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To: GARY P GROBBEL who wrote (16538)	1/7/2004 1:09:35 PM
From: GARY P GROBBEL	Respond to of 120415

ADGO a 2004 play has done 60,000 so far....that is heavy...up .06 to .79...they make golf clubs and money...gonzo last qtr

To: GARY P GROBBEL who wrote (16538)	1/7/2004 1:28:01 PM
From: the hube	Read Replies (1) \| Respond to of 120415

XTRN looked at the 10Q. Looks like they "collected" (everyone agreed to drop everything, and Trinity agreed to an early payoff of the notes they owed to XTRN on 9/30/03 for a $250K discount)

To: GARY P GROBBEL who wrote (16538)	1/29/2004 7:17:32 PM
From: rrufff	Read Replies (1) \| Respond to of 120415

XTRN - selling patents and intellectual property. Keeping cash for reverse merger. XTRN - has about 16.5 million shares and almost no debt. They say they net about 3.6 million cash. That's about 21 cents a share. The balance sheets shows assets other than the patents of about $2 million but tough to value that. I haven't been following the company so I don't know the real value. The big kicker would be tax losses. They are losing about .11 a share so with a few years tax loss, this could be worth perhaps another .15 a share to a taxable entity. So I figure a very optimistic potential value of the company to be .21 sale + .15 tax + .12 hard assets + .05 value of shell =.53. Since the tax benefit is speculative, I'd use .38 as a maximum for now. I expect the stock will only trade to the .20-.22 level as that is the recent high. The real reward could go to anyone who wants to hold it until they do a reverse merger. I've done this before successfully. (E.g., AMSI became RGBI for a > 10 bagger). I may have this wrong as I really have not been following the company and welcome any other calculations.