March/April 1996

1. Miracles happen! Morons in Washington actually passed a sweeping teleco bill that deregulates the cable industry, which will be a serious boon to CBLK and the like. Tons of dead presidents will be flowing to upgrade and refurbishing cable equipment. The super information highway just had its speed limits raised. Enjoy the ride. I must be dreaming bullish!
2. Purchasing, upgrading and refurbishing cable equipment in the US is $400 million+ annually and growing by 15%. The international market exceeds one billion. CBLK is anticipating growth of 50% annually during the next two years and beyond. Super bullish.
3. The fundamental analysis yields eye-popping values. A fire sale with explosive upside potential. If estimates are reached or exceeded, this stock will be a $15 - 20# - Super bullish!
4. Anticipate NASDAQ filing before year end. We also anticipate a forward stock split during 1996 in order to increase liquidity as well as all needed exposure. Bullish!
5. New management on board able to handle anticipated growth which is foreseen. Heavy experience and super bullish!
6. Increasing presence in the international circuit; i.e. China and Latin America. Bullish!
7. All fundamental comparisons - Charts A,B, & C - indicate a share price at much higher level between $10 - $40. Take a hard look!
8. Low salaries, limited debt, management controls around 50% of stock, stock is virtually unknown and industry poised for rapid growth. Very bullish!
9. (Note: for those of you who dislike NASDAQ BB stocks, if this stock was on NASDAQ today, you better believe that you would never see this stock at current prices. If you wait for NASDAQ listing, CBLK will probably be $20.00 instead of $4.00 - your choice).
10. Cable stocks are at the top of the "communications food chain" - an astute investor should be involved in the sector. CBLK's opportunity within the cable industry is extremely broad and promising due to numerous on and off ramps of the information super highway.
11. Recently a tender offer was initiated for all outstanding shares of CBLK @ $3.00. Obviously, a ridiculous price. Other buyers may be looming due to the extremely undervalued nature of CBLK shares.
12. March 7, 1996 - Continental Cablevision announced it will upgrade its cable systems by spending $1.7 billion from $1.35 billion. An example, just one cable player taking advantage of the new teleco bill just passed. Bodes well for companies like CBLK.

As mentioned earlier, we intend to monitor 5,000 shares of CBLK @ $3.75 in our Master Portfolio as well as our 900# portfolio. Corporate # 1-800-399-1371, 614-221-3131. Broker contact: Mike Chesler at 1-800-331-1355. Greg Nelson at 1-800-453-9408.

1. Salton/Maxim Housewares, Inc. (SALT - NASDAQ) designs and markets a broad range of small kitchen appliances, personal beauty care appliances and decorative quartz wall and alarm clocks and watches, Breadman™, Juiceman™, Salton Creations™, and Salton Time™. For the six months ending December 31, 1995, Salton reported revenues of $60 million versus $47 million and .52 net income versus .46. We anticipate this trend to continue. Long-term debt as of September 1995 equalled 700K, book value $2.88 as of December 31, 1995.

Other bullish developments: company intends to sell 3 million shares for $11 million - At $3.375 looks very attractive for long-terms oriented investors - relatively conservative. We intend to monitor SALT in our 900# portfolio for percentage gain performance. For more information - Mike Chesler at 1-800-331-1355; Corporate # 708-803-4600 - Attn: Bill Rue.

2. Tenny Engineering TNGI looks very cheap. Anticipating .25/share from continuing operation ending December 31, 1995. Pension problems still loom, but we believe resolution is at hand.

3. CTI Group recommended in last letter under symbol CMMG was changed to CTIG. Latest quarterly results make CTIG extremely attractive - reporting .04 for 9 months - cheap at .3125.

1. Data 1 (DMEM) - big things brewing so hold on. News from company anticipated within weeks. If everything gels, DMEM will fly, so buckle up.

