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160.0 7.0
6.2 6.4
140.0
6.0
120.0
5.0 5.0
100.0
4.0
(US$m)
(US$m)
80.0
3.0
60.0
2.0
40.0
1.0
20.0
0.0 0.0
Apr-09 May-09 (excl FB) Jun-09
Total Average
A mixed price performance week: The companies in our universe had mixed stock price performances over the past
week (for stocks with prices greater than $1) (Figure 6), with 19 companies showing positive returns on the week.
Openwave Systems Inc. (OPW V:NASDAQ) led the group with a 21.7% return, while Tree.com (TREE:NASDAQ) had
the worst return, dropping 26.5% in the week.
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
Page 2
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
June month-to-date capital raise totals $79.5 million: Total capital raised two weeks into June was $79.5 million on a
total of 15 transactions. It was led by Sugar Inc. raising $16.0 million, closely followed by W imba and Grab Networks
raising $12.0 million. All other transactions were less than $10 million. The average value for the month-to-date is $5.0
million, below the average value for May of $6.4 million (excluding the $200 million investment in Facebook) on 16
financings. The April average was $6.2 million on 23 financings.
160.0 7.0
6.2 6.4
140.0
6.0
120.0
5.0 5.0
100.0
4.0
(US$m)
(US$m)
80.0
3.0
60.0
2.0
40.0
1.0
20.0
0.0 0.0
Apr-09 May-09 (excl FB) Jun-09
Total Average
Sugar Inc. leads capital raise: The capital raise from Sugar Inc. for $16 million was the largest deal for the first two
weeks of June. Three of the 15 deals in the month were greater than $10 million. For additional details, see Figures 22 and
23 (at end of note).
Page 4
250.0
200.0
150.0
Jun-09
(US$m)
May-09
Apr-09
100.0
50.0
0.0
AdEx Media
Mixercast
Collective Media
Marin Software
EveryZing
VoxPop
Cyberplex
Jaxtr
OpenX
OLX
Socialtext
TubeMogul
GOOM Radio
Viximo
IMShopping
RingRevenue
YuMe
Tribal Nova
Grab Networks
I Love Rewards
Medialets
Resonate Networks
Mo'Minis
Brandtology
Gather
DoubleTwist
Inigral
Peer39
Cellufun
Batanga
DocuSign
SoundCloud
my6sense
Tripbase
Jodange
Picaboo
Foodista
Facebook
Zoosk
Azuki Systems
Loop'd Network
MashLogic
Sugar Inc.
Conductor Inc.
ScanScout
beeTV
BlogHer Inc.
Gist
Fuhu Inc.
Cliqset
Socialcast
TimeBridge
GameGround
One Net Entertainment
Imeem
FreeWheel
WonderHill
Wimba
Social Network remains the most active sector in dollars raised, while Ad Network remains the most active in
number of transactions: Following recent trends, Social Networks as a sector saw the most activity in dollars raised
($234.8 million), largely attributed to the $200 million investment by Digital Sky Technologies in Facebook. However, it
was the Ad Network sector that saw the most transactions (13), raising $103.7 million (Figure 4). The Media sector has
the next highest totals, with six companies raising $45.8 million. The following sectors continue to generate the most
capital activity over the last few months: Ad Network, Media, Gaming, and Social Networks.
Page 5
250.0
200.0
150.0
(US$m)
234.8
100.0
50.0 103.7
45.8
33.0 30.2 24.0 23.0 18.3 17.0 14.5 10.4 9.0
0.0 6.8 5.9 4.7 4.4 2.0 2.0 1.3 1.0
Comment/Reputation
Social Commerce
Gaming
Travel
Media
Collaboration
Enterprise
Mobile
Publishing
Widget
Blog
Search
Infrastructure
Social Networks
SAS
Video
Virtual World
Aggregation
Ad Network
Analytics
# companies
10 13 6 5 2 2 2 2 3 3 2 3 1 1 1 2 1 1 1 1
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index outpaces NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored the
performance of the NASDAQ composite index from mid-2008 until recently. However, the index has recently had a much
stronger recovery relative to the NASDAQ index (Figure 5).
96.38
86.38
76.38
66.38
56.38
46.38
A mixed price performance week: The companies in our universe had mixed stock price performances over the past
week (for stocks with prices greater than $1) (Figure 6), with 19 companies showing positive returns on the week.
Openwave Systems Inc. (OPW V:NASDAQ) led the group with a 21.7% return, while Tree.com (TREE:NASDAQ) had the
worst return, dropping 26.5% in the week.
Page 6
IB 3 Networks , Inc. (OT CB B: IB NW ); IB 3 N etwork s I nc. a nd iB ea m S olutions LL C S igns T hree IB 3 Network s I nc. and its wholly owned s ubsidiary iB eam S olutions L LC a nnounc ed that it rec ently finalized a multi-thous and dolla r three
iB eam S o lu tions L LC Y ear S ervice C ontra ct with Millennium B usines s yea r service co ntrac t with M illennium B us ines s S olutions .
