S A ADVISORY July - August 1999


S.A. Advisory
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Salt Lake City, Utah 84117

Stocks Recommended from 7-2-97 to 7-2-99
Company Symbol Recommended Price/Date Current Price % G or L Status
IVOICE.COM IVOC .10 (7-9-97) .33 230%G B/H
Semicon Tools BB - SETO .07 (7-9-97) .31 342%G H/B
IEH Corp BB - IEHC .31 (7-9-97) .31 0% H
Diversified Corporate AMEX - HIR 5.00 (7-9-97) 4 3/4 5% L H
Silicon Graphic SGI 16.50 (7-9-97) 14 9/6 12%L B/H
Industrial Tech INTI .18 (7-9-97) .08 56%L H
Computer Devices BB - CTDVB .40 8-6-97 .02 95%L H
BioFarm BB - BIOF .375 (8-20-97) 2.875 666%G B/H
Technology General Corp BB - TCGN .31 (9-4-97) .25 19%L B
Lynton Group, Inc. PINKS - LYNG .69 (9-24-97) The scum management stole the company. We never had a chance. Even the stock police, namely, the SEC, said "We can do nothing.
Templeton Dragon Fund TDF 12.25 (10-31-97) 10.69 13%L B
Templeton Dragon Fund TDF 11.00 (12-15-97) 10.69 3%L B
Payless Cashways, Inc. BB -PCSH 2 1/12 (12-15-97) 2.34 6%L B/H
Epolin, Inc. BB - EPLN .33 (3-13-98) .21 36%L H/B
SC & T International BB - SCTU 2.16 (3-12-98) 1.44 34%L H/B
Web Press WEBP 1.18 (4-20-98) 3/4 37%L B/H
1 Image ISOL 2.00-1991 (6-23-98) 1.50 25%L H/S
Walbro WALB 10.125 (7-23-98) 19 5/8 94%G S
Payless Cashways PCSH 2 (8-21-98) 2.31 15%G B
Bonzo BNSOF 7.50 (7-23-98) 6.12 18%L H
Financial Performance FPCX .81 (8-21-98) .50 38%L B
Preasion Standard PCSN 4 7/8 (7-23-98) 3.75 23%L B
Lukoil LUKOY 13 (9-23-98) 40 207%G B/H
VimpelCom VIP 5.75 (9-23-98) 23 5/6 305%G B/H
GIC Global GGNC .30 (9-23-98) 1 11/16 1108%G  
        566%G S
Homeland Holding HMLD 3.375 (10-16-98) 3.12 7%L B
Templeton Russian Fund TRF 8.50 (10-16-98) 17 1/16 101%G B/H
CableLink CBLK 2.00 (1-4-98) 1 50%L B/H
Yarc System YARC .40 (1-19/20-98) .25 37%L B
L.A.T. Sportsware LATS 1.34 (1-19/20-98) 1.53 14%G B
American Nortel ARTM .375 (1-19/20-98) .62 65%G B
Teltran International TLTG 1.40 (2-17-99) 10 614%G H/S
Fairmount Chemical FMTC .31 (4-1-99) .31 0% B/H

