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Gold/Mining/Energy : IBI CORP IBIC (CDN)

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To: Sailfish who wrote (166)	1/7/1999 11:19:00 AM
From: Elizabeth A Rice	Read Replies (2) of 422

Hello Raymond, Trader cents just started up full time at the start of the year and there had been almost no ibic posts because there had been no change in status, and everyone concerned had been on vacation. I will copy a post from some one who is called UFO at tradercents (also at CW) who is very gracious about sharing his DD with the board. I have spoken to him on the phone several times and have found him to be an honest , funny and sincere individual. I have also spoken to Ed Lai and Thomas. Here is UFO's post...( he types and speaks in caps!) 1)THE PHOSPHATE DEAL IS SO LARGE THAT THE DIRECTION OF THE COMPANY HAD TO CHANGE. 2)THE CDN HAS ACTUALLY HELPED GROOM IBI TO THE POINT THAT IT WILL HANDLE A DEAL OF SUCH PROPORTION. THE ADDITION OF THOMAS AND THE SUPPORT STAFF IN UGANADA, AS WELL AS THE APPOINTMENTS OF THE DOCTOR & PROFESSOR TO THE BOARD OF DIRECTORS IS KEY. 3)THE HEAD OF THE CDN HAS CONFIRMED TO ME PERSONALLY THAT IBI IS IN GOOD STANDING, AND THAT THE LEGAL SECRETARY HAD GONE OVER THE BUSINESS PLAN FOR IBI PROJECT. THE ONLY REQUIREMENT THAT WAS LEFT WAS FOR IBI TO DEMONSTRATE THE WORKING CAPITAL AS OUTLINED BY THE BUSINESS PLAN. THIS AMOUNT ACTUALLY EXCEEDS THE AMOUNT NEEDED BY IBI TO START THE PROJECT. 3)IBI HAS ARRANGED WITH THE EAST AFRICAN DEV. BANK FOR MAJOR FINANCING. (THIS WAS MENTIONED AT THE AGM). MORE DETAILS WILL BE RELEASED SHORTLY. 4)IBI HAS RECEIVED COMPLETE ENVIRONMENTAL APPROVAL FOR THE PROJECT. 5)INSIDERS, DIRECTORS, AND PEOPLE IN MY GROUP HOLD IN EXCESS OF 80% OF THE AVAILABLE SHARES. NONE OF US INTEND TO SELL. THIS GREATLY REDUCES THE ACTUAL NUMBER OF SHARES THAT WILL BE AVAILABLE. THE COMPANY HAS A TAX FREE POSITION IN UGANDA FOR THE NEXT SIX YEARS.....AND ALSO HAS INTENTION TO BUY BACK 10% OF THE AVAILABLE SHARES PER YEAR. A LOT OF GROUND WORK HAS BEEN DONE, AND THE COMPANY HAS DEMONSTRATED GOOD FOCUS TO ACHIEVE THIS. I've done some research and spoken with the CDN. One of their roles is to guide and mentor an emerging company with all aspects of business growth. They also assist the company with graduating to higher exchanges when the company is ready. They "graduated" 23 in 1997. It is my opinion that at some point IBIC could graduate to a higher exchange although I will not speculate here as to which or when. Alsp, check out Agraruim (AGU) and Potash of Sascatchewan (sp) POT. These are both fertizlier companies that mine and deal in phosphate. When you realize what IBIC has and compare it to these companies you realize what is ahead for IBIC. I expect to see trades this Friday, or early next week. The last money for the backstop is being secured and then trades will start. For me ibic has moved from a speculative investment early this year to something that will move to a going concern with a big increase in share valrue. Elizabeth

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