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Whisper Stocks
Ted Melcher, Editor
info@marketdigestonline.com
850-267-9432
MarketDigestOnline.com
Market Digest Online, Inc.

SPECIAL NOTE: The Whisper Stock commentary below is from October 1, 1999.....

MICROSTRATEGY INC: (MSTR) $56 1/16 Up $6 5/8 and traded on the Nasdaq Stock Exchange..... This stock hit our radar screen yesterday as the result of making a strong technical breakout and setting a new 52 week high. Let's buy the January 50 call options. Here's the story..... Microstrategy sells business intelligence software - programs that analyze in-house databases, helping large corporations make sense of heaps of complex data. Clients include K-Mart and Nike. Worldwide sales of business intelligence software climbed almost 40% to $2.4 billion last year. It's a huge market which could ultimately carry this company;s revenue past the $1 billion mark and if the company continues its current rapid growth rate, the $1 billion number would be here in just four years. Microstrategy's revenue has climbed at a staggering 111% average clip, from $4.1 million in 1993 to $106.4 million last year. The company believes it will eventually be a $10 billion company, and if that's the case, this stock has a long way to go on the upside. Last February, Microstrategy added an e-commerce unit to its business intelligence operations, and the unit quickly inked some of the largest deals in the company's history. The new unit combines Microstrategy's data analysis skills with communications technology. For example, it provides Blockbuster Inc. with tools to delve into its customer database of 60 million names. The programs pinpoint individual spending habits, preferences and trends. Then they send voice or text messages to customers via phone, 3-mail, fax or pager to announce promotions, concerts or new products.

Ameritrade Holding Corp. is using Microstrategy's e-commerce tools to give subscribers 24-hour wireless trading services and stock updates. GE Capital Fleet Services is placing pagers in its rental cars; the program signals drivers when auto service is due. In June, Microstrategy took another step by offering similar services to consumers through its Strategy.com Web site. The business and consumer markets require similar technology, both need looks that can muscle through multiple data-rich questions. The company also syndicates its services to other Web providers. Sites using its services include USAToday.com, WashingtonPost.com, Earthlink and Nasdaq.com. The Nasdaq site handles 3 million portfolios. But Nasdaq doesn't have the ability to send a wireless message or call you on the phone when your portfolio shifts. Microstrategy provides just that kind of intelligent communication. Microstrategy's new business units are chalking up big numbers. E-business accounts for 30% of revenue, up from nothing just six months ago!! In the second quarter, total revenue jumped 92% to $45.6 million. Earnings climbed 167% to 8 cents a share. Analysts expect earnings to rise 100% to 32 cents this year and 53% to 49 cents in 2000

The most recent contract came this week when the company announced that First Call Corp. will use MicroStrategy's platform to enhance FIRST CALL Insight, a feedback and competitive intelligence tool for more than 600 brokerage firms that contribute investment research to First Call. First Call is the leading distributor of investment research to the global financial community. In addition to knowing which institutional money management firms are reading their reports, the new MicroStrategy-based application will enable brokerage firms to generate more customized and detailed reports at both the firm and analyst levels, based on their coverage of specific companies, industries, and/or regions. The resulting insight will enable brokerage firms to better tailor their research for their customers, which in turn will reduce the amount of nonessential research institutional money managers receive. The enhanced version of FIRST CALL Insight is expected to be available in the summer of 2000. Users, including brokers, research directors, analysts and sales people, will continue to access the service via the Web at www.firstcall.com. With MicroStrategy, First Call's contributing brokerage firms will be able to generate detailed and customized reports to better tailor their research for their institutional customers. They also will be able to use the reports to compare the readership of their research reports and analysts, based on customized criteria of their choice, to the readership of their competitors' reports.

