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Gold/Mining/Energy : Image Processing Systems (IPV-TSE)

IPV 4.310

-4.0%

Jan 24 4:00 PM EST

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To: John Wright who wrote (385)	8/24/1998 10:23:00 PM
From: John Wright	Read Replies (2) of 658

I just received my 1998 IPV Annual Report. A quick read seems to indicate a very weak cash position that will require additional funding soon. More debt or equity? Also, Terry Graham's(CEO) 1998 salary jumped from $160k to $210k plus an additional $40k in bonus!!! Flora, most rational investors would question 1) such a big pay increase (30%) and 2) the existince of a bonus(!!!) in light of the disasterous year and current dismal liquidity or cash position the company has. I think a fair and open question is what the heck is being rewarded? Is this how the free market operates? Certainly the the company's shareholders aren't being rewarded. I'm not so sure Mr. Graham would even have a job if this was a Fortune 500 company. I sold the rest of my small holdings today. Until we see some material changes, I think the sidelines is the safest bet for this one. Also, I'm not convinced the company will be able to raise new cash through an equity offering considering what happened since the last issue. Would you give Terry Graham and IPV more of your hard earned cash to squander???? This company has been so badly managed since the Tisma acquisition that as of the moment I would speculate that potential investors would be better off forcing the company into receivership and picking up the assets for a lot less. Thoughts, opinions, anyone? John P.S. Next time the company quotes BIG % growth on the top line be objective and also quote the BIG % losses on the bottom line as well.

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