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Zeev Hed

03/30/03 6:41 PM

#92171 RE: mainehiker #92167

At least "insiders" are buying, but insiders are also buying VLNC a company with very similar problems, promising technology but no financial backbone to get it to market. They are both "graduated start up" companies, they probably went public much too early. Though, without both of these wasting about the same $350/$400 MM of OPM, they would not be around anymore. When I see a company or a technology going through that much money and through such a long time (both much more than 10/15 years) , I get the feeling that something is wrong basically with the company, the management, the technology, or throth. I am involved with few start ups myself, of the five that are still afloat, one is already public, two other are positive cash flow (and don't want to go public....), so I don't worry, another, like BPUR, is in the medical field and has gone through about $25 MM so far (still not public) and another one went through about $4 MM over about 4 years or so, but they have a real big technology by its tail, the verdict on that one is still to be decided. They can be huge, or they can die (all depending on how smart they are at getting their funding). The Medical outfit that has gone through about $25 MM, who knows, it will probably be a "dud". But these two, BPUR and VLNC have gone through so much money it is just unbelievable and I have rarely seen these kind of companies becoming successful again (too much blood (money) has been drained.

Zeev