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Hi Mike,

Interesting that you should ask that today. Even though the shares are up significantly on a good report, I think there is a ton more to go. They have a strong 10G business which will continue, they just started receiving revenue for 40G, and 100G is on track with Tier 1's now sampling their system. That's just huge. INFN is the #1 provider in the U.S. without having the benefit of Tier 1 customers. What happens if/when they win some with the DTN-X system?

Their expenses are high right now because of all the product development and SG&A expenses they are carrying. Their 10G businesses can't turn a profit under those conditions. However, I've been very happy with their progress on their 40G and 100G systems and now we are starting to see recognized 40G revenue. Once 40G and 100G revenues kick in, I think INFN will be very profitable.

I'm very excited about their prospects. There is no turning back on the demand for bandwidth. And now it appears that they are again in the lead (in both performance and cost of ownership) with the DTN-X system. INFN is my largest holding, making up almost 14% of my portfolio. And I'm quite happy with that. I think over the next 12-18 months, there is a very good chance that INFN will continue to do very well.

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