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| Bio-Aqua Systems, Inc. |
| 1900 Glades Road, Suite 351, Boca Raton, FL 33431 * (561) 416-8930 |
| Business Description | The company was organized as a holding company to acquire Tepual, S.A. The major source of revenue has been generated through the branded sale of various products for animal nutrition, including fish meal, feather meal and krill meal. |
| Offering Information Company has | |||
| Trading As | SEA (AMEX) | Industry | Manufacturing |
| Type of Stock Offered | Common Units | Filing Date | 6/29/99 |
| Domestic Shares Offered | 430,000 | Offer Date | 3/28/00 |
| Foreign Shares Offered | 0 | Filing Range | $10.00 - $12.00 |
| Company Shares | 430,000 | Offer Price | $10.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.000 |
| Gross Proceeds | $4,300,000 | Selling | $0.500 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 2,990,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Institutional Equity Corporation | Lead Manager | |
| Capital West Securities, Inc. | Co-manager | (405) 235-5720 |
| Nutmeg Securities, Inc. | Co-manager | (800) 288-5513 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 3 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 3/31/98 | 3/31/99 | |||
| Revenues | - | - | - | 5.238 | 6.874 | 1.465 | 1.391 |
| Income from Oper. | - | - | - | 0.765 | 0.847 | 0.136 | 0.162 |
| Net Income | - | - | - | 0.388 | 0.367 | 0.060 | 0.059 |
| E.P.S | - | - | - | 0.230 | 0.220 | 0.040 | 0.030 |
| Revenue Growth (%) | - | - | - | 31.216 | -5.00 | ||
| Net Income Growth (%) | - | - | - | -5.62 | -2.16 | ||
| Oper. Profit Margin (%) | - | - | - | 14.61 | 12.32 | 11.66 | 9.26 |
| Net Profit Margin (%) | - | - | - | 7.41 | 5.33 | 4.22 | 4.10 |
| Cash Flow - Oper. | -0.92 | 0.16 | -0.57 | ||||
| Cash Flow - Inv. | 0.24 | -0.01 | -0.01 | ||||
| Cash Flow - Fin. | 0.79 | -0.16 | 0.49 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 3/31/99 | Financial Ratios | ||||
| Total Assets | 7.84 | Current Assets | 5.58 | Current Ratio | 1.35 |
| Total Liab. | 4.58 | Current Liab. | 4.13 | Debt Ratio | 58.50% |
| Total Equity | 3.25 | Working Cap. | 1.45 | Debt to Equity Ratio | 1.41 |
| Cash | 0.05 | Return on Assets | 0.75% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for the reduction of bank loans, for the purchase of the Inual and Tepual brand names, for development of red tide consumer detection and testing kit, for the development of shrimp immune stimulants and additional research and development of salmon immune stimulants, for the research and development of poultry vaccines, for repayment of bridge loans and working capital |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Atlas, Pearlman, Trop & Borkson |
| Bank's Law Firm | Sacher, Zelmer, Stanton, Paul, Beiley & Van Sant |
| Registrar/Transfer Agent | Florida Atlantic Stock Transfer |
| Auditor | Spear, Safer, Harmon & Co., P.A. |
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| Additional Underwriter Compensation |
| Additional compensation of $184,800. |
| Warrant to purchase 140,000 shares/units at a nominal price. |
| Exercise price of $6.38 for 4 year(s), 1 year(s) from 3/28/00. |
| $100,000.00 consulting agreement for 3 year(s). |
| Warrant Information | ||||||||||||||||||||||||||||||||||||
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