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Microcap & Penny Stocks : DROM - Interactive Media
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To: Kerry C. Smith who wrote ()9/11/1996 9:15:00 PM
From: Kerry C. Smith   of 638
 
In my 23 years of investment experience, I have never seen an extremely bullish recommendation from a tout sheet like Bullish Investor end up causing such devastation to a company's valuation. The 100 copyrights that Dr. V. controls were originally valued at a very high level by an independent appraiser. The point is only 12 of those copyrights pertain to DROM's business and are thus assigned. Those 12 copyrights are valued at 7 million. The valuation of those copyrights are irrelevant to the company's bottom line. What is relevant is perception and there is no question this situation could have been handled better. IMHO, this presents a unique investment opportunity. It is rare to see a company's valuation cut in half by news which doesn't affect the fundamentals or prospects for the future. That future is very bright. There are 8,000 golf kiosks, 3,400 bowling kiosks, and atleast 100 universities on the table. Read Andy Kalata's post on Lehigh Univesity on SI. The athletic director says this is the future after installing his IMP kiosks. The meeting with the USGA is in October, and the roll out of the first 15 hundred kiosks will be quick. DROM is not competing with another company for this contract. The management wants to be sure that the USGA is happy with all facets of the pilot before going forward. The financing is in place with a credit line up to 33 million. Once those kiosks are installed there will be plenty of working capital that will internally finance these other projects, it will give them the asset base to get off the BB. (more on next post)
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