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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services -- Ignore unavailable to you. Want to Upgrade?

To: HG who wrote (3164)	2/13/1998 9:16:00 AM
From: Gator	Read Replies (1) \| Respond to of 27968

From Yahoo (sorry if it has been posted here previously): <- Previous Next -> Message 2479 of 3035 Reply Subj: FAMH By: ZigZagZoo Date: Jan 27 1998 4:03 P.M PST Reply To: Msg. 2473 by stockjunki I talked to Ira Monas (President of FAMH) for about twenty-five minutes today. Asked him about the audits and he said that they (not him personally though) are being worked on and should be released some time in early February. Talked to him about what role the sale of shares play as part of the estimates for 4th quarter income, he became a bit testy calling such statements as internet rumors and that anything reported will be proper. He didn't really elaborate what that meant. Wasn't a denial, but his anger made it seem like it wasn't true. He then went off and said that they've got over $8 million in the bank and that they're a $60 million dollar company. Seemed defensive, maybe he's getting a lot of flack lately. Also, referred to company as a penny stock and he got even more angry. He responded that their a micro-cap stock. Hmm. I expressed that many of us wanted more information in the press release regarding the acquisition and he seemed baffled at what more we could want. On a previous occasion, I talked to the IR firm and the rep told me Myriad has a tax lien of $2 million and $48 million in revenues last year). Ira stated the deadline for the company to become fully reporting is June, but that they are assembling and will file all the paperwork necessary going back to January this year (when they started the process). I expressed to him some concern as to how the company can move to the NASDAQ or AMEX. He flatly denied any reverse splits. It would seem that his strategy is to get there by further acquisitions (an interesting strategy). He said that there will be more news regarding the acquisitions they are working on in March. He said that the AMEX was easier to get onto and more prestigous, but that NASDAQ had more revenue generating opportunities. He also commented on the fact that the company is primed in every way (i.e. they meet all the requirements) except share price to make the leap to AMEX or NASDAQ. As for the problems in Texas, he laughed and said it was another issue blown out of proportion by those on the Internet. He said it is a $26,000 tax issue that FAMH is fighting against the state. He once again reminded me that they have $8 million in the bank and that it's under control, etc. My overall reaction is generally on the positive side. I didn't like his defensiveness but I can probably attribute that to the stress of the last couple of days. He's been on the phone all day long talking and faxing hundreds of people. I called several times earlier in the day and his assistant asked me to fax my comments/questions. Said I wasn't interested, and asked her to tell him to please disregard my message. But he called back anyway and we talked. Plus I've spoken to him several times before and he's usually less defensive. So must be temporary stress. Recent reactions to the news were somewhat predictable, but some of us expected a better boost in the short run. Didn't happen. But a lot of this can be attributed to people shorting the hell out of it. I am going to stay with it and am eager to see the audits. I must say it is also an interesting strategy to acquire his way to NASDAQ or AMEX. I don't know if it'll work by June, but if you read the press release you can see that he has financing for $25 million to do this. If he can get other companies as cheap as he got Myriad (assuming there are no skeletons in Myriad's closet), the plan is at least possible. I think that he's just going to ignore the share price in the short term and instead focus all energies on building up the revenues through acquisitons so that the share price will have no choice but to go up eventually. The viability of all this will have to wait for the audits, but he seems honest and genuine and my gut inclination is that if all turns out to be o.k. with the audits, he'll come through with building FAMH into something that should jump out of the OTC BB and develop into something formidable. Zig