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

To: Air Force who wrote (518)	7/26/1998 4:49:00 PM
From: John B. Smyth	Read Replies (1) \| Respond to of 856

Sorry if I caused any confusion, but the "opinion" I gave was a rough estimate that I thought might come over the near term. I believe that most option holders will not exercise their options until they can maximize their return. Therefore, I felt that it would not be likely that most would exercise at the $1.00 level if it could reach multiples of that prior to the option expiry date. The option holders are employees and Directors. Some of the employees might exercise their's to buy a home or pay down a mortgage earlier than the expiry date, and my "guesstimate" was based on that alone. As for the warrants, I gave you what my expectation was. not what the sum of the outstanding warrants were. The point I was making was simply that I expected such exercising to be redundant to the financing needs of the Company due to earnings growth and other events that may unfold prior to the warrant expiry date. The large majority of shares are held by long term investors, many of whom have increased their holdings during the past downward slide. I have not discounted their continuing interest. In fact, in the past week four of them expressed their disappointment to me at the upward movement, as they were still accumulating. Hope this clears the confusion. Regards, John