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Gold/Mining/Energy : Canadian Technology issues

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To: Spiney who wrote (94)	12/22/1995 9:50:00 PM
From: Thomas DeGagne	of 640

I've been an owner of Corel for years but currently I am not holding it. One of Corel's great strengths is that they have had a major new release of Draw every 12 months (in May). This year Windows 95 caused them to delay the release of Corel Draw 6 until August pushing back upgrade revenue by at least one quarter. This product runs only on Windows 95. Corel continues to sell older versions of their software, (V3,4, &5) at a lower price. Since users must upgrade to Windows 95 before they can buy Corel's latest version I expect this to stretch out their upgrade revenues over a much longer period of time. In addition, they recently delayed V7 until late 96. In summary, beleive these factors will cause short term weakness in Corel's earnings and stock price. I went below $20 yesterday for the first time in months. Never the less, Corel is the dominant player in the Windows graphics market with an 85% share, strong management, and regular releases of new products. I plan to restablish a position once the current sell off has ended.

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