S.A. Advisory E-Mail Update

April 04, 2002

New Buy recommendation on emtec(etec-otc bb) April 4,02
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NEW BUY RECOMMENDATION
 
Our phone service investors were notified on April 02,2002 to purchase Emtec (etec-otc bb)@
.70/share.
 
Business:   is an e-business and IT consulting and services provider that structures and
implements complex, highly integrated systems that enable customers to exchange information
with their partners and customers in a purely digital format.
FACT:
52-week range:         .32- $1.03
shares outstanding      7 million
book value                 .32/sh
cash                       .02/sh
 
For the 9 months ended 12/31/01  total rev equaled $58 million, with
net income .06/sh
On 11/21/01 etec entered into a $10 million revolving credit facility with
fleet
On 1/09/02 acquired Devise Associates, an IT consulting and managed
services organization
More information within the to be release Hardcopy newsletter --April/May 02-
should be online within a few days.
TO OUR SURPRISE :  A BUYOUT IN THE FORM OF A LETTER OF INTENT
WAS FILED AND RELEASED ON APRIL 3,02. CHELL GROUP (CHEL) A
NASDAQ SMALL CAP HAS THE INTENT TO ACQUIRE ETEC FOR A COMBO
OF CASH AND STOCK!  IN OUR OPINION ETEC IS WORTH $2.00! I AM A 
CURRENT SHAREHOLDER IN ETEC AND WOULD NOT TENDER MY SHARES
FOR ANYTHING LESS!  CHELL GROUP IS CURRENTLY TRADING @ AROUND
$1.85.  CHEL-NASDAQ HAS RECENTLY BEEN DIVESTING AND ACQUIRING
COMPANIES.  AT PRESENT IT IS DIFFICULT TO TELL WHAT IS GOING ON 
BEHIND THE SCENE. IT IS EVIDENT THAT CHEL SEES THE SAME THING THAT
WE SAW!!  A SUPER CHEAP INVESTMENT OPP THAT IS WORTH MUCH MORE
THAT .70!!  IF ACQUIRED WE WOULD BE LISTED NASDAQ..
REGARDLESS OF THIS NEW DEVELOPMENT WE REMAIN BULLISH TOWARDS
EMTEC (ETEC-OTC-BB)
 
yours truly,   William Velmer     editor

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