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Microcap & Penny Stocks : GIFS
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To: craig crawford who wrote (2246)2/14/1997 10:10:00 PM
From: Alan Coccio   of 8012
 
Hi Craig,

The assets of this company caused me great consternation for a long time. I just mentioned a couple of hours ago in my post to GJC that I now had my questions answered. I meant that the issue became moot with the sale of CRIC. As you said:

Remember that the majority of GIFS assets are being given to
the buyers of (CRIC). It sounds to me like GIFS traded book value away for earnings growth. I'm sure that most of the assets used to guarantee the performance bonds are going away with CRIC.

Exactly! I expect that the $100-million CD, the corundum and gold dore' bars - all used as performance bond guarantees - will disappear from the company's books soon along with the sale.

Isn't it ironic that the market cap of this company is less than $40-million and they sell a part of it for $117-million? Hmmmmm.

Al
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