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Gold/Mining/Energy : International Hi-Tech (IHI)
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To: Ronald P. Margraf Sr. who wrote (391)6/28/1999 10:46:00 AM
From: Rob  Read Replies (2) of 461
 
I wrote to IHI IR by e-mail regarding who is responsible for the company's finances and operations (i.e. CFO and COO). It took two tries and I finally got this simpleton answer. The problem - $Millions have been spent and delays have been significant. I believe that there is a very good probability that better management could have brought this company toward production months ahead of current schedule and saved the company min. hundreds of thousands, if not millions of dollars - many times the salaries. The reply is short-sighted in that it does not consider the significant opportunity costs and share dilution of delays. Not only that, are they not planning to be producing by Nov.99? Was the target not June just a while ago? Given the lead time required to hire good people for these positions, how much longer do they plan to wait?? I will not be entrusting my money to this company until there are people in place who have experience and education in managing it and its use.

From IHI IR:
"Until we enter commercial production, it does not make good financial sense to incur the large expenses involved in keeping a full-scale internal executive team to oversee these activities. Reputable people to fill these functions are expensive and the money is best spent on completing the factory. Our finances are currently handled by our accountant at Morgan & Company.

When the company is closer to commercial production, additional management roles will be added to the current management team and responsibilities distributed accordingly."
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