If you are reading this message in plaintext or if you have an AOL address you must click on this link: http://listserv.otcjournal.com/otcjournal/20011223-1.html  and wait for a web page to automatically open up to properly read this newsletter. 
[IMAGE]		[IMAGE][IMAGE]	


[IMAGE]	


  [IMAGE] December 23, 2001 [IMAGE]   [IMAGE] Volume IV, Issue 109 [IMAGE]     Email : info@otcjournal.com   URL : http://www.otcjournal.com    To OTC Journal Members:      [IMAGE] "Twas the night before Christmas...."    [IMAGE]  In December of 1822 a poem was written by a literature professor at Columbia College (now University) to amuse his children.   The poem was originally entitled "A Visit From St. Nicholas". One year later it was published anonymously in the Troy Sentinel, submitted without the author's knowledge by a house guest who obtained a copy.   A New York publisher later issued the poem, and was advised nearly universally by critics of the time that it was a waste of paper and ink.   However, as usual the critics were wrong. This unheralded verse managed to hang on, and after the author's death it was illustrated with drawings from Thomas Nast and became very famous.   The author was Clement Clarke Moore, and the poem began with the phrase "Twas the night before Christmas...."   So much for the critics. Have a wonderful Christmas. Remember, the gifts that are around you are more precious than the gifts you unwrap.     [IMAGE] Envoy Communications (NASDAQ: ECGI) Announces Year End Results- Santa in Nowhere to be Found [IMAGE]    Over the Long Term Market Price Action Always Tells You What's Happening Even When the Company Doesn't, and the Market is Rarely Wrong.  The Editors of the OTC Journal  [IMAGE]  Envoy Communications held a conference call this past week to discuss its fiscal year end results (end of September). Santa was nowhere to be found. Based on what we learned from the call the stock has dropped from the mid $4 range to just under $1 in the past year because it deserved to.   The company revealed an abdominal 4th quarter where they lost $2.2 million EBITDA. Although they ended the year with just over $80 million in revenues (up 38%) and about $7 million in EBITDA profits (down 30%), the trend towards losses is very disturbing.   We have been in a tough market environment for many companies, and Envoy has not been left out. Of the $2.2 million the company lost in the 4th quarter, $.5 million is attributed to shutting down the Communiqu? division, and $1 million was attributed to Sage Consulting, their technology division which will probably continue to lose money.   The only bright spot was the performance of Watt Group, their International design and consulting firm. Watt is profitable and now represents 50% of the company's ongoing revenue stream.   As seen in the chart, the recent rebound in the stock has dramatically reversed course as a result of this disclosure. In our last edition on Envoy we felt the stock was destined for higher levels. In the short term, this past week's financial disclosure sabotaged our prediction. Sadly, we were wrong. It's not the first time and it won't be the last.   However, these financial results are a snapshot of the past. We are concerned with the future. In the conference call the company indicated they expected to make $8.6 million in EBITDA profits next year.   December quarterly numbers are expected to be lackluster, and they are expecting improvements in the March and June quarters.   The editors of the OTC Journal are very disappointed that management never gave any ongoing public disclosure concerning their 4th quarter performance. Many companies are falling on hard times, but most of them are choosing to inform the public as disappointments occur.   It is evident from the performance of the stock that someone knew the company was doing so poorly. Unfortunately, it wasn't us.   We still believe the stock will rebound to the $2 level, although it may take some time. Recent new contract wins have resulted in surges in the stock price, suggesting the market wants to believe again.   In the next week the stock may suffer from the final week of potential tax selling. If you see the stock down near $1 it should be bought for a January rebound.   Still to come: Year end wrap ups on XMLG (big stuff happening there), XMM (our favorite for 2002), and CODX.   Charts Provided Courtesy Of TradePortal.com    The OTC Journal is a proud partner of the SwingWire.com Online Investment Community . A next generation Online Analyst Exchange providing Members the ability to search, review, track and monitor some of the Internet's best Online CAs (CyberAnalysts). Members have the opportunity to potentially achieve higher returns by viewing top performing portfolios and receiving real-time alerts from favorite CAs.    SwingWire.com  also has a lucrative incentive model for experienced investors and traders who consistently outperform the market. Share market ideas with other like-minded investors, establish a proven track record, provide insightful commentary, attract followers and ultimately become one of the Internet's highest paid and most sought after CyberAnalysts!    Click here to receive your FREE 30-Day Trial Membership with no further obligation. Sign Up Today!        Disclaimer   The OTCjournal.com Newsletter is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from certain of the companies which it features.  Likewise, this newsletter is owned by MarketByte, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication.   Click Here  to view our compensation on every company we have ever covered, or visit the following web address:  http://www.otcjournal.com/disclaimer.html  for our full profiles and http://www.otcjournal.com/trading-alerts/disclaimer.html  for Trading Alerts.   All statements and expressions are the sole  opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities  mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein.   The editor, members of the editor's family, and/or entities with which they are affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed in the newsletter.   The profiles, critiques, and other editorial content of the OTCjournal.com may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein.   THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN  SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN  CONSENT OF THE EDITORS OF OTCjournal.com.   We encourage our readers to invest carefully and read the investor information available at the web sites of  the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com . We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at  http://www.sec.gov/consumer/cyberfr.htm . Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.     Unsubscribe Here     You can unsubscribe from this list at any time by Clicking Here  and HITTING SEND. If you are having difficulty removing yourself or wish to change your address please go to http://listserv.otcjournal.com/opt.cgi?email=MIKE.CARSON@ENRON.COM .   	


[IMAGE]		
[IMAGE]		
[IMAGE]		
[IMAGE]		
[IMAGE]		
[IMAGE]		
[IMAGE]		
[IMAGE]		
[IMAGE]	[IMAGE]	

  
  ---
You are currently subscribed to otcjournal as: MIKE.CARSON@ENRON.COM
To unsubscribe send a blank email to leave-otcjournal-1011326V@lyris.otcjournal.com