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Imaging Technologies (ITEC - trades regular Nasdaq not a BB company) presents a classic turnaround story with all the right ingredients and an "INTERNET TWIST". Shares came down from a 52 week high of around $5 to a low of $0.25 due to major Asian problems and year-end selling. Two of their largest customers in Korea went BK, and the company had to write off large receivables. This forced them to limit production and lose business. In response the company has restructured by reducing personnel, reducing debt, raising equity, divesting lower margin businesses, and bringing in new management. The Company should conservatively exceed $45 million in sales next year. There are only 13 million shares out and 5.5 million in the float. Trading at about 30% of sales whereas their competitors trade at 1.1 to as high as 3.3x sales. (PRLS) (SPLH) (XION) Based on the turnaround this should be a $5 stock in the near term and with the company's new INTERNET DIVISION, who knows where the top is. Can anyone say e commerce. Stock is starting to trade up on increasing volume. It seems this the begining of the ride. | ||||||||||||||
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