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Microcap & Penny Stocks : Bentley Pharmaceuticals (BNT) -- Ignore unavailable to you. Want to Upgrade?

To: KIRK JONES who wrote (11)	4/3/1998 2:25:00 PM
From: Roger Greene	Read Replies (1) \| Respond to of 17

Kirk: Your points are well taken. I have a slightly different perspective. First, I'm not worried about the company running out of cash anytime soon. On an annual basis, the loss was substantial, but most of the problem came from the now sold French unit. If you look at the March 31 announcement, the loss from operations in the most recent quarter was $545,000. (There was an additional provision for taxes, but that will not be a recurring item.) Cash on hand is $11,117,000. I don't think you have to worry about cash. My concern about the March 31 announcement is simply that this deal is taking an extraordinarily long time. I don't care how complicated it is by cross-border issues. The deal was announced last July, and there still is no definitive agreement. It will be difficult for the average investor to develop confidence in management if this continues to drag on for a long time. Other companies have completed more complicated deals in much shorter time frames. Maybe there is an explanation, but none has been offered. Even the December earnings announcement came out on the last possible date. Its nice to have a strong balance sheet, but I think many otherwise interested investors will not jump in until there is a sign that management can finish its tasks in a reasonable time frame. On the positive side, the press release hinted at "other potentially significant business developments currently in progress" that would be viewed favorably. But again, who knows how far away these developments are.