To: P.E. Allen who wrote (7995 ) 5/4/1999 3:02:00 PM From: Michael L. Bland Respond to of 52051
TLTG....TLTG now at 5 1/2 x 5 3/4 currently recovering from a big shake today....still down 7/8 from yesterday's close after reaching a high today of 7 1/4 .......Good recommendation today! Bryn Mawr Investment Group, Inc. Teltran International, Inc. (TLTG) April 30, 1999 STRONG BUY Teltran International, Inc. provides a web portal (Teltran.com) that is informative and user friendly. What makes Teltran's portal stand out from other home pages and web portals on the Internet, is the availability of free real time quotes for individuals who follow the equity markets. Teltran provides a number of Internet-related services via its web portal including such services as web hosting and web page publishing. There are many other companies on the Internet that provide portals with similar services as Teltran.com, yet Teltran is not your normal web portal nor is Teltran your normal Internet company. Teltran is actually a telecommunications company that provides services over the Internet. Teltran also provides international long distance resale, domestic long distance resale, prepaid calling cards, enhanced fax services and advanced global messaging. All very useful services that position Teltran in a different tier compared to other web portals and we still have not discussed Teltran's real value, and that is Internet Telephony. Teltran has established a relationship with OzEmail Interline for making telephone calls across private IP networks from touch-tone phones. This is made possible through the Teltran VoIP (Voice over Internet Protocol) Service. Teltran is initially targeting the North American Carrier market to enable the Carrier's customers to place calls directly over IP networks. Teltran is one of only fifteen affiliates worldwide marketing the VoIP network of OzEmail Interline. Licensed by the FCC as a global facilities-based common carrier, Teltran's vision is to penetrate the worldwide Internet and telecommunications marketplace and become a recognized leader in Internet Telephony. Teltran forecast its 1999 revenues at $30 million or $.30 per share. In March of 1999 Teltran filed a form 10-SB and has started making election on Section 12G with the Securities and Exchange Commission under the Securities Exchange Act of 1934. Teltran has also filed audited financial statements, and expects to become a fully reporting company in the near future. Even though Teltran had slightly under $1 million in revenue last year, we believe that the company's 10K revenue numbers at the end of fiscal year 1999 will be 20 percent higher than Teltran's current 1999 projection of $30 million in annual revenue. We have estimated an intermediate, 6-month price target of $12.50 per share and 12-month, long-term target of $21.00 per share. Teltran has signed several contracts with Telecom Carriers to provide Teltran VoIP Service. CEO Byron R. Lerner has projected a $250 million revenue figure for 2001, with incremental year-on-year growth, as a "figure we could achieve if we are successful in implementing our US business plan and in opening affiliate locations for Teltran VoIP Service in other parts of the world." With Internet companies trading at multiples that can be difficult to justify by their current revenue levels, it is an even harder task to find real value in the Internet sector. Teltran has huge upside potential near-term for Internet speculators. That is why we are initiating coverage of Teltran International, Inc. (TLTG), with a strong buy. We encourage investors to check out the website: www.teltran.com read the press releases and get a handle on Teltran's potential. We are sure you will be as impressed as we were. Management is very focused and driven to achieve their goals in Internet Telephony. Teltran International is headquartered in New York City. To receive additional information on the company call investor relations, 1-888-TELTRAN. Teltran International, Inc. Thursday, April 30, 1999 Closing Price: 5.50