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Technology Stocks : International FiberCom, Inc. (NASDAQ- IFCI)

IFCI 0.0600

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Jun 7 5:00 PM EST

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To: George the Greek who wrote (1028)	10/13/1998 10:42:00 PM
From: david james	Read Replies (1) of 3541

There were a lot of questions at the Kaufman's Brother's conference about how they were integrating the acquisitions. I must admit that the CEO and CFO were quite convincing and confident regarding how these new acquisitions will fit in to the whole. As mentioned in the previous post, most of these have intact management and require little intervention. But it sounds like in all cases IFCI brings in their CPAs to insure that they have a good grip in their finances. They did admit that they had made some errors a couple years ago but had learned from them. I asked the CEO about the mistakes that Able Telecom made recently in their acquisition, and they were quite familiar with them and what they did wrong (e.g., floorless convertible debentures). The CEO said IFCI would NOT take such risks. One thing that was clear was that they were very happy with their recent acquisitions, and were confident that we would be happy with them too. With all the business and the lack of significant competition because of the requirements of a skilled workforce and significant capital, IFCI can command quite high margins - especially for the "previously owned" Telecom equipment market where pretax margins are over 50%. David

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