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Technology Stocks : Timios National Corporation

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To: jmhollen who wrote (10)	12/15/2005 2:40:18 PM
From: Glenn Petersen	of 44

CESY is nothing more than a bet on Tom McMillen. Absent McMillen, the stock would probably be selling at no more than 1.5 times its cash value. McMillen and Fortress America, which went public on July 15, are sitting on $42.2 million. According to a recent article, McMillen has narrowed his acquisition search to five companies in the homeland security sector. Message 21975809 When Fortress finally settles on a candidate, CESY may end up doing a deal with one of the rejects. If the bad boys at Cornell are smart, they will play this one straight. Their terms with CESY, a 2% discount, are consideably better than the terms that ACHI signed up for. I don't consider a 2% discount to be toxic. Cornell would also be smart to encourage CESY to find some of its financing from other sources. It may be hard to attract a credible acquisition candidate if Cornell owns over 90% of the company. Do I own this stock? No. I probably won't have any interest until they do a reverse split. There is no mention of a reverse split in the proxy materials filed yesterday.

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