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To: HG who wrote (5599)	3/9/1998 4:25:00 PM
From: Jane4IceCream	Respond to of 27968

HG, My thoughts exactly... I was confused why the company is printing more share and THEN announcing a buyback of 4mm... Maybe Ira wants to get the share price up for a listing but buybacks dont always equal automatic share appreciation either. Show me the paperwork!! Jane

To: HG who wrote (5599)	3/9/1998 6:54:00 PM
From: JIN CHUN	Respond to of 27968

HG and Jane, Sorry this is coming so late, I'm getting snowed in at the University and this #!! UNIX keyboard is giving me a headache. It was just the impression that I got from the conversation. He would not elaborate, but I was definitely made aware more than once that there would NOT* be any further dilution. I mentioned to him my opinion that the information flow as well as SEC filings would do much about the low stock price. His response as well as his enthusiasm for getting listed left me with that impression. Jin.

To: HG who wrote (5599)	3/9/1998 7:18:00 PM
From: Lurker	Read Replies (1) \| Respond to of 27968

<<The only part that continues to confuse me is Ira's comment about working very quickly to get listed on a bigger exchange. It would appear that "price" is the hangup at this point. Did he elaborate at all about this? If not I guess time will tell. I could speculate about possibilities but I won't.>> Ira says that the stock is already worth $3.00 (previous phone conversation). He is either basing that estimate on a standard PE=30 on the current (hopefully) .10 EPS or on a PE=10 on next years estimated .30 EPS. These PE's are attainable with many stocks. HOWEVER, with all the delays and wrong figures stated, buyer confidence is shattered. I wouldn't be surprised to see a PE < 10 (like 3-5) for at least the next year. This is an excellent stock for high risk capital, though. I don't expect a listing, soon. (maybe mid-1999)