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Gold/Mining/Energy : Telepanel Systems - TLS

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To: J Stone who wrote (661)	10/14/1999 11:39:00 AM
From: waitwatchwander	Read Replies (1) of 948

Hi Jeff, I went to the AGM yesterday. I didn't take any notes because I wanted to capture the cordial atmosphere of the affair. Here's what I remember. All special resolutions passed with around 90% approval. They used a ballot process to take the votes! NCR's entry into the market was highlighted as a sign that ESL's are now in the limelight. NY press articles also noted. I got the drift that Chris sees this as a positive for TLS in that NCR is a more reputable competitor than ERSI. TLS/IBM can and will compete with NCR on price. The TLS/Symbol connection was also touted as another "duck on a pedestal". In Chris's mind, Infrared (Pricer?) is now considered an also ran. Sales effort over the last year has been focused on chain-wide rollouts dictated from the executive suit. The board has been working hard in opening these doors. The Ahold chap was offered as an indicator of their success. In place of last year's $40 stock price prediction we were treated to the thought of a 12 million ESL rollout in the coming year. If a big order is achieved, it is expected to come out of Europe. Plans for $$$ and order is to get a big order and follow that by a private placement. Got the impression that all the details re $$$ are "solidly" in place. I can only speculate that the "options resolutions" were well down that "To Do" list and once an order is placed everything will be "abc". I vaguely remember some form of insinuation that FMR was making inquiries of TLS and buying ESL stock. Doesn't (or didn't) FMR own a chunk of ERSI debt or equity at one time? All in all, I'd say the meeting was as well attended as last years affair and "as rosy as" the big meeting they had 2 years ago. Many of the same faces and no one seemed overly discontented. The only discontentment I recall related to removal of ESL's from Loblaws' Redway store (last year's news!) and an inquiry into the number of installations currently in progress. Chris handled both inquiries in a mild manner. For me, the highlight of the meeting was Mr. Skillen thanking the board for not firing him during this year of turmoil. Why would they want to do that? I'm sure others may well be able to add to this picture. nF ps I called their office and briefly visited their web site the other day and noted that they have a new receptionist and a new VP of Sales and Support. I wonder if the new VP came from outside or if it was an internal "retention" promotion? pss Has Garth got his hunting licence, yet?

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