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Technology Stocks : Aware, Inc. - Hot or cold IPO? -- Ignore unavailable to you. Want to Upgrade?

To: Tan Nguyen who wrote (2926)	3/15/1998 11:36:00 AM
From: Ronald M. Moore	Read Replies (1) \| Respond to of 9236

From the Smart Money Article: "Revenue for last year was fairly dismal, and consensus estimates call for further losses this year. So Intel might want to bargain down the stock to get a fairer price than the recent $12 a share". "Given the prices of many of these stocks, it's likely Grove & Co. will wait for prices to go down before making any kind of a move." I think Intel might be shopping a little to late to acquire AWRE. Even if earnings are still depressed, everyone should not forget that this technology has yet to be ramped out on a wide scale basis. In My opinion, the phone companies require some sort of technology to compete with the cable modem co's and they had better start moving it in short order. BTW, what ever happened to the 50 salespersons? Ron

To: Tan Nguyen who wrote (2926)	3/15/1998 6:45:00 PM
From: flickerful	Read Replies (1) \| Respond to of 9236

tan....3coms would have to be first on my speculation hit list, now that cisco is apparently out of the market. no proof to back me up, mind you...

To: Tan Nguyen who wrote (2926)	3/15/1998 7:42:00 PM
From: Steve Morytko	Read Replies (2) \| Respond to of 9236

Something is not right with Aware IMHO. - What happened to the 50 sales people? Good question. - Where is the manufacturing facility or agreement? - Why no news lately? - CEO upsets xDSL players recently. - Relationship with ADI loosened significantly. Why? Very disturbing. - Virtually no deployment of Aware's solutions while other's are being implemented (but don't count them out). I'm beginning to think (as others have mentioned) that Aware has been buyout bait for quite some time now. Maybe there really are no plans to manufacture modems or hire a sales force to sell them. Aware has billed itself as a company with a lot of intellectual technology solutions. If that's the case, do they have the right management on board to manufacture and sell products. No established distribution channels, etc., etc. And all that should take a considerable amount of time to put in place. Is that kind of time available and do they have the capital? Sounds like perfect execution in a very small window which seems unlikely to me. Aware licensed their technology to a number of companies but little or nothing is showing up on the top or bottom line. It seems reasonable to think the situation won't improve significantly anytime soon nor do we know the terms of these agreements and how much income will be realized. However, for me the big question is why would someone buy Awre out when it would seem they could license Aware (or someone else's) technology and manufacture it in their own plants (3COM, Intel, LU, ...)? I don't pretend to know the answer. There may be very good reasons. But, do you suppose TXN could have made a mistake buying Amati? Maybe AWRE thought they had a lock on a significant portion of the xDSL market and that it would begin to pay off a lot sooner than it appears it may. Six months ago it sure seemed like xDSL was the clear solution. They may not have anticipated all the alternative solutions that actually are getting deployed (like USWest and MVL). Recently the CEO mentioned receiving direction from "the board". Now that sounds to me like there may be some problems deciding what to do. Obviously I'm not as optimistic about Aware's future as I once was. However, Aware may yet turn out to be a very good investment but I don't think it's a sure thing anymore. Steve