Hi Swilson!

I think its always fair to criticize the performance of management.  As a long term shareholder, I know the management team at IPT very well, and am frequently in contact with them.  I like the group and trust them to build the company.  But that does not mean there is no place for constructive criticism.

To respond to your comment, I do not think it matters if you are a large company, or a new player.  Currency hedging is straightforward.  If you have a ballpark range for your revenue you can purchase contracts in Canadian dollar futures to lock in those receivalbles in terms of the dollars that IPT reports in.  A rise in the CDN would generate a rise in the hedge value, to offset the loss when the revenues are converted back into Canadian currency for reporting purposes.  Or if the CDN loses value, your hedge expires worthless but your overall earnings numbers will be stronger.

I would agree that as a growing small company, they may have a challenge to accurately estimate the production and revenue numbers, but it is not an exact science and they could still put in place some form of regime to blunt the effect of currency fluctuation.

cheers!

mike