On February 29, 1996 Phone Service investors were notified to purchase shares in Cable Link at around $3.75. On March 1, 1996 our 900# investors were informed about the new recommendation. We will monitor 5,000 shares of CBLK @ $3.75 in our 100K Master Portfolio for percentage gain performance and our 900# Portfolio.

Cable Link, Inc. (CBLK) was found in 1983. The Company sells new and refurbished cable TV equipment in addition to repairing equipment for cable companies within the United States and various international markets. The Company operates both its administrative and manufacturing operations from facility in Columbus, Ohio.

Cable Link, Inc. is one of a handful of companies that specializes in the repair and refurbishing of the complete cable TV (converters, linegear and head end equipment) package.

Cable Link, Inc. concentrates its business activities across four complimentary business services.

1. Purchasing - the department purchases used cable equipment from sources throughout the United States. In addition, new equip-ment is purchased from the overstocked inventories of national cable operators.

Cable Link purchasing Activities:

a. Converters - a broad assortment

b. Linegear - all products which are placed on the cable line.

c. Head end - this is where the signal is received; i.e., satellite receivers, modulators, processors, encoders and video ciphers.

d. Addressable systems - CBLK has developed its own software and control card for a PC based addressable controller.

e. New Product distribution - new products from such companies as Jerrold, Pyramid and Holland.

2. Refurbishing and Production - the refurbishing of used cable television equipment; i.e., product designed to receive or transmit satellite signals; receivers, processors and modulators that process the signals for delivery to the outside cable plant and amplifiers, line extenders and converters.

3. Engineering - Aggressively seeking to implement exciting technological developments continual upgrade of linegear and converters to higher channel capabilities for domestic markets and to format necessary for international markets. Perform required FCC systems test and maintain a staff that is experienced in analog video, digital and radio frequency.

4. Sales - domestic and 20% international sales.

Cable Link's refurbished products are offered in three packages: "As Is" - 25%; "Guaranteed Working" - 70%; "Screened & Cleaned" - 5%.

Expansion internationally, especially in China, is anticipated to intensify as greater demand is placed upon telecommunication infrastructures. Currently CBLK has master contracts with distributors in China, Philippines, Mexico and Canada. During the month of March, 1996 representatives from China - the 701 Company - will be visiting CBLK in order to negotiate a new and broader contract with CBLK - exciting stuff - huge potential!!!

Upon review of Chart A, investors should readily observe that 1995 will have a revenue shortfall in addition to an expected loss (1/2 of our .42 loss results from non-reoccurring items and unusual items). From all indications 95 will prove to be a launching pad for CBLK for dramatic revenue and earnings growth during the next few years and beyond. During the fourth quarter of 1995 new management replaced a complacent one, new and expanding contracts were being negotiated, other corporate procedure slimmed down and additional products were being marketed to the US and international cable industry.

In our opinion, all the above changes as well as enhancements will propel CBLK's first quarter of 1996 into record territory - that is, record revenues and earnings.

Management at present feels very comfortable with our current revenue and earnings projections for calendar 1996 and 1997.

It is quite obvious that all of the fundamental values; namely, PE, PSR and P/CF yield unbelievable cheap values. One seldom sees numbers like this remaining for very long. We believe that CBLK could trade at $8.00 - $10.00/share and still be very inexpensive. Of course, performance is necessary for stock appreciation and we anticipate explosive performance, that is, 50% growth rate during the next few years with outstanding earnings/sh growth.

Upon review of Chart B investors will get a grip with regards to how CBLK could trade based upon market averages for PE, PSR and P/CF. We are talking about huge upside potential.

If we compare CBLK's important fundamental values in Chart B to current as well as average values for PE, PC/F and PRS for the overall market. It will be easy to demonstrate just how cheap CBLK really is and what price it would trade at if its share price equalled market values. At present CBLK trades at $3.75/sh and based upon its estimated earnings of $1.25 for 1996, yields of PE of 3. If CBLK were to trade at the current market PE value or even the average value, then CBLK's share price would be $21.625 and $22.25 - an amazing 5.7x the current price.

