**TODAY'S NEWS on TMG**Wednesday, March 8, 2000
Thermal shares heating up
By KEVIN BELL, Ottawa Sun
Shares of Thermal Energy International of Ottawa
doubled yesterday on unusually heavy trading, but
company officials could offer no hint of what triggered the
rally.
+I just think the market is picking up on the fact that
Thermal is undervalued,+ said chief executive Tom Hinke.
The shares gained 75cents to close at $1.50 as 230,000
shares changed hands on the Canadian Venture
Exchange in Vancouver. Over the last 90 days, Thermal
Energy has traded between 38cents and 76cents on
relatively thin volume.
Hinke said investors may be finally picking up on a Feb.
23 news release indicating that a well-respected analyst,
Stephen Atkinson, has been appointed to the board of
directors.
EXECUTIVE EXPERIENCE
Atkinson, a managing director of Nesbitt Burns who has
an extensive network of executive contacts, brings 20
years of experience in the pulp and paper industry, where
key Thermal customers are, Hinke said.
+It just took a while for the news to hit the market,+ he
said. +He's a pretty solid guy.+
The chief executive also said investors may be realizing
that Thermal Energy could benefit from the rapid rise in
oil prices over the past six months. The company sells
technology that allows customers to recover heat from the
disposal of waste emissions.
Last year, Thermal Energy formed an alliance with
Honeywell Limited, which led to speculation the company
may be taken over. Hinke said he's not entertaining any
thoughts of being bought out.