S olutions
G igaMedia L td. (Nas daqG S : G IG M) G igaMedia L td. R eports Un-Audi ted Cons olidated G igaMedia L td. reported un-a udited cons olidated ea rnings res ults for the first qua rter ended M a rch 31, 2009. F or the qua rter, the c ompany's
E a rnings R esults for the F irst Q uarter E nded M arch 31, cons olidated revenues decrea s ed 13% to $44. 4 million from $51.2 million in the s ame period of 2008, a nd held s tea dy c ompa red with the
2009 ; R eports Impa irment Los s fourth qua rter of 2008. The year-period decrease wa s prima rily due to lower contributions from the compa ny 's ga ming software busines s
reflec ting the impac t of the globa l economic downturn on play er s pending in the indus try, with depreciation of the euro agains t the U .S . dolla r
increa s ing play ing cos ts , res ulting in decreas ed play er s pending. C onsolidated income from opera tions for the firs t quarter wa s $5. 4 million
compared to $12.7 million in the first quarter of 2008 a nd $7.9 million in the fourth qua rter of 2008. T he y ear-over-y ear decrea s e in
cons olidated income from opera tions reflected the a forementioned revenue decreas e and lower gros s profit ma rgin on c ha nged revenue mix
during the period, whic h des pite fl a t opera ting expens es, yielded a decrea se in the company 's cons olidated opera ting ma rgin to 12.2% . The
quarter-ov er-quarter decrea s e i n consolida ted income from operations wa s prima rily the result of lower gros s profit, as well as a n increa s e in o
T heS treet.c om, Inc . (Nas daqG M: T S CM) T heS treet.com I nc. D ecl are s Q uarterly D ividend, P a ya ble T heS treet. com Inc. announced tha t its boa rd of directors ha s decla red the compa ny's quarterly ca sh dividend on its common stoc k. T he
on J une 30, 2009 cas h div idend of $0.025 per s ha re of common s tock will be pa ya ble J une 30, 2009, to all s hareholders of rec ord a t the clos e of busines s on
J une 15, 2009.
A OL, L LC ; IAC /InterActiveCorp. IAC Might S how I nteres t I n AO L It was recently reported tha t I AC /InterAc tiv eC orp might be interested i n buy ing into AO L, LL C. I AC’ s chairma n, B a rry D iller s a id the T ime
(Nas daqG S : IACI) W a rner online service, whic h is openly for sa le, is a “tremendous ly va luable property’’. H e a dded, “Not the A O L dialup stuff, of c ours e, but it
has done a wonderful job on the media s ide. I t ha s built up a ton of really good growing s ites . ” “D epending on how much the hang i s, we’d
definitely be i nteres ted in it, ’’ D iller s a id, referring to the cos t of the ac quis ition.
S ites earc h Co rporation (OT CB B :S T P C) S ites ea rch C orp. R eports E arnings R es ults for the S ites ea rch C orporation reported ea rnings res ults for the quarter ended A pril 30, 2009. The company reported a net los s of $303,451. In
Q uarter E nded April 30, 2009 contrast, the compa ny posted a net los s of $221, 450 for the same qua rter in the previous y ea r.
W izz ard S oftware Co rporation W izz ard S oftwa re C orporati on, Annual G eneral Meeting, W izza rd S oftwa re C orporation, A nnual G eneral Meeting, J un 10, 2009, at 14:00 E as tern Da y light. Loca tion: Ma rriott C ourty ard, 5308 Liberty
(A ME X: WZE ) J un 10, 2009 Ave. , P itts burgh, P A 15224,U nited S tates . Agenda: T o elec t five directors to s erve unti l the nex t annual meeting of s tock holders, or until their
suc ces s ors a re duly elec ted a nd qualifi ed; to approve 2009 s tock option plan; to a pprove the is sua nc e of unregistered and res tricted s tock to
cons ulta nts ; to ra tify the s elec tion by the B oa rd of Directors of G regory & As s ocia tes L LC a s independent auditors of Wiz za rd for the fisca l
yea r ending D ecember 31, 2009; a nd to trans a ct such other busines s a s ma y properly come before the annual meeting and a ny a nd all
a djournments or postponements thereof.
W izz ard S oftware Co rporation W izz ard S oftwa re I ntroduces N ew iP hone App and W izza rd S oftwa re C orporation a nnounc ed the a cquis ition of a new iP hone App and the mark eting launc h of its recently a cquired Apps via
(A ME X: WZE ) L aunches App M a rketing V ia P odc as ts podca s ts a nd the I nternet. I t a cquired the dis trib ution rights to S uper M a stermind, a high quality App pois ed for sa les growth through the
company's podca s t ma rk eting and distribution network ta rgeti ng iP hone a nd iP od T ouch users . W iz zard has focus ed its rec ent acquis ition
efforts on Apps that cross a wide ra nge of cons umer interests and ma tc h up well with targeted podca st audi ences . The c ompany pla ns to
ma rk et the Apps i n targeted podca s ts. T he company believes the new price point for the iP hone wi ll c ause more people to s elect the
pla tform, increa s ing audi ences for the podca s ts on the W iz za rd Media Network and adding potential cons umers for new Apps.
V OIS , Inc . (OTC BB :VOIS ) V O IS , Inc. ha s filed a S helf R egistration in the amount of V O IS , Inc. ha s filed a S helf R egistration in the amou nt of $1.75 million.
$1.75 million.
