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Microcap & Penny Stocks : Madera Int. (WOOD) -- Ignore unavailable to you. Want to Upgrade?

To: John R Resseger who wrote (1808)	7/23/1998 7:54:00 AM
From: John R Resseger	Respond to of 3693

I wish to retract a statement from the previous post. After careful Rereading of 10k % 10Qs, company books are not audited. For those who complain about shares issued willy nilly ( Myself included) Read the fallowing Preferred Stock During the twelve months ended March 31, 1997 the Company issued 1,000,000 shares of convertible Series D preferred stock to Ramiro Fernandez-Moris, President of the Company in exchange for $2,400,000 of timber inventory owned by Mr. Fernandez-Moris which is located in Brazil. The conversion feature of the preferred stock floats such that at the time of conversion a calculation will be performed to determine the exact number of common shares that are necessary to be issued to Ramiro Fernandez-Moris to ensure he has at least a 51% ownership interest in the Company. The conversion period is for five years and can only be completed if any of the following events occur: sale of the Company, retirement of Ramiro Fernandez-Moris, the termination of Ramiro Fernandez-Moris without cause or the expiration of the five year period. No further issuances have been made as of the current period. Authorized preferred stock currently also consists of Series A, B and C preferred stock which have various conversion features for the exchange of common stock for each share of preferred stock. As of March 31, 1997, all outstanding Series A, B and C preferred shares had been converted. This position continues for the current period. In the above case Convertable shares were exchanged for Lumber. Not PR hype! In the below case compare 1997 261k to 1996 3,577k Common Stock During the three months ended December 31, 1997 and 1996 the Company issued 261,400 and 3,577,000 shares of common stock, respectively, in exchange for consulting and other services provided. Shares continue to be issued during the current fiscal year, refer to the Statement of Changes in Equity for details of current quarter issuances. JRR