To: Clyde Stone who wrote (9304 ) 11/14/1998 12:01:00 AM From: Jeffrey S. Mitchell Read Replies (1) | Respond to
Well, the good news is TPII says they have no more toxic converts on tap. The bad news is TPII says they have no more toxic converts on tap. The Company has no current arrangements with respect to, or sources of, additional financing, and it is not contemplated that its existing stockholders will provide any portion of the Company's future financing requirements. There can be no assurance that any additional financing will be available to the Company on acceptable terms, or at all. The inability of the Company to obtain financing when needed will have a material adverse effect on the Company, including possibly requiring the Company to significantly curtail or cease its operations . On October 23, 1997, TPI made an offering of 400,000 shares of Common Stock for $200,000 ($.50 a share); on October 31, 1997, an offering of 100,000 Shares of Common Stock for $50,000 ($.50 a share); on December 10, 1997, an offering of 977,778 shares of Common Stock for $225,000 ($.23 a share) and on January 26, 1998, an offering of 444,445 shares of Common Stock for $99,629 ($.22 a share). The offerings were made in Canada pursuant to the claim of exemption under Rule 504 under the Securities Act. These offerings TPI Common Stock on November 11, 1998 was $.30. The potential contingent liability for such sales is $574,629 , however, to the extent that the sale price of the common Stock remains in excess of the offering prices set forth above, there is no ascertainable liability to the Company.
