Aware, Inc. - Hot or cold IPO? Message Board

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Technology Stocks : Aware, Inc. - Hot or cold IPO?

AWRE 2.010

-3.4%

3:59 PM EST

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To: flickerful who wrote (3196)	4/3/1998 6:53:00 AM
From: Steve Morytko	Read Replies (4) of 9236

Aware speculation way up and not much content here anymore. Are you guys hoping to generate excitement by running up the message count? <G> Seems to me that if Lucent signed an agreement (like most every other big ADSL player) there is no need to acquire Aware. Aware sort of painted themselves into a corner by signing licensing agreements with the whole world. Now they have to sit back and wait for royalties to start coming in (probably a long wait). Down the road - IF their solution turns out to be a standard they can actually collect royalties from - they may be a cash cow but it seems to be way too early to reach that conclusion. No manufacturing, no sales force, no brand-name recognition, - who's kidding who - Aware will NOT be building modems themselves. They have done a number of head fakes making it look like they were going to be a big player. I think they lost a lot of credibility in the process. Maybe ADI feels the same way and wanted to explore other opportunities (Medialight acquisition may be significant). Besides, would ADI "loosen the reins" if they thought LU (a significant competitor) or anyone else would snap them up? A buyout may come - we all know it's the American way to own everything in sight - and there may be some good reasons to acquire their engineering talent. However, I wonder if it reduces the chance that Aware's solution will become a standard if any one big player owns them. Aware would seem to be a high risk buy right now. I wouldn't be surprised to see it hit 10 again especially after earnings (or lack thereof) come to light. Aware has lost a lot of momentum that could have run the price up. It's also possible an acquisition could come and I'd bet it would be for <25. But I think it's more likely we'll see a trading range between 11 and 15 for some time to come. Frothy now, disappointing after earnings come out and we realize there has been a lot of hype going on (maybe even a fall guy and management shakeup). No, I'm not short - or long. Just my humble opinion - Steve

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