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Gold/Mining/Energy : IBI CORP IBIC (CDN)
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To: Elizabeth A Rice who wrote (272)4/25/1999 3:18:00 PM
From: george eberting  Read Replies (2) of 422
 
Thanks, Elizabeth. My problem is not with Memex, per se. It is with IBIC's management. Their track record to date seems very spotty. They have jumped from project to project with no significant revenue or profit to show for it. This move reminds me of companies like DCTC (travel agency, old movie library, prepaid phone cards, a couple of high tech ventures, long distance telecom). They have wasted millions of dollars of shareholder equity as they lurched from project to project. And I could name several other companies which have made the same mistakes. I sincerely believe they should stick to Uganda until it is fully productive. They don't have any extra money to be using to chase after new projects. There will likely be some unexpected expenses encountered in developing the mines and I believe they should tightly ration their available capital for the unexpected.
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