S.A. Advisory E-Mail Update

March 10, 1999

Subject: Update message from www.saadvisory.com-March 9,99

Dear Emailer's:   http://www.saadvisory.com

The Big stocks keep getting over-priced, while the small-caps
keep getting cheaper! Stay and remain focused on value investing!

1.FPCX-Within Dick Davis Digest we named FPCX our stock pick for 99!
Our current opinion:
We called for .32 for the year ending Dec 98 with rev of around $23 mil!

The reality: fourth quarter was somewhat flat to the untrained eye!
The numbers:  $21.5 million and .23 fully diluted--off by around .09!

If you review the 10K and look at note #8 and #9 you will see the missing 
earnings!!  During Sept 97 management granted bonus monies-these monies
to be paid Dec 98... The total bonus $850k----This is our .32!!

We have placed a number of calls to management, but have not been called 
back as of this writing!

Cash position is HUGE--$6.2 million
Book value--exploded to $4.9  million from $1.7 million
sales rocketed from $8.3 million to $21.5
Shares used for earnings --9.1 million

In reality FPCX made the number of around .32 --again from the 10K the actual
net income $2.99 million

Stock came down from the $1.66 to $1.09 --We would have to rate it a Strong BUY!

Management does a poor job with respect to Investor Relations.  This is
life in the stock market!!

1-212-557-0401--Bill finley

Broker contact: Mike chesler  1-800-331-1355

2.American Nortel Communications  ARTM   602-945-1266

The company sells long distance via 1 plus the number and have LEC relationships

This is a super cheap stock!!  We do not know why it has not moved!

Please recall: for the 6 months rev $7.2 million with .10 net/sh  (15.5 million fully diluted
and fully reporting)
In conversation with management today; third quarter will be released during early 
April 99 --rev and earning will mirror the second quarter, that is another .06 atleast!!

Bill Williams, President believes tha fourth may be .12 additional (.06 from earnings and
another .06 from extra-ordinary gain!  This will result in  .29 to .30/sh

This stock at .43 is a steal!!  The street will find it or the company will sell out!!!!

We rate ARTM with a Strong Buy..If they earn .23 from operations ARTM trades at an Est.
PE of only 2!!!

Book --$767,942 and rapidly growing!

Broker contact;  Mike Chesler:  1-800-331-1355

3. Homeland Holdings   NASDAQ--405-879-6600
Food retailer!!  grocery stores
70 stores plus announced acquisition of 9 more!
Book value--around $6
cash --around $1/sh
shares outstanding--4.8
SOROS Management owns 10% and recently filing 13G for additional 
For the year-ending  sales reached $529,576,000.00 net income before
amortization .67-----after amort net loss of $2.83

This amort is almost over!  In reality it means nothing!!  This grocery chain
is being valued like it is going out of business!!  Usually stores are valued
at $1.5 to $4. million/store!  HMLD is being valued at $200k/store!!

Great defensive stock play that is very undervalued!!  We rate HMLD as a Strong Buy
Broker contact:1-800-269-9460

Other stuff:
CBLK --BUY--A real sleeper with only 2 million shares outstanding with rev of $21 and
SETO--change rating from H to Buy--Mr Pian doesn't quit!!
TLTG--Our only pure Internet-play  --We really like management professional attitude and
style.  The site looks better everyday http://www.teltran.com
In our opinion ,the VoIP contracts will be coming soon--We rate a BUY!
YARC--Great announcements- One day this stock will pop!

Check this out!

China Play

CBR Brewing,inc.  CBRB
Beer production in China and sales!   1-310-274-5172
8.5 million shares outstanding -fully diluted!
For the nine months sales in US dollars reached $106 million and earnings/sh.29
Book value is $2.06**
cash--$6.5 million (Note in the recent q it mentions $13.5 million, ,but during
fourth quarter a dividend was paid!**)
LTD-$1 million
Fully reporting
Fourth quarter- according to management discussion will be flat -rev will be around
$135 million.
52-week range--.375-$9.00
Worth a look see at .56!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Dycam,Inc.  DYCA
reselling of digital cameras and associated service and maintence
agreements and focused its technology  business on sales of
 services and licensing agreement.
They sell digital cameras over the internet htpp://www.dycam.com

3.1 million shares outstanding
No debt
Book value .09
nine months sales $1.2 million and (.14)
turn-around coming
The internet site is very interesting!   1-818-998-8008

disclaimer:  We have not been paid by any of the listed stocks within this message!
We may buy,sell or hold positions in any of the listed stocks.

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Yours Truly,  William Velmer  http://www.saadvisory.com

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