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Gold/Mining/Energy : PYNG Technologies

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To: HotShot1 who wrote (4141)	7/11/1999 3:57:00 PM
From: Jack Rayfield	Read Replies (1) of 8117

HotShot1 I thought I was pretty clear on the source in my post but here it is again. The April FY 99 and 00 figures were produced by Pyng in house as a revision to an older promotional piece that they contracted Frontline (outside investor relations group) to produce. Give me a fax number and I will fax the piece to you. The only value it has is that it I hope still represents Pyng thoughts on the volume that will be ordered in their first full year of sales. The choice of the April yearend for the projection, leads me to believe that when it was produced Pyng thought they would have sales starting in the April 98 quarter. As their true fiscal yearend is Sept there seems to be no other explanation of the off fiscal year choice but to provide a full year of sales/financial data. You may also notice that the numbers are in Canada $ and the sales price C$67.24 used is less than US$44 which is less than half of the stated price of US98.50. On the positive side the cost of sales figure used is C$37 which translates to about US$24.05. I would be very happy with the gross margin of 72% {(98.50-24.05)/98.50)}produced at stated price. The translation rate I used is .65 US to 1 Canadian could be off but you get the idea.

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