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To: LAWREAL who wrote (1318)	7/29/1998 12:42:00 PM
From: The Stockman	Respond to of 1654

In any event, only $25 Million capitalization is required for a NASDAQ small-cap listing, which could later be shifted to the main board without much difficulty.

To: LAWREAL who wrote (1318)	7/29/1998 9:24:00 PM
From: Rick Voteau	Respond to of 1654

.Listing requirements for The Nasdaq SmallCap Market(sm): Summary of minimum requirements for initial listing, effective March 3, 1997: Net tangible assets1 of $4 million, or market capitalization of $50 million, or $750,000 in net income for two of the last three years Public float of one million shares 2 $5 million market value for the public float 300 shareholders $4 minimum bid price Three market makers Operating history of one year or a market capitalization of $50 million Corporate Governance Standards such as: requiring a minimum of two independent directors on its board of directors; establishing and maintaining an audit committee with a majority of independent directors; holding an annual shareholders meeting; soliciting proxies for all meetings of shareholders; distributing annual and interim reports; utilizing the company's audit committee or a comparable body to review potential conflicts of interest; and requiring shareholder approval for certain actions 1 Net tangible assets are total assets less total liabilities and goodwill. 2 The public float consists of shares that are not held directly or indirectly by any officer or director of the issuer and by any other person who is the beneficial owner of more than 10 percent of the total shares outstanding.