X-Message-Number: 7372 Date: Sat, 28 Dec 96 19:57:25 From: Steve Bridge <> Subject: Alcor statement on Prometheus To CryoNet >From Steve Bridge, Alcor December 28, 1996 The following statement will published in the year's final issue of the Alcor *Phoenix*, being mailed this next week. This was in response to questions from several Alcor members. ******************************* Alcor statement on the Prometheus Project Several Alcor members have asked us if Alcor is "in favor of" the Prometheus Project and if Alcor will be accepting donations directed for the specific purpose of future investment in that company. We have discussed several aspects of this with our attorneys and have discovered that the issues are complex for Alcor as a tax-exempt, non-profit corporation. Currently, the Prometheus Project (PP) is only a proposal to form a company to do brain preservation research. Paul Wakfer, the Project Coordinator is merely accepting "pledges" for investments while evaluating whether it would be useful to form a corporation (or similar entity) and sell shares. No company currently exists. Our attorney has told us that Alcor, because of its non-profit status, must be careful not to promote or appear to promote the sale of shares in a company for which no offering or prospectus exist. We will continue to discuss PP as a cryonics news item. (There is a more detailed article on PP in the 4th Quarter issue of Cryonics magazine, which is running very late with production problems.) Since PP is still in the formative stages, we cannot yet make a decision as to Alcor's future participation. However, we have decided that if Alcor members wish to donate money to Alcor for the specific purpose of investing in PP, should such a company be formed, we will agree to accept those donations, subject to the following conditions. If Mr. Wakfer eventually produces a business plan, a prospectus, and an offering, and if thereafter Alcor's Board of Directors determines that an investment in such a company would be beneficial to Alcor and its suspension members, then we would accept directed donations to make such investments. If no company is formed or Alcor's Board does not approve investments in such a company, then we would not accept directed donations for this purpose. Finally, Paul Wakfer had once suggested that people who donated money to a non-profit for the purpose of investment in PP could be given a proxy to vote those shares on behalf of the non-profit. Our attorneys have told us that this does not properly reflect the relationship between a non-profit organization and its donors, and that such a proxy would be improper. Alcor must be the voter of any shares it owns. We'll keep you informed of PP progress as it develops. *************************************************** [end of article] Stephen Bridge, President () Alcor Life Extension Foundation Non-profit cryonic suspension services since 1972. 7895 E. Acoma Dr., Suite 110, Scottsdale AZ 85260-6916 Phone (602) 922-9013 (800) 367-2228 FAX (602) 922-9027 for general requests http://www.alcor.org Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=7372