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To: Jamie who wrote (30)	4/9/1998 12:08:00 AM
From: Ally	Respond to of 512

Jamie, Thanks for your very informative summary. Checked out their website... very impressive! Good feeling about the stock. Have sent for an investor's package (mainly for the recent prospectus issued for the warrants). There's already enough infor for me to look deeper. Lots of +++++ , only -ve I see is the buy timing. Could be expensive due to recent broadcast of analyst's report. Very promising!!!! Thanks. regards, d

To: Jamie who wrote (30)	4/9/1998 2:18:00 PM
From: Jamie	Read Replies (1) \| Respond to of 512

To save Denise from again having to post, I think most of the posters here are missing the point of the thread. She has outlined her vision of the thread several times in her suggested framework for posting. The idea isn't to just throw names at her and expect her to research them, but instead present a case for the stock suggested with a least a minimum of research to back it up. I thought it was a great idea for a thread, certainly beating the too common "BUY <insert stock> NOW ITS GOING THROUGH THE ROOF!!!!!" type of discussion. I am beginning to think this thread is not going to work, and am surprised there has not been far more posts made offering real information on the stock, I also do not think she intends to cover the "spin the roulette wheel" tyoe of plays that are mainly being suggested, but is instead looking for the 1/1000 that has already attained at least some respectability. There must be some people on SI that have at least part of their portfolio in something they bought for reasons other than hype/rumour/momentum. And I'm quite certain she didn't intend to fill the thread with pitches from company insiders/ir reps.

To: Jamie who wrote (30)	4/10/1998 12:54:00 AM
From: Ally	Read Replies (1) \| Respond to of 512

Jamie, I've looked at Envoy's financial statements and here are my observations FWIW. Note, I haven't done a rigorous analysis or research, the points below are just my observations based on a cursory review of the financial statements and other information available on their web site. 1. Structured with many small separate companies (see the summary of significant accounting policies). Being in the advertising/media business, it is easy for staff to walk out and form their own creative companies. I don't know why it is structured with so many separate corporations.... doesn't create a comfortable feeling in me. 2. The company is now probably at what I call the "next plateau" where growth could be slower. Example, revenue growth in 1st quarter is 14% compared to 43% growth in fiscal 97 over 96. Lets see how 2nd quarter comes in. 3. Stock price of $4.60 is on rich side, probably because of recent publicity from analysts. Looks like it may earn 12 cents (fully diluted) this fiscal year: pe=38 compared to growth of 15%. Of course, above points are all debatable, however, my main concern is point 1. I'm also doubtful if this is a 2 bagger stock in 2 years time at today's price. May be more attractive when stock price corrects.