Welcome Opportunities Ltd -
Welcome Opportunities year-end results
Welcome Opportunities Ltd
WLO
Shares issued 4,247,648
1999-05-10 close $1.75
Tuesday May 11 1999
Ms. Irene Wilson reports
Welcome Opportunities ended 1998 with cash and current investments amounting
to $11,050,681 ($2.61 per share) after appropriate deductions for valuation
allowances. For the first four months of 1999, interim figures show a significant
increase over year-end with $1.1-million in cash plus marketable investments
totalling approximately $13.8-million (or $3.26 net value per share). The company
has an authorized capital of 100 million shares, of which 4,247,648 shares are
issued (4,557,648 fully diluted).
In 1998 it was a year of challenge as metal prices declined and investor
confidence in the mining sector touched an all-time low. Junior mining companies
were particularly hard hit, and the company's plans to capitalize on mining
investments suffered a setback. The company continues to hold positions in a
variety of mining companies active in North America and abroad, although a
number of exploration companies have temporarily curtailed activities or are
reorganizing in anticipation of a recovery in metal prices.
On a more positive note, technology companies made significant advances that
swelled the demand for high-tech products and services and drove North
American markets to unprecedented highs. Investments in diversified technology
stocks performed well in 1998, and the positive trend is continuing in 1999. The
largest technology holdings in Welcome's present portfolio.
Infonow Corp. (OTCBB: INOW)
Holdings: 450,000 shares
Current price: $4.50 (U.S.)
Denver-based - leading provider of proprietary Internet and telephony
technologies - advanced technology prospect management services for business.
eSoft Inc. (Nasdaq: ESFT)
Holdings: 125,000 shares
Current price: $4 (U.S.)
Denver-based - Internet/intranet services - bulletin board systems - software
engineering.
Sideware Systems (V: SYD)
Holdings: 500,000 shares plus
500,000 warrants
Current price: $1.75
Vancouver-based - develops and markets customer service applications for
Web-based business - e-commerce and e-business solutions - electronic
messaging.
Telelink Communications Corp. (V: TCC)
Holdings: 3.3 million shares
Current price: 51 cents
Vancouver-based - nearly $12-million cash in the treasury and no significant
liabilities. Management has been evaluating new situations and is well positioned.
Unique Broadband Systems Inc. (V: UBS)
Holdings: 1.4 million shares
Current price: 48 cents
Ontario-based - design and manufacturing microwave electronic systems for
digital video and audio broadcasts - cable products - high-speed wireless Internet
delivery systems.
Mailbank.com (private)
Holdings: 770,000 shares
Current price: private
Vancouver-based - sells and rents personalized E-mail domains with matching
Web sites. Control block recently purchased at 50 cents per share by a group
head by the founders of Nasdaq-listed Broadcast.com, one of the leading
companies in network broadcasting and streamers of 24-hour live broadcasts and
"media-on-demand" over the Internet and intranets.
Some of the company's more significant positions in resource stocks with active
programs in progress include:
Samex Mining Corp., Bolivia (V: SXG)
Holdings: 1.7 million shares plus
1.8 million Wts
Current price: 55 cents
Lyon Lake Minerals, Costa Rica (M: LLL)
Holdings: 700,000 shares plus
300,000 Wts
Current price: 35 cents
Golden Temple, Mexico (V: GTM)
Holdings: 650,000 shares plus
630,000 Wts
Current price: 20 cents
As in the past, the company's investment portfolio and participation in new
opportunities undergoes close scrutiny and monitoring under the management of
Chan Buckland. Even so, sudden events and developments can impact on market
prices and liquidity in speculative issues in which Welcome may be involved. As
always, the primary objective is to seek value investments and early-stage
situations that provide opportunities for substantial appreciation that can grow the
company and add equity value for the company's shareholders.
The current strategy is to slowly divest some of the high-tech positions and start to
acquire shares in well-positioned mining companies in anticipation of a more
buoyant market during this year.
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