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Gold/Mining/Energy : PYNG Technologies

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To: Bernard Elbaum who wrote (4206)	7/25/1999 10:58:00 PM
From: Jack Rayfield	of 8117

Bernard, I do not understand why you seem to be willing to let Pyng off the hook completely. I may be misreading you posts but you seem to be saying that Pyng has no responsibility for knowing their potential consumer base or market potential. All well run public companies issue and constantly update sales and earnings projections. I can not believe you think it was acceptable to issue a public projection including specific dates that could be reasonably used to make an investment decision and then wash their hands of it by saying "Everyone makes mistakes" only on this thread. It seems that you view Pyng as still being in the research project stage with no idea of the potential use of their product in the real world, which it was when they came out with their April 1998 sales projections. Yet they were confident/arrogant enough at that time to mislead all of us. I agree that the projections they provided incorporated alot of assumptions and best guesses and should not viewed as a "blood covenant". But Pyng did venture the estimates voluntarily and should be fair to the shareholders and update them or publicly state why they are not in a position to provide an update and explain the events or conditions that totally destroyed the business model that the projections assumed. The projections that I have seen did not rely totally on military sales which as you said could vary widely. I have not seen any mention in a Pyng PR to the timeframe of the various approval processes which is obscene as it appears to be the single biggest limiting factor in short to medium term sales after availability of the product of course. Again by inference their public information does not treat this issue as a big deal and the investing public can only be assumed to have public knowledge as Mr. Jacobs so directly stated "There are rules for public companies and the Internet is not deemed to be separate for the purpose of public notice. A chat line that is subscribed for is especially subject and the SEC particularly monitors participants for such events." Pyng can not have it both ways if they are going to make public statements then they should be made to publicly revise them or specifically void them. While I am glad that you continue to provide the positive point of view, I am confused by your stance on this issue.

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