IB 3 Networks , Inc. (OT CB B: IB NW ); iB 3 N etwork s R ec eives C ontract F rom L anca ster IB 3 Network s I nc. and its wholly owned s ubsidiary iB eam S olutions L LC a nnounc ed that it has been retained by L anca ster C ommunity
iB eam S o lu tions L LC Community C hurch Churc h. The contrac t inc ludes complete des ign a nd ins ta lla tion of a new network to s upport the organiz ati on's growth. iB ea m S olutions ha s
been hired by L anca s ter C ommunity Church to insta ll c abling, network s ervers and phones and als o inc ludes a contra ct for on going monthly
support for the next 12 months c overing their I T needs going forwa rd.
T heS treet.c om, Inc . (Nas daqG M: T S CM) T heS treet.com, Inc., $ 0. 025, Ca s h Div idend, J un-12- T heS treet. com, I nc., $ 0.025, Ca s h D ividend, J un-12-2009
2009
G ravity Co., L td (N as daqG M: G R VY ) G ravity Co. , Ltd, S pec ial/E x tra ordinary S hareholders G ravity Co. , Ltd, S pecial/E xtra ordinary S hareholders M eeting, J un 12, 2009, at 01: 00 G M T T ime. L oc ation: Nuritk um S qua re B usines s T ower
Meeting, J un 12, 2009 15F, 1605 S a nga m-Dong, M a po-G u, S eoul 121-270,S outh K orea. Agenda : T o consider a ppointment of director a nd to c onsider approval of
a mendment of Artic les of I ncorpora tion.
VALUATION
Online Gaming companies lead market-cap charts: Eleven companies in our W eb 2.0 universe top US$1 billion in
market capitalization (Figure 8). Fifty-nine of the 92 companies have market caps under US$100 million, with 26 under
US$10 million. Online gaming companies dominate the top of the list, led by Tencent Holdings with a market cap over
US$18 billion.
Market C ap (US D m)
Tencent Holdings L td.
Neteas e. c om Inc.
S handa Interac tive Entertainment L td. 3774. 4
S ohu. c om Inc. 2522. 0
IA C/InterA ctiveCorp. 2458. 4
Changy ou. com L imited 2123. 6
Open Tex t Corp. 1877. 1
G iant Interac tive Group, Inc. 1858.9
Modern Times G roup Mtg A B 1801. 8
Gree, Inc. 1397. 1
Perfec t World Co. , L td. 1245.2
V alueClick Inc. 1048. 0
Chines e Gamer International 797.
K ings oft Co. L td. 732. 1 0
Mix i, Inc. 721.7
United Online Inc. 546.6
NEOWIZ Games Corporation 502. 9
S K Communications Co. , L td. 365. 5
NetDragon WebS oft, Inc. 341. 0
S hutterf ly , Inc. 339. 1
GigaMedia L td. 298. 8
The9 L imited 280. 5
G ungHo Online Entertainment, Inc. 263. 0
Gamania Digital Entertainment Co. , L td. 256. 5
XING A G 245. 7
Openw ave S y s tems Inc. 191. 6
A c toz S of t Co. , L td. 184. 9
CDC Corp. 164. 4
OA O R B C Inf ormation S ys tems 138. 7
DA DA S pA 134. 1
Y edangOnline Corp. 115. 6
G ameOn Co L td. 112. 8
My riad Group A G 100. 3
Cy berplex Inc. 99. 8
Tree. Com, Inc. 94.4
Moggle, Inc 83. 5
HanbitS oft, Inc. 82. 0
K A B Dis tribution Inc. 76. 4
J umpTV Inc. 73. 1
DigitalTow n, Inc. 67. 7
TheS treet.c om, Inc. 64. 3
GeoS entric Oy j 49.5
S park Netw orks , Inc. 46.3
Ngi G roup Inc. 45.5
Eolith Co. L td. 43. 8
A Q Interactive, Inc. 42. 6
B ey ond Commerc e, Inc. 40. 4
Webz en Inc. 40. 3
NeXplore Corporation 39. 0
Fluid Mus ic Canada, Inc. 34. 7
Wiz z ard S oftw are Corporation 31. 1
Northgate Tec hnologies L imited 30. 6
Gravity Co., L td 30. 6
S ocialw is e, Inc. 30. 3
S ites earch Corporation 28. 2
Dolphin Digital Media, Inc. 27. 4
Y nk K orea Inc. 27. 1
DXN Holdings B hd 26. 1
Frogs ter Interac tive Pic tures A G 25. 9
LookS mart, L td. 23.1
B roadWebA s ia Inc. 19.5
IA S Energy , Inc. 16. 1
J umbuck Entertainment Pty L td. 15. 7
Ex tens ions , Inc. 14. 2
UOMO Media, Inc 14. 1
L ingo Media Corporation 12. 8
S pec trumDNA , Inc. 9. 7
A c celeriz e New Media, Inc. 9. 7
Wynds torm Corporation 9. 2
Quepas a Corp. 7. 9
S NA P Interac tive, Inc. 7. 6
Magnitude Information S y s tems Inc. 5. 5
B right Things plc 4. 8
Worlds . c om Inc. 4. 7
CornerWorld Corporation 4. 5
MOK O. mobi L imited 3. 5
is eemedia Inc. 3. 4
L iveWorld Inc. 3. 1
B etaw ave Corporation 2. 9
V OIS , Inc. 2. 9
DigitalPos t Interac tive, Inc. 1. 6
B igs tring Corp. 1. 5
Unis erve Communications Corp. 1. 1
A s s oc iated Media Holdings Inc. 0. 9
The Parent Company 0. 8
China Gatew ay Corporation 0. 4
ZipLocal Inc. 0. 4
Financ ial Media Group, Inc. 0. 3
Total S port Online A S 0. 1
S NM Global Holdings 0. 0
Dibz International, Inc. 0. 0
S ocial Media V enures , Inc. 0. 0
0 500 1, 000 1, 500 2, 000 2, 500 3, 000 3,500 4, 000
TEV/Revenue (LTM) averages 5.3x: The overall average TEV/Revenue (LTM) multiple for our group is 5.3x (versus 5.4x
last week) (Figure 9). One company trades at more than 40x revenue – Gree, Inc. (TSE:3632) at 43.9x – closely followed
Page 9
by with Dolphin Digital (OTCBB:DPDM) at 39.0x. The median is only 2.0x. Note that we exclude multiples greater than
50x. Twenty-eight companies have multiples under 1.9x.
