EMCORE CORPORATION GLOWPOINT, INC.

***We no longer follow the companies mentioned in these backdated newsletter issues. These samples of past newsletters are generated to give you an idea of what you can expect when you subscribe. Please do not use any of the information contained in the samples below as current advice. If you would like to purchase a newsletter subscription, please click here. ***

Hello Readers,

The last few weeks have probably seen the worst market action in over a year, and the same holds true for our Current Portfolio, which has been pretty well tattered. And, obviously, we did not close any positions during this period.

A few months ago, the markets were much healthier despite rising interest rates, climbing energy prices, and a steady dose of Iraq on our TV sets 24/7. Like now, we even had a slew of good to great earnings and economic news. So, without sounding like a broken record, we still feel that the major drag on the markets is the uncertain political situation. The markets are not in love with Bush, but he has become a known commodity, while Kerry has many market pros very very worried. We had been outright bulls for the coming summer months, but as Dubya keeps sinking in the polls so does our enthusiasm.

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GLENAYRE TECHNOLOGIES, INC. GRIC COMMUNICATIONS, INC.

***We no longer follow the companies mentioned in these backdated newsletter issues. These samples of past newsletters are generated to give you an idea of what you can expect when you subscribe. Please do not use any of the information contained in the samples below as current advice. If you would like to purchase a newsletter subscription, please click here. ***

Hello Readers,

Since the last issue, we closed two more positions, both for some nice gains.

PINNACLE DATA SYSTEMS (3/5/04). Closed position 4/27/04 at $3.88 for a 61% GAIN.

SATCON TECHNOLOGY (12/5/03). Closed position 4/16/04 at $3.92 for a 60% GAIN.

Pinnacle Data Systems worked the way we all dream a stock should work. Hold it for six or seven weeks, have the company announce great earnings, and watch the stock soar over 60% in a few short days. SatCon went on a mild tear on 4/16, which could have meant something big was coming, but, in a sloppy market, why wait for the news; take the gain.

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AVI BIOPHARMA, INC. THE MANAGEMENT NETWORK GROUP, INC.

***We no longer follow the companies mentioned in these backdated newsletter issues. These samples of past newsletters are generated to give you an idea of what you can expect when you subscribe. Please do not use any of the information contained in the samples below as current advice. If you would like to purchase a newsletter subscription, please click here. ***

Hello Readers,

We didn’t close any positions since the last Newsletter, and, given the market’s slump, it shouldn’t come as a big surprise. We still think that the current sell off is healthy and is setting the stage for another run up, however, some worries need to abate, namely the geopolitical concerns. It would be nice if Iraq began to calm a little. Also, we would like to see energy prices fall somewhat, and, if the Fed is going to raise rates before election day, please let them do it soon and get it cover with.

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NEXMED, INC. PALATIN TECHNOLOGIES, INC.

***We no longer follow the companies mentioned in these backdated newsletter issues. These samples of past newsletters are generated to give you an idea of what you can expect when you subscribe. Please do not use any of the information contained in the samples below as current advice. If you would like to purchase a newsletter subscription, please click here. ***

Hello Readers,

Since the last issue, we have closed two more positions, both for some very nice gains.

A.P. PHARMA (11/5/03). Closed position 3/23/04 at $3.76 for a 60% GAIN.

HAUPPAUGE DIGITAL (2/5/01). Closed position 3/23/04 at $3.76 for a 71% GAIN.

Ever since recommending A.P. Pharma last November, the stock had held pretty steady before spiking upward on 3/23. We don’t know why and we don’t care, since a 60% gain is nice to grab in what is still a sloppy market. About five days after we recommended Hauppauge Digital over three years ago, the CEO died and the stock dropped, and, since then, it usually traded between $2.50 and $4.00. All during this time, the company, for the most part, maintained a good balance sheet and that is why we kept the stock in the Current Portfolio. HAUP came back to life on news about licensing its DivX Video technology.

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OPENTV CORPORATION SOCKET COMMUNICATIONS, INC.

