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To: The Barracuda™ who wrote (4)	12/28/1999 9:22:00 AM
From: mappingworld	Respond to of 115

Can you tell us more about it, perhaps? TIA Olga

To: The Barracuda™ who wrote (4)	12/28/1999 11:55:00 AM
From: The Barracuda™	Read Replies (1) \| Respond to of 115

From Wolverton Securities Ltd This report is now obsolete. But the general args are still valid. Case For Investment The primary justifications for an investment in The Electric Mail Company are to be found in the explosive growth of the Internet and email, and in a direct comparison to Critical Path (CPTH-NASDAQ). The growth in the Internet and email usage is documented in the Background section. The comparison with Critical Path is even more compelling. Critical Path is a leading provider of email hosting services designed to allow a wide range of organizations, including Internet service providers, web hosting companies, web portals and corporations, to reduce costs and improve customer service by outsourcing their email. This company currently trading at US$59 1/2, has a market cap of over US$2.0 billion. What is particularly striking is that while Critical Path's growth has been much more rapid (to be fair, the VCs that have backed Critical Path have brought many of the company's new customers to the table), it would be hard to tell the US$2.0 billion company from the Cdn$15.0 million company using the results below: Dec 31/98 Results Revenues Earnings Critical Path US$897,000 US$(11,461,000) The Electric Mail Company Cdn$1,074,177 Cdn$(697,555) Critical Path's results are not in 000's. We have all seen the dramatic differences in valuations between US and Canadian companies in similar industries. US investors are more aggressive and are willing to pay more for opportunity. To access these investors, The Electric Mail Company is in the process of filing a 20F registration with the express purpose of seeking a US listing. In our opinion, what separates these two companies can be described in the following terms: market, people, and marketing. We have all seen the dramatic differences in valuations between US and Canadian companies in similar industries. US investors are more aggressive and are willing to pay more for opportunity. To access these investors, The Electric Mail Company is in the process of filing a 20F registration, and we expect the company to be listed in the US by the end of Summer. One of the most important assets that any emerging technology firms can have is human capital. The Electric Mail Company has always been strong in terms of technology, however, marketing and finance were areas of deficiency. In contrast, Critical Path has a huge resource in its investor base - the VCs that are involved in this company are extremely well connected and experienced, and they have made these resources available to the company. With the naming of Harish Consul and Darryl Yea to the board of directors, The Electric Mail Company has added marketing abilities, financial experience, and numerous quality industry and market connections. Throughout its history The Electric Mail Company has struggled with its marketing plan. The trick was to allocate scarce dollars in an effective manner. With a capital injection on its way, the company can now afford to be more aggressive in its marketing and we look for commensurate growth to ensue. In conclusion, we believe that with the changes that have occurred recently, that The Electric Mail Company is on track to rapid growth in revenues and investor awareness and that the company's market cap should appreciate dramatically. Disclaimer Estimates and projections contained herein are our own and are based on assumptions which we believe to be reasonable. Information presented herein, while obtained from sources we believe to be reliable, is not guaranteed either as to accuracy or completeness. Wolverton Securities Ltd., and its affiliates, as well as their respective partners, directors, shareholders and employees may have a position in the securities mentioned herein and may make purchases and/or sales from time to time. As it acts for public companies from time to time, Wolverton Securities Ltd. may have a relationship with the mentioned companies. Neither the information nor any opinion expressed herein constitutes a solicitation of the purchase or sale of any security. The information above is intended only for those jurisdictions in which Wolverton Securities Ltd. is licensed.