50. 0
43.9
45. 0
39. 0
40. 0 36.7
35. 0
30. 0
25. 0 22.8
19. 2
18.8
20. 0 17.6
15. 0 13.0
1 3.0
UO MO Media, Inc
J umbuck E nterta inment P ty L td.
DXN Holdings B hd
C DC C orp.
G a meO n C o Ltd.
G eoS entric O y j
S N M G loba l Holdings
C ornerWorld C orporation
O pen T ex t C orp.
J umpT V Inc .
C hina G atewa y C orporation
S pa rk N etwork s , Inc .
G igaMedia Ltd.
C y berplex Inc .
E olith C o. Ltd.
XIN G AG
S ohu.com Inc .
Mix i, Inc .
G ree, Inc .
B right T hings plc
P erfect World C o., Ltd.
L iveWorld Inc .
ZipLoca l Inc .
TEV/Revenue (LTM) by country/exchange: W e have also calculated multiples based on where the companies are listed
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (20), trading at an average multiple of 14.9x (below from 15.6x last week). On a geographic basis,
the United States has the most companies (40), trading at an average of 6.1x revenue (versus 6.3x last week) (Figure 11).
Ten of the companies are Canadian (average 5.2x revenue).
10.0
(x)
8.8 10.0
8.0 7.8 7.4 7.8
8.0 6.1 5.7
6.0 5.7 4.6 5.7 5.4 5.2
4.0 3.83.5 3.3 2.8 2.8 6.0
2.2 2.2 1.9 1.4 1.4 4.0
4.6
2.0 0.8 0.5 2.8 2.2 1.4 1.4
0.0 0.4 0.30.0 2.0 0.8 0.5
0.5 0.3 0.0
OTCNO
OTCPK
0.0
OTCBB
GTSM
NasdaqGM
TSE
SEHK
HLSE
OSE
KOSE
NasdaqGS
RTS
OM
CM
XTRA
AMEX
TSX
KLSE
BSE
AIM
TSXV
SWX
ASX
Germany
United
Japan
Finland
United
China
Canada
Malaysia
Hong Kong
India
Russia
Italy
South
Taiwan
Australia
Norway
Switzerland
Sweden
# Companies 1 20 5 3 1 2 2 1 4 10 2 1 4 1 7 14 2 1 1 1 5 1 1
# Companies 1 6 1 40 10 2 3 10 1 1 9 2 1 1 1 1 1 1
TEV/EBITDA (LTM) averages 10.2x: The average multiple for the 34 companies with positive EBITDA (and multiples
under 100x) is 10.2x LTM EBITDA (vs. 10.3 last week), led by Tencent Holding’s (700-SEHK) 39.2x multiple (Figure 12).
Thirteen of the companies have EBITDA multiples under 7x. The median multiple is 9.6x (vs. 9.4x last week).
Page 10
T E V/L T M E B IT DA (x)
45. 0
39. 2
40. 0
35. 0
30. 8
30. 0
25. 0 23. 3
22. 1
20. 0
14. 3
15. 0 12.9 12. 9 13. 5 13. 9
11.9 12.4
A verage, 10. 2 10. 4 10. 7 11. 2
8. 9 9. 0 9. 4 9. 5 9. 7 9. 8
10. 0 7. 8
5. 8 5. 8 6. 6
3.9 4. 0 4. 3 4. 7
5. 0 3.0 3.6
2. 0
0. 2 0. 2
0. 0
DXN Holdings B hd
C DC C orp.
O pen T ex t C orp.
AQ Interac tive, Inc .
S ohu. c om Inc .
C yberplex Inc.
Mix i, Inc .
Y nk K orea Inc.
S hutterfly , Inc.
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (20), trading at an average multiple of 6.6x (vs. 7.2x last week). On a
geographic basis, the United States has the most companies (40), trading at an average of 7.9x EBITDA (Figure 14). Ten
of the companies are Canadian (average 10.7x EBITDA).
