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Gold/Mining/Energy : Aastra Technologies - telephony, e-cash, mini-ATM
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To: rocki who wrote (7)1/2/1999 9:15:00 AM
From: sPD  Read Replies (1) of 233
 
Thanks rocki, it'll be interesting to see what others can find. I believe I've exhaused news releases, SEDAR filings, search engines and newgroups so someone who really knows the industry well or is familiar with the company itself would help.

So far I see many positives:

- management planning and execution
- very significant growth in sales and profitability
- production outsourced (to Asia)
- in sectors (telecom, e-commerce) with enormous global growth possibilities
- proven ability to forge ties with major players (telcos and retailers)
- exclusive use of the Bell brand name at the retail level
- management itself has a large stake in the company
- relatively small public float
- growth has been achieved without incurring long term debt and without significant dilution of stock
- continuing investments in R&D (e.g. building a foothold in electronic commerce such as the Mini ATM) even while growing earnings.

The only reservation I have is likely a temporary one. An analysis of the full Q3 report (available from SEDAR) shows that all current assets are tied up in receivables and inventory. But then even this could even be viewed as a positive when you consider that the end of Q3 (Sept 30) is when they'd be building up inventory to supply their channels for the Xmas period sales. The Q4 report should be interesting.

Insofar as the Mondex pilot goes, I wouldn't expect significant revenue in the short term (I may be wrong here) but it should go a long way to securing the attention other telecom, internet, or e-com players and lead to future contracts and/or partnerships.
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