Evening All and Wally. Thanks for the honorable mention. Following my #1000 Milestone post of Sunday, it appears as if someone threw a monkey wrench in the Merry-Go-Round's gears, so I feel it's up to me to crank out another post and begin the ride to the next Millenium.
In support of some of my recent observations, I have made some startling discoveries in recent days of many outrageous valuations in stark contrast to our favorite undervalued 'emerging internet play'.
First off, I learn of a company called 'GO2NET' (GNET), which is heading for the stratosphere. After landing on their website, I am scratching my head and wondering why and what is really behind this company with a value approaching, get this: 145.2 Million dollars. Now get this: They lost 2.2 Million Dollars or 49c per share.
Now, I know for sure that FNTN has many times the potential of what I have uncovered so far. I won't go into details here, but you can draw your own conclusions.
With Yahoo now sporting a value of Six Billion Plus, I delve further amongst the coat-tail parade and I find IBUY with a valuation fluctuating between 100 and 200 Million and allegedly losing 6 million dollars a year.
Next comes USWB a newly crowned member of the One billion valuation club but burdened with a baggage of losses so horrifyingly large they are almost unprintable, (recently highlighted by "Herb on thestreet"). I'll let you do the math: 33.8 million shares x -4.78 Earnings (read losses) per share.
The list goes on and on. Has the new Wall St. mantra become the more you lose, the higher the valuation? I won't cause further embarrassment by naming any more names!
Bringing up the rear is Smartserve (SSOL), with a market cap range this year of between 7 and 11 Million and again get this: Losses per share of -1.42 or Five and a quarter million dollars!
It seems to me that FNTN has a potentially much more exciting product range and concept than many of these companies and may be working on or have access to a number of superior search technologies over the current mainstream. The range of their business seems to hold promise of developing previously unforeseen niche markets and there is going to be huge demand for the Intranet services for the foreseeable future as indicated by the recent news article I posted.
In the course of performing my initial due diligence on Financial Intranet, Inc., I learned that the whole idea was conceived after consultations with ATT and other Telco higher ups such as Worldcom and Siemens as to what was technically possible and when. That in itself says a lot about why this company was formed in the fist place.
With many years of hands on experience in developing and taking the (at the time cutting edge)'Shark' quotation system of the early eighties from scratch to the eventual sale to Wang Labs for the equivalent of 100 million in today's Dollars.
I think we can reliably conclude that this seasoned management team will deliver the goods and meet their stated goals such as Nasdaq listing etc in the near future, that will lead to the increase of shareholder values to their rightful levels. Halfway to some of the aforementioned heavenly values will be just fine by me!
When you look at all the potential positives and compare FNTN with some of these utterly insane valuations, it's not hard to make the case that FNTN really is 'that left behind Internet play'. I for one believe it deserves a lot more respect and I think it's about to get it. The market will seek it out.
Rgds
Wiz |
