T.ITE: iTech Capital (TSE) Message Board

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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)

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To: Stuart Carmichael who wrote (921)	9/20/1999 11:16:00 AM
From: keith massey	Read Replies (2) of 5053

Stuart We all make are own investment choices so good luck in your other investments. However since this is an open thread I must correct some of the points in your post. They are probably paying themselves big fatty salaries Carlo Civelli and William Stuadt were brought on as directors and DO NOT GET A SALARY. Mr. Stuadt only gets paid when they find a deal for JDX. Jordex's agreement with Hamilton calls for the issuance of stock options to Hamilton and the payment of a fee upon the successful completion of a transaction I talked with Jim Graham and he said the fee is small. In other words, Mr. Stuabt is going to make his money off the 2 million plus shares he bought and the options once they stock runs. Carlo Civelli was brought on as a director for his promotion abilities and ties to European investors. He received stock options as payment....that were out of the money at .81. In other words Carlo doesn't make a dime unless JDX goes up. There are presently only 3 people getting a salary at JDX Brian Hinchcliff - Prez. Jim Graham - Investor Relations John Fairchild - Finance These salaries total $27,000/month or $320,000 a year. They sure are not going to get rich quick through salaries. They are probably burning cash According to Sedar...for the past 6 months Depreciation, Exploration and Professional fees = $12,000/month General and administration = $34,000/month Investors Relations = $10,000/month Project Evaluation = $30,000/month. So total burn for all of these expenses comes to $86,000/month which I would consider low in comparison to other similar companies. Do you consider these numbers high?? They must be selling stock Have to stop you right there....Insider (director/officers) must report all buys/sells on the stock directly to the Toronto Stock Exchange (TSE)in a timely fashion (a couple of weeks). You can get the insider reports for a company free from the TSE. I subscribe to Carlson Online which publishes these reports as soon as they come out. fin-info.com. According to the latest offical insider report from the TSE and published on Carlson Online... THERE HAS NOT BEEN A SINGLE SHARE SOLD BY ANY INSIDER IN THE PAST 12 MONTHS ...not a single share and they have bought over 4.2 million shares. If their plan was to get rich dumping stock then why didn't they do it during the last run??? So to make a long story short...they are not paying themselves much, they are not burning through cash fast and they have not sold any stock....just wanted to clear that up. Best Regards KEITH

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