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Gold/Mining/Energy : Nuvo Network Management NNM:Alberta

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To: canabucks who wrote (504)	1/25/2000 11:21:00 PM
From: Tom Smylie	Read Replies (1) of 587

Article in todays Ottawa Sun indicates they will double the number of employees by Sept 2000. Must be some new work!! Tuesday, January 25, 2000 Nuvo kid on the block Days of penny stocks over as local firm emerges on market By KEVIN BELL, Ottawa Sun Memories of the day when Nuvo Network Management's stock fell to a meagre 2cents are still fresh. Nobody seemed to want the Ottawa company's stock back in 1997 when the company's shares looked to be toxic. But after the rip-roaring day Nuvo had yesterday, memories of those penny-stock days are rapidly disappearing. The company had its hottest day ever on the stock market as investors scrambled to get a piece of the action. "It's the biggest day I've seen," said vice-president of business development Doug Carwardine. "It's exciting for sure. It's a good feeling to be out of the pennies." Only two trading days after the stock broke the $1 barrier for the first time ever, Nuvo shares shot up to $2.45 in early trading yesterday on the Canadian Venture Exchange. The stock closed at $1.95, up 42cents or 27% for the day. HOT STREAK That followed a hot trading day Friday when the shares gained 43% or 46cents to close at $1.53. On both days, Nuvo was the most actively traded stock on the new exchange. But yesterday's action seemed to take even company officials by surprise. More than nine million shares of stock worth $18.5 million changed hands during the day. Carwardine said it's a far cry from the days in 1997 when Nuvo's shares were worth less than 10cents and barely traded at all on the Alberta Stock Exchange. That was just as the company began restructuring to focus on network management. Carwardine said he did not know what triggered the investment frenzy in the last week, but investors flooded the company with calls yesterday. "They basically asked questions like 'what do you do?' to 'are you being purchased?'" he said. "But it's business as usual. We're just finally getting noticed." Getting noticed has meant big changes at Nuvo. The company's market capitalization has zoomed from just $22 million in October when the stock was worth 20cents to close to $250 million yesterday. "It's tremendous. We're completely in a different league now," Carwardine said. HIGH GROWTH Carwardine said investors are attracted to the fact that Nuvo is an independent remote network manager with virtually no direct competitors. They also like the firm's high-growth strategy. Nuvo plans to increase its employees from 70 at the end of last year to 130 to 140 by Sept. 30. Carwardine would not say what its revenue growth projections are for the same period.

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