Bioelectronics Corp (BIEL)

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Not What BIEL Stated and SEC Didn't Dispute

<<<<<<<<<<<just the Whelans....they were the only ones, lenders, who didn't originally lend the company real money>>>>>>>>>>>>>>>>>>>


II STATEMENT OF UNDISPUTED FACTS

D. IBEX, LLC

"Kelly Whelan formed IBEX, LLC in 2005 and is its sole member. Kelly Whelan initially capitalized IBEX with assets of her own and those of her former husband, Robert Lorenz. These assets included personal savings, a home equity loan, credit card advances, and withdrawals from an ERISA 401 K retirement account. IBEX was formed to invest in small capitalization companies after Kelly Whelan learned from her father how such companies were forced to seek capital from lenders at extraordinarily high rates of return. K. Whelan Deel., ifl69."

https://www.sec.gov/litigation/apdocuments/3-17104-event-29.pdf page 4