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Gold/Mining/Energy : Unitec Int. Controls Inc.

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To: dale w ruckle who wrote (360)	4/30/1998 9:11:00 PM
From: John B. Smyth	Read Replies (2) of 856

That loan was used on the Coquitlam project, Dale. No question it is expensive, but I couldn't get the banks to step up to the plate any more than they already had. The choice was simple. Borrow the money and build the projects or don't borrow the money and don't build the projects. I have to work with the resources available. That loan has been paid out, but we have expanded the facility to finance other contracts in house. I have had very encouraging discussions with a firm in New York this morning that may be of assistance regarding long term financial solutions. They have reviewed our materials and are intimately familiar with SCADA. Regards, John

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