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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: axial who wrote (561)	6/6/1999 2:25:00 PM
From: B. Kelly	Read Replies (1) of 658

JK, working capital will not present a problem until there is need for expanded production. By then sales and bottom line performance will be evident and the market will respond with both a higher share price and capital. Much of the earlier efforts to raise capital were undertaken to fund Tisma's potential. At that time the party line was the company would benefit from the significant potential there. Once it became evident the purchase was not a good fit and could not be made to fit, at least cost effectively, disposal was the way to go. What was learned from the Tisma experience? At least the following, I hope: 1 Stick to your knitting, especially when it has so many advantages and great unexploited potential. 2 Do not reach beyond your capacity. In this case the reach exceeded management's grasp at the time of the acquisition. 3 As is often the case diverse operations do not mix. Next time the due diligence will certainly be better and I expect both a better deal and management structure will keep us out of a repeat of that expensive experience. 4 Finally the board should be having a detailed look at any strategy proposals for going forward. This is a basic part of their obligation to shareholders. We have good management, and keep in mind, even while acknowledging errors were made, tremendous progress was also made. As almost anyone knows when you drive fast a mistake can quickly put you off the track. Been there, done that. Today we have the players, both in management and the excellent technologists as well as efficient operations. With all these positives we will begin seeing the wanted results in the next few quarters. If I make this post any longer I will talk myself into buying even more of this excellent company. Bryan

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