Prior to this contract with First Call, Microstrategy's three largest e-commerce contracts came in at $5 million. In business intelligence software, $500,000 is considered a big deal. While no numbers were given on the amount of the First Call contract, we guess it's also in the millions. In a few of our past recs, we've used the term "nobrainer." We'll use it again with Microstrategy. In our opinion, this stock is a "nobrainer," and is destined to trade considerably higher. One can only be impressed with the strength this stock demonstrated yesterday in a stock market which is seeing very few new daily highs in stocks. Yesterday's close of $55 was a strong technical breakout, which should take this stock into the $70's in the near term. We believe the best way to play this one is to purchase long term, in-the-money stock options. Let's buy the January 50 Call Options (EOQAJ), which closed yesterday at $13 3/8 - $14. Hopefully, we’ll get a pullback in the stock today so these options can be purchased in the $11 - $12 range.

AUDIOVOX: (VOX) $17 3/8 Up 1/4 and traded on the American Stock Exchange.... Here's one which has performed extremely well since our initial recommendation on May 18 at $7 7/16 a share. The chart looks great, and the stock continues to inch its way to higher price levels. It closed yesterday just a fraction off its 52 week high of $17 7/8. A technical breakout occurs with a close of $18, which will take the stock to the low $20's. Audiovox is located in Hayppauge, NY and is a marketer of wireless phones and automotive electronics. The company did not win any fans for misjudging the rapid shift from analog to digital phones, as it was forced to write off $6 million worth of inventory the first part of the year. Since then, however, the stock has been continually on the rise, setting new 52 week highs. The company has contracts to sell private label/cobranded phones to regional companies like the Bells. These contracts should account for 55% of Audiovox revenues this year. The company's automotive electronics division, which accounts for 22% of sales, was hit hard last year because a large part of its business is done in emerging markets. This, however, is turning around for Audiovox.

What excited us from the very beginning about this company is what we believe is the most promising automotive product in years in its mobile video system that can be installed in a minivan for viewers in the rear seats. These units retail for between $1,000 and $2,000 (including installation). Sales from the units are predicted to hit $20 million this year and you can already get one preinstalled in the Nissan Quest minivan. The company has already surprised us, earning 81 cents the last 12 months when we had forecasted 63 cents. Our forecast for next year was 73 cents but this will more than likely top the $1 per share level, which still gives us a multiple on next year's projected earnings of only 17. The company has extended its supply agreement with Nissan North America, Inc. to supply its ''EZ Fit'' center entertainment console for Nissan's four-door Quest minivan through the 1999 model year. The entertainment console consists of a five-inch LCD television and videocassette playback unit. The EZ Fit entertainment console also includes a wireless remote control, 4-inch built-in speaker, built-in antenna, two headphone jacks, two audio / video input jacks for games or a camcorder and an integrated drink holder. Customers who buy or lease a 1999 Nissan Quest will receive the ''EZ Fit'' entertainment console at no cost. Audiovox will continue to ship its system directly to each purchaser, along with a free installation certificate redeemable at any of the nearly 500 Audiovox authorized Mobile video dealers.

The most recent news came just this week when Audiovox announced the introduction of its first Internet related products, the MP DJ (TM) Series of MP3 Player/Recorders. The MPDJ series allows users to download CD quality music and audio from the Internet onto a compact player that fits in the palm of your hand, and has no moving parts. MP3 technology lets users download any of the several hundred thousand song files posted online and customize song play lists from personal CD collections. MP3 utilizes a compression technology that reduces music files to 12 times less than full size. The Audiovox MP 1000 features a 32 megabyte embedded flash card that allows for approximately 40-60 minutes of music. It has a large, 12-character LCD display with 3-line function / title readout. The MP 1000 also comes with a built-in multi media card port for an additional, optional removable 32 megabyte MMC card, complete software and parallel port cable, high efficiency earbuds and a leather carrying case. The MP 1000 is Windows 95/98 compatible. Suggested retail price is $179.95. The MP 2000 features a 64-megabyte embedded flash card that has a capacity to hold approximately 100 minutes of music and can take an additional, optional removable 32-megabyte flash card. The MP 2000 is Windows 95 compatible. The scheduled introduction of this product is early December 1999. Suggested retail price is $239.00. The high-end MP 3000 offers users the same options and accessories as the MP 2000, however its capacity is a 64-megabyte embedded flash card with the capacity to hold approximately 100 minutes of music and contains a port for an additional, optional 64-megabyte removable flash card. The MP 3000 will also have FM and personal digital recording (PDR) capabilities. It will be Windows 95/98 or Macintosh compatible as well as usable through a Universal Serial Bus port (USB). The company anticipates product introduction of the MP 3000 will take place in December 1999. Suggested retail is $279.00. Sounds like another "nobranier" to us for much higher price levels. Based on current valuation, we continue to rate the stock a Strong Buy.

