IVP Technology (Tall)

[Bobwins]

Due to recent acquisitions, tall.ob has become profitable. While the share count is high, issuance should stop now that they are profitable. Company plans to do a reverse merger, also not normally applauded, after several profitable quarters to reduce outstanding shares.

The company has some big customers in Europe and US for their software to allow access to old mainframe data thru internet. Sales/profits growing rapidly. Based on last two qtrs, fwd p/e looks to be in the 5 range.

PR regarding health and resignation of CEO was unfortunate but need more info on profitability. They had guided for .005eps for 2004. Doesn't appear they made it, although they appear close. Need to find out if profits are just delayed or if some deals have fallen thru.

Bobwins