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VL Report Update

Talks of renewed growth at Pumatech were premature. We were generally disappointed by the financial results in the company's January period. Quarterly sales continued to trend downward, falling short of our estimate by $800,000, or 11%. Share earnings, on the other hand, only missed our target by a penny, thanks largely to cost-cutting efforts. Regardless, the sales miss weakens the argument for near-term profit improvements in a couple of ways. For one, it shows that IT budgets remained tight in the month of January, contrary to what we had expected. We were also looking for more of a follow-through on the momentum that was building in Japan and Europe back in the October quarter. Still, in spite of the letdown, our near-term forecasts continue to reflect our optimistic view EÍM one that may not be shared by Wall Street. Indeed, recent positive economic data has us upbeat about the prospects for Pumatech's data-synchronization products, and we believe there is a fair amount of capital spending waiting to be released as economic conditions improve further.

The firm is in reasonable financial shape. Pumatech finished the fiscal second quarter with $42.4 million in cash and only $2 million in short-term debt. The firm's cash balance declined $4.1 million in the most recent three-month period, and our financial model suggests Pumatech will reach positive cash flow late in the January quarter of fiscal 2003. Of course, all bets are off if sales growth fails to materialize in the quarters ahead.

Timely Pumatech stock is not suitable for risk-averse investors. The slow progress made by telecom carriers in the rollout of advanced (2.5G and 3G) wireless services makes it difficult to be very confident here, since these services will likely lay the groundwork for mobile data initiatives at the enterprise level. Note that our forecasts to the 2005-2007 period are highly tentative due to the uncertainties involved. Investors should remain focused on near-term results.

John Marrin March 22, 2002

2003-05 PROJECTIONS

Price Gain Ann'l Tot. Ret.
High 9 (+515%) 55%
Low 6 (+310%) 39%

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Tuesday, April 02, 2002
Internet.com

Aether Buys Back $15 Million of Debt
By By Roy Mark

Wireless data firm Aether Systems, Inc. has completed a company buyback of $15 million in convertible debt. The buyback was done early last month at a discount to face value and follows a May $20 million company buyback in convertible debt.

The Owings Mills, Md.-based Aether announced that it would be centering its resources on core and near-term revenue opportunities -- areas where the company has either developed a position or has recognized a market opportunity, while reducing development efforts on initiatives with a longer path to revenue.

To bolster this focus, Aether acquired certain assets and licenses that expanded its products, services, and customer base in its Transportation & Logistics (T&L) division. The company is focused on the markets of enterprise solutions that allow the remote workforce, T&L, mobile government, and small business systems through its relationship with America Online.

"Aether is continuing to optimize our collective and unique set of assets to strengthen our market positioning and financial posture with an unyielding concentration on shareholder value. Our market focus is geared towards vertical markets that are demonstrating a compelling return on investment today by using wireless data solutions," said Dave Oros, the company's chairman and chief executive officer. "By reducing our convertible debt by another $15 million at a significant discount, we are also amplifying the company's prudent fiscal management and confidence in our actions and outlook."

Oros added, "We quickly acted upon the strategy of focusing on areas of near-term traction by enhancing our Transportation and Logistics division's product line. Additionally, we are due to release robust products during the second half of this year that will address the mobile needs of the enterprise business worker, such as field service and salesforce automation."

internet.com corp.

Copyright 2002 INT Media Group, Inc. All rights reserved. Republication and redistribution of INT Media Group content is Expressly prohibited without the prior written consent of INT Media Group, Inc.. INT Media Group, Inc., shall not be liable for any errors or delays in the Content, or for any actions taken in reliance thereon.

Copyright 2002 internet.com Corporation

http://wireless.ittoolbox.com/news/dispnews.asp?i=68166

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John ... what's the patent suit against XTND look like for PUMA? Also, it appears that XTND is eating their cake.

Warren
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Established in 1996, Visto is the leading provider of mobile access solutions for the enterprise and mobile professionals. Visto's technology provides secure access to the most widely used corporate messaging applications over any network and on a broad array of devices, and supports both browser-based as well as offline-capable devices (e.g., wireless PDAs, smartphones, etc). Leveraging a portfolio of 8 granted patents in synchronization, access and security technologies, Visto's platform is a proven, scalable solution that has supported over 2.7 million users.

Wind River Systems Drops Patent Infringement Lawsuit Against Green Hills Software
Unfounded Allegations Withdrawn and Legal Action Terminated in Unilateral Retreat by Wind River Systems
http://www.ghs.com./news/220523w.html

what happened since the lawsuit?

puma:

-deltek?
-scopewave?
-puma $0.79

xtnd:

-pcmagazine's editors choice
-pc sync software certified as syncml-compliant
-licenses database server to cch
-extended systems and metrowerks team up
-updated bluetooth software development kit for windows ce
-xtnd $3.70

chart xtnd vs puma; what do we see?
http://www.quicken.com/investments/charts/?period=1YEAR&charttype=HIST&big=off&plot=LINE&othersym=&mavg=&dji=&sp500=&nasdaq=&symbol=PUMA+XTND (1 year)
http://www.quicken.com/investments/charts/?period=3MONTH&charttype=HIST&big=off&plot=LINE&othersym=&mavg=&dji=&sp500=&nasdaq=&symbol=PUMA+XTND (3 months)
http://www.quicken.com/investments/charts/?period=1MONTH&charttype=HIST&big=off&plot=LINE&othersym=&mavg=&dji=&sp500=&nasdaq=&symbol=PUMA+XTND (1 month)
http://www.quicken.com/investments/charts/?period=1WEEK&charttype=HIST&big=off&plot=LINE&othersym=&mavg=&dji=&sp500=&nasdaq=&symbol=PUMA+XTND (1 week)

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