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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: Mama Bear who wrote (150)	10/11/1998 9:20:00 PM
From: N. Dixon	Respond to of 1438

Barbara, You can retire shares in one action (buyback) and issue shares in another action (s-3 issuance) and have the net result be 0% dilution. Your scenarios do not make any sense in light of the fact that (i)REFR does not need the funds, (ii)Ailouros (and other US funds as well) came to REFR and not visa versa and (iii) REFR has product coming out which will significantly boost the stock price making all your scenarios moot. REFR can wait until product announcements if they choose before putting one share to Ailouros. All these questions can be better answered by the company if you need further clarification. Call them at 1-888-773-7337. ND