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Technology Stocks : AremisSoft Corporation (AREM) -- Ignore unavailable to you. Want to Upgrade?

To: Bob Rudd who wrote (580)	7/23/2001 2:36:20 PM
From: Jules B. Garfunkel	Read Replies (2) \| Respond to of 683

Bob, Thank you for your serious reply. Unfortunately however, like yourself, I do not find your side of the argument, (as presented), persuasive. Instead, it leaves me with even more questions as to the procedures followed by AREM in obtaining the Bulgarian NHIF contract. For instance, I would like to know: ---Was AREM indeed the only bidder for the Bulgarian NHIH contract? ---If so, why was AremisSoft the only bidder? ---How did AREM first learn of the proposed NHIF contract? ---Were RFPs (Request for Proposals) sent out by the NHIF and made public? ---Why, when there are so many Bulgarian software personnel unemployed, was the contract given to AREM with no promise to employ predominantly Bulgarian personnel on the project? ---Did the IMF coordinate, with Bulgaria, the selection of AREM? As you, and Auric Goldfinger implied, (in his post # 581), many contracts in underdeveloped countries are awarded with lets say, “questionable ethical business practices”. Therefore, and what continues to concern me, is it is in precisely these emerging underdeveloped countries where AremisSoft has succeeded in the past, and where they continue to target for their future growth. Unethical selection practices may have been a “customary” way of doing business in the past; but such past questionable business practices will no longer be tolerated when it involves companies listed on the NASDAQ, (which must comply with SEC and other accepted standard accounting regulations). Further, because this contract was in conjunction with the IMF, it would seem to me that it will probably be scrutinized more closely, so as to ensure the Fund maintains its high integrity. Of course, this contract may have been won on AREM’s business merits, and I would like to be convinced of that. Certainly the company has within its power to be totally open and reassure investors that all of its business dealings are “above board” and involve no “questionable transactions”. When I can get this direct reassurance from the company and they spell out all the details surrounding AREM’s selection by the NHIF, then I will feel secure enough to cover my short position. I would like to see Mr. Bloom, or AREM management, directly address these issues and publish a strong statement reaffirming that all legal and ethical regulations, in the obtaining of all contracts, were strictly complied with. Unfortunately, what I have seen by the company so far, are accusations “of a short conspiracy”, or press releases often worded using a Clintonian dictionary. Because I do not own any AREM stock, I feel I do not have the right to request from the company such strong statements. However, I would greatly appreciate if you, or any of the “longs” on this thread, post the company’s response to these questions. I believe, it is precisely these questions, or suspicions similar to these, that tacitly overhangs the stock and why there continues to be such a large short interest. I would also like to say that above all of the questions and opinions are solely my own and are based on my own experience in attempting to do legal business in Eastern European. I have no knowledge of any specific impropriety on the part of AremisSoft, or others, in this matter. However, I strongly urge you, or any reader of this post for that matter, to do their own DD and not to rely on any of my opinions in making their investment decisions. Jules