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Technology Stocks : edusoft (EDUSF)

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To: Elisha Klein who wrote (30)	6/19/1997 10:21:00 PM
From: Frank Gasker	of 272

I was able to visit Edustar the US affiliate of Edusoft. The company: (focusing on Edustar) Edustar and ITE share space in Herndon Virginia about 20 min for Washington DC. They have been located there for less than a year. The new location and new management represent Edusofts commitment to invigorating the US market for Edusoft and Degem products. Edustar is the marketing and sales satellite for the US operations but also encompasses several surrounding countries. Products include English Discoveries(ESL), Early Development, Vocational and Technical course wares. Domestic (US) sales are generated from existing bundling agreements, education product shows and referrals. The market is exclusive to institutional, governmental and educational entities. Additional sales are generated internally through the relationship with ITE and Degem. Sales have typically been less than 20% of total revenues of Edusoft but management places a high value on the US market which has distinct differences from the worldwide markets. Increased sales in the US builds "name recognition" and exposure to the mega educational and software names which reside in the US. Q1 sales were very good at about 575k of the 3000k reported or 19%. Management Although new to Edusoft, Edustar management appears well versed on the market for Edusoft products in the US and possesses experience in ESL product marketing. Steve Niederman President has a proven track record on "turnarounds" within the software industry. In addition to near term improved sales, management has longer range strategies and product enhancements to expand the market here and abroad. I left with confidence that the US management team was knowledgeable, dedicated and capable. They appear to have taken an aggressive approach toward improving sales. Degem and ITE Edustar is a wholely owned affiliate of Edusoft which is 2/3 owned by Degem. ITE is a wholely owned affiliate of Degem. Degem which is headquartered in Isreal is an Educational Services company that markets installs and services training labs and centers. These PC based training facilities focus on language, technical, and vocational subjects including ESL (English as a Second Language) telecommunications, electronics and various mechanical trades . Worldwide sales are greater than 40mil. Edusoft handles the software side of the equation although i'm not certain all Degem's courseware is provided exclusively by Edusoft. It would seem that Degem affords Edusoft a strong marketing channel for sales. more to follow

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