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Microcap & Penny Stocks : FNet=Internatl Voice/Fax/Data&Video Services ViaInternet

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To: Stephen B. Temple who wrote (262)	5/23/1998 1:34:00 PM
From: Bruce Hoyt	Read Replies (1) of 609

Temp, as Tom has astutely pointed out we have missed at least a couple of windows to IPO before the FNet Network was rolled out. And now, once again, the markets are slowing down. Many large mutual funds are nervous about the short term market direction and are sitting on 25-50% cash, as this month's Money magazine discusses, which limits the money available for new issues. We are fortunate that the IPOs that are still hot are in our sector so if Frank does decide to take the leap without an equity partner we should (IMO) still do well. I still think that since we have waited this long the current best scenerio for FNet PP holders is to have an equity partner join at around 50 million bucks, enabling smooth rollout for the next 6 months and providing a name partner to add to the strength of the IPO. I believe that once we have rolled out the initial 12-15 national and international cities and proven the package of voice quality, fax capability and billing software works, we have another window for the IPO. Maybe around late September to November of this year. Another alternative is to wait for some profit numbers, which carries us into early 1999 before IPO. If that's the difference between a $10 IPO and a $20 IPO then we should wait. Several investors have suggested the possibility of multiple equity partners to cover the entire 100-120 million dollars, eliminating the need for an IPO in the forseeable future. As a PP holder I'm not sure I like that scenerio because where does that leave us? With Frank holding 4 million shares I have to think he would be putting liquidity at a fairly high priority. Any thoughts on that scenerio? Bruce

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