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Microcap & Penny Stocks : IMGX, currently $3.50 -- Ignore unavailable to you. Want to Upgrade?

To: Michael Sphar who wrote (468)	11/4/1997 7:41:00 AM
From: Jay Morrison	Respond to of 665

Leto defined 'pipeline' as being a proposal currently in front of a potential customer or someone they had a pilot program with. I really don't know what else to say. I will post a summary of the conference call after I get home from work today. Jay

To: Michael Sphar who wrote (468)	11/4/1997 5:45:00 PM
From: Jay Morrison	Respond to of 665

The conference call went as well as can be expected. Most of my questions were addressed. My two remaining questions will get asked in a call next week sometime. For all purposes of judging IMGX from now forward, we should not even consider Dorotech in the picture. We can only look at US domestic revenue. That is what Leto is doing and we can only assume that Dorotech is being sold ASAP, although for certain reasons it is not 'officially' for sale. US domestic revenue grew to $6.5 million this quarter. Technically a record quarter for IMGX. The pipeline question was cleared up a great deal. Pipeline refers to everything they are working on for US domestic revenue. Dorotech is not part of the pipeline picture. Typically about 10% of the pipeline is converted in the following quarter. When I looked back at the records, that turned out to actually be true. Based on that, US domestic revenue should be about $8 million next quarter ($81 million pipeline). Leto actually said that their target from Zannett is $7.4 million for next quarter and that was not a problem. Several contracts were announced officially including American Express for the first time. There are a few others that have been rumored, but not offically announced. Phil might want to add something if he can recall some details. If anyone as any specific questions, post them and I will try to post an answer if Leto covered it. Jay

To: Michael Sphar who wrote (468)	11/4/1997 5:57:00 PM
From: Jay Morrison	Read Replies (1) \| Respond to of 665

The reason the stock is so low (in my opinion) is because of Dorotech. They know they are for sale and no longer give a hoot about producing. The lower their value is the easier it is for the french managers to do a buyout on their own. When the overall IMGX results are released each quarter, Dorotech is getting worse and US revenues are getting better. But the two cancel each other out and to the casual observer, IMGX is not a growth company. I figure I know this company as well as anyone not actually working there. But I did not fully grasp this until today. The US revenue from 1View, Treev and COLD are all growing at good rates and have solid contracts being brought in. Dorotech is just fogging up the overall picture. They need to drop Dorotech and just be a growth story again. The government side of the business had built up a pipeline of $17.5 million and has about $3 million in revenues that could come in at anytime. This is up from zero a few months ago when McMahon came on board from AT&T (I think that is where he is from) Later, Jay