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Stock Action and Comment
IVOC - formerly Video Telephone - initially recommended at .10 and sold 1/2 at .82 on 9-9-97. Recently merged with IVOICE.COM (732-441-7700). Our remaining position is entitled to receive spin-off share. From all the news, we may have something really big! Many announcements with established corporate names, IVOC possesses technology of PC/computer Telephone Integrated (CTI) based call processing systems. They need to become fully reporting and tell us the amount of shares outstanding. If it hits 1/4 less, we would add some to our position. Very interesting. Our initial sale resulted in a 720% G. SETO - recommended on 7-9-97 at .07 - on March 14, 1999, a newsletter service “hyped” SETO - results: SETO ran like “hell” to $1.50 for a 1328% long term gain. Mr. Plan continues to grow the company, but earnings/share are teeny-weeny - products include diamond tools, wafer fab supplies and ceramics. Consumer products and cellular batteries. We may become an aggressive buyer below .20. We are watching very carefully and may add more shares at some later date.
IEHC - engaged in the design, development, manufacture and distribution of high performance printed circuit connectors and specialized interconnection devices. It appears that management has little interest in being public
HIR - We old 1/2 @ $14.50 (3-30-98) for a 190% gain. The employment company says it will not meet analyst’s target. Brokerage firm that brought them public going neutral from buy. We never liked management - they’re from Texas! Fundamentally looks solid. At $3.00 would probably be a scream buy! At present it is a yawn.
SGI - Maybe SGI has finally found the way! On market weakness we would buy at $10 or under.
INTE - They don’t file anymore. Who knows what they do. I think that it may be over. Do you know? Another lying management.
CTDVB - A total dog! Management originally gobbled up almost $1 million, then acquired talking computer technology that didn’t have enough to say! Maybe a shell at this point, but may have too many liabilities. Once again, poor management that cannot be trusted.
BIOF - Name change from Global Spill - We sold 1/3 @ $3.75 on 3-31-98 and sold 1/3 @ $4.91 on 4-21-98. Our gains have been huge! 900% and 1209%. The company is engaged in manufacture and sale of pharmaceuticals products and medicines for humans and animals. Also involved in aircraft microbiologicals and the insurance business. Balance sheet looks pretty good, except large debenture that is going to convert sooner than later. Shares outstanding will grow from 4.3 to 21.6 million.
TCGN - This company is cheap based upon the huge land hoard that it controls in New Jersey. The company sells many items. We remain interested in the situation long term. The land is probably worth at least $1.50/share plus another .27. They also make ICE CUBE MACHINE. The stock is very cold, but the stock may catch fire one of these years. Management needs a wakeup call!
TDF - closed-end mutual fund that plays in China and Hong Kong. We remain bullish towards the area.
PCSH - Payless is a retailer of building materials and home improvement products in the U.S. Company has sales of around $2 billion. A turn around has been slow since emerging from Chapter 11. Management seems to be getting a handle on it, but its PR and IR is rated poor! Definitely worth owning a position.
EPLN - is engaged in the commercial production and sales of specialty chemicals, especially certain dyes which have the ability to absorb near infrared radiation. Business remains flat - earnings lower than the past two years. Balance sheet looks good. Management not hungry anymore. If it gets to .10, we would become interested.
SCTU - Management is still trying to make things happen. We are impressed, but the reverse stock split was moronic. The stock is technically lower than when the split occurred.
WEBP - manufactures web-fed offset printing presses. Trading below book, has a very low PSR and PE ratio - seeing some growths, but profits are slim. Only 3.4 million shares outstanding.
ISOL - The management team should quit. They have been trying for at least 10 years. Every six months something new and exciting and then something new and exciting. I really think it is a sell.
WALB - buyout - nice profit.
PCSH - We reviewed earlier.
BNSO - China company which manufactures electronic scales and consumer and health products. Balance sheet looks good, earnings weak and PR worse than bad. Weak hold.
FPCX - involved with bank mergers. Fundamentally very, very cheap! I am not sure of management motives. They give themselves large bonuses and shareholders get nothing. Recently hired PR firm. We are never impressed with PR. Most are monkeys on a string!
PCSN - The current price is very attractive. See Jan-Feb 99 newsletter. Engaged in aircraft maintenance and modification, etc., etc., etc. See April - May 99 newsletter for update story. Latest quarter numbers were excellent. One of the cheapest stocks around. Super buy!
LUKOY - One of the large oil reserves in the world, located in Russia. A stellar performer. Within a year or two if Russia stays on track could easily reach $100+. We hear NYSE listing one of these days. We are extremely bullish on select Russian oil, such as SGUZY, SIBNEFT! Broker contact: Greg Nelson at 800-269-9460.
VIP - a provider of cellular telecommunications services in Moscow and other region of Russia. A great play for future. For corporate annual: 212-815-2372.
GGNC - we sold our total position: 1/3 @ $3.75 for 1108% G and 2/3 @ $1.70 for 566%. We don’t trust the deal. We like the industry.
HMLD - Smallish supermarket chain in the southwest. It trades at only $3.00, but is worth around $12 - $15. Super buy. See story within April - May 99 newsletter and see large earnings report and annual - a must own!
TRF - a closer ended Mutual Fund which plays only within Russia.
CBLK - Involved with cable equipment, refurnishing and manufacture of computers. We believe that management will get it together. When it goes, you will have to be on board because that is the only chance you will get. A sleeper.
YARC - Involved with color printing on the internet, plus other internet related enhancement. We rate this with a strong buy. This issue is misunderstood, but the street will eventually get it!
LATS - distributes and manufactures sportswear. Very boring, but also relatively cheap and extremely thin. The fundamentals are exceptional!
ARTM - is a reseller of 1 plus and 1-800 long distance. The stock is .62 and has earnings of .16 on revs of 11.8 million vs. $3 million and .02. A screaming buy. The stock always trades weird and the PR guy that was hired by the company does nothing for us - recent acquisition of shares of company looks silly! Still looks like a great speculation at current level. Management guidance of .22 - .25 for year ending June 30th.
TLTG - Internet portal and VOIP (voice over internet). See April - May 99 newsletter for complete story. We are super impressed with management. These guys have delivered everything promised to date! Third and fourth quarter we are looking for big numbers. How high can it go, we don’t even want to guess, but again, we are impressed. Visit portal: www.teltran.com. Actually, we use it as much as YAHOO. Free real time quote.
FMTC - see recommendation within April - May 99 newsletter.
Sold: PLFM @ 87 for 987% G 7-9-97 - 4-29-98
  DALE - being liquidated @ .50 - 7-9-97
  DEC - Buyout @ 56.50 - 59% G - $33.50 - 7-9-97
  JAWS - S 1/2 5-13-98 @ $3.06, remaining 9-23-98 @ $3.28. Recommended @ $1.00.
ALMI - S $6.375 on 4-22-98 - 218%G - 7-20-96 - 4-22-98
  AMAT, SPCT, SUNW, CYMI APM - see Jan-Feb 99 newsletter for actual
  G or L.

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