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Gold/Mining/Energy : Vasogen-- VAS on TSE -- Ignore unavailable to you. Want to Upgrade?

To: thewiz who wrote (129)	4/22/1998 9:47:00 PM
From: Syncrude	Read Replies (1) \| Respond to of 377

I received the Annual Report today. VAS now has 33.3 mm shares outstanding on a fully diluted basis. With liquid resources of $7.5mm I expect VAS to have to raise funds again later this year as the 1997 outflow has been $7.8mm and the 1998 outflow should be higher. I noticed that management obtained fairly large salary increases in 1997, while the stock price of VAS has languished. Management also holds very few shares directly and rely on options instead. After having been patient with this one, I think I will now exit. I still think that the Company's technology has merit, but it is taking much too long. While I believe in research, I think that other important areas have been neglected, ie. strategic partnerships. As well, there is little important brokerage firm coverage of the stock. Best wishes to fellow shareholders, VAS has potential, but beyond my timeframe. Fortunately I had sold some in January 1997 at $3.25.