COVANCE INC.: (CVD) $9 11/16 Up 9/16 and traded on the New York Stock Exchange.... This stock appears to have hit bottom and is ready to move to the upside. CVD is a contract research organization providing integrated product development services to biotechnology, pharmaceutical and medical device industries. We're hearing rumors of positive fundamental developments, which could include brokerage buy ratings and institutional accumulation. Recent weakness in the stock is attributed to an earnings warning by the company stating that third quarter and full 1999 earnings would be below analyst estimates because of revenue shortfalls in its business that carries out Phase III clinical trials for drug makers and in its central laboratory. However, the company has recently announced that it will be buying back 3 million of its shares in the open market, obviously believing that its shares are undervalued.



Options, Futures, OEX
Dave Norton
nortdav1@cox-internet.com
(870) 425-7720
Futures Fast Track

SPECIAL NOTE: The commentary below is from October 1, 1999....

RAINMAKER CORPORATION MARKET NEWSLETTER - (800) 746-7938: "Priming the Pump" Put/Call ratio 116/56; 107 Oex. Market appears to have put in a significant low as of yesterday. A close over 1308.50 brings on the cavalry.

Expansions: Dji 10,388 10,410 10,504; Spz 1,310 1,323 1,332; Oex 688, 700, 710

OEXJT (Oct 700 calls) "Ready to Rumble"

FUTURES FAST TRACK - (414) 351-1992 INDEX: SPZ closed higher as expected and now we come to the acid test on Friday. Three up daily timing argues for a lower close, so a higher open will set the stage for failure. Consider a day trade on the short side of SPZ.

WARNING: These observations and comments are a distillate of a mostly daily review of the internal condition of selected markets, and do not constitute a solicitation for business. We make these findings available to corporate as well as individual clients. This material is intended solely for the use (and entertainment at times) of the aforementioned, who are presumed to be fully aware of the risks of trading derivative products. However, if the reader is uncertain about the extent of these risks, then perhaps the following additional information and disclosure is appropriate: 1)Trading derivatives may result in the loss of home, reputation and all worldly possessions; 2) Marital stress can develop during and after trading; 3) This activity may result in the development of deep psychological and emotional problems, which could lead to long stays in hospitals and mental institutions; 4) Under the pressure caused by trading, the emotional and financial stress could cause a person to contemplate personal destructive behavior.



The Buy, Sell, or Hold Co
Stephen K. Vosko
cv@vosko.com
www.buysellorhold.com
The Buy, Sell or Hold Co.

SPECIAL NOTE: The commentary below is from October 5, 1999....

The market appears to want to believe that the Federal Reserve Bank governors will do the right thing for the economy tomorrow. The market had a broad based rally led by tech issues. Oils were the markets largest drag. The buying continued into the futures slightly later close. The S&P 500 futures closed at a premium of 14.30 points over the cash S&P 500 close. Fair value is about 11.60. If that premium can be maintained into the open it would be a positive. Micron Technologies (MU) was a leader all day, rising $4 7/8 during the normal session leading into the company's earnings release after the close. Micron did not disappoint. They lost $0.07 a share for the quarter but estimates were for an $0.18 loss; the result cut the loss by more than half. On Instinet, the stock was trading higher. If this enheartening chip sector news can spread to market leaders such as Intel (INTC), the morning session could have some leadership. Ford (F) also had an interesting press release after the close. They announced virtually flat overall September sales and small declines in domestic cars and trucks. On the surface, this could indicate a slowing in the economy. That could be a dangerous misread. Ford met analysts expectations and has given bullish guidance on the quarter.

