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Technology Stocks : CellularVision (CVUS): 2-way LMDS wireless cable. -- Ignore unavailable to you. Want to Upgrade?

To: space cadet who wrote (1479)	3/11/1998 8:00:00 PM
From: Night Writer	Respond to of 2063

space cadet, These links are dated but they will furnish some interesting reading . Actually a good search engine, and freedgar and some free time is all you really need. New Media Communications nmcfast.com 1/13/95 Titan News sddt.com No date Cable broadcasters are discovering interactivity & telephony sciencetech.com 5/16/96 Titan Awarded Video Encryption Contract in Thailand titan.com 5/95 JP Morgan Notable transactions jpmorgan.com 7/95 JP Morgan Notable transactions what.inet.jpmorgan.com 2/23/94 TCI-Bell Atlantic merger, the biggest in American history collapses ispo.cec.be 7/8/96 William Dunbar President of CV Canada evert.com 1/97 Information Provider vipconsult.com 6/30/96 GT Global Fund Inc. (CVUS on top ten list) gtglobal.ca No Date, The I-Way Company Client List) i-wayco.com Updates, Market Guide Company Snapshot marketguide.com June 4, 1996 revision Colorado State paper cs.colostate.edu Guestbook is interesting - full of people looking for tech information dallas.ucd.ie 3/94 Digital Freeway Madness media-wave.com (No Date)FCC FAQs Pioneer's Preference Program fcc.gov Updated, This is a resume! neorealite.com 5/27/97 USA Today, Super wireless system on the horizon usatoday.com 5/16/97 FCC Announcement Re: CellularVision Pioneer Status fcc.gov Market Guide News marketguide.newsalert.com 6/30/97 New President biz.yahoo.com biz.yahoo.com 8/7/97 Garth Brooks, NY Mayor Guliani, & CellularVision! newsalert.com

To: space cadet who wrote (1479)	3/11/1998 8:05:00 PM
From: Night Writer	Respond to of 2063

Her is another page of dated research links. Telephony: What Will LMDS Hatch? internettelephony.com Communications Engineering & Design cedmagazine.com FCC Rules & Policies for Local Multipoint Distribution System (8/22/96) ftc.gov FCC Allocates Spectrum for LMDS; Cole, Raywid & Braverman, L.L.P. (Legal Folks) crblaw.com Stanford Telecom vipconsult.com stelhq.com streetlink.com stelhq.com DAVIC Defined www2.echo.lu Altaspec Communications Inc (company site) ispex.ca Information Provider Newsletter (No subscription needed) CellularVision's Fiber In The Sky dnai.com LMDS: The Giant Begins To Stir dnai.com Executive Summary - catch the Misc - FCC vote dnai.com Canada Awards 1GHz LMCS Licenses dnai.com Executive Summary - LogiMetrics, Inc? dnai.com An Update on CellularVision: Fast Internet, Panama, Philippines & Q3 1996 dnai.com Spike Does 2-Way Data over MMDS: An Interview (A word from the competition!) dnai.com LMDS...Still Waiting: FCC Prepares for LMDS Auctions dnai.com LMDS At Long Last: FCC Releases Rule dnai.com vipconsult.com (Check May 1997 issue - If you have a subscription) LMDS Spectrum Allocation - This came out of cyberspace! commlaw.com July 1996 Conference Agenda - (hit the "Wireless Broadband: ect" link & look at suppliers speaking at this meeting.) telestrat.com Meeting with interesting people & organizations ctr.columbia.edu Sierra Digital Communications (Announcement of LMDS Equipment provider) sierra-digital.com Two "New" products at Hanshin Electronics Division of Hanshin Machinery - LMDS Down Converter & Transmitter & Reciever Path for LMDS bora.dacom.co.kr Communications & Power Industries - See LMDS Product web pages under construction cpii.com Search/Management & Engineering Consultants - LMDS is a category by itself. ejdort.com Research papers (Colorado) ftp://ftp.univie.ac.at/archive/faq/wireless-cable lib.ox.ac.uk The Virtual Institute of Information (Columbia) ctr.columbia.edu From Virtual Institute of Information: LMDS and Broadband Local Networks for Asia ctr.columbia.edu 1995-2005 Trends in Television annenberg.nwu.edu Asensio & Company - Buy recommendation twoten.press.net Texas Instruments completes field trial of its LMDS system in Brazil ti.com 5/27/97 FCC Comissioner Speech Yesterday, Today, & Tomorrow fcc.gov 6/13/97 #2 Exec at AT&T quits forms new venture cnnfn.com Cable Modem Speed Information cabledatacomnews.com cabledatacomnews.com 6/10/97 Bossard Information boulder.nist.gov 6/10/97 Bossard Speaks in Denver (Son lives down the road) boulder.nist.gov 5/2/97 @news have to scan to Judson & internet news-ny.com CellularVision Canada - President speaks multimedia.edu 2/1/97 Wired News wired.com estimate 2/?/97 EE Times Newbrige, Siemans buy into wireless ATM techweb.cmp.com 6/3/97 Siemens / Newbridge MainstreetXpress 36170 Multiservices Switch Becomes First ATM Switch With Integral Wireless Capacity biz.yahoo.com 6/22/97 ATM Conference tticom.com 11/3/97 11th Annual Next Generation Networks Conference bcr.com No date - New Antennas for LMDS Cost-effective and durable andrew.com No Date - Expensive Research Paper strategisgroup.com No Date - LMDS Seen as having Bright Future In North America techweb.cmp.com No Date Bell Core paper includes LMDS bellcore.com 7/17/97 Stamford Telcom Demonstration of LMDS in Korea(Note DAVIC & ATM) biz.yahoo.com 6/2/97 Inventing the Internet Again forbes.com Block Buster Movies www8.zdnet.com 8/20&21/97 ICM Conferences, Telecommunications, Profiting from Wireless Cable & LMDS icmconferences.com US WaveLink - Another LMDS Company uswavelink.com uswavelink.com Welcome to Dudley Lab - Informative manufacturer dudleylab.com biz.yahoo.com biz.yahoo.com biz.yahoo.com 9/1/97 Brief Blurb on CVUS at bottom of page mediacentral.com 7/97 Interview Honovan - Suppliers & Tech vipconsult.com Server down article summary about potential looks good mm-tech.com 6/97 LMDS Ramblings of a communications writer boardwatch.com 4/96 Old long, but worth reading cedmagazine.com 10/97 Bandwidth Article - Judson states two capability available now byte.com Is this a more advanced LMDS system? uniquesys.com Another Equipment vender. bni.ca Looks like aa Asian supply vender to me. bora.dacom.co.kr

