Our Columnist: The Captain

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Live from Washington – Here is reporter CAPTAIN CRACKHEAD:

Captain Crackhead: Thank you – and I am Captain Crackhead LIVE from Washington DC. The US Senate Finance committee is looking into allegations that have been raised by both the Securities and Exchange Commission AND by shareholder activists that the CEO of Fleury Industries – Crackhead Fleury – has misappropriated company assets
and knowingly did damage to the franchise value of Fleury Industries ( CHTF: NYSE) which closed trading on the New York Stock Exchange at $ 1.940 per share
– down from a 52 week HIGH of $ 19.40 per share. Before we start with the trial – lets’ speak with longtime Securities analyst Sandra McCarthy. Sandra?

Sandra : Hi ! In my firm – we had taken quite a bullish attitude towards CHTF as a growth stock over
the years. When CHTF changed its locale from Canada to Colorado – we felt that
it was a strong move – as CHTF surrounded itself with other primary assets
like Sakic Silver Cup Associates ( SSCA:NYSE) – and the US branch of the
Swedish company Forsberg Industries (FISE:Stockholm Exchange) and created an
end-to-end product that worked well.

Captain Crackhead: Then came the move to New York !

Sandra: YES. We know that the immediate contract between CHTF and their newest – and now largest
stakeholder – Madison Square Garden – had some immediate financial benefits
– but we felt that the P/E ratio of that transaction – based upon faulty
financial projections – just did not make sense – and we advised our clients to sell

Captain Crackhead: Why did you sell?

Sandra : Well – you know that most teams barely break even – or even lose money during the regular
NHL season – so the playoffs were required to make money…..It’s the
“gravy time” for NHL franchises and for the multinational hockey
services companies – such as CHTF – SSCA and PECA – – – – – CHTF could not
possibly turn a profit unless it made the playoffs. Associating with a large
vendor such as MSG – and its recent track record of fine playoff performances

Captain Crackhead: OUCH! Sandra! I did not know you could be so cruel… “Recent Track record of fine playoff performances” OUCH!!!

Sandra: I am still long on MSG stock

Captain Crackhead: What do you think about the MSG stock

Sandra: In 1994 – the famous Stanley Cup Purchase by MSG has not had the aftermath success of other
successful purchases – like the Louisiana Purchase.

Former President Neil Smith allowed his love of aging assets – like Cro-Magnon Messier Industries (CMSI-NYSE)
and Glenn Anderson Acting Schools,Inc ( Bankrupt)

At the expense of some powerful youthful new ventures like Amonte&Weight, Inc. (AWIN – NYSE) to
leave the organization — whilst the Edmonton Rangers did purchase the 1994
Stanley Cup – they allowed former CFO Mike Keenan to strip the franchise of
significant future assets. But I digress here Captain.

Captain Crackhead: Indeed! Lets talk about CHTF!

Sandra: Well my point is this – The first primary indiscretion that CEO Fleury is charged with is WHY
MSG? The flawed logic is that MSG would field a competitive team. Have you seen
their financials? Over 60 million in payroll – and they have done ZERO. We
felt that CHTF would have been better off maintaining its western roots – and
last year Sakic Silver Cup proved how flawed the CHTF/MSG strategy was. As a
CHTF holder – I would be VERY PISSED about that move to NY – sort of makes
the Enron fellas look like PRUDENT investors

Captain Crackhead: BOY– how the mighty have fallen

Sandra: Yes – the MSG boys are like a bunch of elitists sitting in skyboxes…..mismanaging investor money.

Captain Crackhead: Now not all-recent news has been bad for CHTF

Sandra: Well there was the Gold Medal. CHTF did make it through the tournament without punching out any
mascots and evidently – passed the drug test

Captain Crackhead: But the fact that the medal was won on behalf of CANADA – a FOREIGN COUNTRY –
how will the Senate react to this?

