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Zeev Hed

08/22/02 4:46 PM

#18568 RE: UBGreen #18561

Yes, but it is not a "normal double position", it is too difficult to accumulate, my average price is $2.77 still under water, and will add more if it drops under $2 again. But, that is a value play, the company is doing extremely well in view of the tech wreck, and they are buying back modest amounts of the stock in the open market (one of the rare cases where I agee, since they are buying here under book). I think that they are authorized to buy another $1.5 MM, at current prices that would be 750,000 shares, or 20% of the shares outstanding. Even if they have to borrow that money and increase the debt level by less than 3.5%, it sure makes sense. Their debt is not even covering accounts receivable and has come down almost 50% in the last year, an outstanding job of cash management. One of these days, the street will discover them, and if it goes to just twice book (a clean book for that matter, no good will) you are looking at $10 per share.

Zeev