Hi Ron: Well, I picked this off the stockman forum today. I think we can safely say this is no longer a sexy stock. One problem I have is that management alluded to profitability this fiscal year. But management is certainly upbeat, with no hint of immediately looming catastrophe...
I suppose it is a speculative LONG TERM buy at these levels.
Subject: Re: MTEN Fr: J.P. Feakins Hi LeRoy: Firstly, anyone can request a balance sheet by writing, faxing or e-mail. We
shall be releasing our year end (as at June 30) financials, soon. I'de rather wait until we make it public knowledge than post it
here. It is a tremendous improvement over last year. Things ARE going well. My previous reports remain as written. Our losses
are narrowing, sales are increasing and our experienced, industry seasoned executives hired ealier this year are doing a
tremendous job. I have no idea who is selling or if this is short selling. It is hard to find these things out. Management certainly
is'nt selling, in fact, we are buying at these ridiculously low levels. The Company needs to consider if it is the wisest use of it's
funds to buy back cheap stock itself. What is clear, however, is that we have a first class product and we remain confident that
we shall win with it. The question seems to be not IS it a home run, but WHEN. Our business plan calIs for a cash flow
positive position later this calender year. We anticipate reporting a nice profit by June 30, 1998. Rome was'nt built in a day.
We have been effectively marketing the MTI PhotoScreener for only some 12 months, since our July 96 offering, and we had
the cash to do it. Anyone who knows anything about marketing a new medical device, understands you do'nt suddenly turn a
profit the first year out of r + d. There is no question this is a challenge, but the increasing sales of the device suggest we are
making good progress. I seriously doubt the current stock debacle will result in the loss of the Company. We know how many
shares are issued, and someone will have to contend with my personal holdings of approx 6.0m shares plus loans to MTEN
before they own the Company. And I'm not selling. Regarding the Reg S, obviously this is a major problem, as we have
discussed before. We are currently working on a restructuring plan with those investors which I anticipate will be successful. It
has taken much longer to put togther than I had first anticipated, and it is not appropriate to go into it here. However, I assure
you this forum will be one of the first to know when we have something exciting to report. It should'nt be too much longer. J.P.
Feakins CEO MTEN |
