Schneider Securities, Inc. Submits the Following Changes

                And or Reiterations of Selected Existing Research        DENVER, June 26 /PRNewswire/ --        Headwaters, Inc. (Nasdaq: HDWR)    We are maintaining our Strong Buy rating of HDWR.  Recognizing that the  stock has eclipsed our previous target of $3.00 initiated in January 2001, we  are establishing a new 12 to 18 month price target of $20.00 per share.  In  addition, we are raising our earnings estimates for the current fiscal year  (fiscal 2001; ending Sept. 30, 2001) from $0.77 to $0.81.  We are also raising  our estimates for fiscal years 2002 through 2004 based on what we believe is  significant acceleration in the ramp up of licensee projects beyond our  original projections.  We are maintaining our Strong Buy rating because we  believe the prospects for continued accelerated expansion of licensee  facilities remains high.  We also believe the prospects for binder sales to  non-licensees appear to be improving, which represents an additional revenue  line item that we have not fully modeled.     Frontier Airlines (Nasdaq: FRNT)   We are maintaining our Buy rating of FRNT.  FRNT's number have clearly  been compromised by the economic environment, however, the Airbus transition  has also created some extraordinary costs that we do not believe are  indicative of the company's future cost structure.  We expect the transition  to create measurable efficiencies beyond completion.  In light of the  difficult operating environment, we are lowering our EPS estimates for the  current fiscal year (fiscal 2002; ending March 31, 2002) to $1.77, including  $0.26 for the current quarter ending June 30, 2001.  We are also establishing  a new 12 to 18 month price target of $27.00 per share, which is a 10% discount  to the previous target.  We believe the recent sell off in the stock  represents a significant buying opportunity for investors capable of seeing  beyond the current economic slowdown.     Impco Technologies, Inc. (Nasdaq: IMCO)   We are reiterating our Strong Buy rating on IMCO shares, as well as our  12 to 18 month price target of $80.00 per share.  We believe the spin off of  the company's Quantum fuel cell division will allow the markets to better  evaluate the company's core business and fuel offerings separately.  We  believe this will lead to valuations more commensurate with our target.  We  continue to expect the core business to operate substantially profitably going  forward, and a better growth rates than we have seen in the past.  Additionally, we believe that Quantum along with its new partner General  Motors (NYSE: GM) will achieve a significantly higher market capitalization  than is currently reflected in the bundled companies.  We also believe that  the recently announced secondary offering lead by Raymond James will address  the company's fuel cell research and development capital needs over the  intermediate term.     Pentastar Communications Inc. (Nasdaq: PNTA)   While the company's March 2001 quarter reflected lower revenue and EPS  numbers than we had estimated, this shortfall was generally related to a lack  of acquisition activity which we had modeled but did not materialize.  The  acquisition pace has clearly been slowed by the precarious nature of the  equity markets leading to apprehension amongst potential sellers in terms of  taking equity as part of the buyout.  We have argued that one of the great  things about PNTA is their guarded acquisition approach, which we don't expect  them to change simply in order to hit quarterly street estimates.  We now  believe the old model is probably 3 or 6 months behind in terms of our  acquisition assumptions.  On the other hand, the company has shown markedly  better numbers in terms of operating expenses.  Consequently, we are  reiterating our Buy rating of PNTA shares, as well as our 12 to 18 month price  target of $45.00 per share.  (Nasdaq: DMAX)   DMAX's fiscal 2001 year-end results were in line with our estimates.  The  exception was the write down of assets, which we indicated might take place.  These write downs will create a better EPS picture going forward as non-cash  charges will now be levied off of a smaller asset base.  Going forward, we  expect DMAX's efforts to increase its distribution of generic drugs, both in  the aggregate and as a percentage of overall sales to result in accelerated  margins and earnings, as well as increased revenue growth.  While we expect  the impact of these approaches to become most visible in the second half of  calendar 2001 and beyond, we also believe the current June quarter has the  potential to show some inklings of these strategies.  In addition, given the  recent positive results reported by other wholesale pharmaceutical  distributors, we believe the prospects for the current June quarter to outrun  our revenue estimates are improving.  We are reiterating our Buy rating of shares, as well as our 12-month price target of $12.00 per share.     Information and statements contained herein, other than historical  information, should be considered forward looking, which involve risk and  uncertainties.  Schneider Securities Inc., its officers, directors and  affiliates may maintain positions in the securities referenced, which may  change at any time without notice.  Schneider Securities, Inc. is a Market  Maker in these securities.  The securities referenced are speculative in  nature and may not be suitable for your investment objective.  Additional  information is available upon request.     Schneider Securities, Inc., is a member of the National Association of  Securities Dealers, CRD number 16434.                     MAKE YOUR OPINION COUNT -  Click Here          SOURCE  Schneider Securities, Inc.  /CONTACT:  David Lavigne, Director of Equity Research of Schneider  Securities, Inc., 888-957-8890/   /Web site:   (HDWR FRNT IMCO GM PNTA DMAX)   CO:  Schneider Securities, Inc.; Headwaters, Inc.; Frontier Airlines; Impco    Technologies, Inc.; Pentastar Communications Inc.;  ST:  Colorado  IN:  FIN  SU:  RTG  
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