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

To: csm who wrote (564)	10/10/1998 3:57:00 PM
From: John B. Smyth	Read Replies (2) \| Respond to of 856

These projects are still active, Stuart. If you recall my last trip to Indonesia, I was completing a mandatory site visit and prebid conference on one of the referenced projects that was OECF (Japan's Organization for Economic Cooperation Fund) financed. The tender was let and we bid on the project. The good news is that our bid is the lowest of the qualified bidders. The bad news is that the next lowest bidder (30% higher priced and technology very much older) and the consultant are Japanese companies and the consultant is recommending the Japanese bid. Given the economic climate in Indonesia at the moment and the fact that the loans are fully repayable in hard currency, that we have won other OECF projects against the same bidder, I have some reason to be cautiously optimistic. Still, to paraphrase Yogi Berra "It ain't over til its over". It was nice to see someone on the thread again Stuart, I was getting feeling that perhaps we were being abandoned with the drastic downturn in our share price. Regards, John