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

To: Luc N. who wrote (404)	8/29/1998 10:35:00 PM
From: John Wright	Respond to of 658

Luc, Terry Graham us Chairman of the Board. As to my earlier comment about the $600k in Personnel Service fees going to a party related to Mr. Graham, this information is readily available to anyone reading the Financial Statements (see note 11). The big question for the board should be how Mr. Grahams '98 compensation jumped to $300k in light of such a disasterous year. Exactly what is being rewarded?!!!!! On a final note, my estimate is that the company currently burns a MINIMUM of $3.5m cash per quarter just in straight selling, general & admin. As of March 31 the company only had free cash of $200k. So in my books, unless my estimates are wrong, the company would seem to be insolvent or close to it. Any thoughts or other analysis out their on this? John P.S. My own personal observations are given the current state of the equity mkts, and the company's weak B/S and P&L, raising any cash through equity or debt would seem to be a long shot for IPV. These are only my opinions of course.