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

To: Richard Saunders who wrote (216)	3/15/1998 11:47:00 AM
From: John B. Smyth	Read Replies (1) \| Respond to of 856

It will only be approximately 30%. We started 97 with a good first two quarters, but Business Development Corp (BDC) reneged on an approved financing to allow us to fill the balance at the same level (or higher). That set us back as we were unable to find the project financing to continue. My expectations were to fill 50 - 60%, but we just weren't able to put it all together. I am currently contacting a number of funds to find a long term financing partner as we move forward. Yorkton has also talked to a few. I am in touch with a California attorney to help us "blue sky" in that state. She works with a number of funds and institutions and will pass our information on. A major U.S. brokerage firm has asked for the California clearance as they wish to buy 1M plus shares in the market. They may also consider an IPO and sponsorship to NASDAQ. We have received over $400 million in RFQs (Requests for Quotations) in the first 3 months of this fiscal year. I have eliminated $200M as they are just too big to consider under any circumstances, but have found several in the $10M plus that we are trying to find partners to bid with. I hope to announce our first partnership soon. We have no problem finding projects (recently they are finding us), and no problem winning the bids. Our technology gives us a great edge. We will have some new developments that will further enhance our technical leadership, but we need to secure a strong, long term financial partner so we don't continue to stumble and fumble our growth.