T.ITE: iTech Capital (TSE) Message Board

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

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To: marcos who wrote (4644)	4/28/2000 7:17:00 AM
From: Condor	Read Replies (2) of 5053

Re: AGM Some notes: Our management team is very seasoned. I believe they will get the job done in due course and stay financially equitable. The cash remaining is $ 6.3 mm US. They have just recently hired McMannus Elliot of Toronto to do PR. Loma de Niquel is an incidental holding from the mining days and not a part of the co's main thrust and in time may contribute conservatively $1mm to the books as Nickel markets improve. They have designed their misc. ownerships of co's so that they hatch at staggered moments ( expressed as a liquidity event ) thus contributing an even and periodic cash flow. In answer to questions from the floor: The reasonable burn rate is unchanged and not expected to change. They would consider a merger or any other tactic if it made sense for the company and its shareholders. There has been no insider selling on the run up or subsequent weakness in share price. My take on the situation is that we have a seasoned and senior team who take a realistic and calculated approach to building a company. I believe it will evolve in a calculated manner and personally I have moved shares into my long term hold port and will look for 10x's conservatively over 3-7 years. I also had the opportunity to attend VENgolds AGM and these are my observations. The company management team is very young and frothing with ideas and enthusiasm. They have a very aggressive evolutionary plan and dared to use their name in the same sentence as CMGI. The shareholders are equally frothy and excited and were obviously waiting to applaud from the moment they entered the meeting. They have been spending their $70-90 mm of cash freely ( acquisitions and development) and are in the euphoric moments of assembling their company. At the meeting they authorized another 23 million share options on top of the 18 million they already have. In answer to questions about the need for cash vs. the lag time on any earnings it was stated that a successful company would have no trouble raising funding. My primary concern with this company is " with 143,000,000 shares out and 40,000,000 options and a VERY aggressive and expensive expansion plan how are they ever going to raise the needed cash as theirs is drained away. I have to expect it will be a result of either heavy financing, share issuance or private placements which will lead to further dilution. I suspect these serious considerations will come to bear as this euphoria stage blows off and the grunt work of running a company settles in. VEN is a company I will buy and sell (play) since they are obviously a frothy, newsy, young and extremely aggressive group with a following that borders on "love fest". I suspect their stock will continue to be hit with many spikes and dips and I will look forward to scalping. In the long term " How will this company do?". I don't know, your guess is as good as mine. IMO ITE is an RRSP play and VEN is an event driven play. Both serve their purpose and need not be compared as a winner or loser. Regards C

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