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Gold/Mining/Energy : Canadian Hot Stock Club - CHSC -- Ignore unavailable to you. Want to Upgrade?

To: The Osprey who wrote (661)	6/19/1998 4:36:00 PM
From: gypsy	Read Replies (1) \| Respond to of 1307

Interesting, a little PR whitewash by the President of the VSE: RESPECT HARDEST TO COME BY AT HOME, VSE PRESIDENT SAYS Barbara Aarsteinsen, Sun Business Reporter Vancouver Sun ---------------------------------------------------------------------- The Vancouver Stock Exchange wants some respect -- and that's hardest to come by here at home, says Michael Johnson, president and chief executive officer. "To be candid, our largest problems today are within this room, this city and this province," Johnson told the annual general meeting of the Vancouver Board of Trade on Thursday. "Like you, we are working to build Vancouver and British Columbia with integrity and determination. We are doing a good job and people need to know that. The past perceptions are not our present reality or part of our future." Arguing that the exchange is fulfilling its mission to be "an honest, fair and efficient venture capital market," Johnson exhorted board members to "stand up and defend the VSE." "Do not let our critics go unanswered, with vision blurred by events of years ago." The exchange has been making progress, he said, because "we are diligently, and with a high degree of objectivity enforcing the rules guiding practices in the VSE's market." "Let's be frank, this is tough medicine and it has required courage and conviction from the exchange and its member firms," he said. "Applying punishment is never easy, but it is necessary." During the past year, Johnson said, the VSE performed "exceptionally well," despite three major challenges -- the financial crisis in Asia; a loss of confidence in the mining sector in the wake of the Bre-X scandal, and a decline in gold prices, which also hurt the the mining industry. "The past year has demonstrated that the VSE and its members cannot remain static in the rapidly changing financial world," he said. "Together, the exchange and its members must seek new opportunities and ways in which we can both maintain and expand our business base. "This has not been easy in the past year, when we have been seriously affected by events over which we have no control." Johnson cited figures to argue that the exchange is an "essential part" of Vancouver's emergence as an international financial centre on the Pacific Rim: - During the past year, more than 50 new companies listed on the VSE. - $1.4 billion in new financing was raised. - The market capitalization of VSE listed companies reached $9.4 billion. - 29 companies graduated to senior exchanges.