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Gold/Mining/Energy : PYNG Technologies -- Ignore unavailable to you. Want to Upgrade?

To: LOR who wrote (6780)	7/9/2002 12:05:13 PM
From: Jack Rayfield	Read Replies (3) \| Respond to of 8117

LOR This excerpt is from the BC Form 51-901F for FY 2001 reported January 15, 2002 (six months ago). "Future Sales Projections. We are projecting sales in calendar year 2002 to grow to $1,268,000 with an initial profit being projected at the end of the year 2002. Our sales projections are based upon a conservative model and we are fully confident that they will and can be achieved. This growth will require additional staff including Marketing and Sales Manager additional production personnel and additions to the engineering department. We will be closely monitoring the sales growth and planning additions to meet the demand. We intend to be fully flexible in our growth and will continue to exercise fiscal restraint commensurate with our business plan. We are confident that when our fiscal goal for 2002 is met we will see substantial growth, following the increased market penetration of 2002. We are projecting sales of $10,000,000 in Fiscal Period 2003. This growth will be impacted by the ability to raise capital. We are confident that raising capital either in one lump sum or in trounces will be achieved, however, we must point out that failiar to raise capital could negatively impact the company." It seems unlikely that Pyng's sales for calendar 2002 will be $1,268,000 if their fiscal year todate sales are only $450,000 ( 1Q 106,332 2Q 203,523 3Q 140,145). I wonder if Pyng may have revised their sales projections with out telling us. Judy states that Pyng's target sales for year todate Q3 was only $442,000. Do you think that they are still expecting $924,332 in sales for the next 6 months? I don't. So it is obvious that sales are not ramping up as expected yet we have Judy saying that sales are exceeding forecast. Sales actually decreased from 2Q to 3Q. We need a military miracle I think. Hope that you summer is going well.