Sandra: There will be some half hearted chastising of CHTF for the Canadian issue – but – half the
senators think CHTF is a NASCAR event and the other half have been BOUGHT OFF by
the cable TV industry – so we expect this to not be a big issue – unless of
course the Canadians were to appeal the judging

Captain Crackhead: But the Canadians WON! Why would they appeal?

Sandra: Because that is the only way they will EVER win another gold medal in ice hockey ! So they need
PRACTICE. They and the New York Ranger$ are on the 50 + year cycle –
championships every 50 years.

Captain Crackhead: OH Sandra, you are too much.

Sandra: OK ! What do you say Oh Captain , My Captain ! Let’s get down to my favorite part – the
FUNDAMENTALS – I will turn this over to our chief stock analyst – Mr. Jones – but thanks for having me on !

Captain Crackhead: Ok Sandra – always a pleasure ! let’s do some X’s and 0’s on CHTF





Company Name: Ticker Exchange Shares outstanding Current Price

Fleury Industries CHTF NYSE 19,402,048 $ 1.940


Business Location – 123 Avenue D – New York, NY 19400 ( the Crack Mart)

CEO –Crackhead Fleury

CFO – Wayne Gretzky

Treasurer: M. Barnaby

All time High – The crack bought in Washington Square Park –
OH – the stock price – $ 19.40 on July 8, 1999

52 Week High – October 4, 2002 $ 9.40 per share

52 Week low – $ 0.1940 per share – the day sent to rehab

Price to Earnings Ratio – 1940:1 Return on assets – – 33.0 %




Captain Crackhead: Ok – lets bring in financial analyst Barnaby Jones, Jr. for a look at the recent track record of CHTF

Barnaby: Thank you Leader of Men ! – What I like to do is to look at comparables. What is the peer group
of CHTF? – how are they performing – what is missing?

Captain Crackhead: Ok Barnaby – I am in. Who do we use as a “comp” for CHTF?

Barnaby: Well – I was thinking about Oglethorpe Industries <g> – – – – but I am going to use two
team Canada teammates as comps. First – as mentioned earlier by Sandra
McCarthy – Sakic Silver Cup Associates and then we will look at Peca
Productions,Inc (PECA – NYSE) as another interesting comp.

Captain Crackhead: Why these two?

Barnaby: – well – I would use Sakic Silver as a “what would have been” story – if the
Crackmeister had stayed in Colorado – and Peca Productions is a nice fit from
both an asset and geographic fit.

Captain Crackhead: OK – I am with ya so far.

Barnaby – well – lets go to the graph I have provided.

Captain Crackhead: Color Graphs ! Wow Barnaby – I did not know you had that talent

Barnaby – well – lets take a look at some key milestone dates in CHTF – and benchmark Sakic Silver (SSFC)
and Peca Productions (PECA) against them

Captain Crackhead – Is this a fair comparison?

Barnaby: Actually – yes. While Joe Sakic is more of an elite level player – combining assets of
SSFC and CHTF could have greatly helped the stock price of CHFT – especially
in light of the Cup Championship that SSFC partook in….and PECA is a player
that talent wise – and size wise – is FAIR to COMPARE…..and its in the
same market

Captain Crackhead: Did Sakic or Peca punch out any mascots?

Barnaby – Now Captain!!, let me continue with my point

Captain Crackhead – Please do.

Barnaby Jones: Take a look at the price per share on July 8 1999. This is a critical date in the
history of CHTF – representing the move of its corporate headquarters from
Colorado – which was FORCED when the former shareholders in Calgary dumped the
stock on Colorado – to New York – where the shares were then controlled by
MSG. Remember – CHTF CHOSE TO SELL SHARES TO NY in that ill advised secondary
IPO. The stock price has not seen the light of day since then.

