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To: RBMac who wrote (50)	11/13/1997 9:35:00 PM
From: wynn quon	Read Replies (1) \| Respond to of 117

You wrote: "...Moreover, the profit from Innfax helped to lessen the debt load created by the other part of FAX's business." Is the Innfax business profitable? From the results of their last quarter ended August 31: Revenues from Hospitality business: US $2.0M Operating expenses: (US $2.9M) and depreciation expenses: (US $1.1M) I assume the depreciation expenses can be mostly attributed to the hospitality business, but it's unclear how much of the operating expenses belong there....could go either way.

To: RBMac who wrote (50)	11/13/1997 9:55:00 PM
From: wynn quon	Read Replies (1) \| Respond to of 117

You wrote: "while it is true that Notebooks allow for email, they don't as of yet allow for non electronic document sending. Faxes are still used extensively" Good point. Granted, there will be some demand for in-hotel fax services. But how profitable will the business be in the long run... My question is: How hard is it really for a hotel to buy a couple of fax machines themselves and keep all the revenue? Sure, there's going to be some maintenance cost but what's the big deal? If a hotel has a couple of PCs in it, surely it can take care of a few fax machines as well. Perhaps I'm missing a key value-added feature that InnFax brings to the table....