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

To: m. jacobs who wrote (6972)	2/18/2003 12:53:40 AM
From: LOR	Read Replies (1) \| Respond to of 8117

Mike Jacobs.......Please confirm the following: namely that you agree that: FORM 20-F "PYNG ANNUAL REPORT FISCAL YEAR ENDED 9/30/2001 does in fact read: “Actual page 54 listed page on the report 46 The terms of the amended escrow agreements further provide that any escrow not release by 1/27/2003 will be cancelled. New regulations in the CDNX allows for time released escrow with majority of the minority approval. This has been proposed for the Annual General Meeting to be held February, 2002. AND Actual page 55 page listed on the report 47: The terms of the amended escrow agreement further provide that any escrow shares not released by 1/27/2003 will be cancelled.” However, you are now saying that: "The escrow agreement which I (Mike Jacobs) signed, and which is confirmed by our attorney shows May 10th, 2003 as the cancellation date unless there is an extension approved by the Majority of the Minority. Such approval to this extension was given by the then CDNX on February 11th, 2002, to late for inclusion on last years AGM as noted in the News Release." NOW Mike, based on the above, would you please advise: 1) on what date did you sign the revised escrow agreement which shows May 10, 2003 as the new expiry date for the escrow share agreement? 2) Why was the expiry date changed to May 10, 2003 from January 27, 2003? 3) would it be correct to say that disinterested shareholders never voted on "the agreement" which you signed showing May 10th, 2003 as the cancellation date for the escrow share agreement? 4) if disinterested shareholders never voted on extending the expiry date to May 10, 2003 from January 17, 2003 then on what basis did the CDNX approve such extension? It is clear that certain parties feel that the escrow share issue is 100% dead (ie. that because the previously posted [ BY PYNG] deadline of January 17, 2003 for achieving the escrow shares by performance has gone by without PYNG achieving the performance requirements THAT THERE ARE NOW NO ESCROW SHARES TO VOTE ON and that this is a good thing for minority PYNG shareholders who have noted that you have recently acquired 300,000 shares of PYNG at 20 cents Canadian per share with options to buy much MUCH more at a wonderfully low price.) Thank you for your previous reply #6972. I hope that you can shed more "clear complete and precise" light on this subject in order to defuse what seems to be a growing explosive issue and in order to pave the way for a positive, fruitful and successful upcoming AGM. LOR

To: m. jacobs who wrote (6972)	2/18/2003 9:23:10 AM
From: LOR	Respond to of 8117

Mike....Correction to Post#6979 in my last post to you I wrote in part: " NOW Mike, based on the above, would you please advise: 1) on what date did you sign the revised escrow agreement which shows May 10, 2003 as the new expiry date for the escrow share agreement? 2) Why was the expiry date changed to May 10, 2003 from January 27, 2003? 3) would it be correct to say that disinterested shareholders never voted on "the agreement" which you signed showing May 10th, 2003 as the cancellation date for the escrow share agreement? 4) if disinterested shareholders never voted on extending the expiry date to May 10, 2003 from January 17, 2003 then on what basis did the CDNX approve such extension? It is clear that certain parties feel that the escrow share issue is 100% dead (ie. that because the previously posted [ BY PYNG] deadline of January 17, 2003 for achieving the escrow shares by performance has gone by without PYNG achieving the performance requirements THAT THERE ARE NOW NO ESCROW SHARES TO VOTE ON and that this is a good thing for minority PYNG shareholders who have noted that you have recently acquired 300,000 shares of PYNG at 20 cents Canadian per share with options to buy much MUCH more at a wonderfully low price.) Thank you for your previous reply #6972. I hope that you can shed more "clear complete and precise" light on this subject in order to defuse what seems to be a growing explosive issue and in order to pave the way for a positive, fruitful and successful upcoming AGM. LOR " Of course all references to "January 17, 2002" should read instead "January 27, 2002". We look forward to your reply........ Regards, LOR