The reason that Ford has not been able to show unit growth is that it is virtually at production capacity for its most successful and profitable models. They sell every Expedition, their hot large SUV, that they can make. That starts to smack of supply constraints potentially fueling inflation. Luckily, there is still plenty of competition in the car and truck market to help keep prices in check. Possibly the most difficult result for the markets would be no rate change but a bias towards tightening. Then the markets would fret every major economic number such as the employment levels on Friday to see if the Fed might move. The distress will continue right into the mid-November FOMC meeting. Either a rate move or a clearer indication such as no change; neutral with comments that that economy appears to be slowing sufficiently to allow them a stable outlook. Once the markets get past October, it usually rallies into what is normally a strong 4th quarter. Confidence that the markets will not be upset by a rate increase should work as support for that rally.

The Usual Big Disclaimer..... This report is for informational purposes only. Investment decisions should not be made based on this newsletter alone. This report is not an offer to sell or a solicitation of an offer to buy any security. The information contained in this report has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions expressed are subject to change without notice. This newsletter and/or its associated individuals may, from time to time, own or have positions in the securities discussed herein and are not acting as registered investment advisors.



From the House
Various Wall Street Professionals
MarketDigestOnline.com
Market Digest Online, Inc.

MARKET OPINION: The opinions run on and on. This stock is bound to tank. Its price-earnings ratio is too high. That stock is going to skyrocket. It's an obvious takeover target. The whole market is going to move this way or that way because oil prices are doing this or the Fed will do that, or the dollar is doing something else. You can find no end to forecasts based on ideas of how shares should react to events. Instead of trying to deduce stock/price movements, why not just look at stock prices directly? That's the heart of technical analysis, the study of a stock's price and volume history to for an opinion of its future direction. Charts - which provide a visual display of price and trading volume - are the key tools of the technical investor. Who really knows how a stock or a market will react to a given piece of news? How often have you seen stocks sell off in the face of great earnings reports: How often did you see the great bull market of 1990-98 blow past bad news or qualms about "overvaluations"? Stocks confound the fortune telling of market seers and fancy computer models all the time. Most people can accept that. But some investors have a harder time with the notion that a stock's trading history can offer clues about its future.

But take a look at the best performing stocks year after year, and similar traits emerge. The big winners typically have great fundamentals. Their earnings, sales and profit margins are all top-notch. Their charts also look similar. The best stocks begin their massive runs after moving sideways for weeks and months in specific price-and-volume patterns called bases. Charts work for three reasons, says John Murphy, a veteran technician, author and commentator. Prices move in trends. History repeats itself. And markets discount everything. Take the first idea. A long move in one direction tends to self-perpetuate. The upshot for the growth investor: Buy stocks that are in long term uptrends. Raise your exposure to equities when the market is on the rise. That's what traders mean whey they say, "Make the trend your friend." The flip side forms your defense. Avoid stocks in downtrends. Sell stocks that break down from prior uptrends. Shyn equities when the broad market is in decline. As the saying goes: "Don't fight the tape." The second notion, that history repeats itself, is rooted in crowd psychology. Ever since the first humans came together to trade, they have gone through phases of greed and fear. Once traders began graphing price and volume histories, they discovered certain patterns recurred. These structures reflected timeless transitions between optimism, which can propel asset prices higher, and pessimism, which can send them lower.

The final idea - that markets discount everything - is easily;y subject to misinterpretation. The sentence doesn't mean that markets are infallible. Stock prices can and do overshoot and undershoot the trend line of their eventual direction. Still, the financial markets tend to be highly efficient. Millions of people are constantly sifting the tides of data that sweep the market every minute. Why assume such a market is stupid? But that's what many investors do when they buy stocks based on simplistic decisions, such as cheap price-to-earnings ratios. The technical analyst would look at a cheap stock and suspect it's cheap because the market has formed a well based judgment that the stock should be cheap!



Wirehouse Opinions
Major Brokerage Houses
www.MarketDigestOnline.com
Daily Wirehouse Recommendations

ECHOSTAR COMMUNICATIONS: (DISH) $90 13/16.... Initiate coverage with hold, subscribers should surpass $3 million mark by year-end. - S&P Market Scope

ZALE: (ZLC) $38 5/16.... Strong Buy. We continue to believe that XLC should be viewed and valued not as a jewelry retailer, but as a specialty retailer that sells jewelry. This should result in further multiple expansion as the company builds upon its consistent results. - Credit Suisse/First Boston

ELAN CORP: (ELN) $33 9/16.... Initiate coverage with 1-1, ST target $43, LT target $52. - Gruntal & Co.