Captain Crackhead: So how does this date reflect on the comparable stocks

Barnaby – Well, as you can see- PECA was at 22.00 per share – which was near the high of $ 26.00 set
during the Stanley Cup Finals when he was a force with Buffalo

Captain Crackhead: I see – and of course PECA going dormant with a “strike” in the 1999-2000
season had a similar impact as the next point on your graph

Barnaby – You read my mind Captain ! While SSFC has been a stable stock during these periods – in
fact – it is about a “recession proof” stock as you can find –
both PECA and CHFT have had their little problems…….

Captain Crackhead: So I guess that the story line is – How do two different institutions – both
facing crisis like issues – relocating to a similar market area respond to
tough times?

Barnaby: Bravo. Spot on. Look at the next milestone. CHTF enters a financial “REHAB”. The stock
sinks to a low of $ 0.1490 – Peca –, which goes through a self-imposed
dormancy drops to 3 bucks, a share. SSFC climbs up – and reaches its high in
June of 2002

Captain Crackhead – The Cup. What would have happened if CHFT had stayed there and was able to avoid
getting into a rehab situation

Barnaby – Colorado would have won the Cup in 6 games

Captain Crackhead: OH

Barnaby : So take a look at the third entry on my chart – following the infamous “NO MAS”
Game in Pittsburgh

Captain Crackhead: Where is the entry for when he punched out SJ Sharkie? How about the Lindy Ruff
Game? How about the games at the Coliseum?

Barnaby – it’s only a half hour show mon Capitan ! Don’t have the time – but I felt the Pittsburgh
game was very crucial – a low point.

Captain Crackhead: The stock – to be fair – has gone up

Barnaby: Yes. An investment from Gretzky Crying Towels,Inc (GCTI) in both CHTF and in NMRC ( New
Mexico Rehab Centers, Inc.) helped infuse some energy back in the stock –
reflecting in a stock price of $ 1.940 – for what had become – functionally
– a penny stock….and is in danger of being delisted on the NYSE

Captain Crackhead: And the investment in PECA has moved up the charts – while treading in waters
similar to CHTF?

Barnaby: yes. PECA has CHTF has endured – although that GOD AWFUL
Islanders mascot Sparky has come out under PECA’s watch

Captain Crackhead – Actually – it could be a very shrewd move – to have another mascot on Long
Island to torment CHTF – it dovetails nicely with that guy who wears the
CRACKHEAD 14 NYR jersey and other things in the “little shop of
horrors” on Long Island

Barnaby – YES. We believe that the outbursts that have been created by 14NYRCRACKHEAD have helped
to lower the stock price by a negative drain on earnings —- as the government
(NHL) has FINED CHTF on several occasions

Captain Crackhead: Like I said – if CHTF could stop getting FINED – maybe the stock could turn the

Barnaby – LOL – It is worth pointing out that both SSFC and PECA also gained in recent times due to
investment by Gretzky Crying (GCTI) and these assets also had the effect of
positive cash flow to CHTF

Captain Crackhead: But the stock is still so low in the gutter —- what is your recommendation?

Barnaby – It’s a catch 22. The stock is functionally untradeable. I cannot see what other
investors would be able to accept the volatile risk associated with CHFT – or
who could eat the huge fixed costs associated with this stock. I would advise
those to hold right now and see if any new major shareholders come around –
unless of course you could use a loss to write off before April 15th
– to take care of the IRS But the stock should be traded by March 19th
– in order to gain any short term value

Captain Crackhead: What’s Next?

Barnaby: We are looking at March 9th – when we get a return visit to Pittsburgh – to see
if CHTF will take an early holiday again – March 25th – when he
returns to Nassau Coliseum and faces his most ardent tormentors and March 30th
–when the NHL’s most aggressive mascot – Stanley C. Panther and his
Florida Panthers hosts CHTF.

Captain Crackhead: Thanks for your report Barnaby ! We look forward to the upcoming Government Hearings on
CHTF. For CNBC and The CRACK DEN – I am yours truly, Captain Crackhead.

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