Based upon price to cash flow (P/CF) - CBLK trades at an estimated 2.64x 1996. If CBLK were to trade in line with current values as well as average values for P/CF, then CBLK would trade at $9.75 and $9.35, respectively. Again, a dramatic difference in share valuation.

Finally, when we examined price to sales (PSR), a very similar picture emerges. At present, CBLK sports an estimated 96 PSR of .21. If CBLK were to trade in line with current values or average values, then CBLK would trade at $19.75 and $18.75, respectively. A stunning difference in share valuation.

If we take this exercise one step further and average all the current values and all the average values and then average them we calculate a mean share value of $16.91. This value represents a share price of 351% above the current share valuation of $3.75. Please remember these values are based upon 1996E. If we examine 1997E with respect to the same parameters, we calculate a mean share value of $23.77, a mind-blowing 534% above the current share price of $3.75.

Any way that you slice it, carve it, chop it or even massage it, CBLK is a super cheap stock that should be accumulated as a core holdings.

ADAM RESOURCES AMEX AE 500 3.50 1,750 5 3/4 B ADDMASTER OTC (PINKS) 2,500 3/4 1,875 3 B

AMERICAN

ELECTROMEDICS Bulletin Board AECO 5,000 .28 1,400 21/32 H

ANACOMP INC NYSE AAC 1,500 4.375 6,562.5 .05 H

CLARY CORP NASDAQ CLY.P 2,000 .56 1,120 5/8 H DENNING MOBILE

ROBOTICS Bulletin Board GARD 3,000 .44 1,320 .02 H

FEDERATED PUR-

CHASER NASDAQ FEDP 1,500 1.00 1,500 .25 H

HORIZON GOLD

SHARES NASDAQ HRIZ 250 6.50 1,625 .01 H

IMAGE SOLUTIONS NASDAQ ISOL 1,125 1.75 1,968.75 7/8 B

TERRA-INDUSTRY NYSE TRA 1,000 6.125 6,125 12 7/8 H/B

JETRONICS AMEX JET 2,000 2 3/8 4,750 3/8 H

MARCADE GROUP BULLETIN BOARD AGIN 200 11.50 2,300 NA --

MICROPAC

INDUSTRIES OTC (PINKS) 1,500 .75 1,125 1.25 H

MINORCO NYSE MNRCY (ADR) 400 15.875 6,350 25 5/8 H/B

NORTH AMERICAN

BIOLOGICAL NASDAQ NABI 875 .75 656.26 13 1/2 H

RIBI IMMUNO

CHEM NASDAQ RIBI 250 2.375 593.75 5 1/2 H

SCIENCE

ACCESSORIES NASDAQ SEAS 333 2.62 875 .06 H

SPECTRUM LABS Bulletin Board SPTM 1,667 .75 1,250 3/8 B

SYS, INC. OTC (PINKS) 2,000 .50 1,000 .05 H

TRANSACT

INTERNATIONAL Bulletin Board TACT 3,000 .41 1,230 .25 H

UNITED AIR

SPECIALISTS OTC (PINKS) 750 2.50 1,875 5.125 H

AFP IMAGING CORP. NASDAQ AFPC 1,500 1.31 1 968.75 1 3/8 H

RCM TECHNOLOGIES NASDAQ RCMT 300 4.12 1,237.50 1 7/16 H

DENNING MOBILE NASDAQ (PINKS) 4,000 .25 1,000 .02 H

ROBOTICS

