T.ITE: iTech Capital (TSE) Message Board

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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)

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To: kenc who wrote (497)	5/28/1999 3:26:00 PM
From: keith massey	Read Replies (1) of 5053

Just call me a pig...in for more at .80 today. I'm starting to think I am the only one buying. Still have all my low ball bids in place just in case we continue to drop through the summer. VO was mentioned as a cash rich company that made the wrong purchase...I agree that can happen but I think we are in a very different market right now compared to the on in the 80's. I won't even bother making a list of the companies that have moved out of the mining industry into the tech./internet sector in the last 4 months and have soared to incredible heights (the list grows daily). The public's hungry for new tech/internet stocks it still huge although not as hungry as last month. Most of the deals that have moved these stock are for $1-2 million max. I can just imagine what JDX can do with $24 million. On the flip side: I can name dozens of companies that have burnt through their cash with stupid investments. The first one that comes to mind is MAR last year...they had $69 million in cash ($1.30/share) and were selling at $1.10. However I didn't touch the company and posted on the MAR site to sell at .60 even know they were below cash value. Why - the insiders didn't own any shares and were cashing in options and dumping them as fast as they could. They were paying themselves huge salaries and burning through money faster than a camp fire. They also invested their cash in other mining companies (most likely for kick-backs) which was a dead sector then (and now). The insiders had nothing to gain from running up the company. MAR merged with MCW and is now worth around .05/share. Just because they have cash doesn't mean I play them. FOR, VLG, CVL, BWD, etc., etc., are all selling way below cash right now and have huge sums of money in the bank. However I won't touch these stocks because management has no motivation to pump them up. I will be shocked if JDX doesn't come out with a great deal. I will be more shocked if the stock doesn't run like crazy when the deal is announced. Why would insiders be buying like crazy??? I am putting my money where my mouth is by buying the stock. If I am wrong I will be eating crow for a long, long time and be out a big chunk of cash. It is a risk I am willing to take. Best Regards KEITH

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