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

To: Richard Saunders who wrote (405)	5/25/1998 3:31:00 AM
From: John B. Smyth	Read Replies (1) \| Respond to of 856

Chris advised that I could use some parts of his write up, but not he whole thing, at my discretion and subject to proper credits. Following is the part that I thought answered your question, and reprinted in part for personal use only: Unitec International Controls May 21, 1998; #9817: Major Shakeup in the works. I attended today's Annual General Meeting of Unitec International Controls (UIC-V) for the benefit of shareholders who could not be present. For those shareholders and for all readers the following is a synopsis of today's events. Of the six persons who were directors of UIC during the last year, John Smythe has asked for and received the resignations of both Martin Holt and Dean Erickson. Chief Financial Officer Gerry Rosenquist has also resigned. It appears as though John Smythe has a tighter grip on the company now than he did previously. Britton Capital is no longer a driving force behind Unitec. I am a firm believer that every company must have a clear vision - and only a single vision - as to its goals and how it will attain them. IF this management shakeup helps to achieve the vision of UIC's C.E.O. and President, then I am all for it. Periods of intense change are never comfortable for employees or for shareholders. Perhaps today's revelations help to explain the recent performance of UIC's stock price. Perhaps one of the people recently associated with the company no longer wishes to own stock and has been partly responsible for the selling pressure? I don't know. What I do know is that UIC's stock price has reflected an intense desire by one or more people to sell their stock almost regardless of the price. IF this is somehow associated with the shakeup, then we Outsider's can speculate that the selling pressure will abate and fundamentals will at some point reassert themselves. In all, UIC appears to be more focused than ever before, with working plans in place to ensure manageable growth. My first reaction at hearing of the personnel changes was somewhat negative as, like most investors, I hate change or uncertainty. But more and more it appears to me that this was a necessary step that demonstrates John Smythe's intent to turn this company around and charge it in the direction chosen by him. At the current stock price in the low $0.30's I think UIC represents exceptional value. Existing shareholders who bought at higher levels might strongly consider bringing their average cost down. Phone John Smythe at 604-420-8025. Subscribers who have read my work for any period of time know that I do not gush unnecessarily, but if you are reading my newsletter and you do not seriously consider this company I simply do not know what else I can offer you that I feel more positive about for the future. Disclosure: Please note that I own or control approx. 250,000 shares of UIC stock and about 150,000 warrants. (Copyright Chris Bunka's Outsider's Overture. All rights reserved) You're right about the Fact Sheet, Richard. I will have it updated shortly. RJV is in Vegreville, Alberta. Regards, JBS