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Technology Stocks : Egan Systems (egns)
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To: Pendretti who wrote (418)11/14/1998 10:17:00 AM
From: Amigo Mike  Read Replies (1) of 463
 
Hi Rene,

If I may throw in my 2 cents .......

The internet frenzy has produced huge gains for investors in the YHOOs, CMGIs, SEEKs, etc .... and even many small cap internets of the world. Most of them are swimming in bigtime red ink .... BUT .... are trading on the future expectations of the internet hence the huge price gains.

Ed paid a million shares for the 51% stake in the JV. Now he wants to sell with a 90% gain ???? It is my feeling that the JV should be sold for more ..... more like $5-$8 million if he wants to sell it now.

The article does not mention stock as the currency for the purchase of the JV but obviously is possible. PRMC is a produce trucker ... that wants to open an internet division. What do they know about the internet ???? They are on the BBs too.

I understand your point about gaining Nasdaq lising and the eligibility requirements. But ,,, if EGAN holds shares in PRMC (which dropped 20%+ yesterday and has gone staight down for the last 5 weeks) they will suffer if PRMC suffers and likewise gain if PRMC gains. I see nothing great about PRMC. They have no money, plan a private placement to get some cash and have 5.4:1 debt to equity ratio. PRMC is a dog. It makes me think that ...... hmmmm ..... don't even want to go there.

I think I'd rather have cash. AND EGNS should get more for it even though they continue on as prime contractor and get to keep the huge margins on sales rather than sharing with the JV.

Amigo Mike
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