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Technology Stocks : HDWR: Headwaters (alternative energy) -- Ignore unavailable to you. Want to Upgrade?

To: MKTBUZZ who wrote (15)	3/15/2003 7:12:55 PM
From: MKTBUZZ	Read Replies (1) \| Respond to of 26

3 From fossil@yahoogroups.com:: I don’t automatically believe that the shelf will be activated this year. I talked with several officers before and after the meeting. My impression is that management feels that the value of the stock is, in their minds, $25. Therefore they are not going to activate the shelf unless they can get a lot closer to that value. Benson outlined his 3 goals for 2003 1 was to continue the 30% growth in earnings plus the reduction of debt to 1.8 times EBITDA by 9/30/2003. 2 Pursue sales and marketing opportunities which could include an acquisition. 3 Establish a JV with a major company utilizing the nano-catalyst technology. This is in line with his many prior statements regarding making one or more of the existing patents of HTI commercial. One party told me that one thing he has learned abut Benson is that when he establishes a goal “he WILL achieve that goal. Refinancing will only happen when it makes sense for the stockholders, which includes Benson big time. It could occur in conjunction with the finding of a viable acquisition, but remember one of his goals is to get the debt ration to 1.8 X EBITDA. Therefore any placement of the shelf offering must assist or be within the 1.8 debt ratio target. I hadn’t thought of it at the time but your comment about the possibility of working with SASOL makes a lot of sense, at least from my view from the bleachers. ISG The significant increase in sales from 2000 to 2001 were a result of the mandate of California to 25% fly ash in concrete. Recently Utah and Colorado, and a 3rd state I don’t recall have mandated 25%. In addition they are working with 30 other state institutions plus the feds to get a 25% mandate. HTI: One more point is that HTI has patents that could go commercial to manufacture hydrogen peroxide and polypropylene oxide. Didn’t go into the economics, but I’m guessing the this could be an area of profitability in the reasonably near future. Debt: He discussed that at the time they went to market only 50% of those attempting to obtain financing were able to do so. They also analyzed those other deals that had been made and determined that their deal was a market deal. Considering the level of ratio they got the bottom line is that those placing the debt were very comfortable with the company. The fact they got financing is a testament to the strength of the company. Benson also discussed that they have had meetings with board member former senator Garn and have established a program to work on the extension of Sec 29. I am very confident that this company with it’s connections will be successful, but it will take time, probably into 2006 or even nail biting 2007. But, it will happen. IMO