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Four analysts and top management from sixty-one sector firms examine the Roth Capital Partners 14th Annual Growth Stock Conference in this special 222-page issue from The Wall Street Transcript, available at (212/952-7433) or http://www.twst.com/info/info493.htm

TWST: Within the wireless and software area, where are you focused?

Mr. Campbell: My current coverage focuses on Borland (Nasdaq:BORL), Mechanical Dynamics (Nasdaq:MDII), Proxim (Nasdaq:PROX) and Microvision (Nasdaq:MVIS). Roth, because of its location and its traditional power base serving small, rapidly growing companies, is well positioned to cover wireless software and hardware businesses, from San Diego to Seattle. So having identified that wireless LAN is “the next big thing,” Proxim has some of the best technology in wireless LAN right now. They have two standards that they’re working on. One is something called 802.11a, which is a broadband wireless solution that offers near fast Ethernet speeds. 802.11a is a 54 megabits per second wireless LAN compared to 100 megabits per second for the wired fast Ethernet LAN used by most corporations. The advantage of 802.11a, relative to its competition, which is 802.11b, is that it can carry higher data density. So a large department could use an 802.11a wireless installation pretty much as an Ethernet replacement, whereas an 802.11b installation would be more limited in its ability to carry data and multiple users at the same time. Proxim HomeRF 2.0 implementation is a broadband vehicle for carrying voice and data. Siemens (SI), one of Proxim’s HomeRF 2.0 partners, has designed a novel product that integrates high-speed data and wireless voice into one package, so small offices and home offices can have one data interface, which would be their telephone system. This system uses wireless LAN data methods to distribute Internet packet data to small office or home office computer networks. It also can support up to eight users with full wireless telephony functionality — functionality that is similar to what is offered by a typical PBX, including call waiting, call forwarding, putting people on hold and storing messages. So it’s a complete small office Internet and voice interface. The attraction is that Proxim has a toehold in a very large market that’s growing rapidly and they have an attractive product set. Now they need to execute into the marketplace to gather market share. independent and robust application development tools and operating environments.

TWST: Where do these fit into a portfolio strategy? When institutional investors look at these opportunities, what are the barriers that these companies have to jump over? What are the elements that investors should consider when adding them to their portfolios?

Mr. Campbell: For me, the critical aspect in an environment like this is that companies that have strong earnings growth and visibility carry a premium because of their predictability and visibility. Some of the opportunities in small cap stocks are really mispriced. When you look at the growth rate of some of the smaller capitalization stocks, their growth rate is just as robust as larger capitalization growth stocks. However, the valuation is much different. In contrast or in comparison to large cap growth stocks, small cap growth stocks are really mispriced. So the opportunity for the small cap investor is to find where those mispricings are apparent and capitalize on them over a long period of time.

This special conference issue includes:

1) Outlook for Biotechnology - In an in-depth (3,100 words) Analyst Interview, Fariba F. Ghodsian, Managing Director and Director of Healthcare Research at Roth Capital Partners, examines the outlook for the sector and shares specific stock recommendations.

2) Outlook for Consumer Stocks - In an in-depth (2,900 words) Analyst Interview, Anton Brenner, Senior Vice President of Research at Roth Capital Partners, examines the outlook for the sector and shares specific stock recommendations.

3) Wireless Technology & Software - In an in-depth (2,200 words) Analyst Interview, Daniel B. Campbell II, Senior Vice President of Research at Roth Capital Partners, examines the outlook for the sector and shares specific stock recommendations.

4) Optical Networking & Optical Components - In an in-depth (3,100 words) Analyst Interview, David Kang, Research Analyst covering fiber optic communications groups at Roth Capital Partners, examines the outlook for the sector and shares specific stock recommendations.

5) CEO interviews (average 2,500 words). Top management of sixty-one sector firms examine the outlook for their firm and the sector.