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Gold/Mining/Energy : BCB VOICE SYSTEMS INC. (c.BIV)
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To: David Robinson who wrote (46)3/12/1998 1:29:00 AM
From: George K.  Read Replies (2) of 440
 
Hi everybody,
I am new here, although I have been following your discussions for some time.
I may have the answer why the offering was sold out even though you did not exercise your rights. The offer was only good for residents of Ontario and Alberta. I tried to exercise my rights and was refused because I live in PQ. Even though the price dropped to 0.15 very soon afterwards, it pissed me off anyways. What's to stop them next time from making a rights offering which is only available to residents of Calgary?
I am only now getting around to reading my annual report. Although revenue is up 60%, losses are up 100% (2.25M from 1.12M). Am I the only one who thinks this is a BAD trend?
Management predicts that they can continue increasing the revenues by the same 60% over the next three years. They don't say much about the losses, but if they also increase the losses by 100% every year for the next 3 years, that's 4.5M+9M+18M=31 million!!
With a share price of 0.15/share, it would take 200 million shares to finance that.
Also, the rights offering only gave them about 1.1 million, and in the first quarter alone they have gone through 904k (Operating cash flow).
Does anybody have any opinions on the Annual Report? Maybe I'm all wrong about this.
George.
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