Dear Pipex Shareholders,
steven is certainly putting his money where his mouth is
In addition to the previously reported 10,000 shares purchased by Pipex President, Charles Bisgaier and the 143,700 shares purchased by Pipex Chairman and CEO, Steve H. Kanzer during the period from July 16th through July 24th for a total price of $827,014, on July 25th, Mr. Kanzer also purchased an additional 14,300 shares in the open market at per share prices between $7.42 to $7.09 a share and averaging $7.22 a share corresponding to an additional purchase price of $103,281. Such additional purchase by Mr. Kanzer was reported July 26th at 5:00pm ET via a Form 4 filing, a copy of which is attached. The purchase was also covered by Dow Jones as set forth below.
In addition, at the July 20th quarterly board meeting, Mr. Kanzer entered into an amended and restated employment agreement with Pipex whereby he voluntarily contributed to Pipex for no consideration $275,254, representing Mr. Kanzer’s otherwise earned and unpaid salary and bonus accrued since November 1, 2006, which Mr. Kanzer has never elected to take. In an effort to maintain the corporation’s relatively low operating costs and overhead, Mr. Kanzer also voluntarily reduced his annual salary by $100,000 annually from $295,000 to $195,000. The amended and restated July 20th employment agreement were described in an 8-K filed yesterday at 5:23pm ET, a copy of which is attached.
Thank you for your interest and continued support of Pipex. Please feel free to contact me at the contact information listed below if I can be of any assistance
AI