FIRSTENERGY CORP: (FE) $25 5/16.... Hold based on our newly initiated 2000 EPS estimate of $2.60. - Jeffries & Co.

UNITED RENTALS: (URI) $21 3/4.... Initiate with strong buy, target $40, we have included no acquisition in our 00 estimate. - Deutsche Banc Alex Brown

AMERCO: (UHAL) $28 9/16.... Buy. We would buy below $28, and our one year price target is $38 a share. This assumes no value for the franchise name U-Haul. This really is a "Graham and Dodd" story. - L.H. Friend Weinress Frankson & Presson

GATX CORP: (GMT) $31 1/16.... Initiate coverage with a buy, target $46. - First Boston

ENERGY EAST: (NEG) $23 3/4.... Initiate coverage with hold, target $29, base on our newly initiated 2000 EPS estimate of $2.15. - Jeffries & Co,

NATIONSRENT INC: (NRI) $7 3/4.... Strong buy, target $9. - Deutsche Banc Alex Brown

HUGHES ELECTRONICS: (GMH) $57 1/4.... Buy. We believe that Hughes will have a breakout year in 2000, and we rate the stock a Buy with a yearend 2000 price target of $71 per share, based on our sum-of-the-parts analysis. - JP Morgan

PUBLIC SERVICE ENTERPRISES: (PEG) $38 5/8.... Initiate coverage with underperform based newly initiated 2000 EPS estimate of $3.25. - Jeffries & Co.

ADOBE SYSTEMS: (ADBE) $113 1/2.... Upgrade from hold to accumulate, target $127, delineates a double 00 growth plan. - DLJ

AMER XTAL TECHNOLOGY: (AXTI) $21 3/8.... Upgrade from outperform high to buy high, stock down 45% from peak in July, target $29. - Salomon Smith Barney

BOSTON PROPERTIES: (BXP) $30 11/16.... Buy. We reiterate our Buy rating as well as our $38-$39 12 month price target. The company continues to have the best positioned office portfolio in the REIT sector. - Paine Webber

INFINITY BROADCASTING: (INF) $29 5/16.... Upgrade from buy to top pick, stock has under performed radio group year to date for no apparent reason shares are undervalued, target $38. - DLJ

OCEAN ENERGY INC: (OEI) $10 3/16.... Upgrade to buy from attractive oil discovery in Gulf of Mexico, target $14. - Paine Webber



Bidding on Bay St.
Laurel de Ytturralde
bidbayst@nbnet.nb.ca
www.biddingonbaystreet.com
Bidding on Bay Street

SPECIAL NOTE: The commentary below by Bidding on Bay Street is from October 1, 1999.....

ALTERNATIVE FUEL / ADMIRAL INC.

Note: A quick respite between travels - I will continue to be unavailable until the second week of October. In Calgary early tomorrow and will be meeting with principals of Pinnacle Oil (PSFD,Nasdaq BB:US$14) and Globel Direct (GBD,ASE:$1.46) next week, as well as new feature prospects, brokers and investment boutiques.

The general market continues to be highly volatile and unresponsive to good news from the small-cap sector. There is not much one can do but wait for better days and keep abreast of developments in the companies one holds or follows.

I see Canada's print media is completely speechless over BIDS' announcement it will be enabling SnapTV.com Dutch Auctions. Interesting reading for BID.COM followers ("Convergence is the interactive TV gold rush." ) from:

http://news.excite.com/news/zd/990928/16/tv-execs-plot

entitled "TV execs plot convergence strategies"

Selected text: " The TV industry is not standing still, however. They're also looking to the Internet for new sources of revenue.

"It's not about ads or sponsorships - that's one part of the revenue stream - it's more about driving e-commerce," said Benjamin Feinman, group product manager at Snap.com, a subsidiary of NBC.

The potential for TV networks to not just advertise a product, but to let viewers purchase it on impulse, has companies practically salivating.

