S A ADVISORY February - March 2002
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S.A. Advisory
2274 Arbor Lane #3
Salt Lake City, Utah 84117


Photon Technology International (PHTO - OTC BB), a high technology corporation engaged in the business of exploiting the many applications of its proprietary fluorescence technology. Fluorescence applications are growing and can be found in virtually every field where detection and monitoring of minute substances, if of significance. The company has developed a full line of proprietary and/or patented fluorescence based instrumentation to serve as a platform for the exploitation of this technique. During fiscal 01 ending June 30th, revenue equalled $7.3 million, with net income/sh of .14 based upon 1.18 million shares (weighted average number of shares outstanding). Book - 80¢. During the first quarter of 02 ending September 30th, revenue equalled $2.4 million vs. $1.6 million; while net income/sh equalled .13 vs. a loss of (.12). Book around .90. Fully reporting with the SEC. A few years ago PHTO traded as high as $14 and during the past 52 weeks PHTO was trading over $4.00.

In our opinion, this situation deserves a serious look-see! On an annualized basis, PHTO could generate revenues of over $10 million during fiscal 02 and earnings could reach a range between .39 and .50. Obviously, if this scenario occurs, PHTO could and should sport a $5.00 to $7.50 share price using a conservative PE multiple. It should also be noted that due to the small market cap, PHTO looks like a juicy takeover candidate for a company that is in the market for a futuristic technological advancement that has many known, as well as, unknown applications. We intend to monitor PHTO for percentage gain performance. Current price $1.15.

Corporate #609-896-0310

Broker: Mike Chesler #800-227-2226

Website: www.pti-nj.com

DXP Enterprises, Inc. (DXPE - NASDAQ) is in the business of distributing maintenance, repair and operating products (MRO), equipment and service to industrial customers. The company's electrical contractor segment sells a broad range of electrical products, such as wire conduit, wiring devices, electrical fittings and boxes, signaling devices and many others. Stated book value $2.29, shares outstanding 4 million. For the nine months ended September 30, 2001, net sales equalled $136 million with net income/share of .16.

In our opinion, DXPE is on target to generate around $180 million in revenue for 01 and achieve net income/sh of around .21 to .22. For a NASDAQ stock trading at around $1.00 with a PE of 5x, it is in our opinion that DXPE is very cheap and should trade 100% to 200% its current value. A few years ago it traded at $10.00, with earnings of $.50, so a $2.00 to $3.00 stock based upon .20+ earnings/sh is very reasonable.

It may be boring, but it makes money and has huge sales. It could even be takeover candidate for a company looking to consolidate. We rate DXPE with strong buy at current levels. We intend to monitor DXPE for percentage gain performance.

Corporate # 713-996-4700

Broker Contact: Mike Chesler #800-227-2226

Website: www.DXPE.com

PS: Inside buying.

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SCORE ONE, Inc. New symbol (SREA - OTC BB). By now you know that SCRO (old) had an 80 for 1 reverse stock split on or about January 11, 2002. God only knows why management would do the "dumbest" thing that we at SA Advisory have seen in the 18 years that we have been writing our publication. We had before this living nightmare an issue with 20 million shares outstanding - 6 out of 7 profitable quarters, growth in revenues, for the 9 months ending September 30th 01 revenues were around $21 million and net income around .15/sh. Now we have a stock with 250K shares outstanding with a float of 37K, earnings of $12/sh and bid of $15.00 and an offer of $17.00. NOW! No one will buy it. They cannot list on any other exchange because of limited float and management looks like a group of moron idiots in the financial world. This situation has turned into a block of coal in a matter of four days from a diamond in the rough! Management must be smoking something that must be very hallucinogenic. I need a stiff drink after this one!

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THE CORPORATE SHELL GAME: EVMT (OTC BB) and RINT (OTC BB) both shells have recently changed management - very positive development - deals may be in the works. RINT 6¢ and EVMT 7¢. Speculators should consider.

Other plays: IMAX, MCTL, AFPC.

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