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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)
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To: pull_da_trigger who wrote (4949)3/31/2001 4:30:15 PM
From: Jonathan N  Read Replies (1) of 5053
 
I asked Jim Graham about the cash, about the investment horizon for ironside, and about Enviromation. Here is his (extraordinarly prompt) response:
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The restricted cash equivalents on iTech's balance sheet represents the balance of the purchase price remaining to be paid to the previous shareholders of Enviromation. The purchase price for Enviromation was $1.6 million, half which was paid in cash, the remainder being paid in equal monthly installments over five years.

Last year Enviromation lost money however management is hopeful that the Company is now position to be profitable in 2001.

The fund, managed by Ironside, can draw down the commitment from the limited partners (investors) any time over the life of the fund which is six years. It is likely however that the cash calls will take place over the first year.
_________

That Enviromation lost money last year is a bit disappointing. I thought it would perhaps be the one bright spot in an otherwise dismal year.

Best,
JN
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