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Technology Stocks : Firstwave Technologies, Inc. (FSTW)
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To: taxikid who wrote (68)12/1/1997 8:42:00 PM
From: Roger A. Babb  Read Replies (1) of 1205
 
taxi, a civil & logical debate of the merits of positions is constructive for both sides and is very welcome here. You said that BROC is thinly traded and under capitalized. You will get no debate on the first point. The second point can be looked at in two ways. A market cap of $25 million and available cash of $5 million is definitely small in comparison to the billion dollar giants. But with cash of over 20% of market cap, that is better capitalization than most software companies on a percentage basis. And the cash plus continuing cash flow is enough to launch NetGain.

My reasons for investing in BROC are:
1. Great management
2. I have had a close look at NetGain and it IS a breakthrough product
3. I respect the management
4. I like BROC's conservative accounting and "no hype" policy
5. Good things come from Ga Tech (except maybe in football!!)
6. BROC has a strong, loyal client base for TakeControl that will speed market acceptance of NetGain.
7. I like new company start-up attitude and work ethic I see in the BROC offices. This is not the "old BROC", but is an envigorated new venture built on the assets of the old company.

For you and other skeptics on the thread, I don't want to convince you to change your position by our discussions, but hope that you will follow the progress and either recognize the early signals that I am right or point out any signals that I am wrong. The next signal I am watching for is a return to revenue growth on a sequential quarter basis. The only negative signal is recent stock price action, but I try not to pay much attention to short term price fluctuations on a long term investment.
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