Greetings, all!
I spoke again yesterday with Keith Bullen of Raventures in Toronto. Raventures' precise status in relation to Pyng is apparently in flux at this point, but Keith felt comfortable with being referred to as a "contact" for company information. The intention is take take some of this responsibility off Michael Jacobs so that he can get on with growing the company's operations. Raventures is definitely open to queries from individual investors, although they are indeed responsible for shopping the field for institutional capital.
According to Keith, a Canadian brokerage house has taken a strong interest in Pyng and will make recommendations shortly as to the best strategy for financing its next critical phase of growth. Since the interim financials (Dec. 31/97) showed cash drawn down to about $90,000, raising capital is obviously an imminent issue. (Note, however, the incredible frugality re direct operating expenses--a total of around $72,000 for all of last year!) Apparently the figure being thrown about is somewhere between $2 million and $3 million. This same firm will also be trying to help Pyng tie up the remaining details, aside from capitalization, necessary for the company to move to the TSE.
Keith also re-emphasized that Mr. Jacobs will be making some announcements, ostensibly re the Vancouver event, shortly after his return from England--probably Monday or Tuesday.
Those interested in talking to Raventures re Pyng should call 416-860-1371 and ask for either Keith Bullen or Mary Webster |
