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Technology Stocks : ObjectShare (OBJS)

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To: Pau Lipkin who wrote (78)	8/1/1997 1:07:00 PM
From: Raging Bull	of 185

I have also heard that the company already layed off all of the senior Smalltalk developers (on July 27th) and will be renaming the company to ObjectShare. ObjectShare was a very small company they bought less than a year ago for about a million or about $10 cents a share base on the number of PARQ shares outstanding. This company has a very primitive set of Java tools (compared to VisualWorks). ParcPlace's customer base has used the VisualWorks products to develop well over a billion dollars of mission critical applications. Texas Instruments spent about $100 million building a semiconductor fabrication application with VisualWorks that is also used by third party manufacturing companies. There are also many large Visual Smalltalk Enterprise (Digitalk) legacy applications. PARQ lost many of the VSE and some VisualWorks clients when they announced they would no longer enhance VSE. I am told that these companies have been told that the Smalltalk tools would not be supported anymore and they were basically left out to dry. Some ex-Smalltalkers are banding together to provide legacy support. TI is dedicated to support VW even if they have to enhance it themselves. In my opinion PARQ was a grossly undervalued company because of their asset base - $1 per share cash and low liabilities, Smalltalk software assets that have been written off and could have been used for support license revenues and consulting opportunities, an interesting Smalltalk product VisualWave server, and some small rather uninteresting Java Products. PARQ used their Smalltalk line to beat Oracle out of a French application development contest used to gauge which company has the best product line. In addition PARQ was a likely takeover candidate because of their pionering leadership and expertise with true object-oriented development, their significant customer base of fortune 500 companies (satisfied with their products although unhappy with lack of directiona and support), and the general reputation of the company in the field of OO. If my sources are correct, it appears that the company has destroyed the bulk of their assets. They apparently did not even try to sell the Smalltalk line and ParcPlace name. I believe that that the ParcPlace name and products could have been sold had they not layed off their senior Smalltalk developers and alienated their customer base, and still retained ObjectShare and their Java products. TI was not even contacted to see if they would like to buy PARQ. They are not likely to be interested after actions taken earlier this week though. I hope there is some reason for the actions taken or I am mistaken about the announcement that is to occur on August 7th. To me this appears to be a clear case of Dumb and Dumber with the PARQ CEO's. Does anyone know if PARQ is going to continue enhancing VisualWave Server? I and a large shareholder and will hang on to my shares a while longer. Even though I believe that most of the value of the company was destroyed this week, I think it is still worth at least $1.

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