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To: GARY P GROBBEL who wrote (21099)	6/3/2004 2:53:30 PM
From: gailminni	Read Replies (1) \| Respond to of 120415

PHPG Gary :)))) Thanks for pounding the table weeks ago. gail

To: GARY P GROBBEL who wrote (21099)	6/3/2004 3:11:37 PM
From: Jeffrey Beckman	Read Replies (1) \| Respond to of 120415

Gary, I accumulated PHPG last month on your pounding, thanks (g)! My simple take on the last 10Q was that the backlog made it easy to imagine a 500K loss turning into a 500K profit, or 10 cents eps. Is that anywhere close? Jeff

To: GARY P GROBBEL who wrote (21099)	6/3/2004 4:52:32 PM
From: Crossy	Read Replies (1) \| Respond to of 120415

Gary - re: PHPG $2.00 - contract news out glad to see you are onboard here also. I almost wrote off the old Inrad. Had a position left over from the fiberoptic heydays and now this.. Was able to add materially in the $1.30-1.50 range and added it to the "Bosco & Crossy" thread portfolio.. I really like what I see here. Defense is a good market to be in, but homeland security could be a couple of times bigger ultimately - exactly what this is about .. Now some raised doubts about their financing (by convertibles) but I took a look and found a real goodie IMHO. The recently convertibles are all convertible at the price of the NEXT EQUITY FINANCING that PHPG receives. I guess this was only possible because PHPG was in need of money for acquisitions, they didn't want to crowd out the retail and microcap funds invested in to PHPG and an affiliate of the company's management provided the convertibles.. I asked Bill Miraglia (CFO) recently what was the reason for this rather unusual financing on more than friendly terms and he clearly indicated that at $1 he didn't feel that the price was fair to do an equity type of financing.. Frankly I have never seen such type of a convertible. In the current contract environment - against a book/bill of 1.66 and a booming market for laser optics I can only attest that PHPG has a lot to gain.. kudos to all CROSSY