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September 9, 2003
Volume VI, Issue 89

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URL : http://www.otcjournal.com
To OTC Journal Members:
Calypte Biomedical (OTC BB: CYPT)- The Hottest Stock on the Bulletin Board





I've gotten dozen of emails on Calypte Biomedical recently. Here are my comments on the hottest stock on the Bulletin Board today.

Calypte is the only company in the world with an FDA Approved test kit which uses urine instead of blood for HIV testing. The AIDS epidemic in third world countries represents an enormous market for their product, as it is far safer, more stable, and less expensive in the field.

As many of you know, I used to cover the company, but advised everyone to unload the stock last in March when I finally threw in the towel. As I recounted in the March 29th edition, I felt the company had outstanding technology but shareholders didn't have a chance until management stopped the endless flow of toxic financing, which created an excess supply of stock at a discount to the market no matter how low the market went.

In that edition I stated there were three possible events which could turn the stock around. The announcement of a non-toxic financing or partnership in the biotech industry was one of those events. Last week Calypte announced it had received a $10 million, non-toxic financing from an industry partner, and the stock has gone crazy ever since.

A look at a longer term chart easily leads one to the conclusion the stock was entitled to bounce back off ridiculously low levels. All the company had to do was quitting issuing shares at a discount to the market. As taken in context from when I first featured the stock in June of 2002, the stock has barely blipped up on the radar screen. During that time the company did a 30 for 1 reverse split. In order to regain the losses over the last 15 months, the stock would have to go to $13.

In the last quarterly earnings report, Calypte reported there were now 58 million shares issued and outstanding. With the additional financing, that number has undoubtedly grown into the 80 million share range. The stock is now trading at $1.15, suggesting the value of the company is rapidly approaching $100 million. Coincidentally, $100 million is almost exactly the amount that has been invested in the company.

The technology is awesome, but the market cap is a little rich when one considers the company only achieved $750,000 in sales last quarter. I would suggest this stock is a buy in the $.70 to $.85 range if it pulls back. Investors would be wise to keep an eye on the SEC filings. If you see any S-8 filings wherein the company is issuing free trading shares at a discount to the market to "consultants", you might watch for a return to the old pattern. If no such filings occur, this stock has virtually unlimited upside potential. In the $.75 to $.85 range I will probably buy some for my own account and look for $2 to $3.
CAM Commerce Systems (NASDAQ: CADA) - Quietly Sneaks to a New Multi Year High




Last week CAM Commerce Systems traded to a new multi year high of $6. I first reported on this company back in the February 28th edition, wherein I suggested you could buy a business enjoying $20 million in annual sales for next to nothing since the company had $3.50 per share in cash and no debt. At the time, shares were trading at $4.20. Last week's move to the $6 level yields a 43% gain in invested capital if you acted in the low $4's.

I like this stock for much higher levels. The stock is thinly traded, so it is not recommended for traders- it's a stealth stock for investors looking for value.

From a comparative analysis amongst industry competitors, the stock is trading at less than one times sales, as opposed to an industry average of close to two times sales (1.84x). At 1.84x sales for the trailing twelve months, the stock would be trading in the $10.00 to $11.00 range if it achieved the value the market awards to its competitors today.

The Company's balance sheet is equally compelling, with more than $11 million in cash, cash equivalents, and marketable securities, CAM has approximately $3.46 per share. On an earnings per share basis, CAM is poised for profitability, with little more than 3 million shares outstanding, every $300 thousand in profit is worth almost $.10 in EPS to the company.

CAM Commerce is in the middle of its seasonally busiest time. The company boast 10,000 retailers as customers, and many are beefing up their point of purchase systems for the Holiday season right now.

Furthermore, the company has evolved its business model and entered the credit card processing market wherein they get a transaction fee. This new market will bring a strong recurring revenue stream to the company during Holiday buying season and beyond.

The first six months got us from the low 4's to $6 and the first 40%. Look for the stock to move into the $8 to $12 range over the next six months. As of 8/21 Geoffrey Knapp, President and CEO, was still buying his company's stock in the open market.
Irvine Sensors (NASDAQ: IRSN) Delivers Improved Version of the Infrared Camera




Last Friday Irvine Sensors issued a press release revealing they had completed the development of their next generation infrared camera. This is one of the products Irvine Sensors is developing on the government's nickel, and has promise for use in homeland security applications and other military uses.

This little infrared camera, which isn't much bigger than the key to your front door, has multiple potential markets. Because it is so small and uses so little power, the military is experimenting with using the camera for night scopes on rifles. It reduces the weight of the weapon considerably.

The camera can also be placed at a remote location. It senses motion, and can transmit infrared images back to a monitoring station. It's ideal for remotely detecting intruders. The camera runs on a power source equivalent to a couple of AA batteries.

Irvine Sensors continues to prove they are the kings of small and powerful. They have developed the world's smallest computer, one of the world's smallest infrared cameras, and one of the world's most powerful stacked memory products.

Look for news of sales momentum for these products to put some life into the stock.

Here is the complete text of the news release for your review:


Press Release Source: Irvine Sensors Corporation
Irvine Sensors Delivers First Units of Improved Infrared Camera

Friday September 5, 9:17 am ET

Enhanced Version Now Available for Limited Production

COSTA MESA, Calif., Sept. 5 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN; Boston Stock Exchange: ISC) announced today that is has successfully developed and delivered the first units of an enhanced version of its miniaturized Cam-Noir® infrared camera. Irvine Sensors' proprietary infrared camera uses stacked memory chips that store pre- calibrated sensor performance characteristics for a wide range of expected operating temperatures. Such an approach avoids the necessity of cooling the infrared sensor, with corresponding reductions in camera volume, weight and power requirements, as well as allowing "instant-on" operation. Development of the enhanced camera was achieved with funding from several government agencies for a number of potential systems applications, ranging from weapons sights to surveillance. With the successful delivery of the initial units, Irvine Sensors is now focused on delivery of multiple units to project sponsors for testing. In addition to testing for various military applications, the enhanced camera will be tested for potential use as a hands- free, helmet-mounted sensor for firefighters.

"With this developmental success, we are now prepared to quote prices and schedules for limited production runs of this improved version of our infrared camera," said Robert G. Richards, Irvine Sensors' Chief Executive Officer. Potential customers are urged to contact Mike Zani, Director of Marketing, at [e-mail] for further information.

Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in research and development related to high density electronics, miniaturized sensors and cameras, optical interconnection technology, high speed routers, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the potential application for and success of our Cam-Noir technology and speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, general economic and political conditions and specific conditions in the markets we address, including our ability to further enhance our camera product to meet current and future requirements of potential military and commercial customers; our ability to successfully commercialize that product; our ability to raise additional capital; our ability to negotiate appropriate strategic relationships; our ability to control costs and expenses; and the general economic slowdown in the technology sector and semiconductor industry. Further information on Irvine Sensors Corporation, including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our other SEC filings that are available through the SEC's website ( www.sec.gov ).

Cam-Noir is a registered trademark of Irvine Sensors Corporation.

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Source: Irvine Sensors Corporation




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