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Microcap & Penny Stocks : IELSF-Flight to Fortune Or?
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To: denbuck who wrote (466)10/31/1998 9:02:00 PM
From: Carl R.   of 520
 
FLYT said they were getting into dry cleaning, and actually bought a San Diego Cleaner, Johnny Valet. They also sent out solicitation letters to cleaners across the country, concentrating on larger cleaners. The strategy was to buy profitable companies with strong cash flows at low PE ratios so that they could use up their operating loss carry forwards, a reasonable strategy. However the stockholders were apparently not excited about this turn of events, and the stock price fell not only below book value, but below the cash value. They were taken over and their management was fired. The new management does not plan to get into dry cleaning. I doubt they have any future except as an empty trading shell, but who knows.

Carl
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