H.I.P.S. Distressed Research Report ......Not Rated

For review of RATED issues initially covered prior to 1/30/2001 (H.I.P.S. Report 2) click here.

For review of RATED issues initially covered prior to 12/30/1999 (H.I.P.S. Report 1) click here.

For review of non-rated issues see the H.I.P.S. Quick Research Report click here.

The following is a list of stocks which we have identified as being in a distressed situation but which may have some hope of resurrection and which therefore should be watched closely, since successful resurrection may mean significant profits with proper investing or trading. They have either not been fully evaluated using the H.I.P.S. rating criteria or have not been fully reported in the H.I.P.S. rated format. Please research these stocks carefully using H.I.P.S criteria before investing in them.

Always remember to review the rated reports first since newly listed issues are attempted to be rated and listed on the rated reports first when possible. Also always review the Sector Watch Updates, and the HIPS News & On-The-Ground Investigation Inquiry for new research ideas.

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02/28/2001
LRCM ........ $0.01......LearnCom, Inc.'s four Business Units provide single-source learning resources and consulting services to businesses, government agencies and other non-profit organizations. The Company focuses on HR, safety, and management training - specializing in diversity and critical compliance areas including harassment prevention, employment law and OSHA-required training. LearnCom's resources are provided in a variety of e-learning formats including Internet and Intranet delivery, video and CD-ROM. For additional information, visit www.learncom.com. The company has recently made some acquisitions that may significantly improve its outlook.

02/25/2001
BPIE .......$0.0075 .......BPI Packaging Technologies, Inc. converts commercially available, high-molecular weight, high-density polyethylene resins into thin film, which is either sold directly into industrial or packaging applications or converted in-house into carryout bags of "T-shirt sack" design for supermarkets, convenience stores and other retail markets. The Company utilizes advanced extrusion, printing and bag-making equipment.

ESOL ......$0.0075 ......Employee Solutions (ESI) is a professional employer organization that specializes in integrated employment outsourcing solutions for small and mid-sized businesses. As of December 31, 1999, the Company served approximately 1,900 client companies representing 34,900 worksite employees in approximately 46 states. ESI provides a comprehensive offering of employment-related services and products, including payroll, human resources administration, regulatory compliance, risk management/workers' compensation, and benefits programs. The Company has customers in more than 12 industries, including transportation, professional, light industrial, real estate, manufacturing, entertainment, construction, retail trade, wholesale trade, agriculture and fishing, and allows each customer to select packages best suited for its individual needs.

02/18/2001
SHCC.........$0.01.....Saratoga International Holdings Corporation is a vertical growth internet and telecommunications facilitator specializing in penetrating low and mid-level market sectors. For the 9 months ended 7/31/00, revenues totalled $85K, up from $0. Net loss from continuing operations applicable to Common totalled $2M, up from $910K. Revenues reflect the Company being in a developmental stage. Higher net loss reflects increased administrative expenses. Some more recent increase in revenues also reported

02/18/2001
PTHW.....$0.046.....The Pathways Group, Inc. is a developer of smart card technology, providing clients with secure, specially tailored solutions for capturing and processing data and electronic transactions, with particular focus on Chip Card technology applied to the Internet. For the nine months ended 9/00, sales rose 61% to $182 thousand. Net loss applicable to Common rose 66% to $9.7 million. Results reflect increased smart card sales offset by higher interest and preferred dividends.

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