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Technology Stocks : Aware, Inc. - Hot or cold IPO? -- Ignore unavailable to you. Want to Upgrade?

To: DOUG H who wrote (7152)	10/28/1999 3:03:00 PM
From: Elroy	Read Replies (3) \| Respond to of 9236

Aware is a misunderstood stock, many really have trouble understanding just what they do. Why do you write this? AWRE employees help semiconductor companies design xDSL chips (contract revenue), they sell test equipment to the semiconductor companies so they can tell if the chips work or not (product revenue) and they collect upfront fees and a per chip royalty from semiconductor companies that license and sell xDSL chips based on AWRE's technology (Royalty revenue). What's difficult to understand? I think the issue with AWRE's stock movement is a tradeoff between a high valuation (more than $600 million??) and a near-guarantee that they will meet or exceed future revenue/EPS estimates (my own assumption about the future). Elroy