UNITED AIR SPECIALISTS OTC (PINKS) 750 1.66 1,245 5.125 H

USMX, INC NASDAQ USMX 2,000 1.38 2,620 2.625 H

GRUPO SYNKRO MEXICAN ADR 2,000 1.25 2,500 .15 H

FONAR NASDAQ FONR 1,000 1.0625 1,062.50 2 25 H/B

FOREST OIL NASDAQ FOIL 200 5.625 1,125 11 H

ARMENO MINING &

MINERALS NASDAQ AROYF 400 4.10 1,640 .08 H

NEWCOAST SILVER VANCOUVER NWV.V 3,000 .31 930 .35 H

MINES LTD

CIFRA MEXICAN (ADR) 1,000 1.18 1,180 1.10 B

HADRON NASDAQ HDRN 5,000 .28 1,400 .625 H/B

MICRO SECURITY SYSTEMS OTC MISY 5,000 .25 1,250 .02 H

PLASMA THERM NASDAQ PTIS 1,875 .59 1,106 2.125 B

LONRHO LONDON ADR 2,000 1.08 2,160 2.90 H

CENTERCORE INC. NASDAQ CCOR 5,000 13/16 4,050 .44 H/B

*MERIDIAN NATIONAL NASDAQ MRCO 1,000 3.10 3,100 7/8 B

DAWSON HOLDINGS LSE RULE 535 SUB 2 1,000 5.50 5,500 13.50 H

INOTEK TECHNOLOGIES NASDAQ INTK 5,000 .875 4,375 21/32 H

TECHNOLOGY MARKETING BULLETIN TMKT 10,000 .375 3,750 .01 H

INFINITE GRAPHICS BULLETIN INFG 5,000 1 5,000 .56 H/B

TAYCO BULLETIN TYCO 1,000 2.50 2,500 3 3/8 H/B

CENTERCORE NASDAQ CCOR 5,000 1 5,000 .44 H/B

WILTEK NASDAQ WLTK 10,000 .375 3,750 .75 H/B PACIFIC INTER-

NATIONAL NASDAQ PISC 10,000 .53 5,300 .09 H

EURO DISNEY 2004 WARRANTS FRANCE 10,000 .12 1,200 .40 B

DTC DATA TECH NASDAQ BB DTEC 20,000 .29 5,800 .09 H/B

MERIDIAN NATIONAL NASDAQ MRCO 3,000 1 .875 5,625 7/8 B

DATA 1 INC. NASDAQ BB DMEM 10,000 .875 8,750 3/8 B

SOFTPOINT INC. NASDAQ BB SOFP 10,000 .10 1,000 .04 H/B

ABATIX ENVIRO NASDAQ ABIX 3,000 3.50 10,500 3 13/16 H/B

TENNEY ENGINEERING NASDAQ BB TNGI 10,000 .41 3,750 .50 B

DIGITAL PRODUCTS CORP NASDAQ BB DIPC 5,000 .44 2,200 .12 B

ELECTROCON INTER-

NATIONAL NASDAQ EPLTF 10,000 .95 9,500 2 3/4 H/B

CTI GROUP INC. NASDAQ BB CTIG 15,000 .41 6,150 .31 B

EURODISNEY 2004 WARRANTS-FRANCE 10,000 .27 2,700 .40 B

PLASMA THERM NASDAQ PTIS 5,000 2.18 10,900 2.125 B

QUANTUM CORP NASDAQ QNTM 1,000 16.25 16,000 17 1/8 B

ELECTROCON INTER-

NATIONAL NASDAQ EPCTF 5,000 2.375 11,875 2 3/4 H/B

AFP IMAGING NASDAQ AFPC 2,000 1.44 2,880 1.44 H

CENTER CORE NASDAQ BB CCOR 10,000 .18 1,800 .44 H/B

CABLE LINK INC. NASDAQ BB CBLK 5,000 3.75 18,750 4.00 B

On Feb 26 we sold 875 shares of NABI @ 12.625 for a total sale price of 11,046.875 - our intital cost $656.25 yields an appreciation of 1583% since December 1990.

On Feb 26 we also sold 1/2 of two position of UASI @ 5.625 and the 25% stock dividends issued to both positions. We sold a total of 2,250 @ $5.625 for total sale price of $12,656.26 - our total cost $3,120. From this transaction resulted at 305% gain.

