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To: Jack Hartmann who wrote (832)	10/7/2000 7:08:35 PM
From: Jack Hartmann	Respond to of 6924

W) IWAV – quick and loose Rated a buy Reason for DD request Business interWAVE Communications International Ltd. provides compact wireless communications systems using GSM, an international standard for voice and data communications. The Company's systems allow wireless users in organizations to maintain contact with the organization's private telephone network. The Company has two product lines, WAVEXpress and WAVEView. Its core product, WAVEXpress, delivers a comprehensive set of wireless network capabilities, which are based on the GSM standard. In July 2000, the Company completed the acquisition of Microcellular Systems, Ltd. of Ireland. Competitors News 04-Oct-00 11:19 ET Interwave Comm (IWAV) 8 3/4 +1/16 (+0.7%): Inks 3-yr, $15 mln agreement with Blue Sky Communications to supply interWAVE's PCS 1900 systems 08-Aug-00 AFTER THE CLOSE Interwave Comm (IWAV) 11 3/4 -5/8: Reports Q4 loss of $0.11 a share, $0.02 better than the First Call consensus of ($0.13); revenues rose 107.9% to $9.74 mln from a year-ago of $4.68 mln; 05-Jul-00 AFTER THE CLOSE Interwave Comm (IWAV) 12 5/8 -1 1/16: Company announces the acquisition of Microcellular Systems Inc. for approximately $12.5 mln in a combination of $5 mln cash and 555,556 IWAV shares; 27-Apr-00 AFTER THE CLOSE Interwave Communications (IWAV) 13 1/2 -1 7/16: Reports Q3 loss of $0.14 a share, $0.01 better than the First Call consensus of ($0.15); revenues rose 98.7% to 8.0 mln Analysts and Other 03-Oct-00 10:29 ET Interwave Comm (IWAV) 8 1/2 +3/4 (+9.9%): Salomon Smith Barney reiterating BUY rating and $65 target price after recently becoming aware of 3-yr, $15 mln order. Believes that more customer and partner news from N. America could be forthcoming. 9/26/00 InterWAVE's community network systems enable wireless service providers to add capacity in heavy usage areas and to provide telephone service in previously unserved communities. Company's focus is selling into the telecom equipment market, with major players such as Nortel Networks and Hutchison Telecommunications (Hong Kong) accounting for the majority of revenues. With $136 mln in cash/investments and a burn rate of less than $20 mln a yr, liquidity is not an issue for the company. Red ink is expected to dry up next year, when a profit of $0.25 a share is anticipated.... We would continue to use more visible names (PALM, HAND, RIMM, MCOM) as gauge of interest in the wireless sector. Should these stocks continue to tick higher, shouldn't be long before the increased market visibility of the sector sends investors/traders searching for inexpensive ways to participate in the theme..--Damon Southward, Briefing.com 5/17/00 Competition is stiff as major communications equipment providers have product lines that include at least partial solutions that address IWAV target markets. However, the company has developed a number of alliances and is already in 20 countries based on GSM (global system for mobile communications) sales, the standard outside of North America. The company expects to achieve additional growth through a broad expansion of community networks and specialized network applications. The April 15, 2000 approval by the Chinese government to form a joint venture to both manufacture and distribute products provides a means to this end. Although as much as 50% of sales have been to one company, Nortel Networks, the fact that they also own 24% of IWAV implies a strong desire on their part to continue the relationship with IWAV as a supplier. France's Alcatel is also a customer and a minority shareholder. 28-Jan-00 11:25 ET interWAVE (IWAV) : Hearing from sources that Salomon Smith Barney to price IPO at 12:00 ET and open it for trading soon thereafter. Issue expected to go out at around $13 per share, slightly above the $10-$12 range Numbers Rev 5.4 to 7.0 to 8.0 to 9.7M Jun00 EPS (0.14)a to (0.11)a Jun00 Breifing 52-Week Low on 26-Sep-2000 $7.125 Recent Price $8.313 52-Week High on 29-Feb-2000 $75.00 Price/Book (mrq) 2.39 Price/Earnings N/A Price/Sales (ttm) 6.37 Market Capitalization $402.8M Shares Outstanding 48.5M Float 15.5M Debt/Equity (mrq) 0 Total Cash (mrq) $135.9M EBITDA (ttm) -$20.3M Internet Posts of Note interWAVE and BT A&M Complete First Successful Trial Of GSM Wireless Communications System on a Cruise Ship 9/22/00 on SI Insiders Chart Nearly 90% off its high. There is buying at the dips, but stocks is forced lower. Links Summary This contract award is interesting. NT backing is a plus. GSM sector is the weakness as well as unprofitability. This seems to be a niche company. Whether it can grow as CDMA is deployed heavily in the US remains to be seen. Wireless infrastructure sector is nothing short of brutal. Another one that the recent CC must be listened to before investing. Jack