To: space cadet who wrote (1479)	3/11/1998 8:18:00 PM
From: Night Writer	Respond to of 2063

Can't forget Drew Smith's site on LMDS. Best place to start. In fact the links there are better then mine. Should have just sent you there in the first place. Also don't forget to look at cellularvision.com. NW ajs2.com

To: space cadet who wrote (1479)	3/11/1998 9:16:00 PM
From: Bernard Levy	Read Replies (3) \| Respond to of 2063

Hi space cadet: First of all, you need to realize that telecom companies should be evaluated differently from semiconductor and computer companies. Because the telecom field is capital intensive and infrastructure dependent, new telecom companies, such as Winstar, Teligent, Qwest, or even Loral typically lose money during the infrastructure buildout phase. Their valuations are based on the time-discounted value of all their future earnings. In other words, if everything goes well, they lose a lot of money for several years, and then make a lot more when their infrastructure is in place. The key difference between good and bad telecom companies is execution, which means: a) efficiency in building out their infrastructure both quickly and cheaply, and b) effectiveness in signing up new customers (this last element is very important). Concerning CVUs, WCII and TGNT, here are my views (I expect some of the regular posters will not completely agree): CVUS: The uncertainty here is that all CVUS investors are way ahead of the crowd (may be even too far ahead). It has started building out its infrastructure, but 2-way LMDS equipment has become available only recently. Right now CVUS needs the capital needed to build out its infrastructure, and it needs to execute much better in terms of signing up new customers for its Internet access services in Manhattan. We are all debating whether the current price is close to the bottom. I think it is, but others on the Yahoo thread may disagree. My advice would be to wait and buy on the open immediately after an announcement of Fleet's loan (or a loan from another financial institution) to CVUS. When this event occurs, I expect CVUS will go up and will never look back. WCII: It may be slightly overbought, so that it could retreat to the low 30's. However, it is not a short based on fundamentals. Because it is a prime acquisition target, shorts could have their heads handed to them in an instant. If WCII is not bought out, its stock price could well exceed $100 a few years from now (I prefer not to speculate on the timing). TGNT: Its valuation is excessive for its stage of development. I expect that some pessimism will creep in at some point. Also, it got its licenses under very shady circumstances. If some Congressional hearings were to be announced on this issue, it might be worth shorting it. However, be careful because TGNT is also a possible acquisition target. Finally, let me add LOR to your stock horizon. It purely a long term buy and hold play (it may be slightly overbought now). It is the closest thing to a sure bet in the telecom sector, but holders will need to wait about 4 or 5 years to see really high valuations (above $100). The quality of information available on SI on this stock is exceptional. Best regards, Bernard Levy