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Gold/Mining/Energy : Microforum (MCF:TSE)
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To: James R. who wrote (2430)5/31/1999 3:37:00 PM
From: Garry  Read Replies (1) of 3896
 
5/31 BPI Capital's Fund Manager Misener on Microforum: Comment
Toronto, May 31 (Bloomberg) -- Following are comments from
Steven Misenser, fund manager at BPI Capital Management Corp. in
Toronto, on its investment in Microforum Inc.'s stock and its
future prospects.

''We've been investors in Microforum since 1996, although
it's reinvented itself a few times. We also financed them last
fall at C$0.50 a share and in February, at C$1.15 which is when
we acquired our shares.''

''We like their latest business plan related to e-commerce.
We thought that the company was very inexpensive relative to U.S.
counterparts. The most commonly referenced one is Razorfish Inc.
Razorfish did an IPO and the stock traded US$1 billion to US$1.5
billion while Microforum was trading couple C$100 million. So it
was trading at 1/10th the valuation. It just shows on a relative
value even if Razorfish were to come off by 50 percent that
Microforum is still grossly under valued on a relative basis.''

''The company has reinvented itself as an Internet player.
That's what made the stock take off.''

''In 1996, they were a completely different company. They
were a producer and maker of video games, which has nothing to do
with the Internet, and management has been repackaged three times
at this company. It's the current management and the current
business plan. We wouldn't have participated in those financings
last fall had we not liked the business plan. We've obviously
been gratified by the investment experience.''

Microforum ''is close to being included in Toronto Stock
Exchange 300 index. We think that's imminent.''
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