RE: Shareholder Proposals 1/27/04Big mistake,Goldbug.Read the details---increase share capital to one "BILLION" shares,10 % for stockoptions(200 million options?),reprice outstanding options to 21 cents,close to 100 million fully diluted shares now with plenty of convertible debentures outstanding now?No exspensing of stockoptions?
Use your proxy to vote NO to these proposals.Yes,the company needs capital to operate,but this is a sure way of leaving the shareholders stuck in the mud.Stockoptions are nothing less than legal theft from shareholders,that is why I urge people again and again to vote NO at the AGM or by proxy.Management can and should be compensated for creating value.For starters,how about a reverse split,say 1 for 5?Approx.20 million shares out at$1.40?A small PP (without sweet giveaways)would put the company into production,IMHO.
If the present proposals are voted in---I am out.Fiveks.