NasdaqGM
SEHK
KOSE
OSE
NasdaqGS
TSE
RTS
OM
CM
XTRA
TSX
AMEX
KLSE
SWX
0.0 0.0
ASX
Germany
China
Japan
Hong Kong
Malaysia
Russia
Canada
United
Italy
South
Korea
States
Taiwan
Australia
Sweden
Switzerland
# Companies 3 2 7 1 2 4 1 14 5 20 1 2 1 2 1 1 5
# Companies 3 9 2 10 10 1 6 40 1 1 1 2 1 1
P/E (LTM) averages 16.7x: The average multiple for the 30 companies with positive earnings (and multiples under 100x)
is 16.7x LTM EPS (vs. 15.3x last week), led Tencent Holding’s (700-SEHK) 49.8x multiple (Figure 15). Eight of the
companies have P/E multiples under 10x. The median is just 13.8x.
Page 11
P /E L T M (x)
60.0
49.8
50.0
40.0 36.7
30.7 30.9
29.3 30.3
30.0 27.3 28.1
23.0 23.7
20.9
20.0 A verage, 16.7 16.5
13.3 13.5 14.2 14.2 14.5
11.6 11.9 12.2 12.4
10.1
10.0 6.4
4.4 5.5
2.0 2.0 2.6 2.9
0.0
NE O W IZ G ames C orporation
J umbuck E ntertainment P ty Ltd.
G ameO n C o Ltd.
Modern T imes G roup Mtg AB
Neteas e.com Inc.
O pen T ex t C orp.
C y berplex Inc.
G igaMedia Ltd.
S ohu.com Inc.
Mix i, Inc.
DADA S pA
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (20), trading at an average multiple of 21.2x. On a geographic basis, the United States has
the most companies (40), trading at an average of 19.4x earnings (Figure 17). Ten of the companies are Canadian
(average 19.7x EPS).
21.2 21.2
(x)
10.0 11.8
15.0
14.2 6.4
10.0 11.0 10.1 5.5
6.4 5.0 4.4
5.5
5.0 4.4
2.0 0.0 0.0
Germany
0.0 0.0
Japan
Canada
United
China
Malaysia
Italy
South
Korea
States
Taiwan
Australia
Sweden
Switzerland
OTCBB
GTSM
SEHK
KOSE
TSE
NasdaqGS
CM
OM
XTRA
AMEX
TSX
KLSE
NYSE
SWX
ASX
# Companies 2 9 3 1 6 10 40 10 2 1 1 1
# Companies 2 3 2 7 1 5 20 2 14 4 2 1 1 1 1
Acce le riz e N ew Me dia, Inc. US D A CL Z OT C B B 9 .7 0.3 5 0.0 % -30. 0% 59 .1% -1 2.5 % -53 .3% -53. 3%
Actoz S of t C o., L td. KR W A 052 790 KO SE 18 4.9 2 7,25 0.0 0 -16. 2% 9 3.3 % 15 0.0% 16 7.2% 2 49. 8% -24. 3%
AQ Inte ractive , Inc. JPY 3 838 TSE 4 2.6 7 6,80 0.0 0 2.4 % 4 0.1 % 12 6.5% 15 5.1% -48 .5% -56. 1%
As s ocia ted Media H oldings Inc. US D A S MH OT C P K 0 .9 0.0 2 1 233 .3% 12 33. 3% 132 8.6 % 56 6.7% NM -60. 0%
B igstring Corp. US D B S GC OT C B B 1 .5 0.0 3 7.4 % 2 6.1 % 93 .3% 45 .0% -78 .5% -85. 5%
B e tawave Corpora tion US D B W AV OT C B B 2 .9 0.1 0 66.7 % -9.1 % -4 4.4% -3 7.5 % -73 .7% -76. 2%
B e yond Commerce, Inc. US D B Y OC OT C B B 4 0.4 0.9 1 -4.2 % -26. 6% 78 .4% 30 .0% -71 .1% -72. 4%
B right T hings plc GBP A IM:B G T AI M 4 .8 0.0 2 -6.3 % -15. 7% -2 .0% 56 .3% -29 .4% -40. 0%
B roa dW ebAs ia Inc. US D B W BA OT C P K 1 9.5 0.2 3 -22. 8% -22. 8% -5 4.9% -7 7.2 % -84 .7% -92. 1%
C DC C orp. US D C H IN .A N as da qG S 16 4.4 1.5 5 4.0 % 2 1.1 % 59 .8% 44 .9% -41 .5% -51. 1%
C ha ngyou. com Limite d US D C Y OU N as da qG S 2,1 23. 6 3 8.6 1 -0.2 % 3 0.0 % NM NM NM -13. 9%
C hina G ate wa y C orpora tion US D CGWY OT C P K 0 .4 0.0 2 9 00. 0% 9 00.0 % 190 0.0 % 90 0.0% 33.3 % -42. 9%
