Intrinsyc Software Inc. (T.ICS) (formerly V.ICS) Message Board

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Gold/Mining/Energy : Intrinsyc Software Inc. (T.ICS) (formerly V.ICS)

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To: Peter G. Mackey who wrote (330)	5/6/1998 7:23:00 PM
From: Codfish	Read Replies (2) of 1635

Hello Peter, What stage is ICS currently working on? Do you have an estimate on the amount of time required to complete this process? I believe that many of the steps are occurring simultaneously. The letter indicates, to some degree, where we are in the process: 1. Negotiate and sign the LOI with the basic valuation formula and structural business issues defined - completed and announced on Mar 31/98 2. Complete formal 3 year audits of Annasoft by KPMG - in process 3. Complete formal "fairness opinion letter" to the Exchange and Shareholders, requires completion of audits - in process 4. Complete formal agreement and sign - in process 5. Complete information circular materials (prospectus level disclosure on the merger) and mail out to shareholders, call an EGM 30 days hence 6. Hold EGM and seek shareholder approval 7. Final closing, business begins as a U.S. based merged entity The Shareholder letter indicates that we are currently working through steps 2,3 & 4 and steps 5,6 & 7 will be completed when 2,3,4 have been completed. I'm guessing a few more weeks. Bill C.

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