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To: john greg who wrote (28304)	5/16/1999 9:42:00 PM
From: Zeev Hed	Respond to of 44908

john, it is an exercise you can easily engage in, the 25 MM shares which were for conversion of debt, you could call "funding of operations", but that is all that has gone to funding. I do not know how much it was, but you can check the numbers (if memory serves, in 1998 the 17 MM shares of conversion was for $2.75 MM, I do not remember the 1997 numbers). The 13 MM shares for VSI (now in Ch 7), I know not what cash it brought in if any. And the granted options of course brought cash in when exercised. But if you assume that he sold between 44 MM to 70 MM shares in the last two years at an average of what? $.4 ?(the form 4 would have been helpful), were just a way to sell shares to the public without an IPO or a normal secondary offering, by passing them first through his account at $.15 to $16 (some at $.2) and then selling at a premium to a public, probably unaware that it is buying what insiders are selling. Zeev