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[SevenOfNine]

The Internet AnalystSMis a weekly online magazine for Internet Investors, published every Thursday.

Opinion




I couldn`t help but notice the letter written by The Internet Analyst SM reader Rick Zaniboni, published in the September 16 issue, about the distressing events for shareholders concerning STARNET COMMUNICATIONS INTERNATIONAL (OTC-SNMM). The company`s Vancouver offices were visited by officers of the British Columbia Coordinated Law Enforcement Unit in August, in search of evidence of illegal gaming activities. No such evidence was found and the company`s operations are now almost back to normal. But tremendous damage has been done to the price of the stock.

These unfortunate circumstances probably relate to Internet gaming, the industry that STARNET COMMUNICATIONS INTERNATIONAL is involved in. But as I read the various news reports and press releases, and studied the company`s financials, I concluded that the problems could prove to be temporary. I am familiar with STARNET COMMUNICATIONS INTERNATIONAL and am convinced that its price was overvalued at $29 a share. In my humble opinion, (very humble, in light of what the market and stocks can do to me) I thought that any price above $15 was excessive. And yes, I do realize that the Internet industry stocks do not have a history of conservative valuations.

For readers who are unfamiliar with the company, STARNET COMMUNICATIONS INTERNATIONAL develops Internet technologies for offshore gaming systems. I emphasize the word offshore because, for Americans and Canadians, it is illegal to gamble on STARNET COMMUNICATIONS INTERNATIONAL`s systems. The company`s executive offices and servers are located in Antigua, an island that embraces the gaming industry as a major sector of its commerce.

Internet gaming is a $500 million industry and will continue to grow. And keep in mind that STARNET COMMUNICATIONS INTERNATIONAL is already profitable, with sales of $9.8 million for the full year 1999 (its fiscal year ended April 30). While profitability and sales are words rarely used in describing many Internet stocks, I expect that to change for many stocks in the group. However, STARNET COMMUNICATIONS INTERNATIONAL is already there, not only with sales, but profits as well.

Looking at the chart of STARNET COMMUNICATIONS INTERNATIONAL, one can see that a great deal of damage has already been done. Another run to $29 is not in the cards for its stock right now. But if it can continue to deliver the sales and growth it has shown during the last two years, it`s safe to say that the stock price could be at the $10-to-$16 price level sometime within the next 18 months

[7of9]

hey... wer kopiert mich denn hier?

[7of9]

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