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Microcap & Penny Stocks : PCES - paid $4.75 Million by 3M Corp!!! -- Ignore unavailable to you. Want to Upgrade?

To: Soccrates who wrote (68)	3/8/1999 3:02:00 PM
From: The Osprey	Read Replies (1) \| Respond to of 523

PCES FWIW, Just got off the phone with the CFO at PCES.Break up with the preferreds is .71 and if they exercise the conversion it would leave 11million fully diluted commons with a max value of .19.The insiders hold close to 70% of the preferreds and John Pappajohn who is shown as an insider holding 1 million common is in no hurry to wrap up anything.He is also one of the largest preferreds holders.They have set a time frame of 6 to 12 months to locate a merge candidate and the majotity of preferreds prefer this to breakup as long as they have enhancement of value beyond their participation at 1.00.There are 2,8 million preferreds and none are converted that are known of.The other info is correct I reported on.I.E.If the preferreds want out it is tough luck for the commons.Right now we are fine and I am on the bid at a nickel to buy more.I have no quams here and am prepared to wait it out. As lance said this has been on the pink sheets for almost two years but they have not wrapped up anything and are active with it. Osprey Anyone else can call and verify this conversation and the results.As a matter of fact I ask everyone do their own DD and only invest what you can afford to lose always...