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Technology Stocks : PUMA Technology -- Ignore unavailable to you. Want to Upgrade?

To: Ed Frye who wrote (283)	5/22/1998 12:10:00 AM
From: JAG	Read Replies (1) \| Respond to of 851

Prior to several days ago, I was one of the handful (less than 5) posting on Puma. Have followed the stock for about a year now. This is my third conference call. I've made unbelievable returns in the stock market, but normally do not hold a stock longer than 90 days. I've held this one for 9 months now. If you did not listen to the conference call, please, please, listen to the replay. Brad Rowe is wired. He is the right man, at the right place, at the right time. Good job in the call Brad. He will be to small device wireless data exchange (a huge future industry) what Bill Gates has been to operating systems. In the call, Brad one stated "there is a reason that Puma is the only software company in Bluetooth with the top 20 hardware companys. Brad Rowe stated that Puma has established itself as the leader in small device data synchronization with the majors, Intel, IBM, Nokia, Palm, Toshiba, Erickson, etc., etc. Brad Rowe discussed the company's upcoming Intellisync server product and noted that possible joints efforts/support may be forthcoming with Microsoft and IBM. He also stated that because of agreements with Bluetooth partners, Puma has been limited as to what it can say about Bluetooth. I also know from a prior news article that Microsoft is not a part of Bluetooth because they demanded that they retain patent rights and Bluetooth would not allow this. (Did you here the question one analyst asked: Is IBM or Nokia offering to buy Puma? Why would he ask that question and specfically name IBM or Nokia). One thing that is very interesting about Puma is the level of gross margins. Incredible. Yes, the PE looks high, however how many companies do you know that spend 40% of revenue on R&D for the future. What would the PE be if you used standard industry of 20%? These high R&D expenditures were to allow Puma to support OEMs for intitial devices. This has paid off big time as every major OEM now turns to Puma for the expertise. Another important fact, large corporations are turning and will continue to turn to Puma for small device sychronization support and Puma's server product will futher this trend. Now that Puma has establhed itself as the expert with major OEMs, it has a developer toolkit that allows the OEM to support their device. This will lower R&D for Puma. Also the company has invested heavily in automated testing, this will bring down R&D and time to market with new product. In the call Brad Rowe stated that Internet companies are are suddenly very interested in Puma because of the possiblity of use the Internet for the connectivity with respect to personal information managers. This will require synchronization/data exchange expertise. Mr. Rowe stated that these Internet companies see that Puma has that expertise. Mr. Rowe stated that Bluetooth devices may be expected to market in early 1999.