C hine s e G amer International TWD G TS M:3 083 GT S M 79 7.0 31 2.0 0 -14. 8% 1 3.7 % 10 1.3% 25 5.8% 2 05. 9% -20. 6%
C ornerW orld C orporation US D CWR L OT C B B 4 .5 0.0 7 -22. 2% -30. 0% -5 0.0% -8 5.1 % -76 .7% -91. 1%
C yberplex Inc. C AD T S X:CX TSX 9 9.8 1.8 0 20.0 % 2.9% 26 0.0% 40 0.0% 1 40. 0% -9.5 %
D ADA S pA E UR C M :DA CM 13 4.1 6.0 0 5.3 % 3.7% 28 .8% -1 1.7 % -55 .2% -56. 2%
D XN Holdings B hd MY R DXN KL SE 2 6.1 0.4 0 2.6 % 0.0% 42 .9% 5 .3% 0.0 % -14. 9%
D ibz Inte rnational, Inc. US D DIB Z OT C P K 0 .0 0.0 0 -90. 0% -90. 0% -9 0.0% -9 8.0 % -98 .0% -98. 0%
D igitalP ost Inte ra ctive , Inc. US D DG L P OT C B B 1 .6 0.0 2 37.5 % 4 6.7 % 45 0.0% -1 2.0 % -83 .1% -87. 1%
D igitalT own, Inc. US D DG T W OT C B B 6 7.7 2.5 0 25.0 % 0.0% 0 .0% 0 .0% -28 .6% -59. 0%
D olphin Digital Me dia, Inc. US D DP DM OT C B B 2 7.4 0.5 3 -11. 7% -24. 3% 8 .2% -3 2.9 % NM -53. 1%
E olith C o. L td. KR W A 041 060 KO SE 4 3.8 76 0.0 0 8.6 % -20. 0% 36 .9% 15 .2% -11 .1% -34. 5%
E xte ns ions , Inc. US D E XT I OT C P K 1 4.2 0.1 5 -25. 0% -25. 0% 18 5.7% 50 .0% 0.0 % -85. 1%
F inancia l Media G roup, Inc. US D F NGP OT C B B 0 .3 0.0 0 42.9 % 0.0% -7 1.4% -9 3.3 % -99 .6% -99. 6%
F luid M us ic Ca nada, Inc. C AD T S X:F MN TSX 3 4.7 0.7 5 7.1 % 7.1% 87 .5% 20 0.0% -60 .5% -63. 2%
F rogs te r Interactive P icture s AG E UR FR G XT R A 2 5.9 7.9 8 1.8 % -5.6 % 73 .9% 74 .2% 46.4 % -19. 4%
G a ma nia Digital E ntertainment C o., L td. TWD 6 180 GT S M 25 6.5 5 5.6 0 -0.4 % 4 2.2 % 81 .1% 27 0.7% 75.9 % -11. 3%
G a me On C o L td. JPY 3 812 TSE 11 2.8 11 4,30 0.0 0 -2.1 % 2 1.9 % 41 .6% -3.8% -11 .4% -30. 1%
G e oS e ntric O yj E UR G E O1V H LS E 4 9.5 0.0 4 -20. 0% -20. 0% 33 .3% 0 .0% -33 .3% -42. 9%
G iant Intera ctive G roup, Inc. US D GA NYS E 1,8 58. 9 8.2 4 -8.7 % 0.0% 11 .4% 38 .0% -39 .0% -41. 8%
G iga Media Ltd. US D G IG M N as da qG S 29 8.8 5.5 3 -10. 2% -6.9 % -3 .3% -1 4.7 % -62 .4% -65. 0%
G ravity C o., L td US D G RV Y N as da qG M 3 0.6 1.1 0 -4.3 % 1 2.2 % 74 .6% 11 5.7% -14 .1% -44. 7%
G ree, Inc. JPY T S E :36 32 TSE 1,3 97. 1 6,13 0.0 0 -4.7 % 1 1.9 % 23 .6% 27 .7% NM -5.8 %
G ungH o O nline E ntertainment, Inc. JPY 3 765 OS E 26 3.0 22 5,00 0.0 0 -9.9 % 2 6.4 % 10 2.5% 13 0.3% -16 .7% -19. 9%
H anbitS oft, Inc. KR W A 047 080 KO SE 8 2.0 4,72 0.0 0 -1.5 % -15. 0% 42 .2% 31 .8% 33.7 % -28. 9%
IAC /InterActiveC orp. US D I ACI N as da qG S 2,4 58. 4 1 6.2 9 0.5 % 9.0% 8 .8% 0 .1% -60 .4% -67. 7%
IAS E nergy, Inc. US D I AS C .A OT C B B 1 6.1 0.2 3 15.0 % -17. 9% 22 8.6% 66 6.7% 4.5 % -34. 3%
is ee media Inc. C AD IEE T S XV 3 .4 0.0 8 7.1 % -21. 1% -6 .3% 66 .7% -58 .3% -78. 6%
J umbuck E ntertainment P ty Ltd. AU D A S X:J M B AS X 1 5.7 0.4 0 -4.8 % -2.4 % -1 2.1% 2 .6% -34 .4% -35. 5%
J umpT V Inc. C AD T S X:J T V TSX 7 3.1 0.7 3 -1.4 % -6.4 % 82 .5% 13 5.5% 12.3 % -43. 0%
K A B Dis tribution Inc. C AD T S X:K AB TSX 7 6.4 0.6 2 1.6 % 3.3% 65 .3% 14 3.1% -31 .1% -37. 4%
