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Biotech / Medical : Biosource International

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To: Frank Brisebois who wrote (3)	1/4/1997 8:16:00 PM
From: Mike Chupp	of 696

Frank, Don't know what happened in 94. Just starting some research on this company. Have you checked recent news ?. A 4q restructing charge due to the purchase of Medginix (a Belgium outfit) was announced 12/6. Charge is for duplicative efforts and problems with Medginix's Italian direct sales force. My concern is that a small company like BIOI does not have experience to manage the cultural differences with a European company. Not to mention the cost of integrating across the pond. RedChip review initiated coverage on 12/23 at the then price of 8 5/16. As usual their analysis was shallow, with no mention of the problems across the pond. The current price of 6+ apparently reflects other investors concerns. Who knows ? the thing could break to the upside. Right now it's just difficult to know. Mike

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