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Microcap & Penny Stocks : General Stores - GSIC -- Ignore unavailable to you. Want to Upgrade?

To: Tower Investments who wrote (724)	4/22/1999 10:11:00 PM
From: Steven Finkel	Read Replies (1) \| Respond to of 972

TO all: Recently spoke with Kyle at GSIC and asked him several wide ranging questions: 1. What is going on with the Audited financials that were supposed to be done a long time ago? Answer: The audit is continuing so that GSIC can be a reporting company and remain on the otc. He explained that the auditors have been remarkably thorough, and reminded me that they essentially need to look over every scrap of paper since the company went public 2 1/2 years ago. That is alot of work. 2. What is going on with the UFOC that was supposed to be done a long time ago? answer: What they thought would be a 30 process has evolved into alot more, but may very well be nearing completion. The board who reviews these applications has requested a tremendous amount of materials, such as those being done by the auditors,etc time and time again. Finally, they claim to have all of the information that is necessary to process the application, and expect, baring another request for information, that the UFOC will be granted within 30 days. This will allow them to collect fees from representatives and actually start up in Seattle. Expect a news release when the ufoc is achieved. This will be a huge event for the company as it will allow them to franchise in the United States. 3. When will the web site be up and running? answer: The company they have contracted is nearing completion and they expect to have the new site, with the ordering system up and running within the next several weeks. Expect a news release then. 4. What is the float, and the story with these prefered shares? answer: The float is 20.4 million. The preferred shares, of which there are 2,002,000, can be converted into normal shares in may. That may add 2mil to the float, but certainly not the bloated number that has been reported on various stock boards. we talked about many other issues, but I don't have the time to post much more now. Hope this helps. steven