Invicta Group Inc. (fka IVGA)

[zettler34]

This is what I received today from Mr. Arms:

Of course that .05 "fair value" estimate is based on the outstanding
shares or financial structure at the time of our report, which was a
tick over 171 million. It gave the Company a market cap of $8.5
million, not unreasonable based on the market cap, revenues, cash flow
of similar companies, i.e. Travel Zoo. If the shares outstanding
increases, I possible would adjust that estimate.

Either way, the stock is undervalued at .002, .003 & .01 for that
matter. The Company hit a few bumps, but strong management and some
very timely web-based businesses may help it through to growth.

Call me sometime.

Andy Arms
Investor Services
Equitilink L.L.C
La Jolla, Calif.
858-824-1940 local
877-788-1940 toll-free
[e-mail]



/-----Original Message-----
//Sent: Thursday, July 28, 2005 10:11 AM
/To: '[e-mail]'
/Subject: IVGA
/
/
/Andy,
/
/ Noticed that IVGA is up rather dramatically in the past
/few days. Do you still stand by the .1 estimate or have you
/since then revised up or down?
/
/
/Sincerely,
/
/Jeff
/