Bioelectronics Corp (BIEL)

[4toSchool]

I've heard that "the 'sweetheart convertible promissory note offering enjoyed by Kelly "ill-gotten Gains" Whelan, is available to anyone".

NOT TRUE!

The quote below is from the E & E Communications dated Mon, Sep 16, 2019

We informed him that we do 2-year convertible notes at 8% interest and set the stock conversion price at a 50% of the closing market price on the date of investment

The 2018 annual Report, found here, convertible terms of the non-insider notes, which are:

$.0003 per share McLeod Holdings
$.0013 per share Timothy Kim
$.0013 per share Abhinav Humar
$.001 per share James Eason

This is different than the terms enjoyed by IBEX (a.k.a. Kelly Whelan, BIEL's self-appointed CEO), which are:

"conversion prices were changed to 50% of the existing market price of the Common Stock on the date of the maturity. "

So, the non-insider noteholders listed above face significant risk to their investment, while Kelly "Ill-gotten Gains" Whelan assumes significantly less risk, if any, to her notes.

More Whelan self-dealing.

A new CEO, independent of the Whelan family baggage, is long overdue at BIEL. First step towards rectifying the situation is the election of a new board of directors by all shareholders which is in compliance with the by-laws.