9342-8530 Quebec Inc DGCRF

RE: New investor

[SurfForWealth]

We just picked up some more shares at $2.00. Looking at FY2004 (Oct 31), we can estimate earnings from the following, payment collected of $3.9M plus approximately $3.25M from product sales gives us revenue of $7.15M. The CEO estimated the expenses for FY2004 at $3M but lets give a margin of error & use $3.5M gives us net earnings of $3.65M or 12 cents per share for a P/E multiple of 16.7 ($2.00). While there may not be a lump sum payment in FY2005, it seems reasonable to expect product revenues to ramp up rather quickly, if the first gen uPM3 is so effective. Therefore it is possible that the earnings for FY2005 could be as good or better as FY2004. Then in FY2006, if the second gen uPM3 hits the market, CUR could see earnings explode upwards. It seems feasible that the stock could potentially be trading for 10 times it's current value within 2-3 years. Is my logic missing something? Are there other considerations that I may have overlooked? darv, you seem to be well informed on this company....can you answer my earlier questions please? TIA Cheers!!!