DMWIGA,
During the year ended December 31, 2000, the Company accepted several
non-interest bearing notes from a former officer of the Company, with a balance
of $512,757 at December 31, 2000. The notes were collateralized by 6.5 million
shares of company stock. During the six months ended June 30, 2001 $235,000 of
the balance was repaid in cash. The remaining balance of $277,757 was repaid
through the return of 353,575 shares of the Company's restricted common stock to
the Company's treasury.
This additional Loan was just brought to my attention by UB, so your statement is incorrect....
JMHO, F. Goelo + + +