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Non-Tech : Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook
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To: RobertG who wrote (212)4/27/1998 1:25:00 PM
From: M_Power  Read Replies (2) of 8858
 
Holy Cow, Batman...!

when they say "on-line adult entertainment" they're not kidding... sizzle.com

Drake - I called their 1-800 and talked to somebody in Investor Relations. Info package and CD-ROM are en route via Fedex.

he told me that when the gambling revenues equal or comfortably exceed the girlie revenues, Starnet wants to sell the smut off, either:

- For working capital
- To use as tender for stock, in order to reduce shares O/S and jack up EPS
- To spin-off shares of that business to Starnet shareholders (at that time) as a separate deal

he also said Starnet has been mulling over an offer from an Asian group for the adult sites: TEN times earnings - payable in purchaser stock, cash and a note.

although he said it was company policy to only reveal bottom lines in sec-filed 10Q's, the adult stuff is still grossing over $450k a month, and some of the gambling sites have already been NETTING $10k the odd DAY. I don't really mind the adult stuff - I'm just afraid Wall Street would; so I'm glad they're at least telling everyone they "intend to sell it."

here's the juicy part...I think what he was trying to say to me (without putting words in his mouth) was that they are itching to get off the Bulletin Board, and deserve to be on the real NASDAQ (expressing frustration over BB Market Makers) - and some stuff they're doing from a finance / stock perspective is to get to that magical $4 mark for 21 days to apply for a NASDAQ listing.

look carefully at those private placements...cash in the treasury at $4...coincidence?

I'll buy that for a dollar...($1.25, in fact...)

;0)

///M
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