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Technology Stocks : ORFR-ORBIT/FR -- Ignore unavailable to you. Want to Upgrade?

To: Grantcw who wrote (414)	5/21/1998 10:48:00 PM
From: Doug (Htfd,CT)	Respond to of 475

Grant, ORFR has about $2.50/share cash, per Profile at Yahoo! Finance. That's hardly a "ton" as ORFR's only got 6 million shares out. Note that this transaction reported today (acq of Quantum Change/EMC Systems Inc.) was reported as "immaterial" for SEC purposes, so the terms were not disclosed. The PR leads me to suspect that they were particularly interested in getting the head fellow at Quantum Change, Michael Hart. In order to do so, they may have bought his little company in a tax-free stock swap, so that he may now hold a nice chunk of ORFR stock at a low basis in place of his illiquid share in Quantum Change. But I know nothing, and my suspicion may be unfounded. I've been impressed at how well ORFR has been supported at $10 the last few days. I've been accumulating, and suspect that as it grows, and its earnings become more smooth and predictable, it will get more discovered. Due to the thin float (only about 2 million shares out of 6 million out) and small daily volume (about 63 thousand shares per week) this may be a tough one for a fund to accumulate without driving the price of the issue before it. So, this interim bear market in wireless infrastructure may be a good time for us small fry to be accumulating it steadily at these attractive levels ($10/share today). That's what I'm doing. Doug (long ORFR)

To: Grantcw who wrote (414)	5/26/1998 9:49:00 AM
From: Louis Cornell	Respond to of 475

I think Orbit has enough cash to make another significant acquisition. They have good cash flow, but last quarter it was down along with revenues. Up this morning by the way to $11. regards, Louis

To: Grantcw who wrote (414)	5/28/1998 11:26:00 AM
From: Louis Cornell	Read Replies (2) \| Respond to of 475

Grant, I noticed a press release was issued yesterday appointing a dedicated CFO, who recently left Novacare. Since the company won't confirm the RDL acquisition has been completed, I can only assume this action was taken in response to continuing problems with the acquisition, and/or M&A complications beyond management's current abilities. Depending on your viewpoint you can view this both positively or negatively. Positive in that management acknowledges and responds to its weaknesses, and negative in that they didn't acknowledge the need for a CFO up front, since acquisitions are a major component of their growth strategy. Any thoughts? regards, Louis