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Gold/Mining/Energy : Microforum (MCF:TSE)

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To: Syl98 who wrote (3510)	1/13/2000 9:54:00 AM
From: arisetech	of 3896

Analyst Upgrade! From Canaccord this Morning 1/13/00 9:45:42 AM 745035 Microforum Inc. (MCF : TSE : $9.80) David Wong (604) 643-7739 Recommendation: BUY Web site address: www.microforum.com 12-month target price: $11.00 52-week price range: $12.00-0.42 Shares O/S: basic 33.9M, fully diluted 38.8M Major shareholders Mgmt. & Directors, 10.2% Weekly trading volume: 7.3M Gross margins (Q3/f2000) 39.7% Market capitalization: $380.2M (f.d.) Microforum reported Q3 results ended November 30, 1999 with revenues of $13.1M from $9.1M, a 44% increase. Net earnings were $98,729 or 0.01/share versus a net loss of $3.1M or $0.18/share from the previous year. On an EBITDA basis, the company reported $1.2M or $0.04/share in Q3/f2000 compared to a loss of $2.7M or $0.15/share in Q3/f1999. Gross margins also improved in Q3/f2000 to 39.7% versus 34.3% over the same period last year. Revenues for the nine months ended November 30, 1999 were $33.7M compared to $22.4M in f1999. The net loss declined significantly to 249,432 or $0.01/share versus a net loss of $3.4M or $0.20/share in the previous year. Recent Developments * The company signed another US financial institution, "evendent corporation", into a development contract for its CALMS online credit approval solution. * Announced that it will be aggressively marketing both CALMS and iFrontECS in the US market along with some potential acquisitions. * Two B2B projects for Ford have been completed. * The company announced that its planned entry onto NASDAQ and is moving forward very positively and that it may receive approval to list sooner than projected. We are encouraged by the continued growth and the positive direction that the company takes as it establishes and brands its presence in the US. We have revised up our 12-month target price to $14.00 with a near-term target price of $11.00. Microforum is a BUY.

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