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Non-Tech : RECY Looking Good... A -- Ignore unavailable to you. Want to Upgrade?

To: James Strauss who wrote (5939)	10/3/1998 5:01:00 PM
From: Siber	Read Replies (1) \| Respond to of 7006

Thanks Jim, I understand how you can feel that there investors relations dept is friendly....I called them about 9 months ago and found the same thing, they were friendly. However, I believe that management has over extended itself, promises of new accounting system for faster reports was promised long ago. As a CPA, I can appreciate the amount of time it takes to establish a good accounting system. With that said, we are not talking about a huge company, we a talking about a small company that has grown solely through acquisition, and who's accounting system should have been in place by now. If the current CFO does not have the expertise to develope an accounting system, there is plenty of help out there from consultants who do not charge that much to get the job done. And although a accounting system only reports past history, the management information system which is a crucial part of any accounting system has to be up and running to give management the timely information that they need to run a company. Without it, they are working blind and waiting 2 to 3 months for the reports is not sufficient to make the hard decision that have to be made timely. I personally have lost faith in this company, however, I would consider buying back in when a number of events occur. 1)timely financials, 2)regular stockholder meetings, 3)a plan of operation which results in profitable operations i.e. turning what acquisitions they do have profitable before acquiring more companies, and 4) the elimination of preferential treatment for officer's of the corporation. I don't have anything against paying officers a good wage and offering them either stock options or bonuses based on performance, but when you pay the president $100,000 for each acquisition that doesn't make since. After all, the company is touted as a company that is going to grow through acquisitions, therefore that is what the president was hired to do in the first place. Oh, and one last thing, I want to see audited financial reports for the year end, I believe, that assets and inventory may have to be written down, if that is true, this company may be overvalued at current prices. Remember, there is only three ways to raise capital, 1)sell stock, 2)borrow money, and of course the best way 3)earn it. We have seen them use 1 and 2 and too much of 2, now let's see if they can find someway of doing it via number 3. John