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Gold/Mining/Energy : TS TELECOM (www.tstelecom.com): ASPIRING TELECO -- Ignore unavailable to you. Want to Upgrade?

To: speculatingvalue who wrote (750)	8/28/1999 12:44:00 PM
From: John Trudeau	Read Replies (1) \| Respond to of 1762

Steve, valid points, but IMO not serious issues. 1. Wrt mgmt salaries... this year's total (including bonuses and the $186K "hidden" amt) = $870,000 Last Year = $1.1MM 2. Wrt the $274K... it would be nice if they cleared it, but they continue increasing retained earnings and they have a good history of paying the Co. back. I can live with this amt. 3. Wrt the 1.9MM in options... Raymond, Ben, and James hold 1MM of this, and they currently hold 60% of the Company's common shares. A.W. holds 400K in options, leaving 500K in other's hands. Hence, the options are in the hands of those with a vested interest. 4. Wrt the 6MM shares released from escrow... I'll find out more, but from what I see, they were released prior to December 1998. Previous selling patterns, and the lack of any selling this year (that I can see), equates to "don't worry"... as long as they don't sell into a rally. 5. Wrt the absence of product info... Interesting. I'm not sure why they didn't go into as much detail as last year's AR. Perhaps they're not ready to say their Fibersmart product is a main product. Perhaps they want to paint themselves more as a partnering Co., integrating other's products into the market. A good question for mgmt. Steve, IMO, they've made real progress since last year's AR. This year will be one of positioning, as this AR indicates to me. Even if their earnings remain flat, I think we'll see an improvement in price due to their positioning efforts. It would however be nice to see a rise in net earnings. If that happened during a time when they were reaping the rewards of their heightened positioning efforts, look out! We might get up to $6-$8 / share. I think this is entirely possible. Best of luck, JT