It looks like that S-8 is to register the employee stock option shares that have been filed on Form 4s over the past few weeks? I think this brings the share count up to about 70M....and is still consistant with what the CEO has said about the equity partner seeking to purchase 10M shares.....that would generate the capital required for an AMEX listing while keeping the share count under 80M.
Looking at the Pre 14C filed yesterday I found this:
(2) Applicable percentage of ownership is based on 69,888,685 shares outstanding
as of August 31, 2004, together with applicable options for such shareholder.
Beneficial ownership is determined in accordance with the rules of the SEC and
includes voting and investment power with respect to shares. Shares subject to
options or warrants currently exercisable or exercisable within 60 days after
August 31, 2004 are included in the number of shares beneficially owned and are
deemed outstanding for purposes of computing the percentage ownership of the
person holding such options or warrants, but are not deemed outstanding for
computing the percentage of any other stockholder.
"Our houses are such unwieldy property that we are often imprisoned rather than housed in them." - Henry David Thoreau, Walden: Economy, 1854
