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Microcap & Penny Stocks : Universal Medical Sytems (UMSI) -- Ignore unavailable to you. Want to Upgrade?

To: Art C. who wrote (1513)	9/13/1998 9:38:00 AM
From: Laurens	Read Replies (2) \| Respond to of 1672

Do you fellows remember Select Capital Advisors which supposedly planned to invest millions in Baker 's outfit? The St.Petersburg Times, that exposed Umsi's sheldrakes's true feathers, ran the following on September 4th: By Times Staff Writer: Ronald Williams' Select Capital Advisors had a client that generated its own controversy: Universal Medical Systems Inc.of Clearwater. The tiny medical equipment company titillated investors with promises of big breakthroughs, but always seemed short of the capital that would allow it to deliver on its high-teh scanners for cancer treatment In June l997,Select arranged a $ 600,000 line of credit for Universal and sold $ 1.6 million in convertible high yield bonds to investors in Liechtenstein.Five months later, Select promised an additional $5 million of financing to Universal,but later withdrew the commitment after awarding just $400,000 A spokeswoman for Select said the commit- ment was withdrawn because Universal did not meet its criteria. In January,Universal was evicted from its offices,and in April Universal's holding co. Medical High Technology International Inc. filed for bankruptcy reorganization. SINCE THEN THE COMPANY HAS MOVED TO CHAPTER 7,OR TOTAL LIQUIDATION OF ASSETS." ------------------------ (By the way Liechtenstein is a tiny independent princedom in Europe, a favorite hangout for international tax dodgers etc. LB)