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http://ragingbull.lycos.com/mboard/boards.cgi?board=SPAZ&rea… To clear up all the s3 shares questions. Received this from spaz today. I have only changed to delete personal information. Dear craven, The Company is obligated to maintain a current S-1/S-3 for shares and related warrants sold in the April 1998 and December 1999 financings. To our knowledge, all shares sold in those offerings have already been resold into the market by the holders. What remains are warrants to purchase additional shares at prices which are out-of-the-money. In addition, directors and management of the Company were awarded performance shares several years ago. These are included in outstanding shares and the compensation expense was accrued by the company several years ago. These shares are escrowed and are disbursed by formula every June. June 2002 is the final year of the distribution. Under IRS tax regs,these shares become taxable ordinary income on the day of distribution from escrow. Some recipients may be compelled to sell a portion of these shares to cover their tax liability. This has not happened to date, but if it should occur, it should not necessarily be viewed as a negative signal by insider`s. It simply reflects their cash flow and tax personal situation. The $225k notes could have been converted into new common stock of the Company. We paid this off to eliminate this contingency. Please read the S-1/S-3 amendment and the 10-K for further details. Corporate Investor Relations 408-296-0600 Ext. 4 408-296-0650 Fax investor@spatializer.com > mailto:investor@spatializer.com < -----Original Message----- Sent: Monday, September 03, 2001 9:18 AM To: investor@spatializer.com Subject: s3 shares There has been some discussion lately as to the disposition of s3 shares. I have read recent 10Q and the only reference I find is to the preferred shares owed mostly to directors of the company. In June of this year I know that $225000 was paid to "Buy Out" some financing from the days when things were very dark. Please advise as to whether there are any outstanding s3 shares that may be brought to the marketplace. Thank you for your assistance. craven Stockholder So all that remain are the the preferred shares which are currently out of the money. THIS SHOULD PUT TO REST THE FACT THAT THERE ARE NO MORE S3 SHARES TO BE RELEASED. CRAVEN |
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| aus der Diskussion: | SPAZ- Wie geht es weiter? |
| Autor (Datum des Eintrages): | karo1 (04.09.01 23:36:20) |
| Beitrag: | 113 von 293 (ID:4356027) |
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