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Technology Stocks : Premier Research Worldwide [NASDAQ: PRWW] -- Ignore unavailable to you. Want to Upgrade?

To: Jeff Litwin who wrote (16)	7/27/1999 7:59:00 PM
From: Glenn Petersen	Respond to of 33

I think that people will begin to focus on both PRWW and MEAS once there is some clarification on the dilution issue. It appears that AMDR may have filed an amended S-1 as they have now announced the sale of 7.25 MM shares at $8-10 per share. There original S-1 was filed on June 11, 1999 and they probably got their comments back from the SEC on July 11, 1999. Sixteen days would be about right for the second filing. Don't pay any attention to the July 13, 1999 filing; that filing consisted of various legal documents. I will see if I can find the new filing and update my analysis. biz.yahoo.com Tuesday July 27, 5:19 pm Eastern Time AmericasDoctor.com to offer 7.25 mln IPO shares WASHINGTON, July 27 (Reuters) - AmericasDoctor.com Inc., the online healthcare company whose web site features a free 24-hour doctor chat service, said Tuesday it planned to offer 7.25 million common shares in an initial public offering. The shares may be priced in the $8-$10 per share range and trade on Nasdaq under the symbol (Nasdaq:AMDR - news), said the company, based in Owings Mills, Md., and located online at www.americasdoctor.com. Estimated net proceeds from the IPO of $60 million will be used to fund operating losses and for general corporate purposes, including portal fees, web site expansion, brand promotion, advertising, content development and working capital. They may also be used for strategic alliances and acquisitions, the company, whose main competitors include drkoop.com Inc. (Nasdaq:KOOP - news), said in its Securities and Exchange Commission filing that had details of the IPO. The IPO's underwriters are Warburg Dillon Read, William Blair & Co. and Prudential Vector Healthcare Group.

To: Jeff Litwin who wrote (16)	7/27/1999 9:59:00 PM
From: Glenn Petersen	Respond to of 33

AmerciasDoctor.com (AMDR) has filed its amended S-1 and they have announced that they are selling 7.25 MM shares at a range of $8-10 per share. They are looking to raise $60.0 MM and they will have 24.93 MM shares outstanding after the offering. The $60.0 MM buys 29.08% of the company. If we assume that the deal is priced at $8, which is probably unlikely given the excitement surrounding this segment, the company is being valued, pre-IPO, at $200.0 MM. As of May 12, 1999, PRWW had 7,114,720 shares outstanding. As of March 31, 1999, cash and short-term investments totaled $14.837 MM, or $2.09 per share. Book value was $4.41 per share. For the first six months of the year, the company earned $.13 per share. Revenues for the six month period were up 38.2% to $20.517 MM. PRWW's pre-IPO interest in AMDR is 7.3%. Assuming that 29.08% of the company is sold off, PRWW will retain a post-IPO interest of 5.18%. If we assume that AMDR doubles from its offering price, PRWW's 5.18% would have a gross value of $20.72 MM ($400.0 MM times 5.18%). Discount the $20.72 MM by 40% to reflect tax and liquidity issues, and you are left with $12.432 MM, or $1.75 per share ($12.432 MM divided by 7,114,720 shares). Tuesday's closing price for PRWW was $6.25 per share. Deduct the $2.09 per share of cash and the estimated valuation for AmericasDoctor.com of $1.75 per share, and the remainder of PRWW is being valued at $2.41 per share. Very undervalued IMHO. Also note that KOOP, which is a direct competitor of AMDR, was priced at $9 per share, spiked to $45 and currently sits at $25 5/16. The March 31, 1999 Form 10-Q for PRWW can be found at: sec.gov The initial AmericasDoctor.com S-1 can be found at: sec.gov.

To: Jeff Litwin who wrote (16)	9/1/1999 10:37:00 AM
From: Glenn Petersen	Read Replies (1) \| Respond to of 33

Still no firm date for the AMDR IPO, though PRWW has announced some significant changes in the ownership structure: biz.yahoo.com Monday August 30, 9:40 am Eastern Time Company Press Release SOURCE: Premier Research Worldwide, Ltd. Premier Research Worldwide Announces Change in Ownership Structure and Board Of Directors and Completion of Its 1998 Stock Repurchase Program PHILADELPHIA, Aug. 30 /PRNewswire/ -- Premier Research Worldwide, Ltd. (Nasdaq: PRWW - news) announced today a change in the ownership structure and Board composition of the Company. UM Holdings, Ltd. (UM), which owned 3,025,450 shares or 42.4% of the Company has sold substantially all of its interest in the Company in separate private transactions with various accredited investors including Corporate Opportunities Funds, an investment partnership managed by Sanders Morris Mundy, a Houston-based investment banking firm. Included in the investors are Joel Morganroth, MD, the Company's Chief Executive Officer and Joseph Esposito, President and Chief Operating Officer. Dr. Morganroth purchased 130,000 shares from UM and has increased his related ownership position in the Company to approximately 15%. The Company, as part of this transaction, completed its previously announced share buy-back program by purchasing 322,000 shares from UM Holdings, Ltd. Under the program, the Company has purchased a total of 499,800 shares at an average price of $5.42 per share. The Company also announced changes to its Board of Directors. John Aglialoro, Joan Carter and Arthur Hicks, all employees of UM Holdings, Ltd., have resigned from the Board. Dr. Morganroth was elected Chairman of the Board of Directors effective August 30, 1999. Appointed to the Board of Directors on August 30, 1999 were: -- Sheldon M. Bonovitz, Esq. Mr. Bonovitz is a partner specializing in tax matters with the law firm of Duane, Morris & Heckscher, LLP, where he is also Chairman and Chief Executive Officer. Mr. Bonovitz is also a member of the board of directors of Comcast Corporation and Surgical Laser Technologies, Inc. -- John M. Ryan. Mr. Ryan founded SunGard Data Systems, Inc. in 1977 and led the company through to its successful initial public offering. Since 1987, as a director and acting Chief Executive Officer, he has advised and invested in numerous early-stage technology companies, including DLB Systems, Inc., which was purchased by Premier Research in 1997. Mr. Ryan is a director of Neoware, Inc. and Thermacore, Inc. and is an advisor to private firms and two venture capital funds. -- James C. Gale. Mr. Gale is the Chief Investment Officer of Corporate Opportunities Funds and a Managing Director of Sanders Morris Mundy. He has nearly twenty years investment banking experience with several firms including Gruntal & Co., E.F. Hutton & Co. and Adams Cohen Securities. Mr. Gale serves as a director of Latshaw Enterprises Inc. and RELM Wireless Corporation. PRWW is a technology, consulting and clinical research organization based in Philadelphia, PA, with offices in Bridgewater, NJ, Peterborough and Maidenhead, England. PRWW brings significant added value to the clinical development process through the application and integration of science, process and technology. Through coupling the Company's in-depth understanding of clinical development with technology and efficient workflow processes, PRWW provides client specific clinical development solutions to the pharmaceutical, biotechnology and medical device industries and other clinical research organizations. PRWW products and services include research software and services, clinical research consulting, central diagnostic testing, biostatistical services and regulatory consulting. Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results can be found in the Company's Registration Statement of Form S-1 and in its Reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission (SEC). SOURCE: Premier Research Worldwide, Ltd.