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Technology Stocks : 7th Level

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To: Joe C. who wrote (573)	4/1/1998 2:50:00 PM
From: esecurities(tm)	Read Replies (2) of 1019

>>this is a very speculative venture at this point and they >>have quite a few hurdles to clear PyroTechnix sale to Cendant (NYSE:CD) was consummated Q4 97...P7 (7th Level-Pulse) merger still pending...dilution to existing SEVL shareholders will be ~2.22:1 i.e. existing SEVL shareholders will own 45% of P7 or post-merger there appears there will be ~31M shares outstanding (existing SEVL shs out @ 13.76M)...SEVL had ~$3M cash as of 12/31/97...according to SEVL I/R the Audionet strategic alliance speaks for itself... source: Gary Fishman, Investor Relations, 7th Level 1 April 1998 of significance, the Audionet strategic alliance came fom the SEVL side..so in the event of a breakdown in the Pulse merger, the substantive present value (shareholder value) remains with SEVL...in our opinion...

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