"People are going to be attracted to the content, but along the way we want to get them to buy something," said Feinman. Still, it won't get any easier for the TV industry. With such rich e-commerce potential, the market will become more crowded, said Jean-Marc Racine, CEO of set-top software maker Canal+ U.S. Technologies. "Convergence is the interactive TV gold rush." "

ALTERNATIVE FUEL SYSTEMS (ATF, VSE:$1.15) Featured January '98 @ $0.70 ATF released very positive news on Monday regarding completion of 6 of the 13 ISUZU/GM waste collection vehicles scheduled for conversion with AFS Dual Fuel Eagle systems. This OEM deal and the warranty coverage by one of the 'Big Three' auto manufacturers is significant news but once again has been ignored by the Ballard-blinded press. A similar commercial success cannot be claimed by either Ballard or Westport, which continue to benefit from the visibility afforded by the Canadian press.

VISIBILITY: ATF's relative anonymity (in Canada) may be closer to an end as a result of its participation at the Union of British Columbia Municipalities Convention in Vancouver this week and an invitation accepted by new CEO John Anderson to present ATF at the COPIC SmallCap Conference in Toronto next week (October 6). ATF will be one of 5 or 6 companies presenting at this 'first of its kind' (in Toronto) conference to approximately 100 professional investment dealer research analysts and coordinators, institutional investor portfolio managers and "high net worth private investors." David Bissett, founder and chairman of Bissett & Associates Investment Management Ltd. and "one of Canada's most experienced and successful small cap investors" is one of the high profile keynote luncheon speakers.

The Toronto investment industry, already very familiar with Ballard Power and Westport Innovations, is going to be surprised to learn of ATF exists. With any luck, the convention may attract some media coverage. The public is mostly unaware that ATF's high quality, viable alternative NG systems exist and are ready for global commercial production to combat destructive vehicular emissions. There was an unveiling of the first 5 converted vehicles in Unley, Australia, September 5th and ATF has received impressive pictures and a video of the ceremony which are available to be seen at the BC Gas Exhibit where ATF has an ISUZU 6HHI truck on display (and may be used for presentation in Toronto next week). An exhaust emissions test done in Vancouver on the ASF/ISUZU truck registered zero emissions (**I do not know how sophisticated the testing device used is or which emissions were actually tested). From the comments of the Unley mayor it appears there is an intent to move to natural gas conversion "right across Australia", at least in similar heavy vehicles. ATF also seems to be making inroads in Australia for potentially important alliances with companies like GL, Australia's largest NG distributor, which will be testing the 7th system in the Sydney area.

A partnering of ATF with large NG companies/distributors has always appeared to be a 'natural' in the evolution of NG vehicle conversion. This has already been seen in Mexico City through the involvement of Gaz de France and Quebec Hydro; with ATCO Gas in the conversion of indoor vehicles; and again, Hydro Quebec in China. The mutual benefits for Gas companies and a company like ATF (providing NG conversion/OEM systems) to team up are obvious. Due to his travel arrangements to Toronto, I will unfortunately miss a face-to-face meeting with John Anderson during my stay in Calgary. Press Release: http://www.newswire.ca/releases/September1999/27/c6603.html

Alternative Fuel Systems Inc. and ISUZU-General Motors Australia Limited complete the first stage of a multi-vehicle dual fuel installation

CALGARY, Sept. 27 /CNW/ - Alternative Fuel Systems Inc. (AFS) completes the dual fuel conversion on six of thirteen ISUZU-General Motors (IGM) vehicles, as part of their first major order received from Australia. Warranty coverage provided by IGM on these vehicles is the first of its kind given by one of the big three automotive corporations for diesel to dual fuel conversions. ''The backing by warranty of a major automaker on the AFS equipped engines is a key step towards our strategic goal of becoming the preferred global alternative fuel management system provider to engine manufacturers'' commented Gerry Klopp, Chief Scientific and Operating Officer. As announced in the AFS June 30 press release, the City of Unley selected the AFS proven diesel dual fuel (DDF) system for application with the ISUZU 6SD1-TC engine over all competing technologies. On September 5, 1999 the Mayor of Unley and members of council witnessed the Honorable Robert Hill, Minister of the Environment and Heritage, unveil the 5 state-of the-art side-loading compressed natural gas (CNG) powered waste collection vehicles. Unley Mayor, Michael Keenan says the council is happy with the system. ''It's a revolutionary new way of moving heavy vehicles around and we are the trial and we expect to be a success, and from here, right across Australia.''

