================: THU.SEP,960919 :=================
               7:45| CoSy/WallStreet/Equities960919 DiscoveryDay 4
                GrandHyatt

PakagingPlus(OTCBB:PKPGP)             PioneerCommercialFunding(NASDAQ:PCFC)
MaderaIntnl(OTCBB:MDIT)               RibozymePharmaceuticals(NASD:RZYM)
DigitalRecorders(NASD:TBUS)           ETS.International(AMEX:ETS)
AmericanEco(NASD:ECGOF,Toronto:ECX)   CommodoreAppliedTek(AMEX:CXI,CXIW)
StratfordAcquisition(OTCBB:SFDA)

  ============================: THU.SEP,960919 :============================
 Setting a new precident , thing began on time & pretty much stayed there.
Missed : RobertAcker  : AckerLetter

PakagingPlus(OTCBB:PKPGP) uniquenet.com : Antamari bridge from past  goto  future
 | like electronic FTD for purchased own ad co |
  19 $ ystdy | on .06 of private postal mkt | 5B$  %  Yr by just .15 of pop
 APAC : Assoc of Pkgs & Cariers |  10 - 15 yr old industry
 40k zip codes | last Q rev : .07
BillKarmidy : O&G tek mkter | fancy APAC website tipinbox | trak any pkgs on
 any carier by Air |
 expect dividends greater than stock price ?
 The pakager determines shipper .
 Where income come from ? Mom&Pop - 35 programs must be value : Grp Health w
 Aetna . Ford Van rental - owned by APAC . Volume negotiation Airborne
|8:43| RayDirks : number of stocks . 1st :
PioneerCommercialFunding(NASDAQ:PCFC) 5m$ on stock - 600k units out ? | 2.5
 M$ cash - very little
 downside risk | ArthurGoldberg Chmn : ran B$ co . warehousing lines of cred
 to Res Mortgage . 1T$ industry . Half local bank , .5 mortgage banker .
 Got involved 2 yrs ago - ex charterhouse Fin . Natnl Securities IPO instead
 of Private Placement . Mort Banker - commits own funds til  goto  gennie may
 Fanni may . deal w small to medium mtg bankers - fully secured w garenteed
 take out commitment from major bank . not taking credit or interest rate
 risk . 11-12 day duration when grown can be sold -
       365  %  12 |>| 30.42              | make payment to title co
       100000 $  | fee $ | 100 + ' prime + 1 ' |
 15  x  leverage of own funds -  assume 200 basis point spread
 ( other business used car loans : got 12  %  1 leverage )
 | 4 customers - now 9 : 40-50M$ busn each  %  mo | key : making lots of secure
  transactions . 900 loans over last 2 yrs |
 Big Co would have real cost advantages to acquire .
 National Busn ? 9 customers are dealing in ~ 15 states |
 putting together pkg of 20 -25M$ now working toward  15 % 1 leverage .
 price : ~ 3$ | will abt brk even this yr ; .4 $ next | income dist of custs
 : 5 new , rest about even | the 9 customers w use total 25M$ LineOfCredit
 cf : RMR
|9:15| MaderaIntnl(OTCBB:MDIT) PeterBounton VanityAVV : Ausie Banker in
 Aruba : Lumber Brazil . .65 loging licenses in amazon cancel if not
 environmentally compliant . Hardwoods 400 yrs | cutting 10k trees planting
 2-3M trees | Mahogany | convertable preference rights . | was
 .06  x  28E6 |>| 1680000  | now .18 - .20 | they providing 5M$ -
 Asset value 500M$ | started shipments to USA | 540 employees in Braz
  only bigger top canopy selective | EcoBleeder Buy a tree subsidiary
|9:42| RibozymePharmaceuticals(NASD:RZYM) Ralph  20 yrs academic |
 Patented Nobel tek - Protein synthesis - broken mRNA | Rybozyme cleavers
 to tags w spliter between - extremely selective binding .
 HumanGenome Project learning sequences - but not which genes do anything .
 Boulder  CO  75 employees . | Apr 96 IPO net 28M$
  TomCheh Patemt  in each major mkt on production of ribozymes
  RPI has 2 own patennts & 20 in mill .
 DrugStability : have solved stability of ribozymes .
   Synthetic & Vector ( add production to host )  delivery
  essentially 0 toxicity | effacacy : Diabetes rentiopathy thru blood vessel
  growth .  inihibition of VEGF incusde andiogenisis .
 HIV virus mutation - multiple rybozyme vector into stemcells w life of yrs .
 Disease Assay  to find causitive gene of set of suspects .
  Partnership w Chiron . | RNA w Attitude | interferons are proteins .
  HIV trials by begining of yr | genome project discovering all 100k
  gene sequences | AntiSense RNAs bind to target forever rather than catalyse
  split . | Oncology apps look interesting . No insi
  IPO 10
|10:12| on power | DigitalRecorders(NASD:TBUS) esoteric tek : Research
 Triangle NC : PhilJohnson | 3 patents - lots of trade secrets - Digital
 voice msgn & processing prods .