September 12, 1994 - March 8, 1996, portfolio appreciation 21%

* Consultant * *TOTAL COST 234,350.00

CASH ( 1,709.12)

March 8, 1996 PORTFOLIO VALUATION 256,337.85

Note: Our $100,000 Portfolio was formed December 1990. Since the formation stocks have been bought and sold. At present total cash equalled a negative $1,709.12 - total portfolio valuation is $256,337.25. Our initial $100,000 invested has to date produced a net profit of $156,337.25 in 5 years & 2 months. We are obviously smiling.

Future results cannot be guaranteed, but we believe that if our investment strategy stays focused that continued investment appreciation can be attained.

On February 26, 1996, 900# investors were notified to total position in Paine Webber currency WT (PWP.WS) @ $20.00 We intially recommended purchase @ $6.25 on 6-13-95 - our overall gain equalled 220%

COUNTRY COMPANY EXCHANGE YR PURCHASE CURRENT G OR STA-

&/OR SYMBOL RECOMMENDED PRICE PRICE L TUS

JAPAN HITACHI TOKYO 6-4-92 790 YEN 1070 35%G B

JAPAN NISSAN TOKYO 8-24-92 592 YEN 810 37%G B

MEXICO EMPRESSAS ICA NYSE (ICA) 4-6-92 $17 11 7/8 30%L H

MEXICO GRUPO SYNKO MEX (ADR) 4-23-91 $1.25 .15 88%L H

MEXICO CIFRA MEX (ADR) 7-27-91 $1.18 1.10 7%L B

ENGLAND LONRHO OTC (ADR) 11-27-92 $1.08 2.90 168%G H

ENGLAND DAWSON HOLDING LSE 8-23-93 $5.50 13.50 145%G H

PLC RULE 535SUB2

CANADA ARC INTERNATIONAL AMEX (ATV) 8-28-93 $1.44 2 1/4 56%G B

THAILAND SHINAWATRA THAI (ADR) 5-18-94 $12.25 13.25 8%G B

ENGLAND JEROME & SON LSE (ADR) 5-18-94 $1.00 1.125 13%G B

HOLDINGS

CANADA ARC INTERNATIONAL AMEX (ATV) 7-7-94 $3.125 2 1/4 28%L B

FRANCE EURODISNEY 2004 WARRANTS 10-26-94 $.12 .40 233%G B

ARGENTINA YPF SOCIEDAD NYSE (YPF) 3-8-95 $17.00 20 3/8 20%G B

MEXICO GRUPO MODELO MEX 3-18-95 $2.75 4 3/8 41%G B

HONG KONG ELECTROCON EPLTF 8-30-95 $.95 2 3/4 189%G B

FRANCE EURODISNEY 1004 WARRANTS 12-10-95 $.27 .40 48%G B

HONG KONG ASM PACIFIC TECH

TECHNOLOGY ORDINARY 12-10-95 $.90 .95 5.5%G B

HONG KONG VARITRONIX

INTERNATIONAL ORDINARY 12-10-95 $1.65 1.90 15%G B

OUR OVERALL GLOBAL EXPOSURE YIELDS A 49% GAIN - THIS VALUE DOES NOT INCLUDE OUR PWP.WS SALE

Note: In order to stay in line with SEC guidelines, S.A. Advisory may buy, hold or sell positions in all securities recommended. The portfolios are all hypothetical in nature. It is likely that all recommendations were purchased prior to the recommendation. We may buy additional shares or may sell shares at any time. S.A. Advisory's portfolios are geared towards sophisticated investors aiming for long-term capital gains. Our trading habits may vary at our own discretion. Most recommendations are based upon strict fundamental analysis. Usually revenue and earnings EST for low priced common stocks result from management discussions.

S.A. Advisory Phone Service

This Service is a must for the serious investor! We communicate with the subscriber on a one-to-one basis. Quick Market Action, in many cases, secures extra profits or limits further loss. S.A. phone can be activated at any moment in time. We are personalized investor buy and sell communications. Phone Service investors usually receive special treatment concerning commissions and new issues. SEC # 801-16302-3 - Investment Advisor.