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Gold/Mining/Energy : National Challenge Systems (TSE:NLC) -- Ignore unavailable to you. Want to Upgrade?

To: Cal Gary who wrote (445)	12/29/1999 3:42:00 PM
From: Cal Gary	Read Replies (1) \| Respond to of 453

News out, 1Q and progress report. Well, not much progress. Positive spin but, apparently they'll miss the announced January target to close the two organic waste disposal truck deals. Note the last line, an escape clause, "reg approval and subject to financing." National Challenge first quarter results National Challenge Systems Inc NLC Shares issued 19,622,856 Dec 24 close $1.15 Wed 29 Dec 99 News Release Mr. Floyd Wandler reports Financial results for the first quarter and three-month period from Aug. 1, 1999, to Oct. 31, 1999, were as follows: Net income was $272,447 or 1.4 cents per share on revenues of $2,029,056. Although these results are down from the same period in the prior year (net income from continuing operations of $413,526 on revenues of $2,324,531), they are consistent with the company's more recent quarters which are representative of its fully developed structure and focus on its rental portfolios. In Stockwatch Sept. 21, 1999, the company announced that it had entered into two letter agreements to acquire two organic waste disposal companies and expand its control of a new organics waste system. The two non-hazardous liquid waste disposal companies, A&A Anderson Tank Services of Vancouver and Organic Resources Management Inc of Toronto, are the largest organic waste disposal companies in their respective areas. These discussions continue to proceed positively, and the company is hoping to consummate these purchases during its third financial quarter (February to April, 2000). Discussions with the owners of the patents for the technology, Organic Resource Technology Inc. and ORTI International, have also been progressing very positively, and the company hopes that it will be able to consummate all the necessary agreements and acquire these two companies in the same time frame. All noted transactions require regulatory approval and are subject to financing. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com