I see what you're saying in the correspondence, bu

I see what you're saying in the correspondence, but that's the problem, they've asked investors to vote on an issue that not only isn't defined, but also where they specify possibilities that run from 1 for 100 to 1 for 500. They don't even suggest it might be 1 for 2 or 5 or 10, the best case they mention is 1 for 100, which I'd call the 1% option, meaning that in a few years when they've diluted back up to 100 million shares or more, our entire position will represent roughly 1% of the company.

I'm open to changing my vote if they finalized their position before the vote is to be finalized and said the final R/S would be no greater than a 1 for 3 bringing the O/S to a little over 50 million shares, still only 10% of the authorized shares, but worthy of considering.

I've seen many companies with billions of shares outstanding do 1 for 100 R/S's to bring the O/S down to millions of shares, but they were mostly trading for under a penny at the time. After the 1 for 100 many of them came back down to under a penny in practically no time, but they did sell some shares to be able to continue operating at higher prices. I've seen few cases where this was a successful strategy for anyone but those receiving salaries from the company, as they were able to keep working.

I know most of our people are taking stock, at least in part, for their labor, so such a reverse split effects them as well. The difference is, they can vote themselves millions of additional shares, while we must pay for them. I'm certain that if employee shares can be voted, which I'm not sure about, they'll be voted in favor of permitting it, but I suspect they know that with success, they'll be awarded a lot of shares after the R/S is completed.

Give me a proposal that says precisely what will be done if a yes vote goes through, then at least I can make in intelligent choice. For me, anything over a 1 for 3 would still get a no vote, but I suspect that something like 1 for 5 or even 10 might be acceptable to enough to gain approval. Of course they may gain that approval just the way things stand, and if they do, don't bet that they won't go for the worst case 1 for 500 to maximize the stock price, and dilute immediately, before it can fall much, to have plenty of money in the bank. I just can't see ever getting ahead if such an action were taken.

Gary