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Gold/Mining/Energy : Image Processing Systems (IPV-TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Luc N. who wrote (397)	8/28/1998 9:22:00 PM
From: Gofer	Respond to of 658

Luc, does this help? I hope someone will now write on what an incompetent he is. Also, 5) In my opinion the company will not secure any cash, debt or equity, will be delisted from the TSE and will be operating in receivership before fiscal '99 is through. from John Wright(#394) Maybe they could sell Tisma.. From IPS Q1 balance sheet: (In millions) Cash, etc. 2.5 A/R 8.8 Other A/R 1.0 Total 12.3 Bank Loan 3.8 A/P 9.3 Customer Deposits 4.1 Total 17.2 I've run a couple of businesses, and if I saw this on my balance sheet, I'd know we were in trouble. Note that customer deposits exceed cash. Are you going to place an order with IPS and put a deposit down? If anyone reading this is going to the annual meeting, don't be a polite Canadian. Give them shit! If I raised some money from investors and started selling loonies for 50 cents, I'd quickly have the Fastest Growing Company in Canada. If I sold those loonies to Americans, I'd also win the Canada Export Award. It's easy. Anyone can do it. Try it, but not with my money.

To: Luc N. who wrote (397)	8/28/1998 10:51:00 PM
From: John Wright	Read Replies (2) \| Respond to of 658

Luc, while you've always been a bit of a devil's advocate on IPV try and remain objective. Flora has always, in my opinion, been relatively forthright and upfront in answering most of the questions put forth. Having said this, I still believe the company will drift into receivership in the next few months. Under Mr. Graham's leadership the top line has grown dramatically but at what cost? Massive losses and no operating cash!!!! Even a monkey from the Toronto Zoo could deliver this type of idiot performance(even for the low wage of Bananas!!!). In my view, no reasonable or due diligent investor will put up debt or equity for the company to continue as a going concern. In fact, I wouldn't be too surprised if some of the recent volume was from a few insiders unloading knowing that the end is near. A couple of additional points, in the last year the company raised $15m in cash and used most of it to acquire Tisma. Part of the purchase price of Tisma was in cash and I also believe some debt and IPV equity(shares) too. In light of the recent "inventory adjustments" and declining IPV share price I think a full and independent 'CASH FLOW' and 'INVENTORY AUDIT' is necessary. I find the events surrounding the Tisma acquisition a bit too difficult to digest. How is it that that such a premium price is paid for Tisma and then IPV, in the same year, subsequently writes off most of the acquisiton as goodwill? And then makes massive quarterly inventory adjustments to COGS stating that COGS in the quarters were mistakenly understated? When you also factor in the 30% pay increase of the CEO and the increasing bonus things start to look even more perverse! In my opinion, the positive spin of "Profit Magazine's" fastest growing company , and the "Canada Export Award", provide great background noise for a company that has been so horrendously mis-managed and driven into the ground at the expense of shareholders. I'd like to be fair and objective as well. If their are any bean counters and lawyers out their that can help out on this one please contact me at john.wright6@sympatico.ca. Confidentiality is assured. John