The Unley project was procured by IGM's distributor throughout the greater Adelaide area, North East ISUZU (NEI), a leader in truck sales with forty-five percent of the market share. Through an exclusive agreement with AFS, NEI is the only authorized installer of AFS DDF management systems in Australia. All other IGM distributors operating outside the NEI territory will be supplied with IGM warranty covered NEI trucks equipped with the AFS DDF system. The sixth system has been ordered by Collex, Australia's second largest waste collection company for use in the Adelaide area. The seventh system has been ordered by GL, Australia's largest NG distributor, for testing in the Sydney area. An eighth unit is to be used for marketing in the Sydney area by another authorized ISUZU distributorship. The five remaining systems are to be assembled and shipped in October for use on the 500 new series ISUZU (175 HP) truck.

The potential original equipment manufacturer (OEM) domestic market in Australia for IGM new trucks of this class is in excess of 2500 units annually. Here in Canada, the ISUZU 6HHI truck equipped with the AFS Eagle II system which recently met low emission vehicle standards (LEV) in Japan will be on display as part of the B.C. Gas Exhibit at the Union of British Columbia Municipalities (UBCM) Convention held at the Vancouver Convention and Exhibition Center September 28th through September 30th. As announced in the AFS April 27 press release, the remarkable pollution reduction levels achieved on the AFS Eagle II equipped ISUZU 6HHI engine were 15 percent to 91 percent below the stringent 13 mode LEV standards set in Japan. AFS designs, develops and markets advanced technology fuel management and exhaust treatment systems that permit diesel and gasoline engines to operate on clean burning, environmentally friendly compressed natural gas. The innovative Sparrow and Eagle Technologies along with the revolutionary Condor (reverse flow catalytic converter) have positioned AFS on the cutting edge of global efforts to reduce engine emissions.

For further information: Alternative Fuel Systems Inc., Bonnie Cloutier, (403) 262-1833, (403) 237-7441 (FAX), email: afscalgary@home.com, website: www.altfuelsys.com"

ADMIRAL INC. (ADS:ASE: $0.80) Featured December '98 @)$.55.... Good news also from Admiral on September 28. "Hundreds of American-based distributors" have expressed an interest in distribution rights to sell the Company's flagship proprietary, environmentally friendly, specialty cleaning product line ENVIROTERRA(tm). This response has come in very quickly after a marketing campaign was initiated by G. Sone Associates Inc. ATF recently announced G. Sone Associates Inc., would be organizing a network of strategic alliances with American industrial product distributors to promote the sale of Admiral's ENVIROTERRA(tm) product line in the United States. Admiral has been of interest to me primarily due to its promise as a fast growing, profitable, emerging small company, achieving rapid growth both internally and as a consolidator of the industrial specialty cleaning products industry. US and (future global) distribution of the Enviroterra product line initially looked like 'icing on the cake' but now looks like this side of the business could add significantly to both revenue growth and ADS' bottom line. It will take some time, and I have not yet seen revenue/profit projections, but these products carry very high profit margins and could achieve very significant sales levels. Sone Associates is certainly excited about the response to its campaign: "Every once in while a new product comes along that is so dynamic, so timely, it changes forever the way things were done in the past. ENVIROTERRA(tm) is such a product", says Gersh (Jerry) Sone President of G. Sone Associates Inc. "Judging by the tremendous response for a USA distributor opportunity, I think America agrees with me."

ENVIRONMENTAL REGULATIONS: Canadian industrial product users are now facing tougher regulations regarding the disposal of environmentally unfriendly cleaning products. Some of ADS' current customers were facing the high cost of separate collection/disposal before switching to ADS products, which require no special treatment. I do not know if similar regulatory measures are being considered in the US yet, but it is probably a matter of time. The plan to introduce the products in the US seems to be moving swiftly: "We are ready to sign up US distributors (who meet our criteria) and begin to have our products sold throughout the United States," says Edward Bayer, President of Admiral Inc. "I believe Admiral's revenue growth and profitability will take a giant leap forward due to sales generated outside of Canada."

