Management

Jon Northrop is chairman & CEO. He was executive director of Davis, Graham & Stubbs, one of the Rocky Mountain regions's largest law firms, & VP finance for Samsonite Corp. .... Jere Northrop, Ph.D is president & COO. He is the developer of Bion's technology. He managed the operations of a significant wastewater treatment plant in Amherst, NY, & conducted 25 years of experimental research on both individual & complex systems of microorganisms. ... M. Duane Stutzman is CFO. He was CFO at Davis, Graham & Stubbs, & held accounting & financial positions with Samsonite & Bendix Aerospace.

Financial Status (12/31/98)

Current Assets: $405,380
Total Assets: $714,399
Current Liabilities: $1,087,677
Possible Tax Loss Available: ($12,456,034)
Long Term Debt: C$1,234,000
Shareholders Equity: ($827,521)
Revenue (6 mos ended 12/31/98): $103,924
Net Loss: ($1,180,506)

* Includes restructuring costs,moving expenses, & development costs written off with respect to projects abandoned.

Recommendation

I recommend BION for long-term appreciation. This situation is emerging from its R&D phase. Its system shows considerable promise in solving major environmental problems. It strengthened its organization by adding marketing & sales management personnel. It continues to install new systems that enhance its position throughout the country.

Here are some other things I like:

• Patented process with demonstrated effectiveness
• Strong management with technical expertise
• Excellent environmental contribution
• Marketable system by-products
• Growing market potential
• Needed technology

Contact

Call Jon Northrop @ 303-294-0750, fax 303-294-0983, E-mail bion100@aol.com, or write 555 17th St., Suite 3310, Denver, CO 80202. www.biontech.com

Important Strategies

These comments apply to every situation mentioned in Conserva-tive Speculator. Special situation, low-priced, micro-cap, & high-gain-potential stocks have high risk. Fortunately, not many speculative situations turn out to be disasters, but some do -- that is a risk you must accept. "Winning Investment Strategies," my 60-page guide to speculative investing, is made available to every regular CS subscriber. Stated extremely briefly, here are three of my most important strategies:

1. Be prudent -- the total funds allocated to speculative stocks should be limited to a small percentage of your cash, certainly no more than you could lose without discomfort. I then suggest no more than 5% of that small portion be invested in any one stock, to spread your risk.

2. Do not accept my opinion as the reason to invest. Call the company. Get a feel yourself. If you are not totally comfortable, pass. I give you an ample number of possibilities. My task is to expose you to potentially profitable situations. You have the responsibility of making any investment decision. Do not give up that responsibility.

3. Since in a monthly newsletter it is not possible to tell you when to sell, apply a moving stop-loss strategy. If the price goes up, raise your stop-loss guideline point to something like 20% below the new price. Keep doing that as the price rises. If the price goes down to your stop-loss point, grit your teeth & sell. This limits loss, but lets profits increase.

Update Briefs

This section does not include all of the news I receive on situations I have covered in past recommendations or Sneak Previews. If you hold any such stocks, please get updates from www.WallStreetCorner.com by using "Financial Navigator." Only if the information I get really impresses me will I include it here. I do not have room for much detail, but I include the company's contact information for your convenience.

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