iBasis, Inc. (IBAS)

VoiP is huge.

On the up&up.

I basis Inc. --Is the worlds third largest buyer and seller of Internnational telecommunications or overseas longdistance phone using Voice over Internet Protocol which is predicted to be a $65 billion dollar industry per analaysts. Customers include AT&T, MCI, Sprint, and various government affiliated phone call carriers. They recently bought out another company which is a "reverse buyout". This is part of their strategy to consolidate the international long distnce business but they have not had results that are attractive yet With telecommunications industry as a whole down, this is a contrarian buy in anticipation that both the industry and this individual stock will improve in the next year to two years. They fell from 52 wk high of $10.88 a share to $3. a share with disappointing 1Q results. They are bouncing around off that bottom at about $3.20 currently.