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Microcap & Penny Stocks : TSIS: WHAT IS GOING ON? -- Ignore unavailable to you. Want to Upgrade?

To: Howard C. who wrote (4047)	10/6/1998 11:17:00 PM
From: BarbaraT	Respond to of 6931

At this point nothing is stopping them. In the conference call (I suggest you call the number posted and listed) of two weeks ago, Don said that up to that point in time, becoming fully reporting wasn't a priority with him as his main focus was on building the company. He takes full responsibility for it and has turned his focus now on becoming fully reporting. They are in the process of putting together the paper work and hope to have all accomplished sometime after the beginning of the new year. I believe they are waiting for the audited financials for the fiscal year end to be completed first. I urge you and all potential new investors to listen to the replay of the conference call. It is very informative and probably will answer many of your questions.

To: Howard C. who wrote (4047)	10/7/1998 1:59:00 AM
From: Loren S.	Read Replies (1) \| Respond to of 6931

Added to Barbara's message doesn't it cost the company a significant sum to prepare the auditing and paperwork necessary to become fully reporting? TSIS is operating at a bare minimum profit right now and has to budget accordingly. Regarding investing in TSIS. I share your concerns about investing in BB companies, especially recently. I think many of us on this thread have been creamed lately by a lot of shenanigans in a lot of BB companies. I have found TSIS to be refreshingly different from most BB companies for many reasons. First, unlike most BB companies, TSIS has established, inked contracts and relationships with many large corporations. Second, unlike most BB companies, TSIS has a refreshingly open communication with shareholders. Finally I think that the makeup of the investors in a particular stock say a lot about the company they are investing in. I want to compliment the many wise, educated, people on this thread who have accumulated information, analyzed it and shared and debated it openly. As someone mentioned previously, the TSIS thread is a very positive place to visit compared to most. To Barbara, I wish the same was true of AOL's TSIS' thread.

To: Howard C. who wrote (4047)	10/7/1998 8:43:00 AM
From: John S. Baker	Read Replies (2) \| Respond to of 6931

"so when you say: "TSIS needs to become a fully reporting company." I must ask....What's Stopping Them? It's a Really simple procedure. Requires an accountant and an attorney." From what I understand (and I am neither a CPA nor an SEC attorney), the submission to the SEC to become a fully reporting company requires two things: a complete audit to the USA's GAAP standards plus a completed SEC Form 10. So a company is naturally going to wait until the end of an audited period to begin the process. For most companies, this means a submission can only occur at (shortly after) the end of a Fiscal Year. In addition, though I have not ever read one, the Form 10 is supposed to require a tremendous amount of financial detailed data ... data which will require a fair amount of management time to compile and format properly. For a lean and mean company like TSIS, that task must battle with other compelling priorities for scarce management attention. Lastly, I gather that the Form 10 process is an iterative one. The company submits ... SEC asks questions ... company responds ... SEC asks more questions ... etc ad nauseum. Hence the suggestions from Scott and Don that it might take as mush as 180 or 120 (respectively) days for the process to be completed to the SEC's satisfaction. My sense from the past two conference calls is that the task of actually making the initial submission is clearly on Don's scope as a needed priority item. Based on my past experience with the management of this company, I am comfortable that this priority will be translated into action soon after the year-end audited reports (currently under preparation) are completed. JSb.