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Technology Stocks : MSTG - E-Mail Response Management -- Ignore unavailable to you. Want to Upgrade?

To: ynot who wrote (65)	10/19/1999 1:05:00 PM
From: sks1	Read Replies (2) \| Respond to of 113

Read the release; it says nothing about convertible anything, only that they issued stock and warrants in the amounts posted and received net funds. It then states the exercise price and terms of the warrants. This appears to be a straight private placement at current market levels which is positive. sks1

To: ynot who wrote (65)	12/12/1999 9:23:00 PM
From: Mike E.	Respond to of 113

My personal estimate of how MSTG will end the year - so take it for what it's worth: 1999 Q1 Q2 Q3 Q4(Est) FY99(Est) Revenue: 772,982 803,109 1,028,566 1,313,200 3,917,937 (+86%) (+95%) Customers Added: 40 45 65 95 245 Revenue/ Customer Added: 19,325 17,847 15,824 13,824 15,991 Assumptions: - The "Customers Added" info is obtained directly from or interpolated from MSTG's new releases. - The "Revenues" figures are taken directly from MSTG's SEC filings. - My estimated "Customers Added" figure of 95 for Q4 is based on MSTG's news release of 12/9/99 stating 375 customers. This results in 85 customers added to date in Q4. I assumed 10 add'l customers would be added before year end. - The "Revenues / Customer Added" assumes that all revenues for FY99 have been derived from adding new customers who purchased Mustang Message Center. I think MSTG's SEC filings support this assumption. - The "Revenues / Customer Added" have been decreasing each Q at a fairly linear rate. I therefore assumed this figure would continue to decline into Q4 at a similar rate as previous Quarters. - Finally, the Q4 estimated Revenue is arrived at by multiplying the est. # of "Customers Added" in the quarter (95) by the "Revenue / Customer Added" estimate for the quarter ($13,824). I think this is a fair, possibly conservative estimate since the company seems to be starting to offer turnkey solutions with longer revenue streams. MSTG should be valued much higher than it's measley $70M (+/-) market capitalization. mike