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Appeared on: Wednesday, July 18, 2001
BlueStone Capital upgrades TTR Technologies stocks

"...Senior analyst Jean W. Orr, CFA upgraded her investment rating on TTR Technologies to Strong Buy from Buy. Her 12-month price target is $12.50.

- TTR has announced that key encoder and testing companies for the music industry have adopted the SAFEAUDIO copy protection technology. Those companies include Toolex Data Handling, Eclipse Data Technologies, DCA Inc., and DaTARIUS Technologies GmbH. We estimate that each company spent about $250,000 to implement this technology.

- The SAFEAUDIO Technology has not yet been adopted by music labels or publishers, but the adoption by the key encoder and testing companies means that SAFEAUDIO could be rapidly deployed at CD manufacturing facilities around the world.

- Various major and independent labels are currently conducting commercial pilot programs of the SAFEAUDIO technology. There have been some recent rumors that these tests were not going well but, according to Macrovision management, test results have had positive results.

- Once this technology is accepted by music labels and publishers, TTR will begin to receive royalty revenues. Our model assumes modest revenues in the third quarter of calendar 2001 with more significant revenues in the fourth quarter, though the timing of such revenues is uncertain given that there are no contracts currently signed and testing is underway.

- We believe the signals are positive for the adoption of the SAFEAUDIO technology by music labels and publishers and, with the adoption of the technology by the key encoder and testing companies, we are one step closer to implementation..."



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