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

To: gary g who wrote (4784)	12/15/1998 8:53:00 AM
From: John S. Baker	Respond to of 6931

Okay, here goes. Basically, the company engaged in trading of its own shares and lost something like $2.2 million during the just-completed fiscal year in the process. (Check your financials for the exact figures, as I do not have the numbers here at home.) That is reflected in the item called "Trading Loss", if memory serves, which then has an annotation to see Note 12. All figures in US dollars. Here is Note 12. <quote> Share Repurchase Program In 1997 the company authorized the repurchase of up to $2,000,000 worth of shares through open market transactions to return this stock to treasury. As at July 31, 1998, the company had forwarded $5,225,927 to five brokerage accounts of certain shareholders and had purchased and resold shares at values of $0.30 to $1.06. As a result of trading incurred while implementing this stock repurchase program, the company occurred (sic) significant trading losses and commission expenses. The losses incurred (sic) in 1998 were $2,635,679 and in accordance with Canadian Accounting principles has been accounted for as a charge to the deficit at July 31, 1998. As at July 31, 1998 the company had returned to treasury 1,947,276 shares of common stock purchased through these accounts. At the audit report date, the company held a further 1,162,195 shares in the accounts of these shareholders. The trading losses and commission expenses on these shares will be charged to Deficit in the fiscal period the shares are resold. <end quote>