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Microcap & Penny Stocks : Rat dog micro-cap picks... -- Ignore unavailable to you. Want to Upgrade?

To: Bucky Katt who wrote (12621)	6/26/2003 7:42:51 PM
From: Silver_Bullet	Read Replies (2) \| Respond to of 48461

Here's the scoop: They have a functioning prototype (Micro Fluidic Card called SCIP) that can detect 4 different bacteria, mostly the usual suspects, E.coli, Sammonella, Gonoria and Chlamydia. The development and commercialization of this cool gadget is the foundation for the future. Without it, Xtrana is a "once was." The lawsuit really screwed them over, there distribution channel backed down on them and isn't selling their Xtra Amp kits as hard. Revenue was $30k for vs. $141K to this time compared to last year. Maybe this will change now that the suit is done. They think they are 12 months away from commercializing the product and most of the R&D work is being funded by grants. It will then be another 9 months for FDA approval. Short story is this technology is 2 years out at this point given current development speed. They currently have 14 people working, 9 of which are in R&D and are supported via the Grants. I think they said they have close to $1M in grants for this year. They have just over 2M in cash now. The other 5 people are draining $110K cashflow from the coffers a month. This is where Tim and the board were grilled by a guy named Art as to why are these 5 people are still around taking such big salaries. It's not like they are needed to bring in $30K in a Quarter. They pretty much dodged the question by focusing on the WestRidge crew and that they are hopeful to have a strategic partner to help pay for the development or get bought outright. Supposedly they are talking with various entities at this time. There was some discussion as to other options that might be better for the shareholders such as cash out but they basically said no, Westridge will come through for us. Even Mr. LineBerry, the Corporate controller , and the easiest of all to read, was optimistic about the future. I think that's unique for a bean counter. Honestly I wasn't too impressed with Tim. He doesn't seem to understand the technology, the market, or how to sell this stuff, very well. My impression was of a "pretty boy" at the top. Maybe he'll come through and get us a partner. I'm going to hang on to my shares for a bit longer and see if anything comes from this M & A activity. Like it's been all along, it's all or none more than likely. FT