Replies to post #81313 on DNAprint Genomics (DNAG)

[frogdreaming]

That is not quite true.

Dutchess promised to lend $35 million. Not 43.

Nevertheless the terms were straightforward from the beginning. It was known to be a convertible debenture from the start. The terms were laid out in the DNAG filings.

They were to provide cash and be given stock in exchange. They would provide as much cash as was asked for up to $35 million. All DNAG had to do was provide the shares in exchange.

The reason that there was only $8 million dollars provided is that was all the shares were worth that DNAG provided. If DNAG had more shares today, Dutchess would be glad to extend the line of credit up to the $35 million.

DNAG knew from the start how the money would be obtained. They knew that whenever they asked for money and provided Dutchess with a 'put', that Dutchess would short the shares into the market (legally) and replace those shares with newly printed shares provided by DNAG.

The DNAG filings specifically report that Dutchess will short shares. They knew about it from the start, there was nothing deceitful involved.

The sooner that Dutchess' stake in DNAPrint can be purchased, the better.

Good luck with that. Don't forget to get an appraisal on the assets first.

[BBBabe]

Dan ~ you are so totally correct in your take on this predator. I warned the company about these toxic lenders years ago. They have literally stolen
stocks on the pink sheets and the otcbb away from small investors, while the SEC looked the other way, as per usual. They should be investigated and punished for what they have done. Don't listen to those here who are cheering DNAG's demise...they are callous, uncaring,
unprincipled carping idiots, who have nothing better to do than bash sub penny stocks...perhaps even involved in the shorting of this one. Who knows? Otherwise, if they have nothing at stake in this, if normal people, they'd be gone a long time ago. They love to pour salt into the wounds left by these greedy gut lenders...and should be ashamed of themselves for still trying to do so.

I owned a very promising stock for a while...in the right industry, at the right time...one that was close to making it...they just needed a bit more time....but no, the same buzzards swooped down and pecked them to death,
just as they've done here.

They became the victims of this hedgefund, toxic lender...and all of their people had to exit the company.
I sold right away..and it went into oblivion because of this

Dan...don't listen to the ones here who keep up this hateful death march.
the ones who have hated this stock from the getgo and who intrude into the on-line lives of those who hold it.
It's all a part of the same low-life
game...against microcap stocks...betting they will go under, because, again, the stinkin' banks were too greedy and busy destroying our financial system with their packaged junk mtg. backed securities, never considering companies that add to the betterment and well-being of mankind. This is a tragedy...as my poem on Valentine's Night expressed.
It is very, very true!

Babe

[johnnyfiber]

Mr. Gannon, you are correct. It is instructive to familiarize yourself with the facts. please indulge:

WE MAY NOT HAVE SUFFICIENT SHARES AVAILABLE TO FULLY ACCESS THE EQUITY LINE WITH DUTCHESS AND MAY NEED TO SEEK ADDITIONAL CAPITAL TO MEET OUR WORKING CAPITAL NEEDS.

We may only issue a put to Dutchess if we have registered the shares of common stock. We have registered 962,500,000 shares that we may issue pursuant to the equity line if the Registration Statement and as of September 7, 2006 we have already issued 218,510,667 shares pursuant to prior registration statements. We have assumed that we will not issue more than the 962,500,000 shares we already registered pursuant to the exercise of our put right under the Investment Agreement, although the number of shares that we will actually issue pursuant to that put right may be more than or less than 962,500,000 shares depending on the trading price of our common stock. On September 7, 2006, the closing price of our common stock was $0.012. Assuming we issue puts only at $0.012, we would be able to access approximately $8.6 million of our equity line pursuant to the Investment Agreement based upon the shares we have registered and are unissued. We currently have no intent to exercise the put right in a manner that would require us to register more shares than the 962,500,000 shares we have registered, but if we were to exercise the put right in that manner, we would be required to file a subsequent registration statement with the Securities and Exchange Commission and for that registration statement to be deemed effective prior to the issuance of any such additional shares.

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If we can not raise sufficient funds pursuant to our Investment Agreement with Dutchess, for our capital requirements, we will need to seek additional funding which may not be available on terms acceptable to us or at all.

DUTCHESS MAY SHORT SELL OUR STOCK DURING THE PERIODS WE ISSUE A PUT WHICH MAY CAUSE OUR STOCK PRICE TO DECREASE.

Pursuant to the Investment Agreement, Dutchess has the right to short sell the amount of stock we expect to issue to them during the period we issue a put. If Dutchess actually sells our stock short, our stock price may decrease. If our stock price decreases, you may lose some or all of your investment.

EXISTING STOCKHOLDERS MAY EXPERIENCE SIGNIFICANT DILUTION FROM THE SALE OF SECURITIES PURSUANT TO OUR INVESTMENT AGREEMENT WITH DUTCHESS.

The sale of shares pursuant to our Investment Agreement with Dutchess will have a dilutive impact on our stockholders. As a result, our net income per share, if any, could decrease in future periods, and the market price of our common stock could decline. In addition, the lower our stock price at the time we exercise our put option, the more shares we will have to issue to Dutchess to draw down on the full equity line with Dutchess. If our stock price decreases, then our existing stockholders would experience greater dilution.

DUTCHESS WILL PAY LESS THAN THE THEN-PREVAILING MARKET PRICE OF OUR COMMON STOCK, WHICH MAY CAUSE OUR STOCK PRICE TO DECLINE.

The common stock to be issued under our agreement with Dutchess will be purchased at a 4% discount to the average of the two lowest closing bid prices of our common stock during the five trading days after our notice to Dutchess of our election to exercise our put right. These discounted sales could cause the price of our common stock to decline and you may not be able to sell our stock for more than you paid for it.

OUR STOCK PRICES HAVE BEEN VOLATILE AND THE FUTURE MARKET PRICE FOR OUR COMMON STOCK IS LIKELY TO CONTINUE TO BE VOLATILE. FURTHER, THE LIMITED MARKET FOR OUR SHARES WILL MAKE OUR PRICE MORE VOLATILE. THIS MAY MAKE IT DIFFICULT FOR YOU TO SELL OUR COMMON STOCK FOR A POSITIVE RETURN ON YOUR INVESTMENT.

http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=4814035-1092-562830&type=sect&TabIndex=2&companyid=80683&ppu=%252fdefault.aspx%253fcik%253d1127354

[palante]

Does anyone know how do I get a hold of "dgplexus"(Daniel Gannon)?...I want to join the fight to save DNAPrint. I did not know that the company had stopped doing business until I read the old posts last week.