Audio and Radio on the Internet- NAVR Message Board

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Technology Stocks : Audio and Radio on the Internet- NAVR

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To: Rajiv who wrote (9511)	3/2/1999 9:37:00 AM
From: Dave	Read Replies (1) of 27722

Rajiv, A couple of points regarding your post... I believe NAVR will run on any announcement of an S-1 filing. It may fill the gap at some point, but it's probably not going to be as quickly as you think it is. Look at the other backdoor IPO plays. <<A S-1 filing does not guarantee that an IPO will take place. It is the first step of a long process. Several firms never reach the last step.>> This is true, but the intent is there and you have to decide whether you are buying in anticipation that it will or won't. <<This IPO is from Netradio. Netradio will be selling stock and not NAVR. NAVR does not get access to the IPO funds.>> We don't know the terms of the IPO. Your last sentence is misleading...NAVR will gain NetRadio shares as an asset. This will help them in many ways...including stock value and the abiltiy to get better credit terms (if they even need it) <<NAVR (even excluding Netradio) is not cash flow positive. With its balance sheet, it will be forced to go in for another round of financing in 1999. The last time they went in for financing, the existing shareholders were sacrificed.>> I'm not sure this is correct...I believe they stated that the main drain on earnings was NetRadio. The IPO should resolve that problem. Also, they have stated that they will be debt free at the end of 2Q99. You can choose to believe that or not. I choose to believe they want to be and will attempt to do so. Dave

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