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Microcap & Penny Stocks : IMDS nasdaq bulletin board -- Ignore unavailable to you. Want to Upgrade?

To: Labrador who wrote (1566)	8/1/1998 8:14:00 AM
From: tonto	Read Replies (2) \| Respond to of 4122

My guess for share price is it will be heading south. Very ugly filing. This company is financially and morally adrift. The"Conversion Price" is equal to lesser of seventy-five percent (75%) of the Average Price (the lowest closing bid price of the Corporation's Common Stock for the ten-ten-day trading period ending on the day prior to the date of conversion. (1) Based on the number of shares that would be required to be issued if the Preferred Stock were converted at $.30 per share (75% of the lowest 10 day bid price prior to registration. (2) Amount being registered is 200% of the number of shares that would be required to be issued if the Preferred Stock were converted on the day before the filing of the Registration Statement plus the shares underling the Warrants. The Company has received a firm commitment for a $15 Million, three year Equity Line of Credit whereby the Company, as it deems necessary, may raise capital through the sale of its common stock to the Series H Holders through a consortium of prominent European banking institutions. The Shares will be purchased at a discount from the Market Price of the Company's Common Stock. If the Company utilizes the Equity Line of Credit or additional funds are raised by issuing equity securities, especially Convertible Preferred Stock, dilution to existing Shareholders will result and future investors may be granted rights superior to those of existing Shareholders. At present, due to the decline in the price of its common stock, the Company does not have available enough authorized common stock to utilize the Equity Line of Credit. The Company has received a firm commitment for a $15 Million, three year Equity Line of Credit whereby the Company, as it deems necessary, may raise capital through the sale of its common stock to the Series H Holders through a consortium of prominent European banking institutions. At present, due to the decline in the price of its common stock, the Company does not have available enough authorized common stock to utilize the Equity Line of Credit. Too bad they chose to seperate these statements.