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Technology Stocks : Irvine Sensors
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To: KEVIN BERGER who wrote (350)12/8/1997 12:28:00 PM
From: Ed McGrane  Read Replies (1) of 1673
 
Dear Kevin & Mig,

I guess I'm still one of the "old" guys still holding IRSN.

I've been a buyer/holder for the past 4 years so I have been a owner
of both the old "chip-stacking & hobby shop" company and an owner of
the new "commercial products" company.

Before deciding whether to sell or hold in 12/97 I considered the
following:

I reviewed Jim Evert's outline of IRSN 's Stategic Initiatives
issed on 4/16/97 and determined that he has followed his "roadmap"
pretty closely.

A) The VT line was shut down and sold in short order after
it was determined it could never be profitable.

B) One of the three "potential" Commercial Products identified,
the MEMS has come out with a new product and a new subsidiary
formed.

C) Lynn O'Mara informs me that the E-Film and Image Processor
Board products have several "interested parties" but as of
yet no JV's to be announced.

D) The $6 Million hit for VT will occur in the 4th Qtr and
CFO John Stuart has been telling brokers that in FY 98
IRSN may have one or two profitable QTR's.

While I am certainly not pleased that the stock has fallen so low or
that the red ink is still flowing, I think Jim Evert is still on track to turn the company around.

It's extremely hard to watch your stock go down, especially when the
whole market seems to be exploding on the upside but sometimes things
take a lot longer to develop than we would like.

I have had my share of winners and losers over the last 25 years, but
IMHO as long as Jim Evert is in charge and is permitted to execute his
"strategic vision" we will all be rewarded in the long term.

I still don't know if IRSN will turn out to be a "Homerun" or a
strikeout, but I just decided to stay for another season.

Happy Holidays to all you "old" IRSN guys/gals and here's hoping for a
profitable New Year!!
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