stated interest rate with the discount over the 9 month term of the loan. (We use 9 months as the term, since additional warrants will be issued in Dec '98 and Dec '99). This gives a total interest rate of 22%.

Regards, Bill



To: C.K. Houston who wrote (672)7/16/1998 7:42:00 AM
From: C.K. Houston  Read Replies (1) | Respond to of 810
 
C.K. HOUSTON & Jeffery Mitchell recounting Kraft Food presentation.
Message 4392206

I had incorrectly assumed that big problems would not be occurring on plant floors UNTIL late 99. Apparently problems will happen MUCH sooner.

V.P. Kraft Foods said "massive" problems will start occurring January 1, 1999. They've already encountered problems.

This was posted back in May when Jeff & I both attended a Y2K conference in NYC. (I spoke on a panel re embedded systems.) Many may have not read or see this before.

There will be plenty of business for TAVA after 2000.

Cheryl
_____________________________________________________________

JANUARY 1998 Y2K CONTRACTS
- General Motors
- Kraft Foods
- Pillsbury
- TRW
- Occidental Petroleum
- UNOCAL
- Cargill
- Medeva Pharmaceuticals
- The US Mint
Message 5198882






To: C.K. Houston who wrote (672)7/20/1998 10:13:00 AM
From: C.K. Houston  Read Replies (2) | Respond to of 810
 
TAVA|R.W. BECK TEAMS WITH "Y2K AFRICA" - July 20 '98
Recently signed teaming agreement with Y2K Africa, itself a joint venture of Kutlwano Engineering Consulting and Technology Service International, a subsidiary of Eskom, the state utility of South Africa ... From its inception March '98, TAVA/R.W. Beck, has executed agreements with 11 U.S. clients covering more than 40 sites. These include both independent power producers and public utilities. The venture is experiencing a strong increase in demand for its utility Y2K products and services and expects to add several additional large clients in the next three weeks.
Message 5248913
TAVA|R.W. BECK WEB SITE: tavabeck.com

============================================================
RECENT TAVA CONTRACTS:
============================================================
JULY '98

TAVA Announces $33 Million in "Year 2000" Orders in Fiscal 1998
Message 5140771 July 9, 1998

TAVA Awarded Contracts from POLAROID & MAJOR PHARMACEUTICAL
COMPANY
Polaroid = 11 facilities around the world. Contract with pharmaceutical company covers 26 plants with national and international locations - has estimated value of more than $3,000,000 through inventory & assessment stage ONLY.
biz.yahoo.com July 7
___________________________________________________________________
JUNE '98

TAVA Selected as Y2K Services Vendor by COUNTY OF LOS ANGELES
Message 4998965 June 24, 1998

MORE THAN $12,500,000 IN NEW Y2K ORDERS FOR MAY '98 for Plant
Y2K One(TM) software tools & services Include licenses of the company's methodology, database access fees and project services. Spanned 24 clients in industries including: automotive, food processing, chemicals, refining, pulp and paper, and mining and mineral processing.
Message 4699753 June 3, 1998

FULL DETAILS & OTHER RECENT CONTRACTS
Message 5198882

1,777 PLANTS WORLDWIDE - CURRENT Y2K COMMITMENTS
Message 5199032
PHENOMINAL GROWTH: Only 90 plants January 1 '98