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To: Junkyardawg who wrote (16654)	8/26/1999 4:06:00 PM
From: Andrew Vance	Read Replies (2) \| Respond to of 17305

AV - Pioneer-Standard Electronics, Inc. 'System-on-a-chip' architecture is ideal for bringing high-performance Internet networking applications close to the end user As of 6/7/99 Pioneer-Standard Electronics, Inc. (Nasdaq: PIOS) has added T.sqware's network "edge' processor products to its line card, enhancing its ability to serve the growing data/telecommunications market. Pioneer-Standard is the only distributor with a vertical marketing segment devoted to the datacom/telecom markets that T.sqware serves. Edge processors are the next generation in microprocessors for network applications and will become a critical component over the next decade in high-performance network edge equipment such as switches, routers, remote access concentrators and A-D multiplexers. Edge processors integrate into a single chip, many, if not all, of the diverse functions performed in today's network edge equipment by general-purpose microprocessors, application-specific communications processors, and expensive custom circuits and ASICs. Edge processors provide an immediate tenfold improvement in network performance over product designs that rely on general-purpose microcontrollers, and are more efficient than application-specific communications processors or expensive custom circuits. Depending on configurations and system needs, the flexible "system-on-a-chip' architecture of edge processors can result in up to a hundred-fold performance improvement. Over time, edge processors are expected to provide the bulk of the processing power for a variety of Internet networking applications, telecommunications switches, routers, remote access concentrators and add/drop multiplexers. Pioneer-Standard is an international distributor of electronic components and computer systems, with revenues of $2.3 billion. Pioneer-Standard's Industrial Electronics Division provides a comprehensive offering of semiconductors, ICs, embedded computing solutions, passive components, interconnects, power products and more. The company's Computer Systems Division is the largest distributor of mid-range computer systems. ========================================================= I have summarized the "bottom line" for this company, as far as the possibilities beyond the normal recovery in the IC chip distribution business. I cannot print the charts I ran off today, of which you are most certainly aware of, but going back 5 years, it seems that ~$18 was a top price level. I do not know if the edge processor will be enough to drive the rest of the company to prior price levels. I am not sure if I feel comfortable discussing distributers without doing more research on competitors like Arrow, Avnet, Hallmark, and a few others. I do not even know if industry rankings will really mean much. I guess I am not giving PIOS a glowing thumbs up because it is an area I feel uncomfortable with and my level off confidence is not too high. The best I can say at this point is that there is good reason to believe they are capable of a 50% upside over the next year and a 25%-33% downside risk at present price levels. Lots if volume today with little movement but it does look as if it might be basing here or coming into some resistance. This is just my opinion. I will send some basic charts I was looking over that are easily obtained. Today I was playing with Big Charts so there is no real preference for charting sites. Andrew