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No. of Recommendations: 1
JP Morgan still likes CYCH!!

Yesterday, Cybercash filed an 8-K to report that it issued $11 million of
6% subordinated convertible notes, which we believe gives the company
enough cash to fund operations through 2001. This is good news as prior to
the funding, we estimated that the company would deplete its cash reserves
by 2Q/01. Now that CyberCash has resolved its near term funding issue, we
will be looking for management to concentrate on execution and growing the
underlying business. Milestones to watch in early 2001 include evidence of
increasing revenue per transaction driven by successful up-selling of its
FraudPatrol product and positive growth in its software business. We
continue to rate the stock a Market Performer.

(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)
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