T.ITE: iTech Capital (TSE) Message Board

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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)

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To: zwing_88 who wrote (1629)	11/10/1999 10:10:00 AM
From: keith massey	of 5053

If you are looking at the Qtr. financials a couple of numbers might catch your eye - Foreign exchange loss (gain) and Interest and other income and thought an explanation might be appropriate. Jordex has the majority of their cash in high grade primarily US denominated bonds and commerical paper carred at market value. This is a very low risk investment that provides JDX with above average interest rates on their cash until the put it to work in business investments. However fluctuations in the bond price and Canadian/U.S dollar exchange rate will change the carrying value of this investment ever Qtr. and JDX will record the gain or loss each Qtr. If the Canadian dollar goes down JDX will record a small gain and if the Canadian dollar goes up JDX will record a small loss. The same goes for the bonds. If you go back over the past 8 Qtrs. you will find that the loss and gains caused by the exchange and bond price fluctuations cancel each other out and JDX ends up with just the interest payments and ends up being cash flow positive on average over this whole period. Best Regards KEITH

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