PWCC looks BIG with these other Internet Investments:
$750,000 of 5% convertible preferred stock of Amnex Inc,
investment made in first qtr 1998, doesn't look to be going
in the right direction. NASDAQ symbol AMXI or AMXIC
Fourteen Hill owns 971,000 common shares of First Priority Group
NASDAQ symbol FPGP.
$1,000,000 of convertible debt of Vaultline, this debt can
be converted into common equity at some point, but I could not
find out in any of their SEC filings what percent ownership
they would have.
$900,000 of 7% convertible preferred stock of WorldPort Communications Inc. Convertible into 671,640
common shares
of WorldPort. NASDAQ symbol WRDP worth about $6.4 million at
todays prices. That is a 7 fold increase on their investment
in 1 years time.
1,120,266 shares of Flashnet common stock, They paid $2 million
for this stock in 1998 and at the IPO price of $14 it will be
worth $15.6 million. The post IPO price should be much higher.
They loaned Homeseekers.com $250,000 in sept of 1998. They earn
14% interest on this loan plus 50,000 stock warrants per quarter
that the loan is outstanding. They currently have warrants to
purchase 119,000. They have almost doubled their money in 3 months.
PWCC also owns 14.7% of Carclub.com.
messages.yahoo.com@m2.yahoo.com
messages.yahoo.com@m2.yahoo.com
PWCC also has $6.6 million in cash to make more investments.
They plan to lanuch a investment banking division. see press release in Jan. 1999. They own the web site
domain name.
vcroadshow.com
And yes they own Allegiance Capital which loans money to funeral
homes.
As you can see not all their investments work out, but the ones
that do offer up really big returns. Thay started this new
business direction in the second half of 1997. I would say they
have done an excellent job in creating value for their shareholders. This success was achieved on a few small
investments of $1 to $2 million each. It dosen't take a rocket
scientist to see the longterm potential of PWCC when they
start to reinvest the profits of these early successes. "
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