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Gold/Mining/Energy : Unitec Int. Controls Inc. -- Ignore unavailable to you. Want to Upgrade?

To: erik vilnis who wrote (122)	1/27/1998 3:10:00 PM
From: John B. Smyth	Read Replies (1) \| Respond to of 856

I just had a quick look at my messages, Erik, but am tied up with some marketing matters at the moment. I will answer you in detail from home later this evening if you don't mind. If you are serious about your offer to provide financing, we are in the process of arranging project financing for the $4.2 M contract and could use your help (and others). Regards, John

To: erik vilnis who wrote (122)	1/27/1998 11:39:00 PM
From: John B. Smyth	Respond to of 856

Sorry I didn't go into detail earlier today, Erik, I was about to go into a lenghtly meeting and just had a quick glance at my email and the SI link. To answer your question, we needed the $300K to unplug a delivery bottleneck needing direct material and W.I.P. financing. The result was that December has seen the Company's biggest shipments. Did I like the terms? No. Was there better terms available? I couldn't find them. The shares equate to a 20% bonus on the loan, which I might add, is totally unsecured. It's expensive if you look at it only from the cost perspective. The other perspective is that it allowed the Company to meet its delivery requirements and in fact exceed them. The contribution is greater than the $60K it represents. It may not have been the best available financing if I had the luxury of time on my side, but I didn't. Now, if you are sincere about having the same opportunity, we have a large project in house for which we are looking for project financing. If you would like to participate on the same basis that Yorkton did, I would support it. Please advise and I will provide further details. Regards, John