SEC Company Response from BSI2000 INC (CIK 0001099780) — Jun 2, 2005
BSI2000 INC (CIK 0001099780)
Date: June 2, 2005 · CIK: 0001099780 · Accession: 0000950144-05-006132
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File numbers found in text: 000-28287
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CORRESP
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Letter to the SEC
Christopher J. DeLise
305.539.3319
Fax: 305.358.7058
cdelise@king.com
June 2, 2005
VIA FACSIMILE AND EDGAR
Ms. Sara Kalin
United States Securities and Exchange Commission
Division of Corporate Finance
450 Fifth Street, NW, Mail Stop 4-6
Washington, DC 20549
Re:
BSI2000, Inc.
Preliminary Proxy Statement
Filed May 23, 2005 (File No. 000-28287)
Dear Ms. Kalin:
This letter has been prepared in response to your request for our client, BSI2000, Inc. (“BSI”
or the “Company”), to respond to the comments of the United States Securities and Exchange
Commission (the “SEC”), which were conveyed by you to me on May 31, 2005 via our telephone
conversation, with respect to BSI’s Preliminary Proxy Statement filed with the SEC on May 23, 2005
(File No. 000-28287).
For your reference, I have attached the four pages from the Definitive Proxy Statement that
contain the changes noted below. As you requested, the Company is filing this response letter as
correspondence in connection with the Preliminary Proxy Statement. Following confirmation by
telephone that you have approved of the changes noted below, the Company intends to file its
Definitive Proxy Statement on Monday, June 6, 2005.
Based on the comments that you conveyed to me over the phone, the Company has revised its
Proxy Statement as follows:
1. A new last sentence has been added to the first paragraph on page 12 of the Proxy Statement
(i.e., Proposal No. 2). The new last sentence reads as follows:
As of the date hereof, the Company has drawn down approximately $3,000,000 out
of a total of $15,000,000 available under the Equity Line, leaving approximately
$12,000,000 that can still be drawn down by the Company thereunder once it has
registered a sufficient number of shares of its common stock. The Company intends
to register additional shares of its stock pursuant to a Registration Statement on
Form SB-2 once the shareholders of the Company approve of the increase in authorized
common stock.
Ms. Sara Kalin
BSI2000, Inc.
Preliminary Proxy Statement
File No. 000-28287
June 2, 2005
Page 2 of 4
2. The last paragraph on page 12 of the Proxy Statement (i.e., Proposal No. 2) has been
revised to read as follows:
Other than the Equity Line and Debenture, the Company does not currently have any other
written or oral plans, arrangements or understandings to issue any of the additional shares
of common stock that would be authorized by this proposed amendment to the Company’s
Certificate of Incorporation.
3. A new third paragraph has been added to page 17 of the Proxy Statement (i.e., Proposal No.
3), which appears after the current second paragraph in the Preliminary Proxy Statement. The new
third paragraph reads as follows:
Please note, following the adoption of the ISO Plan by the shareholders of the
Company, the Company intends to issue option grants to the following persons in the
amounts set forth opposite their respective names:
Number of Shares of Stock
To Which Optionee is
Entitled to Purchase
Optionee
Title/Position
Pursuant to Option Grant
Jack Harper
Chairman and President
8,000,000
Carl Sharp
Vice President of Sales
2,000,000
Jeffrey Rooks
Sales Executive
250,000
Glenn Junik
Vice President of Engineering
1,000,000
Total:
11,250,000
All of the grants listed in the above table will be new grants under the ISO
Plan when it is adopted by the shareholders of the Company.
Ms. Sara Kalin
BSI2000, Inc.
Preliminary Proxy Statement
File No. 000-28287
June 2, 2005
Page 3 of 4
4. A new second paragraph has been added to page 21 of the Proxy Statement (i.e., Proposal No.
4), which appears after the current first paragraph in the Preliminary Proxy Statement. The new
second paragraph reads as follows:
Please note, following the adoption of the D&C Plan by the shareholders of the
Company, the Company intends to issue option grants to the following persons in the
amounts set forth opposite their respective names:
Number of Shares of Stock
To Which Optionee is
Entitled to Purchase
Optionee
Title/Position
Pursuant to Option Grant
Richard A. Kirk
Non-Executive Director
3,000,000
John Woods
Non-Executive Director
2,000,000
Vincent Fulginiti
Former Non-Executive Director
250,000
Marshall Kaplan
Former Non-Executive Director
250,000
Fritz Keefner
Former Non-Executive Director
250,000
Bernard Nann
Former Non-Executive Director
50,000
Total:
5,800,000
All of the grants listed in the above table will be new grants under the D&C Plan when it is
adopted by the shareholders of the Company, except that Messrs. Kirk, Woods and Nann were
previously awarded options to purchase 250,000, 250,000 and 50,000 shares of the Company’s common
stock, respectively, under the Company’s existing 1996 Option Plan. Upon adoption of the D&C Plan
by the Company’s shareholders, the Board intends to cancel these three prior option grants and
issue Messrs. Kirk, Woods and Nann the respective amounts set forth opposite their names in the
table above.
Ms. Sara Kalin
BSI2000, Inc.
Preliminary Proxy Statement
File No. 000-28287
June 2, 2005
Page 4 of 4
Should you have any questions concerning this letter, the Preliminary Proxy Statement, or the
Definitive Proxy Statement, please contact me at 305-539-3319.
Very truly yours,
/s/ Christopher J. DeLise, Esq.
Christopher J. DeLise, Esq.