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To: prgraphics who wrote (115)	3/5/1999 6:15:00 AM
From: nord	Read Replies (1) \| Respond to of 405

I reread the SEC filing on the recent private placement of $ 2.5M. One of the benefits to the buyers was the issue of of warrants. Some of thes have an expiration date of one year and an exercise price $14.06. 2.5M Sale of Securities. On February 10, 1999, the Company concluded private placement of its common stock to institutional investors. A total of 333,334 shares were sold for net proceeds of approximately $2,600,000. These investors were granted piggyback registration rights. In connection with the offering, the placement agent received 8,334 one year warrants with an exercise price of $14.063. I reread the SEC filing on the 2/98 private placement of $2.5 M. The buyers received warrants as above exercisable within 1 year at $14.06. For those warrants to be bought the stock would have to have a price of $20/share given the current 6 dollar warrant premium. Either this was a throw in, I am misinterpreting the wording or someone thinks that the stock will be well above where we are now . Thought/comments? Norden