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Technology Stocks : Bitwise(BTWS) -- Ignore unavailable to you. Want to Upgrade?

To: RON BL who wrote (57)	12/13/1999 3:01:00 PM
From: Bob Duncan	Read Replies (2) \| Respond to of 166

Probably both Ron. The coverage was the spark up, that and a lot of people waiting to lock in their short positions once it started an up tick. A target of 50$ is interesting, dont know much about the particular analyst, although predicting a gain of 300% + takes guts, especially on a stock that had dropped from 22 3/4 to 11 5/8. The guy has remarkable timing. I hope he got his clients in around 12 - 13 range this morning. Honestly I totally misplayed the downside on this one, never thought it would break below 15, much less 12. I covered at 18 1/2, but it is too difficult to maintain shorts in this market with everyone so bullish. Yet I feel I need to be about 10% short in my portfolio just to hedge. BTW nice to see you again Bruce, when I saw the short covering and then the coverage, I figured it was only a matter of time before you showed up again lol. bob

To: RON BL who wrote (57)	12/13/1999 6:32:00 PM
From: Lucky888	Read Replies (1) \| Respond to of 166

BTWS -- The more you read their 10Q, the more understanding you have of their recent PR effort: In October and November 1999 the Company completed three private equity offerings for approximately $2,100,000 (approximately $2,000,000 of net proceeds). The investment was structured as follows. In the first offering the Company sold 740,000 units for $740,000, each unit consisting of two shares of common stock and two Series B common stock purchase warrants. Each warrant entitles the holder to purchase one share of common stock at an exercise price of $1.375 for five years. In the second offering the Company sold 50,000 Series B convertible cumulative preferred shares for $1,250,000. Dividends on the preferred shares are payable at the rate of 10% per annum, semi-annually. Each of these preferred shares is convertible into the Company's common stock or is converted into such number of shares of common as shall equal $25 divided by the conversion price of $1.875 per share subject to adjustment under certain circumstances. Page 11 of 14 In November 1999, the Company completed the third offering by selling a 20% interest in a new subsidiary, Authentidate.Com, Inc. through which the Company will market its new Internet service which allows for the verification of the authenticity of digital images. In addition, the Purchasers were issued 999,999 Series C common stock warrants. The warrants are divided in three classes of 333,333 warrants per class which have varying exercise prices starting at $1.50 per common share and increasing over time after a Registration Statement covering the underlying shares is filed. L.