$2,000 stock investment into $2.2 million; he founded TVC Marketing, the marketing arm of Pre-Paid Legal Services Inc. (ASE/PPD), where sales grew from $6 million to $60 million in his five year tenure.

Business/Products

AMSO sells its more than 100 natural, herbal-based nutritional supplements, weight management products, skin & hair care products, & cosmetics to more than 35,000 independent distribu-tors who use the products themselves & retail them to their customers. Each product is manufactured from exclusive proprietary formulas under strict quality control standards. These products bear the FDA "legal label" as to ingredients & dosage, although FDA approval is not required for AMSO's products.

Among its best selling products are: AM-300 -- a natural herbal energizer consisting of a specialized blend of herbs, including an ephedra herb concentrate & chromium picolinate; AS-200 -- a natural appetite suppressant which is a blend of herbs & nutrients in addition to citrin & chromium picolinate; Shark Cartilage Complex -- to build the body's defense systems -- it is made from shark fin cartilage & a blend of curcumin, boswellin & vanadium; Super Anti-Oxidant -- a food supplemental blend of enzyme-active & phyto-nutrient rich whole food & herbal anti-oxidant concentrates including proanthocyanidins; Colloidal Plus -- a natural nutritional supplement made from an assortment of 77 plant-derived colloidal minerals in a time release capsule; & Chlorella -- Nature's first & most perfect food made from fresh water algae containing amino-acids of protein, nucleic acids, fibers, vitamins & minerals.

AMSO recently acquired ToppFast, a fast-selling complete meal replacement, weight management drink mix developed by Dr. Frank Toppo. In 1997, AMSO introduced Choc-Quilizer, an appetite suppression product made from a compound which occurs naturally in chocolate. Originally developed to reduce chocolate cravings, it is believed to decrease appetite for other foods as well. AMSO also provides an all-natural personal care line which includes skin & hair care products as well as the complete line of Chambre cosmetics. As an added incentive, AMSO recently introduced its "Dial A Doc" service. This unique service provides its qualified distributors unlimited toll-free telephone access to specially trained physicians 24 hours a day, seven days a week for only $4 per month. The doctors will answer all medical questions & refer the caller if additional treatment or services are required.

Recognizing the importance of reliable shipping requirements of its industry, AMSO recently started using a new integrated order entry/shipping system developed by United Parcel Service (UPS). AMSO's customers are now linked to UPS's on-line shipping program which can reduce order processing & delivery times by 50%.

Market

AMSO sees Baby Boomers as a significant market as both consumers & distributors. It is adding distributors at the rate of 500 per week -- a doubling of its network in 1998. The market for direct sales of vitamins & nutritional supplements alone is estimated to be $12.7 billion. Home-based businesses are growing at the phenomenal rate of 50,000 each day. AMSO is well positioned to capture a significant piece of this market. AMSO now has limited international presence -- just its skin care line -- in Greece, Turkey, & Crete. It is looking at ways to increase its foreign sales. This would provide substantial future revenue potential.

Management

John W. Hail (see History above) is founder, chairman & CEO. .... Roger P. Baresel is president & CFO. He was a consultant to AMSO for seven years prior to joining them full time. He is a CPA, an MBA, & worked for a Big-6 accounting firm as well as operating a private accounting practice for 10 years. .... Harland C. Stonecipher, a director, is chairman & CEO of Pre-Paid Legal Services. .... Curtis H. Wilson is vice chairman. He was executive VP of TVC Marketing. .... R. Terren Dunlap, a director, is CEO of DuraSwitch Industries, Inc., & a director & co-founder of Go-Video, Inc., a developer & distributor of consumer electronics products.

Financial Status (9/30/98)

Cash & Cash Equivalents: $5,580,422
Current Assets: $7,178,815
Total Assets: $10,758,623
Current Liabilities: $1,428,104
Long Term Debt: $101,942
Shareholders Equity: $9,115,823
Net Sales (9 Mos ended 9/30/98): $9,500,936
Net Income: $246,421

Recommendation

I recommend AMSO for both midterm & long-term appreciation. AMSO has highly experienced & motivated management with a history of successful business activities. As I pointed out in my overview, this company is doing everything right. Its growth in the dietary supplement & personal care industry is phenomenal, & I expect that growth to continue.

AMSO just announced the appointment of UMB Oklahoma Bank as custodian of its Distributor Stock Plan which allows all of its distributors to purchase AMSO stock without fees or commissions. This fact alone should develop sufficient trading in the shares to positively affect the price of the stock. I say this because AMSO's distributors have historically become shareholders. Once they begin using the products themselves, they get enthusiastic enough to want to own a share of this company. The fact that the number of distributors is growing fast contributes to my conviction that here is a healthy situation.

Not only are the fundamentals and financial strength good; the fact that the number of shareholders is increasing, & that they are likely to be long-term holders of the stock is a technical advantage to those who get into this situation. Everything points to attractive long-term appreciation potential. Here are some other things I like:

  • Using only FDA approved production facilities
  • Baby Boomer market sure to grow
  • Distributorship network growing rapidly
  • "Dial A Doc" enticement looks like a winner
  • Excellent distributor incentive programs

Contact

Call 800-426-4267 (ext. 4916 for Curt Wilson, or ext. 4903 for Roger Baresel; fax 405-843-4935; or write 2601 NW Expressway, Suite 1210W, Oklahoma City, OK 73112.

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