K ings oft Co. Ltd. HKD 3 888 S E HK 73 2.1 5.2 3 -4.7 % 1 1.3 % 94 .4% 10 5.1% 34.1 % -12. 4%
Lingo Media Corporation C AD T S XV :LM T S XV 1 2.8 1.1 3 13.0 % 2 2.8 % 25 .6% 7 .6% -42 .6% -42. 6%
Live World Inc. US D L VW D OT C P K 3 .1 0.1 0 -60. 0% 4 2.9 % -5 0.0% 10 0.0% -50 .0% -68. 8%
LookS mart, Ltd. US D L OOK N as da qG M 2 3.1 1.3 5 1.5 % 3.8% 31 .1% -1 1.8 % -66 .0% -68. 2%
M agnitude Information S ys tems Inc. US D M AG Y OT C B B 5 .5 0.0 1 20.0 % 2 0.0 % -3 3.3% -3 6.8 % -45 .5% -60. 0%
M ixi, Inc. JPY 2 121 TSE 72 1.7 46 0,00 0.0 0 1.1 % 8.2% 41 .5% -2 1.0 % -38 .9% -50. 1%
M ode rn Times G roup Mtg AB SE K MT G B OM 1,8 01. 8 21 6.0 0 1.6 % -5.1 % 69 .7% 36 .7% -43 .0% -47. 1%
M oggle , Inc US D M MOG OT C B B 8 3.5 2.3 0 15.0 % 1 5.0 % 53 .3% NM NM 0.0 %
M OK O.mobi L imited AU D MKB AS X 3 .5 0.0 5 -22. 7% -32. 0% -1 5.0% 2 .0% -7. 3% -49. 0%
M yriad G roup AG C HF MYR N SWX 10 0.3 5.1 5 3.0 % 3.0% 35 .5% -1 4.2 % -49 .8% -49. 8%
N E OW IZ G ames C orpora tion KR W A 095 660 KO SE 50 2.9 6 5,90 0.0 0 -7.8 % 5.1% 70 .7% 23 6.2% 1 19. 7% -21. 5%
N etDragon W ebS oft, Inc. HKD 7 77 S E HK 34 1.0 5.0 0 -5.8 % -15. 8% 46 .2% 77 .9% -51 .5% -52. 8%
N ete as e.com I nc. US D NT E S N as da qG S 4,3 11. 8 3 5.0 4 -6.5 % 1 5.1 % 50 .1% 62 .5% 59.7 % -9.6 %
N eXplore Corpora tion US D N XP C OT C P K 3 9.0 0.7 0 0.0 % 0.0% 0 .0% -3 3.3 % -22 .2% -51. 7%
N gi G roup Inc. JPY 2 497 TSE 4 5.5 3 6,10 0.0 0 12.8 % 1 7.8 % 10 4.0% -2 8.9 % -70 .9% -72. 9%
N orthgate Te chnologies L imited IN R 5 900 57 BS E 3 0.6 4 2.0 5 -22. 4% -13. 9% 24 .0% -2 8.2 % -88 .6% -89. 0%
Open T e xt Corp. US D O TE X N as da qG S 1,8 77. 1 3 5.6 7 3.8 % 1 4.6 % 13 .9% 23 .8% 11.0 % -8.7 %
Openwave S ys tems Inc. US D O PW V N as da qG S 19 1.6 2.3 0 21.7 % 9 1.7 % 16 4.4% 26 5.1% 37.7 % -5.3 %
P e rfect W orld C o., Ltd. US D P W RD N as da qG S 1,2 45. 2 2 4.3 5 7.6 % 3 5.1 % 91 .7% 51 .7% -1. 7% -13. 3%
Quepa s a C orp. US D Q PSA N as da qC M 7 .9 0.6 2 -11. 4% -38. 0% -4 6.1% -6 5.6 % -74 .1% -82. 1%
OA O R B C Information S ys tems US D R BC I R TS 13 8.7 1.0 0 -25. 9% -20. 0% 33 4.8% 66 .7% -88 .9% -89. 0%
S handa Interactive E ntertainme nt L td. US D S NDA N as da qG S 3,7 74. 4 5 4.4 0 -11. 7% 1 2.2 % 48 .9% 81 .5% 89.5 % -16. 3%
S hutte rf ly, Inc. US D S F LY N as da qG S 33 9.1 1 3.4 7 0.1 % -2.1 % 52 .9% 85 .8% -4. 8% -11. 7%
S K C ommunications Co., Ltd. KR W A 066 270 KO SE 36 5.5 1 1,00 0.0 0 0.0 % 1 5.3 % 42 .5% 91 .0% -34 .5% -44. 2%
S N AP Inte ra ctive , Inc. US D S T VI OT C B B 7 .6 0.7 0 -11. 4% -6.7 % -3 3.3% 0 .0% 1.4 % -35. 2%
S N M G lobal H oldings US D S NM N OT C P K 0 .0 0.0 0 -25. 0% -50. 0% 50 .0% -9 5.7 % -99 .9% -99. 9%
S ocia l Media V e nures , Inc. US D S MVI OT C P K 0 .0 0.0 1 0.0 % 0.0% -9 9.2% -9 9.1 % NM -99. 8%
S ocia lwis e, Inc. US D S CL W OT C B B 3 0.3 0.7 0 -1.4 % -20. 5% 84 .2% -2 8.6 % -51 .7% -75. 3%
S ohu. com Inc. US D S OH U N as da qG S 2,5 22. 0 6 5.9 1 -1.5 % 2 5.4 % 36 .3% 44 .9% -8. 3% -25. 1%
