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Gold/Mining/Energy : PYNG Technologies
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To: Edward W. Richmond who wrote (6782)7/10/2002 10:10:57 AM
From: Jack Rayfield  Read Replies (1) of 8117
 
Ed

The fact that there was no change in the forecast the last time to talked to management does not surprise me as Pyng never changes the forecast they just do not achieve it and they feel no responsibility to explain why it was not achieved or why they did not update the forecast when it became obvious that they would miss.

Your concern for the FY02 forecast is well founded since the 3Q sales were less than the 2Q (disturbing trend). It is not reasonable to assume that 4Q and 1Q FY03 will average 3 times the record 2Q sales level.

I appreciate Judy's attempt at an update on July 8 it was alot of words that really did not address how Pyng sales could possibly ramp up over the next6 quarters to the C$10,000,000 level as they have forecasted.

Thanks for your efforts.
Jack
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