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Special Announcement

We have been alluding to a new opportunity which we feel could make you wealthy. This is the most exciting new company in the bio-med industry we have seen in years. As previously mentioned, we will notify everyone 48 hours ahead of time with a story about a man who was cured of a disease which had impacted his life.

This new profile will not be released this weekend. We are hoping to release this exciting new idea one week from Friday, September 28th. We will release our edition about the disease 48 hours before the release of the profile.
 

Envoy Communications (NASDAQ: ECGI) In the News

Envoy continues buying back its shares in the open market as reported to us yesterday by Geoff Genovese, President and CEO. Geoff informed us the company bought back an additional 240,000 shares in the past week, and buy backs will continue until the company has repurchased the 2 million shares previously announced. Management at Envoy continues to believe the share buy-back program represents the best use of its capital with the stock depressed to absurd levels.

Envoy's balance sheet remains strong with about $12 million(cdn) in cash and only $3.6 million(cdn) in long term debt. 

The September 4th monthly valuation update on the Advertising and Publishing from Merrill Lynch indicates the group is trading at an average of 11 times 2001 EBITDA. 

At the $1.50 level, Envoy is only trading at 5 times 2001 estimated EBITDA (about $.50 per share CDN, $.30 per share US). Their 2001 year end is the end of September- two weeks from now.

Based on the industry average in today's market, Envoy is worth twice where it is trading today. Moreover, as further evidence of the company's financial strength, the company announced today its $40 million (CDN) line of credit supplied by Toronto Dominion and Fleet National Banks.

We continue to believe Envoy is absurdly undervalued, and believe it represents bargain basement shopping for investors who can see past the current turmoil. Here is the full text of today's press release for your review:
 

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