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Gold/Mining/Energy : International Precious Metals (IPMCF)
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To: Daniel M. Whipple who wrote (36)9/22/1996 12:29:00 PM
From: Zeev Hed   of 35569
 
Daniel: We are all tainted by our past. I was an executive in a publicly traded company in which management shamelessly (and sometimes even legally) lined their pockets rather then advance the stockholders' cause. When I read financial reports from companies I consider investing in, I am sensitized to find the tale telling signs of such activity. When I was asked by someone on the GPGI board (I think it was you Daniel, but once again, I do not want to go over all the prior postings to make sure) few moons back to look at IPMCF I identified such signs. This together with their recent failures (and including the company's history of failures and delisting), and the wording of their news releases always leaving that open window of unsubstantiated false hope are warning signals for me. I am not trashing them, I am just giving you an opinion since at the time you asked me about them. You did not accept my opinion then, and I do not expect you to accept my opinion now. And, for all I know, they may yet succeed if they do things the right way and do not waste the minimal resources they have on flying and dinning all over the place (look at their ridiculous travel expenses).

If they do not succeed, they may loose some of the options they have and of course be unable to recover any metal.

When running a start up company my battle cry is always: Positive Cash Flow first, the rest can wait. This is why I like GPGI since they are striving to get to a positive cash flow situation at the expense of showing the world how big and fruitful a deposit they are siting on.

Zeev
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