NewMarket Technology (fka NWMT)

[firecracker070445]

All the preferred shares should be gone by now. If the 182M fully diluted share count as of the end of the year was correct then all shares other than the VTI loan shares(40 million) should be converted by now(141M + 40M = 181M). The problem is that the 182M count was a weighted average for all of 2006 which means that the actual fully diluted count as of the end of 2006 was probably higher. I'm guessing there are another 10-20 million shares still out there to be converted. The 40 million VTI shares will not be converted. They will be partially switched to stock in subsidiaries and partly switched to a non convertible loan.It is possible that some of the other shares will get switched to subsidiaries, but not very many because most of them have allready been converted to NMKT common. I still expect around 150M shares to be outstanding after all conversions are complete. I do believe we are getting close to the completion.