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Gold/Mining/Energy : ORIOLE SYSTEMS (OOL:VSE)

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To: JAS who wrote (168)	5/22/1998 8:23:00 PM
From: Ed Pakstas	Read Replies (1) of 605

Soft assets written off Oriole Systems Inc OOL Shares issued 20,740,597 May 22 close $0.49 Fri 22 May 98 News Release Mr. Al Gerenser reports <P> Oriole, in preparation for its planned expansion into the United States and its becoming an SEC Form 20 registrant, has adopted a more conservative approach in its financial reporting practices. While this management decision, which included writing off all previously capitalized soft costs related to software development, has strengthened the company's balance sheet, it has increased the 1997 loss to $3.0-million. Revenue for the 12 month period ended Dec. 31, 1997 was $2.35-million. During 1997 the allocated considerable human and financial resources to product development and organizational issues. The company is now positioned to aggressively move forward in 1998 as it pursues its goal to become one of the top 20 information technology companies in Canada. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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