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Gold/Mining/Energy : United Industrial Services (UIS/ASE)
UIS 3.210+2.6%Jan 9 9:30 AM EST
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To: Abbeydale who wrote (70)9/9/1999 9:42:00 PM
From: Frankly Speaking  Read Replies (1) of 90
 
Update from UIS

September 8, 1999

Dear Shareholder:

Company Update

My office has had a considerable number of telephone calls expressing concern of the low share price.

I cannot comment on this and I cannot forecast the share prices in the future.  What I can tell everyone is the following:

1. Shipments of frac sand to a host of companies is happening in earnest.

2. Kleysen Trucking (our primary transportation partner) has purchased 652,174 shares of the Company for $378,260.92 ($0.58 per share).

3. The Private Placement announced May 28, 1999 is scheduled to close late this week or early next week.

4. The fall drilling program has been completed and the preliminary     indications show considerably more silica sand than originally projected.

5. The plant has had some operational challenges since start-up.  At current and projected levels for the first five years, we are producing at more than required levels.  However, we purchased a plant to produce 150 tonnes per hour.  The permanent fixes are presently being engineered and will be installed during the winter.  The Company is holding sufficient monies to guarantee that the extra work will be completed from the original contract.

You can see from the above that we have nothing but positive news to provide to you.  Someday, the market will give us the recognition that we justly deserve.

In closing, because of Mr. Ramsay's resignation we are currently looking for an Executive Vice-President and Chief Operating Officer.  Advertisements have been placed in the Toronto Globe and Mail and we expect to announce the results next month.

J.K. Norrie
President 
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