Don - I wrote the following as an introduction the other day, maybe this helps.The IMES Story
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(What Makes Phil Run)
High technology, computer related operations have spawned a number of catchy, and quite arresting aphorisms over the past couple of decades, and they appear to be increasing. There's the now famous "Moore's Principle" that there is a paradigm shift in technology every two years. Now, there is what we may call the Commander's principle: there is a progressively inverse ratio between design time and chip/technology utility. This suggests that the successful design of highly complex systems-on-a-chip requires longer design time, and yields shorter utility. What does that do to systems, profitability and planning for new products? There are more problems, but the difficulties can translate to niche opportunities. International Meta Systems (IMES) stands astride that focused position.
The Design industry addressed the problem with increasingly esoteric and expensive tools as well as software, but the approach believed most effective is comprised of the old 'basic building blocks' construction approach. These are proprietary individual self contained and proven circuits referred to as 'cells'. The resultant so-called cell libraries are composed of functional circuit blocks that in the case of IMES represent 200 separate entities and proprietary silicon macros, all of which are in the .25 micron configuration.
Instead of a three to four year design time for chips that will be in .13 micron range within two years (Intel is already working on .13 micron configurations), by using the pre-fabricated segments for large sectors of the new shrunk designs, completions are much faster. Delivery acceleration is a good deal of what it's all about, but the proprietary IMES inclusion of performance improvement approaching 300-500% over the .35 micron size is a hallmark of this company's value added.Industry competitors' .25 micron work is closer to 40% improvement in performance.
The extraordinary proliferation of uses for microprocessors, not to speak of the rapid and dramatic drop in prices for smaller but more powerful computers, breeds an increasing demand for these tiny and exponentially more complex SOCs (Systems-on-a-chip). We have heard that the European Union are talking every secondary student, by the year 2002, having both a desk top and lap top computer made available to them by their schools. By 2005, that could extend to grade schools. National Semi Conductor is saying that they will have a $400 complete and powerful computer on the market in about a year. From the tiniest new digital telephone, to the largest heavy carry aircraft, microprocessors with these SOCs are becoming pervasive.
How to best leverage this revolution in size, complexity and acceleration of both use and technological advancement? The design teams having the most advanced Intellectual Property in cell libraries, with the broadest applicability, have the most powerful potential for very substantial profitability. The successful company having the design and R&D team capable of remaining on the leading edge of this technology, are going to be viewed acquisitively by the OEMs who otherwise are having to contract these companies to do their designing for them.
IMES has the design team, has the cell library, what is believed to be about a nine to twelve month lead in technology, and the contacts within the industry to convert capability into revenues. A realistic expectation for about $10mm in revenues in the twelve months from stabilization out of bankruptcy is what produces the cap for the story.
THIS IS RELATIVELY ACCURATE - BUT - BUT - BUT - WE HAVE TO RECOVER THE COMPANY FIRST - ok? THIS IS SUPER SPEC.. OK, DON? |
