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To: Hart who wrote (4)3/31/1999 11:23:00 AM
From: david barr  Read Replies (1) of 16
Remainder of article.

Found a link:

"Current growth of the audience and the company's ability to consistently sell its ad inventory give grounds for hope that E-Pub will be among the first entertainment providers to reach critical mass and to become profitable," he said in a recent research report.

It is easy to get overly excited about Internet companies. More often than not stock prices and growth projections belong more to the virtual than the real world. E-Pub is not immune to the cyber frenzy. Its share price on the Vienna Stock Exchange has shot above 2,000 schillings from just above 800 last November.

Losses, meanwhile, grew by more than 165 percent to US$2.22 million in the first three quarters of 1998, while revenues grew more than five times to $1.01 million.

But Auer recommends the company as a "strong buy" based on the company's "exponential" growth prospects and his belief that internet investors are starting to look more actively for "undervalued second tier companies in niches which have not yet been absorbed by the general hype for the industry".

E-Pub couples two 1990s revolutions - globalism and the Internet -
to create products in low-cost Budapest and offer them to audiences
and, importantly, Western advertisers.

"I'd say programmers are three to four times more expensive in San
Francisco," said Ewing.

The Budapest location also helps the company avoid the turnover
problems in the US where talented programmers often switch jobs
three or four times a year, he said.

The games, which start every few minutes 24-hours a day, include
"Cosmo's Conundrum", a trivia competition hosted by a cyber
monkey and a "syndicated" game linked up to thousands of other
sites called "Bingo Blitz".
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