PTEC superiority over Systemsoft Message Board

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Technology Stocks : PTEC superiority over Systemsoft

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To: Mark Brophy who wrote (201)	10/13/1996 10:59:00 AM
From: Tim Oliver	of 287

Mark, the Xionics prospectus shows negative earnings. Phoenix has been anxious to get out of the rest of their position and get their loan paid back. In fact, Phoenix has been carrying their equity position and a loan to Xionics at $0 on their books. They will now have a large windfall profit for last quarter (and future quarters). The Xionics business is really old news for Phoenix. The exciting news is that Phoenix should have close to $60 million in cash and short-term investments now. Without diluting their stock, they can buy THREE companies like Virtual Chips which is projected to grow at over 150% in the next year. In their last earnings report, they stated that they are targeting about two acquisitions by the end of the year. You need to keep in mind also that the management of Phoenix is a much more focused and disciplined team than a few years ago. Both the CEO and CFO assumed their positions in 1995. They've also been fortunate to be able to bring on some very capable managers to head up various groups this year.

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