Steve, make that one 50th at some point today, one 40th anyways. Numbers never lie.
Chucka-use to hear that in my past, it really $ucks to hear numbers all day long.
P.S.- The TRUTH is the close, I know that now.
PR last Manhatten
RAM Capital Announces Investment Opinion
Business Wire - December 17, 1999 05:16
PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 17, 1999--Palm Beach
Florida based RAM Capital Management has selected a "micro" and
"portable" fuel cell manufacturer DCH Technology, Inc, (OTC BB:DCHT)
as its top technology pick for the year 2000. This is based primarily on
market valuation comparisons of the other companies in the fuel cell sector.
As of the close of trading, Thursday Dec. 16, 1999, DCHT's market
capitalization was only $21,000,000.
That is less than 1/20th of Manhattan Scientifics' $ 525,000,000, (OTC
BB:MHTX), and 1/100th of the $2 Billion Ballard Power Systems.
(Nasdaq:BLDP), (TSE:BLD). Others are Fuel Cell Energy, (AMEX:FCL)
at $170 million, and Plug Power (Nasdaq:PLUG) at $1.2 Billion.
What separates DCHT from the other small and micro fuel cell developers is
that they are delivering working prototypes for testing by major industrial
partners now; including a scheduled January 2000 delivery of a fully
integrated 3kW fuel cell system to the Bonneville Power Administration. This
initial unit is part of a $3.5 million pilot program with NW Power Systems,
(NYSE:IDA) who makes the natural gas reformer for the system. DCH is
also designing the safety system with their hydrogen sensors for this unit.
Additional orders are anticipated upon the completion of testing.
We believe DCHT will be discovered by Wall Street in the upcoming year
as investment professionals seeking to hedge their investments in the rest of
the fuel cell sector look more closely at them.
DCHT common shares would have to rise to $10.00 to equal FCL; $26.00
to equal MHTX; $50.00 to equal PLUG, and $100.00 to equal BLDP. We
note that BLDP is partnered with Ford, (NYSE:F) and Daimler-Chrysler,
(NYSE:DCX), and PLUG is partnered with General Electric, (NYSE:GE),
and Detroit Edison, (NYSE:DTE), and both have large cash arsenals which
is funding their research and market development. DCHT signed a multi year
strategic marketing alliance with AlliedSignal Honeywell in March 1999
(NYSE:HON), (NYSE:ALD).
DCHT Trading at only $1 3/8 per share is, in our opinion, a direct result of
the lack of Wall Street analyst coverage of micro-cap stocks as a group and
OTC bulletin board companies as a whole. This tremendous disparity in
market cap has created a substantial opportunity for long term technology
stock investors.
DCHT is expected to generate $100 million in revenue from their sensor
division over the next 5 years. This revenue stream will fund their fuel cell
capacity without incurring debt or substantial dilution. We see this as the
preferred business model and reminiscent of the way Hewlett Packard was
built.
A $21 million valuation for a fuel cell company, when the rest of the industry
is trading between $170 million to over $2 Billion is far too low and is totally
ignoring the growing sensor business. Their sensors are in long term testing
now with four automobile company's, and several multinational corporations,
including a division of Westinghouse, (NYSE:BPA) for the Leningrad
Nuclear reactor.
DCHT is commercializing US Department of Energy fuel cell technology,
developed at the Los Alamos National Laboratory and has demonstrated a
working micro fuel cell throughout 1999 to several major corporations and
the various branches of the US Government. The patented and proprietary
robust hydrogen sensor was developed at the Sandia National Laboratory.
RAM's most recent Investment Opinion on DCHT can be found at
businesswire.com
Other Analyst coverage of DCHT can be found at
afund.com
DCHT Financial Data is available from the SEC archives at
sec.gov
For further information regarding this report contact: Steven Oshinsky, GM
at 561/338-3390 ramcapitalmanagement.com Email:
info@ramcapitalmanagement.com
Disclaimer: RAM Capital Management is not a Registered Investment
Advisor or a Broker/Dealer. RAM has prepared this report independently of
DCH, and is not under contract to DCHT. The material is from publicly
available sources believed to be factual, but does not guarantee its accuracy
or completeness. This is not an offer to sell or the solicitation of an offer to
buy. These forward-looking statements are based on current expectations
and differences can be expected. Any opinions expressed are subject to
change without further notice, and may not necessarily be reprinted in future
publications or elsewhere. The reader assumes responsibility for any loss
arising from any use of this report or its contents. RAM received 100,000
free-trading common shares on Feb 7, 1999, from DCH Technology, Inc.
for services ended April 1, 1999. RAM Capital Management has invested in
private placements in DCHT restricted securities in 1999.
CONTACT: RAM Capital Management, Palm Beach
Steven Oshinsky, 561/338-3390
ramcapitalmanagement.com
Email: info@ramcapitalmanagement.com
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