I like the fact that PNEC's wholly owned subsidiary, Northeast One Stop (NEOS) operates a business-to-business site at www.neoneb2b.com. Business-to-business sites on the Internet have good long-term potential. This situation is a sleeper. Price @ close 1/28/2000: 1-1/32. Call Ivy Ball @ 732-530-8819, or fax 732-530-1165 -- pnec@aol.com [R-7; M-8; L-9]

Vari-L Company, Inc. (NASDAQ NMS/VARL), in business 46 years, is growing & profitable. Sales increased consistently since 1994, with earnings per share growing as well from $0.18 in 1994 to $0.27 to $0.30 to $0.43 to $0.48 in 1998. For FY ended 12/31/99, they were at $0.60/share ($3,403,000) on revenues of $24,281,000. VARL paid down $4 million of its short-term debt on 1/27/2000. Cash is still$10.5 million.

VARL designs, manufactures, & markets advanced radio- & microwave-frequency signal source & processing components & miniature subassemblies used in wireless communications equipment. Its products are proprietary, patented, & sold to manufacturers of commercial, subscriber, & military/aerospace application equipment. Examples include wireless Internet, fiberoptic voice & data transmission, various telecommunica-tions infrastructure, satellites, radar, GPS, cellular phones, pagers, etc. Customers include Lucent Technologies, Motorola, Nokia, Philips, Samsung, Siemens, NEC, Mitsubishi, Raytheon, Hughes, Northrop Grumman, Ericsson, Stanford Telecom, Lockheed Martin, IBM, Adaptive Broadband, etc. VARL has a $1.1 million order from Adaptive Broadband for components used in point-to-point & point-to-multipoint microwave radio networks.

This is a solid, growing situation. Price @ close 1/28/2000: 26-3/4. Call president Dave Sherman or CFO Jon Clark @ 303-371-1560, fax 303-373-3870, write 4895 Peoria St., Denver, CO 80239, or call Matt Dickerson at Pfeiffer PR @ 303-393-7044, e-mail matt@pfeifferpr.com www.vari-l.com [R-8; M-7; L-8]

Whitehall Enterprises, Inc. (OTC BB/WTHL) is a turnaround. It emerged from bankruptcy 7/98 with shareholder's equity intact, changed its name to Whitehall, replaced the management team, qualified for the OTC Bulletin Board, embarked on an acquisition program, & had its first profitable quarter (ended 6/30/99), earning $53,175. The first acquisition was MBM Limited, a plastics manufacturer. The second was Hairbiotech Inc. with three patents re hair growth. The third is Alternative Lending Group (ALG), a multi-million-dollar e-commerce mortgage banking company, acquired 1/19/2000 for $8 million. ALG operates in AZ, CO, IL, IN, MI, MN, MO, UT, & WI.

On 1/27/2000, ALG announced an alliance with AOL's Digital City that should allow ALG to dramatically increase its exposure on the Internet. ALG agreed to market in 10 of the 64 AOL Digital Cities (about 3.95 million AOL users). They are: Denver, Detroit, Grand Rapids, Indianapolis, Kansas City, Milwaukee, Phoenix, Salt Lake City, & Minneapolis/St. Paul. As ALG increases its sales territory to all 50 states in the next 12 months, it will add additional AOL Digital Cities, providing those mortgage customers the ability to apply for all types of loans, 24 hours a day, via the

Internet. Whitehall will be a new participant on WallStreetCorner as one of our Special Situations accessed on the home page -- check the corporate profile there -- it will be up within a few days of your reading this. Call Tom Biggs at Investor Relations Services, Inc. @ 904-409-0200 or fax him @ 904-409-0043. Investor Relations Services has put on due diligence meetings related to WTHL -- another one is scheduled for 2/2/2000 in Atlanta, & one will be in Ft. Lauderdale/Boca Raton on 2/9/2000. www.alternativelending.com [R-7; M-7; L-8]

Update Briefs

This section does not include information from all the news releases I receive on situations I have covered in past Recommen-dations or Sneak Previews. If you hold such stocks, please go to WallStreetCorner- & use "Financial Navigator." Click the "Go Search" button at the right of the home page. Then type in the symbol of the company & click on "Go." You'll get the current price & volume, & can usually get anything else you want from the pull down menus. I include updates on only a few situations. I do not have room for much detail, but include contact information.

I am moving toward giving you more insight, more opinion, more of my thoughts -- rather than just incorporating a brief summary of news. That was valuable in past years, but with the advent of the Internet & your ability to get news releases at Financial Navigator, it is less & less necessary, so you'll note my comments about checking the news releases through WallStreetCorner, etc. As I get used to this new direction, I'll give you more of my thoughts & include less & less news detail. Check my "Larry Oakley's Daily Comment" section on WallStreetCorner for more coverage. I suggest you go there daily -- it's one of the most popular draws on the site -- thousands go there.

American Bio Medica Corp. (NASDAQ/ABMC -- CS Sneak 12/98) now has purchase agreements in CT, FL, ID, ME, MT, & SC for its drugs of abuse diagnostic kits & support services. On 1/13/2000, it received a patent for the Rapid Drug Screen test kit in the U.K. -- it received a similar patent in the U.S. in 11/99. This should increase sales in the U.K.

On 1/24/2000, it acquired the rights for distribution & marketing of DRUG DetectorTM in N. & S. America. This patented system tests in 10 seconds for the presence or absence of residue from marijuana, cocaine, heroin, or methamphetamines without the need for urine, hair, or saliva samples. No FDA approval is needed, so immediate sales & cash flow are possible. The test can be made without the knowledge or presence of the person suspected of having used such drugs. I like that because it's good for parents who are concerned about the welfare of their child & do not want to accuse the child unfairly. Call Melissa Decker @ 800-227-1243 or 518-758-8185, fax 518-758-8171, e-mail melissa@americanbiomedica.com, or write 122 Smith Rd., Kinderhook, NY 12106 www.americanbiomedica.com [R-6; M-6; L-8]

Bidhit.com Inc. (OTC Bulletin Board/BHIT & Frankfurt/BHC -- CS 8/99) had over 6.1 million page views in 12/99. Paul B. Healy joined BHIT's advisory board. He is VP corporate development & investor relations at Hollinger International, Inc. (NYSE/HLR), a global newspaper publisher (86 paid dailies including the Chicago Sun-Times, Daily Telegraph in London, etc., & was a VP of Chase Manhattan Bank.

Call 425-424-3660, fax 425-424-3661, or write 204 18702 North Creek Pkwy, Bothel, WA 98011. www.bidhit.com You may also contact their IR firm, Park Avenue Capital Corp. @ 80 Fifth Ave., Suite 401, New York, NY 10011 -- 800-953-8711, fax 212-727-3685. [R-6; M-7; L-9]

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