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To: lifeisgood who wrote (996)	9/15/2000 7:07:16 PM
From: Street Hawk	Read Replies (1) \| Respond to of 19633

Actually, MCEL got $26.9 mil from their IPO. But you are right, no revenues. Book value is approximately $1.07 according to my calculations after the IPO proceeds. Basically this company is letting it ride on their sodium borohydride technology which is significantly more expensive source of energy than traditional methods. Also, GPX owns 28%, basically MCEL must have been whoring themselves to give up that size chunk of their company if they actually thought their technology would be valuable.