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Gold/Mining/Energy : IVS could be the next "microsoft" in the automotive ind. -- Ignore unavailable to you. Want to Upgrade?

To: max gibb who wrote (157)	11/2/1998 4:31:00 PM
From: MARK LIZZI	Respond to of 183

Mr. James McCarney reports The company wishes to inform its shareholders of recent events regarding a review of the business records of the company by the Vancouver Stock Exchange. On Sept. 21, 1998, the company received a letter from the VSE requesting the business and financial records of the company for the past two years. All of the documentation as requested by the VSE was forwarded for its review. On Oct.30, 1998 the company received from the VSE a letter which contained a request for expanded clarification on the following business issues as were published by the VSE on Oct. 30, 1998. The issues are: Writedown of cash advances of approximately $1.7-million to a related party; Issuance of over 2 million private placement shares without the required resale restrictions; Issuance of approximately 375,000 free trading shares without the required prior approval of the exchange; Issuance of shares without full payment; Granting of stock options to non-employees, contrary to exchange policy; Use of corporate funds to pay for shares issued; and Unfiled, unapproved material agreements, including investor relations contracts and other non-arm's length agreements. The company is responding to that request. Understandably, no further comments can be made by the company until the VSE has completed the review to its satisfaction. The company regrets any inconvenience or concerns that may have arisen over these recent events. This situation is a normal occurrence when the VSE, in its supervisory capacity, requires information or disclosure on any document or business activity published or carried out by a publicly traded company. This also holds true when the VSE receives an inquiry by an outsider that has raised a concern about the company's published financial statements or any other business related issue. The company is continuing its business activities with Mack Trucks, Inc. and its other business initiatives. The current inquiry is not affecting management's ability meet all of its business opportunities that have been previously negotiated and others that are presently being negotiated.