Electronic Game Card, Inc (fka EGMIQ)

[Cambino]

Raw,

I don't believe that convertible preferreds are ever incorporated into fully diluted share counts. Options and warrants most definitely are.

I don't agree with you on the share buyback. Simply having the 5% buyback approved and outstanding is enough. When it was approved in the .40-.50 price range it made total sense to begin raking them back in, but at these price levels I'd rather see their cash spent in other ways.

The outstanding convertible preferred's at 1.01 should be all worked out by the next Q filing. As you said, could very well be part of the reason for the recent selling.

-Bino