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Technology Stocks : Formula Systems : FORTY -- Ignore unavailable to you. Want to Upgrade?

To: gerald tseng who wrote (33)	3/5/1998 10:37:00 PM
From: gerald tseng	Respond to of 141

ERM & Josef: WOW!!WOW!! FORTY is amazing! SO many subsidiaries, so diversified! Actually, if you look closely, there are 2 other subs. of FORTY other than CRYSF are y2k related. -------------------------------------------------------------------- "message to investor" found on S&P ISRAEL. (Interesting to see Merril Lynch" owns 8%, The Goldsteins brother-founder-owns 23%, and 2 directors owns 8%.) Link for PR and earning on FORTY and it's subs.( good place to get acquaintance) nasdaq.com.

To: gerald tseng who wrote (33)	3/5/1998 10:52:00 PM
From: gerald tseng	Read Replies (1) \| Respond to of 141

Dear ERM: It's so nice of you faxing the ML report to me today. Too bad I only get the 1st 3 pages of the report. ML projected in 11/97 that FORTY will consider larger acquisition in the range of $5-10 mil in 1998. Obviously, Magic Software is the 1st one on that strategy. I remember Josef looked into that deal a while back and had some comment. It seemed to me that even though the largest holder of Magic is Moshov Computer, and they team up with Shamrock group, USA to take over Magic, however, share holders of Magic rejected their proposal instead giving the deal to FORTY. (FORTY becomes the largest holder of Magic at 31.2% and Moshov's stake was reduced to 30.5%)That's a very good vote of confidence based on FORTY's track record of adding value to the acqured company and its technology. (http://biz.yahoo.com/bw/980205/magic_soft_1.html) The deal with Magic has 2-3 weeks for DD, and from the date of PR at 2/5/98, it should be closed very soon. ML is projecting 40% growth of revenue in 97 and 98,(97 rev increased 42% as reported (http://mktnews.nasdaq.com/newsv2/pullstory.asp?textpath=D:\www\nasdaq\news\PR\1998\2\23\PR25883T0732.html&usymbol=forty&logo=Y&companyname=Formula) ML is also projecting 2 new IPOs from its subsidiaries (transtech+IntraSystem and Malchi Sci.+ESI, IPO after merger between subs.) FORTY operates like a VC, but their valuation is better served by using NAV like mutual funds, according to ML.