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Interstitial Public Offering

In mid-1998 our wholly owned subsidiary FeedBank pioneered a new form of public security, Interstitial Shares, and offered 49% of the company through an Interstitial Public Offering. Interstitial Shares combine the diversification of index shares with real-world ownership rights in our company. Each of the 643 million publicly traded shares in Futurefeedforward consists of the joint ownership of a basket of two or more designated, publicly traded shares in U.S. and foreign companies.

Precisely which combinations of shares represents a share in Futurefeedfoward is subject to constant recalculation to ensure that a constant number of shares remain in circulation. For example, at a particular time, the ownership of one share of Sony combined with ownership of 1.4 shares of Johnson & Johnson and .3 shares of Onyx Software may represent one share in Futurefeedforward. Were you to acquire more shares of each in proportion, you would also acquire more shares in our company. Were you to sell any of the designated shares, you would sell your shares in the company, though not necessarily to the buyer of the designated shares.

Each of the interstitial shares operates much like the average common share, representing shareholder voting rights, and a proportional claim on the assets of the company should it be sold or liquidated.

At any given moment, our company is capitalized at the cost of acquiring the basket of shares which represents all of the shares in the company.

Conventional offerings raise funds by directly selling ownership and voting rights in the form of shares. An Interstitial Offering, however, raises funds by licensing individuals to claim ownership and voting rights when they own shares.

Interstitial Shares are, effectively, given away to whomever, at any given time, owns the appropriate basket of shares which constitute an interstitial share. We raise funds by selling licenses to claim ownership and voting rights through ownership of interstitial shares.

If you currently own a portfolio of stocks, you may already own shares in Futurefeedforward; however, were the company to liquidate and distribute its assets, or were a shareholder vote required, you would be required to pay us a licensing fee to exploit those rights.

Because Interstitial shares are our intellectual property, we retain the exclusive right to license their use. We offer two forms of license:

Blanket License: For a flat fee we offer a non-exclusive license to claim and use ownership and voting rights in interstitial shares in Futurefeedforward. In the near future, as our Feedbank subsidiary brings more companies public through Interstitial Offerings, we will offer specific blanket licenses for claiming rights in those companies.

Use License: We also offer per-use licenses to holders of Interstitial Shares when rights related to those shares become exercisable. For example, when we solicit proxy materials for our annual shareholders meeting, we offer a per-use licenses for each of the votes put to shareholders at the meeting.

If you have further questions, or are interested in purchasing a license to claim rights in our Interstitial Shares, contact our Feedbank subsidiary at

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