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Biotech / Medical : URMD -- Huge market potential

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To: Samuel J. Bennett who wrote (196)	2/18/1998 3:51:00 PM
From: Hugh A. McWhorter	Read Replies (1) of 369

Sam--after reading the most recent quarterly financial statements I figured it was time to call investors relations. Here's what I was told by Kristen Galfetti, Investors Relations. --revenues for the entire year will be less than $2 million which means that significant losses will continue for the remainder of the year --all of the brokerage firms who follow URMD have a "hold" on the stock. At my request, Kristen gave me the names of two analysts who follow URMD (Dain Bosworth--Parice Halbert #612-371-2916 and Paine Weber Dave Lawson #212-713-2442). If anyone wants to call either or both of these gentlemen I would appreciate hearing what they say. At the moment I am buried with work. --URMD has ceased trying to sell their incontenience products and is seeking a large affiliation. One company (Kristen would not say who) has approached them about an alliance. Kristen stated that a 6 month time frame would be a reasonable amount of time for a relationship to develop. This will be the revenue creator--1999 at the earliest. --she believes the worst case scenario has been presented to the public and shareholders and mentioned that both she and her father are shareholders. --she explained the cavermat (prostrate cancer) at great length and advises that one of the world's foremost urologists--a Dr. Pat Walsh has announced he will commence using it. --the convertible securities all bear interest at 6% and mature in 2003. They are convertible at a rate of $13.28 per share. (I would have to believe these are trading at a discount). --they do not release back log information. --she mentioned that the Reliance Mutual fund has a large position in the company. --as of the end of the year 1 million shares have been shorted. (Company has in excess of 26 million outstanding) --revenues of the past have almost exclusively been related to foreign sales and will be non recurring. After listening to her I decided to do nothing which I guess translates to the hold recommendation. Any thoughts to add? Hugh

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