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Gold/Mining/Energy : Pinetree Capital-PNP-CDNX -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (67)	12/16/1999 5:07:00 PM
From: Vitalsigns	Read Replies (1) \| Respond to of 233

Updated Book Value as of December 16.99 Pica book value end of day Dec 16.99 Book value calculations I will use purchase price on our private companies even though that may be severely undervalued. Private Companies Softquad 35% interest = 1,250,000 (cost) Visible Decision 40% int = 1,100,000 (cost) Online Direct 2 % int. = 150,000 (cost) Public Companies US LUMM 1 ,000,000 shares @ $23 1/8 Us x 1.47 = 33,993,750 Cnd VGIN 1,000,000 shares @ $28 Us x 1.47 = 41,160,000 Cnd Public companies Canadian BFG.V 70,000 shares @ 9.70 = 679,000 ESL.T aprox 600,000 shares @ 6.50 = 3,900,000 MNTX 2,200,000 shares @ 1.25 = 2,750,000 NSII 4,000,000 shares @.37 = 1,480,000 Total Book Value Assets 86,462,750 Shares out. 9,000,000 Equals $9.60 share in Book value Current trading price 2.95 Current shares trading at a 69.2% discount to book value Lumm looked to have formed a bottom today with a nice reversal in the afternoon, VGIN is still strong and heading to $30 . All that is missing now is for investors to realize what they are getting when they buy shares in Pinetree. Vitalsigns

To: keith massey who wrote (67)	12/17/1999 9:15:00 AM
From: the Chief	Read Replies (1) \| Respond to of 233

Well if they sold near the 40.00 level "I'll be a proud dad" <gggg> My only explanation at this point is they are undiscovered. They had little to know profile on CDN OTC and they are now enjoying slightly better but still limited coverage on the CDNX. CDNX isn't a huge jump, in fact as we all know with the majority of stocks we have held in the past, we couldn't wait for the company to get off "Vancouver", CDNX-V is just another "Vancouver". Credibility comes with exposure and time. The company already has the credibility as a "money making Capital company". Now we just need time for people to realize it. I think, honestly, that they will get little notice until they announce on the CDNX a capital investment. They have no noteworthy releases on the CDNX yet, this will come in time. the Chief