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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies -- Ignore unavailable to you. Want to Upgrade?

To: MrThesp who wrote (61878)	3/16/1999 5:55:00 AM
From: Kimberly Lee	Read Replies (1) \| Respond to of 119973

PWCC owns only 8.4% of FLAS after the IPO, not 1/3 as you suggested. From Briefing: 15:05 ET ****** FLASHNET COMMUNICATIONS INC (FLAS): The market for Internet access appears to be booming in Fort Worth, TX; at least based on the number of IPOs the area has been sending to the secondary market. When Flashnet Communications completes its initial public offering later this week, it will become one of two Internet access providers from the Fort Worth area to have come public over the past three months. The 3 million share offering of FlashNet Communications is being led by BB Robertson Stephens and is expected to price between $12 and $14 a share. Based on the high-end of the proposed range, FLAS would sport a market capitalization of $188 million and a Price/Sales ratio (trailing 12-months) of 6.99. Financials: For fiscal year 1998, the company reported revenue of $26.89 million, up 53% from the year-ago. Flashnet's net loss widened from $10.97 million ($2.15 per share) to $13 million ($2.36 per share). FLAS is one of the few Internet access providers that employs a network marketing program. For the year ended December 31, 1998, approximately 25% of its new subscribers were obtained through the network marketing program. Beneficial Ownership: At the conclusion of the offering, Ascend Communications (ASND 79 1/2 +1 5/16) will hold a 1.36 million or 9.2% stake in the company and Point West Capital (PWCC 17 15/16 +2 3/8), via its Fourteen Hill Capital unit, will own 1.12 million shares or 8.4%.