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Microcap & Penny Stocks : Leah Industries, Inc. (OTC-BB-LEAH)
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To: MTHONER who wrote (958)1/8/1999 12:06:00 PM
From: Andrew H   of 2153
 
While I cannot understand the stock price, there is no question in my mind that the company is for real.

If 4th Q audited figures do not convince investors, I do not know what will.

RLM is still a shareholder. He was not the only one who expected that an audited book value would come with the 3rd Q numbers. I expected it and LEAH expected it as well. There must have been some misunderstanding between LEAH and the auditors. However, in their last earnings report they did state:

>>Leah Industries is proud to report that SibMach currently has proven oil reserves of approximately 800,000,000 barrels of which 60% (480,000,000 barrels) accrue to the books of Leah. The value of these reserves and their impact on the book value of Leah will be computed by Deloitte & Touche (CIS) and will be reflected in the Dec. 31, 1998, year-end audited financial statements. <<

The figure of 480M bbls must have been agreed upon by LEAH's auditors, since they carefully computed the figures in the release. It looks like D and T wanted to wait until the end of the year to place an audited book value on these reserves along with the fully audited figures. The good news is that the b/v may be well in excess of $8.

I agree that many still do not believe the company is for real. I think LEAH needs to do some PR work to change that perception.
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