RECENTLY ISSUED SHARES. As I understand the S8, which I have up on another screen(FreeEdgar.com), the company applied for issuance of 7 million shares on January 7, 2003 which were "permitted to be issued in accordance with its 'broadly based' 2002 Non-Statutory Stock Option Plan....which increased the number of options available for issuance from 7,000,000 to 14,000,000."
"This Stock Option Plan...is intended as an employment incentive, to aid in attracting and retaining in the employ or service of (the company)...persons of experience and ability and whose services are considered valuable, to encourage the sense of proprietorship in such persons, and to stimulate the active interest of such persons in the development and success of the Company."
The company states in the S8 that up to 110 million shares can be issued. A total of 14 million of those share can be issued as stock options. One of the ways of purchasing these options is by "delivering shares of the Company's Common Stock which have been beneficially owned...for a period of at least six months prior to the time of exercise...in a number equal to the number of Stock Option Shares being purchased...."
There are no forms posted for Insider Sales leading me to believe that there have been no insider sales in the last 12 months.
This will also be posted on the RB board.
AI