Press Release: "ADMIRAL INC. (ADS:ASE) RE: NEWS RELEASE - September 28, 1999. ADMIRAL INC. ANNOUNCES LARGE RESPONSE FROM CAMPAIGN FOR DISTRIBUTOR RIGHTS OF FLAGSHIP PRODUCTS IN THE UNITED STATES Hundreds of American-Based Distributors Respond to Opportunity to Sell Admiral's Environmentally Friendly Specialty Cleaning Products.... Toronto, ON - September 28, 1999 - Admiral Inc. (ADS:ASE): Admiral Inc. ("Admiral") announced today they received inquiries from hundreds of American-based distributors for distribution rights of the Company's flagship proprietary environmentally friendly specialty cleaning product line ENVIROTERRA(tm). This response is a result of a recent marketing campaign conducted by the Company's international marketing firm, G. Sone Associates Inc., to organize a network of strategic alliances with American industrial product distributors to promote the sale of Admiral's ENVIROTERRA(tm) product line in the United States. Admiral's ENVIROTERRA(tm) product line is the first high performance completely biodegradable non-acid and non-corrosive, all-purpose industrial liquid cleaners. ENVIROTERRA(tm) is being currently used in over 1400 industrial, institutional, commercial facilities and food and brewery plants in Canada. "Every once in while a new product comes along that is so dynamic, so timely, it changes forever the way things were done in the past. ENVIROTERRA(tm) is such a product", says Gersh (Jerry) Sone President of G. Sone Associates Inc. "Judging by the tremendous response for a USA distributor opportunity, I think America agrees with me." "We are ready to sign up US distributors (who meet our criteria) and begin to have our products sold throughout the United States," says Edward Bayer, President of Admiral Inc. "I believe Admiral's revenue growth and profitability will take a giant leap forward due to sales generated outside of Canada."

About Admiral: Admiral Inc. manufactures and distributes over 200 proprietary environmentally friendly specialty cleaning products, marketed to businesses and institutions including health care facilities, supermarket chains, food service operators, food and beverage processing and industrial companies. Admiral Inc. is a growth-oriented company pursuing strategic acquisitions and capitalizing on its leadership position in sanitation solutions for the environmental, health and safety conscious marketplace. Admiral Inc. is a public company whose shares are listed for trading on the Alberta Stock Exchange under the stock symbol: "ADS". The Company has a total of 17,237,333 shares fully diluted outstanding. For more information about Admiral Inc. visit www.admiral-inc.com and www.investorfile.com. Company Contact: Edward Bayer Chief Executive Officer Tel: 416-213-1062 x222 Fax: 416-213-1162 e-mail: ebayer@admiral-inc.com.

Bidding On Bay Street (BBS), Copyright 1997, is published by Van Wyck Publications. Information contained in the Newsletter is obtained from the companies featured and other sources believed to be reliable, but accuracy and reliability cannot be guaranteed. The opinions expressed are strictly those of the writer and should not be considered a solicitation to purchase or sell individual securities mentioned herein. BBS is written from an individual investor's viewpoint; the editor and/or individuals contibuting information to the newsletter may own shares in companies followed therein. Investors are urged to obtain further information regarding specific companies and obtain financial advice where necessary to insure investment decisions fit individual needs and resources. Van Wyck Publications will not accept any form of compensation, directly or indirectly, from companies for advertising, public relations or any other services. We do insist on cooperation from companies in obtaining information and respect for the Individual Investor's right to information.



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Axxel Knutson1
tradingweapon@aol.com
800.696.9002
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SPECIAL NOTE: Due to the length of Axxel's Internet recommendations, we are posting his commentary on all the stocks in the Internet universe in a different manner so that it will be displayed as fast as possible. Please click here to view Axxel Knutson's (Volume Trade Analysis Research) Internet recommendations which were posted on Monday, October 11, 1999.