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To: Andrew Vance who wrote (504)	2/23/1997 11:38:00 PM
From: Steven Messina,L.M.T.	of 17305

Re: KNIC This is to all the KNIC'ers that have hung tough throughout the controversy and volatility. It is a post from the KNIC thread that summises the forward looking aspect of the company. Please read and respond at your leisure. Subject: LL Knickerbocker(KNIC)/Pure Energy Corp \| Previous \| Next \| Respond \| To: +Gerald Zubkoff (216 ) From: +Charles W. Cerrito Feb 23 1997 9:55PM EST Reply #217 of 219 There is a lot of emphasis being placed on 1996 earnings. We need to start looking at the FACTS!! Lets look FORWARD. I don't have time NOW to summarize the conference call (call KNIC for a tape) but what I heard was: 1. Sales for 97 will be $80+ million with a 45% GPM. 2. Will continue to acquire companies in 97 on way to building a $1B company. Earnings will be sacrificed which is fine as it sets us up for 98 and beyond. 3. There is a major short position out there. NY brokerage firm looking for stock in SIZE! 4. PEC will have an IPO in last 1/4 of 97, pending market conditions. Market cap $1-2 BILLION Take an average - $1 1/2 BILLION times KNIC's ownership of 38.2% = $573,000,000. Divide by 18 million shares of KNIC and we get $31.83333. In my book, I can buy KNIC at $6 and get PEC worth $31 PLUS KNIC's core business. This stock is worth a hell of a lot more that $6. After IPO the price of PEC go a lot higher adding MORE value to KNIC shareholders! Valuation of KNIC is at least $30 + CORE. There is an alternative fuel conference in Los Angeles on March 19 and 20. PEC will be there along with FORD MOTOR CONPANY and two of their Taurus automobiles. Come on out and see for yourselves!!

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