Yes, I think it is and here is why. It's trading right above its 52-week low… within pennies of its cash balance… and 58% below book value. The company provides an important service - secure, mobile access to corporate networks via thousands of access points in airports, hotels and cafes around the world. Twenty percent of the Fortune 2000 and many government agencies rely on its services. So obviously they are secure and reliable. But the real value comes from the following: • New compatibility for iPhone and iTouch users. The company now provides reliable 3G connections, particularly overseas, for a nominal monthly fee. The alternative is to "risk incurring hundreds of dollars of roaming charges when traveling abroad," according to management. In other words, the service sells itself. • No debt. iPass can pursue the most compelling opportunities without fear of too much leverage. Not many companies can boast the same in this market. • Projected double-digit sales growth for the next five years. • A reliable recurring revenue business. For the past two years bookings topped $20 million each and every quarter, thanks mostly to repeat business. • An expanding international footprint. iPass just entered new agreements for coverage in Scandinavia, Japan and Russia. So whether we se a rally on its own accord or a takeover attempt, you really can't lose by buying at this price. This is a rare opportunity.