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To: Trader$Rader who wrote (7388)	12/19/1998 1:45:00 PM
From: Mr Metals	Read Replies (1) \| Respond to of 8835

I like MCF better. Microforum Undervalued, Canaccord sets $3/sh Target December 18, 1998 Company: Microforum [MCF:TSE] Symbol: MCF Exchange: Toronto Price: 1.190 ($C) This morning Canaccord Capital publicly released a BUY recommendation on Microforum with a target of $3.00/sh. In last Friday's Daily Bulletin, the Insider Group reported that "an internal recommendation has begun circulating through a major Canadian brokerage house (with) a target price of more than double the current price, based on a very conservative multiple of 1999 revenues", suggesting at that time that, "such internal documents are often the precursor to a public recommendation". The entire recommendation is available at the Canaccord website (http://www.canaccord.com/). Summarizing the research report Canaccord notes, "The North American marketing and communications industry is currently trading at a P/S multiple of 6.6. Taking (MCF's) deeply discounted P/S of 2 and a TTM revenues of $15.9M ($0.90/share), we have a six-month target price of $1.80. Looking forward, based on our forecasted revenues of 26.1M for f99 ($1.49/share), we have a 12-month target of $3.00. MCF is a BUY." For those who have not been following the MCF story with us you may refer to Part III of our research report on the company, in addition to the various notes published in the Insider Report Daily Bulletins. In summary, Microforum has evolved from a conventional software publisher into an integrated Internet applications and marketing services corporation positioning itself at the forefront of the burgeoning E-Commerce industry. Microforum offers a broad range of products starting from basic Internet presence support services (websites, email, intranets, etc.) to full- featured turnkey Electronic-Commerce applications. What makes Microforum unique, however, is that, in addition to the low-level software and hardware tools they provide, the company also offers in-house creative design and marketing services thereby supporting all stages of a project from conception through to the distribution. MCF's client list features names like Bell Canada, Brother, Canon, Converse, Ford, Home Depot, Sears, Sony, Sprint and Yamaha. Insider Group Insider Report By The Insider Group insider@stockhouse.com ©1998 Insider Report. ALL RIGHTS RESERVED. • Disclaimer The information presented in the Insider Report & E-mail Bulletins is not an offer to buy or sell securities referred to herein. The Insider Group is an indefinable group which distributes opinions to those who wish to read them. The Insider Group are not registered financial advisors. Because a stock is being featured in the Insider Report does not mean that members of the Insider Group are buying or selling the stock as well. Members, associates and friends of the Insider Report are free to act as they wish and may actually be buying or selling stock which is mentioned in the report. Since the Insider Group consists of thousands of contributors world-wide, the Insider Report cannot verify or guarantee that any or some of the contributors are not receiving compensation in any form for their contribution. This is a daily financial gossip column, strictly for information purposes. In no way does the Insider Report purport to make recommendations on any stock and do not pretend to be registered financial analysts and in no way is the information contained herein to be considered factual or complete. Investors are urged to obtain complete financial and other information directly from the company as the Insider Report is not liable for any investment decision made. All companies mentioned in these documents are to be considered extremely speculative and risky investments. © Copyright StockHouse Online Journal \| Disclaimer MM

To: Trader$Rader who wrote (7388)	12/19/1998 1:47:00 PM
From: Mr Metals	Respond to of 8835

ONE MORE. Microforum [MCF:TSE] -- Canaccord Buy Recommendation As per our morning email alert (click here to view), MCF got a solid vote of confidence today when Canaccord Capital issued a buy recommendation on MCF shares with a 12-month target price of $3.00/sh. The analyst responsible for the recommendation was very conservative in establishing his target given that he used a P/S multiple of less than one-third the industry average. We are happy to see that interest in MCF is spreading beyond the Insider Group and out into the more traditional channels. The Canaccord report is available through their website (http://www.canaccord.com) to clients and trial subscribers. MCF's close today at $1.19 on volume of 545,000 puts it at its short-term support level (actually a penny below) as defined by the ten-day EMA. While this alone does not set off any serious technical alarm bells, next week's trading will obviously be critical, and it is difficult to make a confident forecast as we approach the holiday period when investor attention is drawn away from the markets. Beyond short-term technical trading considerations, however, it should be becoming clearer why 1999 will be a super year for Microforum and its shareholders. MM