  .68 CAGR in `96 , plan for .5 growth . IPO 9411 , cur cash 4.5M$
  226the fastest growing tek co in US both pub & private .
 Public Transportation 'next-stom' anouncements ( JFK & other buses )
 Scranton on GPS trigger . NJ 1640AM trafic radio .
 Law enforcement DigitalSignalProcessing noise reduction .
 TwinVision TransitMedia BadenBaden purchase . bus signs
 Mkt size 300M$ ADA mandated - they lobbied for .
 Rathion , Mark4 , Digital has 2 % 3 of emerging mkt .
 Continuous position syst fiber optic gyro  backup of GPS in cities .
 Solar Power Highway trafic transmitter .
 Forensic Voice Enhancement  - .8 ww mkt .
 Internal growth to 25M$ by `98 on current cash .
 5 consec Qs profitability .
 est 9.6M rev this yr .  400k $  %  share
 | 1.4 M float - , .3 owned by 17 insiders |
 .54 gross profit margin . declining operating expense
 BalanceSheet :  cash 2.4E6 . Wasicova 2M$ cred line . 0 LT Debt
 LEDs 15yr life | I : NYC subways | Retrofit mkt ? yes but Mercedies OEM
  4.75 all time low .  expect .24 eps | dominate 3 mkts
  peer grp eps 30 |  4.75  %  .24 |>| 19.79
|10:41| ETS.International(AMEX:ETS) JohnMcKenna : Roanoke VA | toxic
 emission measurment & control - water & wase disposal .
 FluGasDesulferization 3B$  %  yr mkt flat
 Infrastructure ( Sewers etc ) Diagnosics , rehabilitiation ( liners )
 growth been  .76 over last several yrs , goal  .4 |
 profitable 14 of 17 yrs .
 Service busn is where growth has been
 LimestoneEmissionControl of acid rain | flat mkt here | go to Taiwan w U-Tah
 Asia mkt .3 of world . PVC steam expanded into old pipe then robocamera
 inspected . acquired 2 yrs ago .
 When here in 90 , 2M$ rev , now 20 .
|11:1| AmericanEco(NASD:ECGOF,Toronto:ECX) FormerGov of TX MarkWhite |
 MikeMcGinnis To be single source provider to oil - acquire superiour mngt .
 EPS  _.15 ( new mngt ) .07 .15 .4 ( .41 thru may )
 clients outsourcing non core cost ctrs . Safety record of operators .
 Aging plants - last new refinery `72 | Defeg . SuperFund & RCRA moving to
 remediation . US Capacity declining since `80 , utilization growing .
 Divisions : EcoEnvironmental Houston centered - pond closures , misc
 CATurner : petrochem & refinery construcion &  maintenance .
 Environmental Evolutions : Rapid Spill response for util industyr . w
 Chempower
 Separation&RecoverySysts - Bilge Oil recovery . ex-JohnWayne .
  serves  % 2 world tanker fleet have SRS equipment .
 UnitedEco in east | MM industrial - Halifax - heavy fabricatacqd frm govt
 Industria  - Pulp  . acqd for 1.6M shares . rev 50E6 . | 15M assets for 2.5
 expect 1E9$ by 2000 | Chempower Akron | acq for 6.2$  %  share . | 80M$ rev
 expect 120M$ in 18 mo.
 Competiton : Fluor , Alwase, OHM Philipls
 revs : 75 35 47 66 (  % 2 ) tot wb > 150 M$ |
        .07 .15 .4 .41 ( tot wb > .8
 Only dif w compet : peoppel | LT debt ? 1.6M | canadian warrent to
 gross , net margins :  .18 .05 |
 looking for 1E9$ rev by 2000 |  last time here 13M mkt cap , now 135
 currently 10 x  certain forward earnings .
Lunch
ArthurSmith : cheap better cement block additive . don`t burn . set up
 geografic exclusive distributorship . 3.55E6 rev .55 net profit .
Comodore Applied Tek (AMEX:CXI) PaulHannesson | non thermal pcb distruction
 can destroy all chem warfare agents - teledyne-brown - and cfc . all
 clorinated products even mixed in soil . DOE : radioactive separation
 enableing in .2-.3 of all chem warfare mkt .
 JV liquid waste stream separation .
Dr RandolfGraves : Eurotek : russian defense res to peaceful uses .
  MotherTerissa ShortSellers . RayDirks 100M$ lost 2 x  by Conseco
 100 x  winners : Geico , Digital Switch , Presidental Life .
  EuroTek @ 2 - aim @ 200 .
|13:7| RandyGraves : tek transfer . division dir @ NASA , white house rep :
 Founded in WDC BB:EURO 14M shares , 7 float . to take advantage of Russian
 tek . Currently no salaried employees . validating teks .
