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Microcap & Penny Stocks : PRFX, Ergonomic Keyboards and Productivity Software -- Ignore unavailable to you. Want to Upgrade?

To: Dr. Harvey who wrote (8)	11/7/1998 9:45:00 AM
From: Dr. Harvey	Respond to of 9

Buyer Beware!! PRFX CEO has a history. edgar-online.com Form 10-QSB -- Quarterly or Transitional Report (Mark One) [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 Legal Matters As of March 31, 1998, the Company was involved in various litigation matters many of which are as a result of it's inability to meet its financial obligations to various vendors who have supplied materials and or services to the Company. The total amount of these claims is potentially in excess of $2,000,000. The Company, together with Integrated, Jerry Swon and Bruce Deichl, was named as a defendant in a lawsuit commenced by three investors in two oil and gas partnerships sponsored by Integrated. Management has determined that the costs of defending this suit combined with the potential cost if the plaintiff's were successful, dictated that a settlement be negotiated. A verbal agreement has been reached to settle this cause of action for 350,000 shares of the Company's common stock and a warrant to purchase an additional 350,000 shares of the Company's common stock at $1.00 per share. At March 31, 1998 the Company has a reserve recorded in the amount of $175,000 for the cost of this settlement, however the settlement has not been completed. On August 8, 1997, the Company filed suit against Mark T. Shipley, Richard D. Barden, June Barden, Jerry Swon and Fallon and Fallon. The litigation relates to the Company's acquisition of IPS. The petition alleges that members of the Company's former management, former IPS management and other interested persons committed fraudulent acts and/or omissions in connection with the acquisition. The specific damages sought are monetary damages in an unspecified amount, as well as relief from certain related debt, wages and agreements. Some of the defendants have filed suit against the Company seeking payment of debts related to IPS.</HTML>