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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services -- Ignore unavailable to you. Want to Upgrade?

To: David Colvin who wrote (25098)	10/20/1998 11:06:00 AM
From: Freddie Forte	Read Replies (2) \| Respond to of 27968

Dave....THAT question was faxed with the others. Waiting for a response....Hold on....Here goes: Pertaining to the Myriad acquisition. Firamada cut a straight deal with the IRS for 4.5 million. No additional interest or penalties are accruing. There ia a balloon payment of around 3 million in June'99. Since there will be no additional interest tacked on to this debt, Firamada plans to negotiate the deal again in June'99 to extend the payments another 12 months. Why pay the 3 million in one lump sum, when you can spread it out? This can only materialize if Firamada makes their monthly payments on time and they have been according to Randy. Has anything been done to reduce the outstanding payroll tax liability and interest that is accruing on this debt from 1997? According to Randy, Firamada is NOW CURRENT on this debt. I made reference to the 1.3 in unpaid payroll taxes and 500,000 in interest and penalties that were accruing from '97. Again, Randy said Firamada has paid this. He will check with Steve Corso to verify this and get back to us. Per the press release: The IT division has been disbanded. It will be removed from future press releases. Current Outstanding Shares are 73 million. The press release should have stated 4 times 96's outstanding, not 97's. Firamada is taking the entire hit for Myriad in '98. 4.5 million will show up in liabilities for 1998. They want a clean start for 1999. Also, '98 will show a loss. Well, that's it for now.