| An SI Board Since March 1996 |
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CLEA |
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I initiated some research in this company and talked to Craig at investor relations 1-800-950-CLEA.
They make vacume cleaning equipment for the chip making industry. This market is of interest since it has possibilities for sales in new plants as well as replacement in current plants for chemical cleaning equipment. Note: article in new york times yesterday with employee illness (critical) from working with chemical cleaning equipment in the industry.
Craig said they have a current backlog of $2.5 million and on the high end for the year could reach $10 million. Their current customer base includes AMD, DEC, Dupont and Delco. Currently they are working with 3M. He also expects to be profitable this year and the company is not carrying any long term debt. They have completed financing arrangements to meet operational requirements. Customers in this industry make a down payment with equipment orders which covers subassembly procurement and make progress payments, which help to keep operational financing low.
They do have proprietary technology in the area of vacume cleaning equipment. There are other companies making vacume cleaning equipment for the chip industry so will have to research this further to see what the competitive advantage is with CLEA's equipment. This cleaning equipment also has other uses than just the chip industry.
There are 25 million shares authorized, 6 million outstanding and about 2 million float. Craig felt the float is drying up.
BTW, this is not a recommendation to buy - just information.
Joan Graffius
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