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Gold/Mining/Energy : Avcorp Industries Inc. AVP-TSE

AVP 5.600

-0.9%

Jan 3 4:00 PM EST

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To: Robert Dydo who wrote (11)	3/17/1999 12:03:00 AM
From: Robert Dydo	Read Replies (1) of 21

Avcorp Industries Inc AVP Shares issued 13,873,623 Mar 16 close $2.50 Tue 16 Mar 99 News Release Mr. Victor Giacomin reports The success experienced by Bombardier on the CRJ-200 and the CRJ-700 programs has caused the company to accelerate its production rates in a shorter period of time than anticipated, thereby causing the company to incur certain upfront costs which were not budgeted. The non-recurring costs associated with the CRJ-700 program are higher than anticipated and are currently under review. The company is still facing some additional environmental costs associated with vacating the Richmond facility. As a result, the company anticipates losses continuing for this quarter and next before returning to profitability in the final quarter. The company made a strategic decision to invest in programs, develop expertise and product align itself, thereby incurring substantial costs in order to secure a proprietary advantage for future business and remains committed to this approach.

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