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To: John Sahakian who wrote (661)	4/14/1998 3:39:00 PM
From: TraderGreg	Respond to of 720

Anyone care to offer a suggestion as to the absence of volume for the past three hours? TG

To: John Sahakian who wrote (661)	4/14/1998 3:41:00 PM
From: Patrick Lauder	Read Replies (1) \| Respond to of 720

I make that assumption based on the last 2 quarter revenues of ECS of .5 and .75 million doing business only in Toronto. They plan an aggressive expansion to other cities, so if we assume half the revenue they are estimating, that would be 5 million (they estimate 10 million) with 50% margins therefore 2.5 million profit. Divide that by 40 million, that would be a .06 cent eps, 10 * .06 = .60 cents. Very modest estimates. They will also have revenue from 3 other sources, which I haven't figured in. For the stock to go to .20 cents based on eps of .60 is not extreme in my opinion. I think the stock went down because of the promise of ECS which never materialized. No news is bad news. IMHO Pat