Ispy,
I really enjoyed this little bit pulled from the last NR:
"I'm pleased to have this suit behind us. By settling it, we have closed a
chapter in Ultra's history and resolved the last of the inherited, company
threatening issues facing Ultra. Now we will be able to exert 100 per cent
of our effort on developing our Wyoming assets."
Over the last 10 months, management has been working diligently to resolve
many issues that threatened the continuing viability of the company. To
that end, the company has made much progress. Litigation has been resolved,
expenses dramatically reduced, the EIS moved forward and the financial
position of the company greatly improved. Moving forward into year 2000,
Ultra is positioned to create value from its assets and continue to improve
its financial position while achieving its objectives of increased
reserves, production, cash flow and earnings.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
Of course, the obvious point to this was that since Watford
has taken over the helm, they have, in my opinion, become involved in two law suits that are far from groundless and will ultimately either either force the company to give up money or land--since they don't have
any money, I don't think their land holdings will be quite
as large in two years as they are now.
Nice job Mike.
Regards,
Lew |
