American Eco (ECGOF, ECX on Toronto exchange) Message Board

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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)

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To: Duncan who wrote (2468)	5/18/1998 2:05:00 PM
From: MARK BARGER	Read Replies (1) of 2841

Duncan, have you had a chance to look at the annual report. I just got mine over the weekend. Very nicely done, I was very impressed with the look of it. They hade nice case studies of several big projects from the diff. subs. Impressive until you get to the financials, where their incompetence (IMO) shows. One nitpicking concern. A couple of pictures of the fat cats sitting around (board members) showed them in very plushly furnished rooms. Mike and Dave posing infront of beautiful table with crystal pieces sitting around. One of Warren Buffet's sayings is that the fancier the Co. headquarters, the less the regard for shareholder value. I'm sorry but I still get the feeling that ECGOF is run by several buddies who take care of each other and their friends. The report outlines the deal between ECGOF and EIFH. I restate that only a CFO of Norris's caliber (or lack of) would have allowed that transaction to take place. From the report,"The company's investment in EIFH exceeds the net assets of EIFH by approx. $15 million." I have heard for months that another party would step in and buy out ECGOF's position in EIFH but have yet to see anything happen. The new CFO has impressive credentials, he looks like the real deal. Does not Norris have his CPA certification? The stock made a nice run up this morning up to 7 13/16 but has been hammered back down to 7 1/4. Some 20,000 shares just dumped at 7 3/8 around 1:30 pm. At this level I would rather be buying than selling. But, if next quarter doesn't show improvement I'm gone regardless of the stock price. Too many other good companies I have my eyes on. Anybody have any other thoughts on the annual report? Mark

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