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

To: Air Force who wrote (516)	7/26/1998 12:34:00 PM
From: John B. Smyth	Read Replies (1) \| Respond to of 856

While a few options have been exercised in the past, I don't see anyone exercising them or the warrants at market price. I would expect them to do so only when the stock is over the $1.00 price again. We will be issuing additional options to attract key personnel over the next few months, but at the very most would add $500K to the coffers. I doubt whether the 675,000 shares warrants at $0.55 would be exercised by August 7, 1998. If business continues to develop as it has it and the market price continues to recover, possibly, the 395,400 warrants at $0.55 to could be taken down before October 15, 1998. My expectation is that most of the balance would be exercised by their due dates perhaps bringing in $700K or so, but by then it will most likely be redundant. Howard tried to address the misperception of our financing needs in an earlier post. What we need is a line(s) of credit for larger project financing at reasonable rates to allow us to confidently bid on some of the bigger projects that are coming our way. We will have an extremely good cash flow over the balance of the year as three of our larger projects and a multitude of smaller ones move from WIP, A/R to cash. Of course any small contribution made on the conversion of warrants or exercising of options will reduce the high borrowing cost and improve the profit side. I trust this helps. Question: As an ex RCAF member myself, I am wondering about your pseudonym? Regards, John