CIBC Announces Investment Opinion on N2H2, Inc.Business Editors NOTE TO EDITORS: The following is an investment opinion issued by CIBC CIBC Canadian Imperial Bank of Commerce CIBC Centres Interinstitutionnels de Bilan de Compétences CIBC Commonwealth Institute of Biological Control (Trinidad) CIBC Commercial International Brokerage Company NEW YORK--(BUSINESS WIRE)--Feb. 10, 2000 CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. announces investment opinion on N2H2, Inc. CIBC reiterates Strong Buy rating on N2H2 and raised price target from $25 to $40 based on 18x our fiscal 2001 revenue estimate of $48.3 million. N2H2 is one of the key investment recommendations within our Internet Infrastructure theme. We are essentially maintaining our EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. estimates for the remainder of fiscal 2000 and we are estimating a narrower loss in fiscal 2001 from $0.52 per share previously to a loss of $0.45 currently. We are raising our fiscal 2001 revenue estimate from $46.6 million to $48.3 million, based on recently announced strategic partner deals and an increasing percentage of revenue from corporate advertising sponsorship. We expect N2H2 to further deliver critical mass of K-12 users in a manner which becomes increasingly attractive to large corporate advertisers. N2H2 is also appropriately pursuing this program in a manner which is not too aggressive or annoying to the users in the K-12 market. We also expect significant revenue growth from N2H2?s penetration with service providers (e.g., ISPs/VISPs) going forward. Recently announced deals with AT& and British Telecom are just starting to ramp in terms of user growth. Another recently announced deal with Nissho Electronics of Japan will enable localized content filtering in Japan and elsewhere in Asia. The deals with British Telecom and Nissho particularly underscore N2H2?s initial moves into a largely untapped international market. N2H2?s current revenue base is centered primarily on the U.S. market but the content filtering functionality which N2H2 delivers is clearly global in application scope. *********** IMPORTANT NOTICE TO RECIPIENTS *********** Any information or data provided in this message has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. Such information reflects current market conditions, is subject to change without notice and should not be relied upon for tax purposes. Any transactional details are provided at your request and do not supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. your normal trade confirmations or monthly statements. Any product recommended is subject to prior sale. CIBC World Markets Corp., its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. 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(&uot;CIBC&uot;), it is solely responsible for its contractual obligations and commitments, and any securities products offered or recommended or purchased or sold in any client accounts (i) will not be insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. , (ii)will not be deposits or other obligations of CIBC, (iii) will not be endorsed or guaranteed by CIBC, and (iv) will be subject to investment risks, including possible loss of principal invested. |
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