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Technology Stocks : TouchStone S/W (TSSW) -- Ignore unavailable to you. Want to Upgrade?

To: David Alan Cook who wrote (3127)	3/8/2000 5:33:00 PM
From: jonj1	Respond to of 3627

David, Thanks for the info. Share price seems pretty solid at just below $3.00. Anxious to see how well PRTS performs next week.

To: David Alan Cook who wrote (3127)	3/8/2000 8:56:00 PM
From: David Alan Cook	Respond to of 3627

From Razo Report - Valuation Impact of Additional cash and only the $2.5 Million Investment From Page 4 of Razo Report: Public Companies --------------- EBLD - 100,000 Warrants - Exercise Price for TSSW = $1.00 Price at Report = $4.50 Market Value = $450,000 IPO Candidates: --------------- Partsbase.com - $650,000 Investment - Cost Basis = $2.50 Estimated IPO $14.00 - Estimated Value - $2,912,000 SupplyAccess.com - $510,000 Investment - Cost Basis = $1.50 Estimated IPO $20.00 - Estimated Value - $5,440,000 Total IPO Candidates = $8,352,000 Estimated Cash And Equivalents = $3,100,000 Summary From Only Ecommerce Investments --------------------------------------- Est Cash & Equivalents: $3,100,000 Total Public Company: $ 450,000 IPOs - Only 2 - $8,352,000 Total = $11,982,000 Shares Outstanding = 11,340,000 Estimated Net Asset Value Per Share Before Sale = $1.06 Valuation Method for other companies = 5 Times NAV 5 * $1.06 = $5.28 NOW ADD ADDITIONAL CASH ( $6.5 Million ) and $2.5 Million from investment = $9.0 Million ********************************************************* Total $11,982,000 + $9.0 Million = 20,980,000 $20,980,000 / 11,340,000 = $1.85 $1.85 * 5 = $9.25 Unknown Information: 1) How much TSSW has invested in other ecommerce companies other than mentioned above? (TSSW has invested only $1,260,000 in the above mentioned 3 companies that are now valued at $8,752,000) 2) GIVEN TSSW's Buying Power of $12,100,000 from Cash/Investment and Sale of subsidiary, What kind of return can we expect given prior returns? 3) When will TSSW conduct an IPO for TSG - Touchstone Capital Group? 4) What other investments does TSSW have? 5) Who else has provided funds to TSSW? DC