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Biotech / Medical : PLSIA (Premier Laser Systems) -- Ignore unavailable to you. Want to Upgrade?

To: Winston Kim who wrote (1625)	7/24/1998 8:44:00 PM
From: Pluvia	Read Replies (2) \| Respond to of 1773

Delisting, What, How, Options Concerning today's news of delisting. In a word, you the shareholder just got screwed. I and Cliffplas (mostly Cliff) worked to appeal the NASDAQ decision to delist TLTK after we kicked out the bad guys and took control of that company. As a result, I am familiar with the process PLSIA will now go through. Delisting means you do not trade EXCEPT in the pinks. Thus, PLSIA could not trade anywhere but in the pinks until a final decision is made on delisting. BB listing is a possibility but not as I recall until the delisting issue is resolved, and BB listing must first be approved by the NASD - which they can and do deny regularly. For those of you not familiar with the pinks, they are a daily printed publication (pink) of which all the pink sheet traded companies are found. All of a company's MM's are listed in these pinks sheets and to buy or sell a pink sheet stock, you call your broker who calls all the MM's who give them their B&A and he then selects the best B or A depending on if you are a buyer or seller. Being in the pinks is death to a company. You can climb out of the pinks, but generally it takes a major clean-up. Now, PLSIA can appeal the delisting which likely they will lose. NASDAQ is setting precedents - they don't allow management to screw over shareholders. PLSIA has no independent board and fails to meet a bunch of the other criteria that would clean them up and therefore, the chance of them winning an appeal is IMO 1 in 100. What's their next option? Next, their market makers can request listing PLSIA on the NASDAQ BB system in which there is a quote that can be found by punching in a symbol. BB would be PLSIA's best alternative to NASDAQ listing, but approval is not considered a given by any means. Again, a case would need to be made (argument in the request), why the company should be traded BB. Without big changes - independent board, independent audit review committee, conflict of interest resolution committee and salary committee, (all independent), there is a very good chance the company will not be given permission to trade BB. I will admit, I was glad to be proven right about this company after over a year of personal attacks by the PLSIA BULLS, but now I do feel very badly for the shareholders of this company. You are now screwed in a way you may not understand yet. This NASD action is real, real bad news. And I might add, I think you have one specific person to blame -- CC. She should IMO be roasted on a stake. Feel free to e-mail me questions if I can be of assistance. Steve