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Technology Stocks SIGMA CIRCUITS

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To: Karl Drobnic who wrote (92)	9/30/1996 1:11:00 PM
From: Joe Hekimian	of 107

Karl, Did you see the announcment that Continental Circuits is planning on purchasing SIGA for .7 shares of their stock. The announcement just came out. I put the value around $8.40. This does put a new twist on the year end projections. Do you have any ideas ? Thanks in advance for your input. Joe Hekimian

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To: Joe Hekimian who wrote (94)	9/30/1996 2:22:00 PM
From: Karl Drobnic	of 107

Thanks for the posting. I'll see what I can find out. $8.40 looks cheap to me.

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To: Karl Drobnic who wrote (95)	9/30/1996 3:07:00 PM
From: Karl Drobnic	of 107

Info on Continental Circuits: Aug. 30--A Phoenix circuit-board manufacturer is betting that a downturn in the semiconductor industry is over and plans to hire 100 employees in the next nine months. Continental Circuits Corp. recently bought a facility for $1.1 million and is renovating it to manufacture circuit boards. The building had been owned by IPEC/Planar, a chemical mechanical polisher that doubled its manufacturing space by moving into a 150,000-square-foot facility in Phoenix. Continental plans to use IPEC's old building for a "quick-turn facility," one in which customer designs will be made within a few days, company President Rick McNamee said.

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To: Karl Drobnic who wrote (96)	9/30/1996 3:32:00 PM
From: Karl Drobnic	of 107

From CHICAGO CORP investment report on CCIR: We remain very confident in our outlook for FY97, and we reiterate our BUY recommendation. Revenues are approaching $135 million, even without a quick turn facility and without further acquisitions. This revenue level would equate to an earnings-per-share level of $1.40 for FY97 (July) vs. our current estimate of $0.98 for FY96.

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To: Karl Drobnic who wrote (97)	9/30/1996 4:15:00 PM
From: Karl Drobnic	of 107

If the Chicago Corp. report is anywhere close to the mark, and SIGA can contribute anywhere close to $1.00/share from its side, this is a savvy deal. If $2 is a reasonable EPS estimate for the combined companies, then CCIR should trade at $30, giving our SIGA shares a value of $21 by next July. This is obviously a very cursory analysis.

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To: Karl Drobnic who wrote (98)	10/1/1996 9:53:00 AM
From: Thom	of 107

Reuters NewsContinental Circuits to acquire Sigma ------------------------------------------------------------------------ PHOENIX, Sept 30 (Reuter) - Continental Circuits Corp and Sigma Circuits said Monday they signed an agreement for Continental Circuits will acquire all the outstanding shares of Sigma Circuits in exchange for Continental Circuits stock. Under the terms of the deal, Sigma shareholders would receive 0.70 shares of Continental Circuits stock for each share of Sigma stock, the companies said. Subject to the execution of a definitive agreement and regulatory and shareholder approval, the deal is expected to be completed by early 1997. Sigma Circuits manufactures electronic interconnect products including multilayer printed circuit boards (PCBs), backplane assemblies and flexible circuits. Continental Circuits manufactures of complex, multilayer circuit boards. For the fiscal year ended June 30, Sigma reported revenues of $87.7 million, while Continental reported revenues of $108.3 million for its fiscal year ended July 31. -- New York Newsdesk 212-859-1610 REUTER

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To: Karl Drobnic who wrote (98)	10/18/1996 2:57:00 AM
From: KASHIF TAHIR	of 107

Karl, looks like SIGA is no where close to the mark!!! Another bad qtr what excuse will they have next qtr.. You can see why they need that CCIR deal. CCIR needs to clean house many problems to fix!!!

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To: KASHIF TAHIR who wrote (100)	10/21/1996 2:03:00 AM
From: Karl Drobnic	of 107

Sales were up 17% vs. year ago, $18.8 mil vs. $16.1 mil. Backplane and flex circuit sales were up 94%. There was also improvement in comparisons to 4Q numbers. SG&A improved by $400K. Current assets are up, current liabilities down. Same for total assets vs. total liabilities. I don't see any problems that an increase in capacity utilization won't cure. And you haven't cited any. How can you call a quarter "bad" when there is a loss in net income but an increase in the value of the company? You seem to see internal problems at SIGA. I'd like to know what they are. Please list them so we can call the company and check up on the problems.

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To: Stockman who wrote ()	11/14/1996 10:56:00 AM
From: frank doolittle	of 107

does anyone have any idea where this company is heading? I can't seem to get any good up to date info on the merger plans and why the stock swap was for percent of shares as opposed to price of shares.

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To: frank doolittle who wrote (102)	11/18/1996 10:17:00 PM
From: Marshall Dix	of 107

I am lost also. I will try to call IR to see although my success with them has not been great.

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