TPTX » Topics » Redemption

This excerpt taken from the TPTX 8-K filed May 16, 2005.


                Our Board may redeem the Rights for $0.0005 per Right at any time before any person or group becomes an Acquiring Person. If our Board redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the redemption price of $0.0005 per Right, in cash, common stock or other securities, as determined by our Board. The redemption price will be adjusted if we have a stock split or stock dividends of our common stock.

                Our Board may also redeem all outstanding Rights for the same redemption price after a person or group has become an Acquiring Person. This will only affect holders of Rights who failed to purchase shares of common stock during the 60 day period following the “flip in” event


described above.  For those holders, our ability to redeem their Rights can only occur if we are entering into a merger transaction with a party other than the original Acquiring Person, of if the original Acquiring Person no longer is a beneficial owner of 15% of our outstanding common stock and there are no other such Acquiring Persons at the time.

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