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Technology Stocks : SEEC, Inc. (SEEC) -- Ignore unavailable to you. Want to Upgrade?

To: John Sikora who wrote (294)	5/21/1998 6:44:00 PM
From: Ron Sirch	Respond to of 1031

All: More to come from Wainwright report later but I'm off to Boston for a dinner right now. Questions? Ron Sirch

To: John Sikora who wrote (294)	5/22/1998 1:23:00 AM
From: Ron Sirch	Respond to of 1031

Wainwright/Arnold BUY Report: Post #3 Strategic Relationships: "This is just a test." << "During the fourth quarter, SEEC formally announced its entry into a strategic relationship with Mercury Interactive Corp., an industry leading provider of client/server testing software, to jointly provide a comprehensive Year 2000 testing solution to the market known as AccuTest. Well received by initial customers, AccuTest is being marketed as a Year 2000 testing solution, however, the technology is equally applicable in addressing the ongoing testing needs of MIS professionals. The Year 2000 has stimulated demand from organizations to establish the comprehensive software testing capabilities and infrastructure necessary in future maintenance and re-engineering projects, providing the potential for a strong post-2000, follow-on testing market. The release of AccuTest provides, not only a significant distribution channel through Mercury Interactive, which SEEC will leverage, but also an opportunity for SEEC to develop a non-Y2K customer base today. Because AccuTest is built upon the same platform that will support many of the company's post-2000 product rollouts, Cobol Slicer, there is a high probability that customers who purchase AccuTest will also purchase front-end technology for non-Y2K application in the future." >> Conclusion << "SEEC added approximately $700,000 in revenue in the fourth quarter versus the previous quarter. As the company continues to build its distribution network and gain share in growing markets (foreign and domestic), we anticipate significant sales and earnings growth. SEEC has proven its ability to release pertinent new product offerings in line with emerging market demand, and we believe that management has the vision and understanding of its target markets and customer needs to continue to do so. We are confident in the company's ability to achieve our estimated secular revenue growth estimate of 35% and STRONGLY recommend the purchase of SEEC shares with a 12-month target of $23, based upon a multiple of 35 times our projected EPS for the next four quarters ($0.65). Furthermore, we believe that there is SIGNIFICANT UPSIDE to our projections. The company's target markets are growing rapidly, and SEEC continues to increase exposure to such markets, a trend, which we believe will continue for the foreseeable future." >> (Cap emphasis added)