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Microcap & Penny Stocks : Tech Squared (TSQD)- Internet Commerce -- Ignore unavailable to you. Want to Upgrade?

To: M. Frank Greiffenstein who wrote (655)	7/17/1998 8:52:00 PM
From: S.C. Barnard	Respond to of 2752

From TSQD S-1/A: "(II) REFLECTS A 2 FOR 3 REVERSE SPLIT OF THE COMPANY'S COMMON STOCK TO BE EFFECTED PRIOR TO THE CONSUMMATION OF THIS OFFERING.." " The Company effected an 8-for-1 split of its common stock in September, 1997 in the form of a stock dividend and on July 14, 1998 the Company declared a 2-for-3 reverse stock split of its common stock. All common share, per share and weighted average share information has been restated to reflect the splits." to be concerned with?

To: M. Frank Greiffenstein who wrote (655)	7/17/1998 9:55:00 PM
From: Quad Sevens	Read Replies (2) \| Respond to of 2752

A little bit of bad news (perhaps this was expected): After the 2 for 3 reverse split (this is a fact, not just boilerplate anymore, as it occurred on July 14), TSQD owns 3.2 million shares of DRIV. The percentage ownership has dropped from 23.3 to 18.92. Ramifications for TSQD must be adjusted accordingly: The claim of TSQD on DRIV (per TSQD share) is now (3.2 million/10.5 million) x price of DRIV, or about .3 x DRIV. So a model for TSQD's share price might be something like 1 + .3 x DRIV, forgetting about the discount for the moment. The proposed maximum offering price for DRIV is 12, which is ridiculous, but even that supports a value of 4.6 for TSQD. A price of 40 for DRIV gives 13 for TSQD. Etc, etc. Not too shabby even with the markdown. See DIGITAL RIVER INC /DE S-1/A Filing Date: 7/15/98; link provided above by Kimberly. Wade Diluted TSQD shares outstanding