  I.V.Kerchatov inst - 10K tekys |
  EuroAsianPhysicalSoc :
 German resealable poptop . | radioactive containing foam . 200 yr life under
 1E6 rad radiation || Western Waste energy Trash power incinerators  goto  Ukrane
PeterKohlfield? from Moskow ex StevenBechtel . SiliconCarbide wafers -
 difficult to grow w lots of micro pores long lasting electrodes . Aircraft
 fireproof . Metal Surface hardning .
RichardWall : since `91 - no private co has personal tek resources
 Plasmatrons - | Adm James Watkins frm LosAlmos . Ulish . Mandated EuroTek
 waste power 310M$ contract | 3.8B total . foam for transport .
 270 plants to decommission 1.2B$ . Eurotek be proj mngr .
 Vertical parkting structurs . Belise suger processing industry
 S. Korea | very agressive acq prog | fee simple title to tekx
 mkt poptop in fall - Coke writ for yr .
 .27 EPS this coming Q .
 John McNamara wiz kid .
 Hans  ex- Berlinner Bank .
 ArthurSmith NovoCrete hi density concrete .
|13:50| CommodoreAppliedTek(AMEX:CXI,CXIW) RayDirks . Pub June 28, has dbld
 5M share & warrent | 6 + .1 | + green shoe | Hussein stock piles exploded
 during desert storm || PaulHannesson portable non-thermal . solvated
 electron chemisty . anhydrous NH . Amine solvent Alkaline Metal desolves
 -releasing electrons into free radicals - all clorinated compounds
 immediately broke to levels of no off gases . recover .98 of solvent |
 enabling on .3 of agents - works on all . JV w Teladyne - GeneralJerryWatson
 - ex chem wepon head | Lewisite 11k tons | EPA only non-thermal permit
 1 of Whitehouse chose 9 teks for rapid commercialization .
 Acqd : AdvanceSciencesInc contracts w DoD . wick Com tek into contracts
  New CEO  961001 : Tom Noell - ex- WasteMngt
 IPO Commodore Separation filed last wk . AlanBerkard - ex- PhelpsDodge
 membrane tek | Indian ShriColumbi PHD an OakRidge Teknicium separation
 tubes size of hairs . Supported Liquid Membrane - low capital & operating
 costs compaird w ion exchange or reverse osmosis - can selectively extract
 to 1  %  1E6 concentration | plating plant unit takes just 40 sq ft .
 RadioNucleides - can do 2 at once | now ready for blast off . need mfg
 facility .
 MarkDeAngelis : being developed Zinc Nickle plant ~ Columbus OH .
 micropores in tubials w organic carrier motor un. up to 100k  %  1E6
 multiple modules for multiple materials . Strip soln reused .
 Baltamore Chromate dump over aquifer  . taken to PA and sludged out
 600 ppm  goto  < few ppm in 1 pass . Alan been in metals most of life . Columbium
 comes w Thorium | 7500 plating plants w 3-5 line each in N.A. Lease machines
 clean up radioactive liquid waste . Heavy Mil bkgrnd to executives .
 Expect profitability in yr 2 . CommAplied expects prof in `97q2 .
 modules have life of 1-5 yrs . One plating plant .23 of rev is waste cost
 will share in return on reclaimed Zn & Ni | 80-90k$  %  line | 300k $ over 5yr
|14:29| StratfordAcquisition(OTCBB:SFDA) Concrete structured falling down .
 worlds best patching & repairing morter . strength 11.5k psi vs 7.5k psy
 Flexural strengths 1.73k vs 1.07  | Shear Bond  5.9 vs 1.5 - patch adherance
 resistance to salt scaling  1.0 vs .91 | totall impermiable .
 Durability : .98 vs .91 | Cloride Permiabliity : 816 vs > 1k
 Best current products : plastics - flamable . Same day use of structure .
 Projections | 10M .   selling @ 2 x  projected profit . 1.35 $ cur price
 3558  1.8M net . .23  %  share |
 57B spent on patching each yr .
 Profi based on  pennys  %  lb to make , 4$  %  lb sales price .
 Have ltr of intent for 7M bags frm 1 medium size cust .
 BobF : Why so low ?
 Analyse cement & sand samples to teach proper mix .
 Saudi Desert made of dirt . American rights from GlobSat distributor , UT .
 History : DrOrlandoBatista PhD : realized alternative to polimrs
 Hematite - lead | Govt Sweden SaltWter bridges may be 1st whole construction
 .3 saving |  Bob Danger of being ripped off w/o Patent .
 Only maybe 4 people know teknology .
 Name to be changed to Novacrete in Nov
 expect  2.5 vs 3  x  |  .027 aditive in patchs by dry weight .
 BobF Auditors : 1 man in Dallas . looking to CoopersLybrand by Nov 30  .
 Euro distributed from The
  6 - 1.25 | 1.5    | 8 out 4M float |
|15:9|