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PHOX Cancels almost 1/2 the O/S??? Meaning? Thoughts please,tia

Information Alert:

PHOX filed 8-K, Current Report, stating the company has cancelled 52,576,550 shares held in treasury and a nominee subsidiary's name. This means that as of April 20, 2002, there were 65,575,126 common shares outstanding and 1,000,000 preferred.

http://www.freeedgar.com/search/ViewFilings.asp?CIK=912844&Directory=1010549&Year=02&SEC...

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Item 5. Other Events and Regulation FD Disclosure

On April 20, 2002, the Board of Directors voted to cancel three
certificates. Two were held in Photonics Corporation's name and the third held
in a wholly owned, nominee subsidiary's name, REP-TX Acquisition Financial. The
total amount of common shares being cancelled is 52,576,550.

On May 20, 2002, the Company received notification from the transfer agent
that said certificates were cancelled. As of April 20, 2002, the remaining
common shares outstanding are 65,575,126 and outstanding preferred shares are
1,000,000.