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Microcap & Penny Stocks : TASA. Can someone with KNOWLEDGE help!!!! -- Ignore unavailable to you. Want to Upgrade?

To: Bret P who wrote (200)	3/3/1998 7:12:00 AM
From: Thomas Kirwin	Read Replies (2) \| Respond to of 601

WOW - Price & Volume (03/02/98) Bret, Thanks for your input regarding contract income, etc. IMHO - I believe that any possible acquisition will be accretive to earnings and not dilutive. This will only bolster the stock price if announced with full earnings and purchase cost disclosure of the company being acquired. On March 2nd TASA hit 15/16 up 11%. The price was pegged at this intraday high most of the day until profit taking started after 1:30pm. Volume was just as interesting at 194,000 when on an average day only 59,045 shares trade hands. Could this be "institutional" buying/interest as indicated by The Napeague Letter? Perhaps earnings are better than a penny? Just maybe there is some real good news? Regards, Tom

To: Bret P who wrote (200)	3/6/1998 1:12:00 AM
From: Thomas Kirwin	Respond to of 601

Napeague Bulletin - TASA 1st Qtr. Results THE NAPEAGUE LETTER Thursday, March 5, 1998 Editor: Bob Davis napeague.com Touchstone Applied Sciences (NASDAQ:TASA) has just issued a Press Release announcing its first quarter fiscal 1998 results. "First quarter sales for 1998 increased 38% to a first quarter record of $1.3 million as compared to $0.9 million for the first quarter of 1997." However,the Company announced breakeven net income and EPS. Although I was projecting a slight profit for the first fiscal quarter, and that EPS would round up to $.01, I am not unhappy with the reported results. Cash flows appear to have been strong and the Company is making progress in integrating its new acquisitions. In fact, it is clear to me that I overestimated the potential impact of Modern Learning Press on the quarter's results, and that I had not correctly calculated the amortization expense of the MLP one-year prepaid consulting contract, which will be completed in May 1998. I will analyze these results further after I have reviewed the Company's 10-Q Report. NOTICE This analysis is based on publicly-available information, and is in no way warranted by me as to accuracy or completeness. I do not guarantee to advise you as to any change in this information. I currently may be a stockholder in these Companies as the result of purchasing the stock on the open market, and may from time to time purchase or sell these Company's securities on the open market. I otherwise have no affiliation with any of these Companies, and I am not compensated by any of them in any way whatsoever.

To: Bret P who wrote (200)	3/14/1998 11:14:00 AM
From: Thomas Kirwin	Respond to of 601

TASA Posts From AOL Subject: Perspective Date: Wed, Mar 11, 1998 19:39 EST From: SomPpls@aol.com From a parents point of view, I believe this company has a product that can begin to enhance the measurement and assessment of student skills. I've had only positive experiences with their testing and analysis. Teachers with whom I've interacted with also have positive things to say relative to TASA's products. Good product, pretty solid financial position, key acquisitions have impacted earnings but in a short time I would expect to see some really positive growth. If this company chooses to achieve growth solely through acquisitions then I would have some concern. They appear however to be serious about their core products as evidenced by some recent professional staffing. Subject: Re: Perspective Date: Thu, Mar 12, 1998 01:33 EST From: ZPsychoDoc@aol.com Thanks for the info. I admit that I know little about their products. I don't remember what got me interested in their company. I had watched their stock and bought when the price seemed to level out last year. I am a college professor who wonders how students can get out of high school without learning how to read! Do these tests provide an advance in accurate assessment of reading ability? Subject: Re: Perspective Date: Thu, Mar 12, 1998 17:31 EST From: Bronzskin@aol.com Doc, Visit The Napeague Letter web site napeague.com and you'll get a really good start on understanding this company and its potential. Steve Subject: Re: Perspective Date: Fri, Mar 13, 1998 17:31 EST From: ZPsychoDoc@aol.com Thanks for the tip. I hope they are getting contracts.

To: Bret P who wrote (200)	8/16/1998 12:02:00 PM
From: Thomas Kirwin	Respond to of 601

Napeague Letter Overview - 8/12/98 THE NAPEAGUE LETTER Wednesday, August 12, 1998 Editor: Bob Davis napeague.com -------------------------------------------------- UPDATES OF PREVIOUSLY ANALYZED COMPANIES Currently, I am not making any new investments at all. Instead, I am waiting patiently for the market trends to resolve themselves. However, I am also spending quite a bit of time and effort to identify stocks which will be strong investment candidates, for purchase after the dust settles. I don't believe that we have yet felt the full impact on the US markets of the "Japanese Financial Crisis". As a result, right now is a good time to watch and think.... As of the close of the market on Wednesday, August 12, 1998: Initial Analysis --- High --- Current Theoretical Symbol Date Price Price Date Price Value ------ ---- ------ ------ ------ -------- ------------- TASA 9/5/97 $0.72 $1.34 12/3/97 $0.84 $1.60 - 2.00 ---------------------------------------------- TOUCHSTONE APPLIED SCIENCES - (NASDAQ:TASA): I am quite sure that TASA's price will not "react" until the next piece of news is released - but I continue to expect that the next piece of news will be positive. It will be either the announcement that the Drake acquisition has been completed, or the release of positive third quarter results - I am not expecting either piece of news until later in August. What investors don't yet understand is that TASA currently has a great deal of seasonality in its business, and that the profitable quarters will the the third and fourth. We should receive third quarter results by late August and the Company is currently in its fourth quarter. As of the Close on August 11th, technical indicators are also relatively inconclusive for TASA, although momentum-based indicators may be signaling the beginning of a move upward. NOTICE This analysis is based on publicly-available information, and is in no way warranted by me as to accuracy or completeness. I do not guarantee to advise you as to any change in this information. I currently may be a stockholder in these Companies as the result of purchasing the stock on the open market, and I may from time to time purchase or sell these Company's securities on the open market. I otherwise have no affiliation with any of these Companies, and I am not compensated by any of them in any way whatsoever.