S.A. Advisory E-Mail Update

January 19, 2000

Sell and Buy recommendation for Jan 19,00

Dear E-mailer's           http://www.saadvisory.com
 
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We first recommended vtpi which changed to ivoc on 7/09/97 @ .10-
we proceeded to sell half position @.82 on 9/09/97.  As of today IVOC has
exploded to the $1.84 level!  We believe that the stock is over bought and
have placed a sell recommendation on our remaining position.
With over 50 million shares outstanding and limited rev and very optimistic
press we have decided to say good-bye.  The market-cap is just way too
large.  Our return is around 1700%.    We may not pick the top, but when
they want it! GIVE IT TO THEM!
 
2. CVD Equipment (cvde) Initially recommended 9/05/96 @  $1.375!  This
stock has been a "DOG" for a long time!  We believe that is about to change!
As you know the Semiconductors have been RED HOT, but cvde has basically
remained underfollowed and appears very undervalued when one considers the
recent developments.
The company designs,develops,manufactures, markets and installs and services
equipment for the semiconductor industry ( read the latest 10Q for complete
details).  The company has cutting-egde technology that is about ready to be
in demand!
Book value-$1.22
Fully diluted shares   2.9 million --float around 1.4 million
 
The rev picture for the third quarter tells all!
                  99                             98
rev             $1.7   mil                 $700K
income/sh      .04                         .01
 
 
for the 9 months
rev             $3.9 mil                    $2.5 mil
income/sh     (.04)                       .08
 
The company according to 10Q recently bought another semi company--see 8K
filing!
 
Conversation with management: The third quarter is a great indication of fiscal 00
results:     Around $7 million on the low side and .16 net income (estimations-results
could be better).  Top side rev could approach $10 million-this is the high
end.  Rev growth 70% to 80% over fiscal 99--If we apply a PE of 20X we get a 
share valuation of $3.60 . The upside potential for this stock is huge!  It has
been trading flat for years and could explode once the herd finds out about this
mini-micro!
 
Other stuff:
 
Other cheap micro's
camy
fairc
agbg-recommenation--has not really moved at all--look at the numbers
frti--One day this stock should rocket! WE assume either a buy-out or partnership
with a major internet portal!
nstg--This baby yahoo continues to act great!
hir--appears to be a very cheap AMEX stock -- look at the numbers
 
yours truly,  William Velmer