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Technology Stocks : Winstar Comm. (WCII)
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To: Steven Bowen who wrote (3998)2/25/1998 3:21:00 PM
From: James Fink  Read Replies (2) of 12468
 
Monday February 23, 11:45 am Eastern Time

Asensio & Co.: CellularVision's Stock Grossly Undervalued

NEW YORK, Feb. 23 /PRNewswire/ -- The following release was issued today by Asensio & Company, Inc.:

CellularVision USA, Inc. (Nasdaq: CVUS) covers approximately 8.4 million POPs, and an approximate daily increase of 2.5 million office workers, in the nation's largest telecommunications market. The immediate value of this license will be greatly impacted by the LMDS auction. The suburban New York BTA, which is far less densely populated and less lucrative than CVUS' market, still has managed to attract the highest initial bid.

Asensio believes management has acted prudently and properly. Despite difficult operating circumstances CVUS is almost debt-free. The FCC granted CVUS its LMDS license primarily due to management's outstanding LMDS legal and technical pioneering efforts.

Asensio believes that CVUS' New York City LMDS market is by far the most valuable in the country. Asensio estimates its immediate worth at between $20 to $25 per POP. Asensio believes the license's comparable value will provide CVUS with sufficient collateral to build-out the system. The construction delays will allow the company to use better, less expensive equipment than currently available. Asensio believes that the company is worth over $10 per share short term and much higher after LMDS develops into a national industry.
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