BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR Message Board

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Technology Stocks : BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR

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To: Ken Whiteside who wrote (578)	4/21/1999 3:57:00 PM
From: Glenn Petersen	of 954

As xcr600 notes, GBIX is already public. They are simply selling more shares. Upon completion of the offering, GBIX will have approximately 8,234,000 shares outstanding. While Edgar Online has not priced their deal, the S-1 states that they are looking to raise $34.5 MM. Looks like 3,000,000 shares at $11.50 each. That works out to about 27.4% of the company. If you assume that the price triples from the offering price, that would give GBIX's 1,336,667 shares a value of approximately $46.115 MM. If you discount that by 40% and divide by the 8,234,000 GBIX shares outstanding, that leaves you with about $3.36 of value per GBIX share. Given that GBIX is currently trading at $47 (up $7 today), that is probably not to move the stock.

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