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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange) -- Ignore unavailable to you. Want to Upgrade?

To: Rose who wrote (2491)	5/29/1998 9:17:00 AM
From: david james	Read Replies (3) \| Respond to of 2841

Decided to go to the annual meeting just for the hell of it - and meet everyone involved. Below are some of my notes, which I scribbled quickly and may therefore not be 100% accurate. People there: Most of management, a few directors, Steve Koop from Nesbitt Burns, two of the auditors from Coopers, two women from the new PR group and around 40 shareholders. Got an interesting perspective from talking to a few of the other shareholders. A few people were there that had held shares for years and sounded like they checked the stock every few months - quite different from us internet junkies that care about the minute by minute trades. As far as the voting, 70% of the shares were voted and everything passed - in fact I believe they said everything passed by at least 94% in favor (which I found surprising). Backlog was broken down - the top four were MM Industra - $58.8 mill Turner - $56 mill Industra Services - $47 mill Chem - $36 mill Some tough questions were asked about EIFH, the first quarter miss, lack of new coverage etc. EIFH discussion was interesting. McGinnis stated that his comments were limited by a request for non-disclosure, but said they were working with a group that would buy out the EIFH debt to Eco and would be completed by the end of the year. Said that would take care of everything but the 8.8 mill shares of EIFH that Eco owns, but that he hoped that would be taken care of by the end of the year too. McGinnis even mentioned that there had been a lot of tough questions by Coopers and Lybrand regarding EIFH - but that they were satisfied. I also had a chance to pin down two of the auditors from Coopers and Lybrand - and was later joined by Tobecksen. They all stated emphatically that they saw no reason that in 1998 earnings by U.S. GAAP would be any different than Canadian GAAP. Coopers guys were surprisingly positive about EIFH, which surprised me - didn't think they would say anything. New Piping contract begins in June and will add to earnings next quarter. Seemed to be quite a profitable contract. I told Tobecksen that I thought second quarter was usually their best quarter - and he said that wasn't the case. He said the year would likely show sequentially increasing earnings. Also talked a bit about the $120 mill bonds. Tobecksen mentioned that he was well aware that the $45 mill or so in cash they now have needs to be put to work as soon as possible. Sounds like the closing of Pictou ($8.5 mill) will be announced shortly. Didn't sound like they were going after anything at DBCO. Although McGinnis in his talk, mentioned that he expected to see some "huge" revenues from some future collaborations with DBCO. He mentioned that Steen Becker could not have landed the piping contract without Eco / MM Industra. McGinnis also mentioned that the Hon. Don Getty played a principle role in gaining this contract. maybe a bit more later.... David P.S. some nice blocks at the ask registered after the close yesterday - looks like two 10k blocks