Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.890

-2.6%

9:30 AM EST

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To: Dale Baker who wrote (8342)	9/23/2001 8:34:47 PM
From: Bill Wexler	Read Replies (3) of 10293

Hi Dale (sorry I didn't get back to you earlier) I learned about IDX some time ago from a friend who was a former executive at a SoCal security company named Cardkey Systems. He suggested it as a short, and it turned out to be a good call. IDX's biz involves manufacturing devices for authentication through "biometrics", i.e. identifying a user through a unique characteristic such as a fingerprint. Unfortunately for IDX, the company has run headlong into problems associated with distributed computing The growing use of VPNs, notebooks, handhelds and the fact that single-point acces is a thing of the past makes IDX's products somewhat cumbersome and annoying to use. Furthermore, modern encryption technology and the use of passwords is as secure (if not more secure) than a fingerprint scanner, in the cases where a second authentication device is required a magnetic card scanner is far cheaper, more effective and less vulnerable to vandalism or errors. The company is poorly managed (thanks to CEO Bob "Cash-me-in" McCashin). The scanning technology and software is somewhat clunky and old. The icing on the cake was when they hired Westergaard to gun the stock. All together, not as spectacular a fraud as REFR, but certainly grossly overvalued, and the company's management has been involved in highly questionable promotional activity. I made some interesting coin shorting this one. The short-term positives are the spin security companies are now getting and the fact that IDX has done military contracts.

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