***We no longer follow the companies mentioned in these backdated newsletter issues. These samples of past newsletters are generated to give you an idea of what you can expect when you subscribe. Please do not use any of the information contained in the samples below as current advice. If you would like to purchase a newsletter subscription, please click here. ***

Hello Readers,

Since the last issue, we closed two positions, both for okay gains.

IMAGEWARE SYSTEMS (1/20/04). Closed positions 3/5/04 at $5.23 for a 59% GAIN.

MCF CORPORATION (1/20/01). Closed position 3/1/04 at $3.08 for a 54% GAIN.

Since picking ImageWare three months ago, the stock has had a pretty steady upward climb and news of a contract with a Hawaiian police department helped it even more. At one point over the last three years, MCF fell way under a dollar, but, as the markets rebounded, so did this securities dealer. On March 1, the stock went on a mild tear as the company announced the hiring new top management from big-name brokerage firms.

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TRANSGENE PINNACLE DATA SYSTEMS, INC.

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Hello Readers,

Since the last Newsletter, we closed another position for a nice little gain.

ALLOS THERAPEUTICS (6/20/03). Closed position 2/19/04 at $5.08 for a 54% GAIN.

Since we picked Allos last June, the stock had been gradually inching upward, and, in a choppy market, we’re happy to take the 54% gain.

Congrats are in order to none other than us. This issue launches our eight year of publishing on the Net.

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SOMERA COMMUNICATIONS, INC. OPLINK COMMUNICATIONS, INC.

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Hello Readers,

Our apologies for the butchered February 5 Newsletter. Even the best quality controls run amok. It is now fixed and can be read in its entirety.

We did not close any positions since the last Newsletter. Remember what we have said continuously over the years – these things usually come in bunches. Case in point was in January when we closed 15 of them.

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CROSSROADS SYSTEMS, INC. ANALYSTS INTERNATIONAL CORP.

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Hello Readers,

Since the last Newsletter, we have closed seven more positions, six for gains and one for a loss.

ABRAXAS PETROLEUM (10/5/01). Closed position 1/29/04 at $2.75 for a 56% GAIN.

HEMISPHREX (7/5/02). Closed position 1/29/04 at $3.85 for a 54%GAIN.

METASOLV (10/5/03). Closed position 1/21/04 at $3.60 for a 64% GAIN.

DISTRIBUTED ENERGY (9/20/03). Closed position 1/21/04 at $3.30 for a 50% GAIN.

CURON MEDICAL (12/20/03). Closed position 1/20/04 at $5.35 for a 67% GAIN.

DRAXIS HEALTH (3/20/00). Closed position 1/20/04 at $4.50 for a 50% GAIN.

VIEWPOINT (11/20/02). Closed position 1/20/04 at 91¢ for a 68% LOSS.

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IMAGEWARE SYSTEMS, INC. PEERLESS SYSTEMS, INC.

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Hello Readers,

As we have said over the years, these things always seem to come in bunches, and, since the last issue, we closed eight positions, seven for healthy gains and one for an ugly loss.

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JMAR TECHNOLOGIES, INC. ACTUATE CORPORATION

***We no longer follow the companies mentioned in these backdated newsletter issues. These samples of past newsletters are generated to give you an idea of what you can expect when you subscribe. Please do not use any of the information contained in the samples below as current advice. If you would like to purchase a newsletter subscription, please click here. ***

Happy 2004!

Let’s begin this year with a totally outrageous idea: The markets are just starting to heat up. Yes, all of the pundits and gurus have applauded Dow 10K, NASDAQ 2K and the Russell 2000 at about 560. Big deal. Weren’t the markets grossly oversold to begin with? Everyone is now asking just how much juice is possibly left? We sense there is a lot more room left on the upside, so much so that the giddiness of 1999 and early 2000 may be repeated by the end of 2004. What makes us so outlandishly bullish? Plain and simple, big and small investors alike are climbing a “wall of worry”, the fear of being left behind. Caveat: Terror attacks or Fed tightening could tank things.

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