S ite s earch C orporation US D S T PC OT C B B 2 8.2 3.5 0 -30. 0% NM NM NM NM -30. 0%
S park N etworks , Inc. US D L OV AM E X 4 6.3 2.2 5 -2.6 % -10. 7% -4 .3% -1 3.1 % -47 .1% -49. 6%
S pectrumDN A, Inc. US D S P XA OT C B B 9 .7 0.2 0 -46. 0% -41. 2% 11 .1% -4.8% NM -66. 7%
T encent Holdings L td. HKD 7 00 S E HK 20, 758 .8 8 9.2 0 -0.4 % 1 2.1 % 69 .1% 72 .2% 41.8 % -3.6 %
T he P arent C ompany US D K IDS .Q OT C P K 0 .8 0.0 3 68.4 % 1 56.0 % 96 6.7% -8 9.3 % -98 .4% -98. 8%
T he 9 L imited US D NC TY N as da qG S 28 0.5 1 0.4 6 -5.9 % 1 3.0 % -1 8.0% -1 7.0 % -52 .6% -63. 3%
T he S treet.com, Inc. US D T S CM N as da qG M 6 4.3 2.1 0 8.2 % 1 3.5 % 6 .6% -3 6.6 % -70 .0% -71. 4%
T otal S port Online A S N OK T OS O OT C N O 0 .1 0.0 3 0.0 % 0.0% -2 5.0% -4 0.0 % -70 .0% -70. 0%
T ree.C om, Inc. US D TR EE N as da qG M 9 4.4 8.7 4 -26. 5% -25. 7% 91 .7% 30 8.4% NM -33. 1%
U nis erve C ommunications Corp. C AD T S XV :U S S T S XV 1 .1 0.0 5 0.0 % 2 5.0 % 0 .0% 25 .0% -84 .8% -85. 7%
U nited Online Inc. US D UNTD N as da qG S 54 6.6 6.5 4 -5.6 % -1.2 % 63 .1% 13 .9% -40 .5% -46. 6%
U OMO Media , Inc US D U OMO OT C B B 1 4.1 0.1 7 -8.3 % -52. 9% 13 5.7% 26 .9% -52 .9% -84. 4%
V a lueC lick Inc. US D V CL K N as da qG S 1,0 48. 0 1 2.0 5 3.7 % 1 9.5 % 75 .1% 63 .1% -29 .3% -33. 2%
V O IS , Inc. US D V OIS OT C B B 2 .9 0.3 5 0.0 % -61. 1% -1 2.5% 16 .7% -92 .6% -93. 8%
W ebze n Inc. US D W ZE N N as da qG M 4 0.3 3.4 0 -15. 3% 9.3% 80 .9% 31 4.6% -0. 6% -27. 3%
W iz za rd S of twa re Corpora tion US D W ZE AM E X 3 1.1 0.6 5 -3.0 % 0.0% 71 .1% -3 4.3 % -63 .5% -68. 0%
W orlds .com Inc. US D W DDD OT C B B 4 .7 0.0 9 -10. 0% -47. 1% -5 0.0% -5 5.0 % -70 .5% -77. 5%
W ynds torm C orporation US D W YND OT C B B 9 .2 0.5 1 1 600 .0% 2 00.0 % 32 5.0% 32 5.0% -15 .0% -40. 0%
XIN G AG E UR O 1B C XT R A 24 5.7 3 3.8 0 8.3 % 1 0.8 % 16 .0% 40 .5% -4. 5% -7.9 %
Y e dangOnline Corp. KR W A 052 770 KO SE 11 5.6 9,29 0.0 0 -3.9 % 2.1% 34 .4% 30 .8% -16 .3% -25. 1%
Y nk K orea Inc. KR W A 023 770 KO SE 2 7.1 6,40 0.0 0 -8.6 % -17. 9% 82 .9% 8 .8% -53 .1% -55. 2%
ZipLocal Inc. C AD T S XV :ZIP T S XV 0 .4 0.0 1 0.0 % 0.0% 0 .0% -5 0.0 % -96 .4% -96. 9%
H igh 1 600 .0% 12 33. 3% 190 0.0 % 90 0.0% 2 49. 8% 0.0 %
Low -90. 0% -90. 0% -9 9.2% -9 9.1 % -99 .9% -99. 9%
A vera ge 581.4 38.2% 27.6% 97.1% 66.3% -24.8% -50.3%
M edian -0.4 % 2.1% 42 .7% 25 .0% -40 .5% -49. 7%
C om pany Nam e U S D Market Cap ($m) Avg US D Mar ket C ap ($m) U S D LT M T otal R ev ($m) U S D LT M Total E B IT DA ($m) E B IT DA %
U nited S tates 40 C hina 37, 948.2 China 3,794. 8 C hina 3, 837. 6 C hina 1,773. 2 C hina 47. 9%
C anada 10 U nited S tates 5, 300.8 S weden 1,801. 8 U nited S ta tes 3, 795. 5 S weden 261. 0 Aus tral ia 37. 2%
C hina 10 J a pan 2, 582.7 Ta iwa n 450. 8 S weden 1, 704. 0 U nited S ta tes 244. 5 T aiwa n 36. 3%
S outh K orea 9 C anada 2, 174.3 Japan 430. 5 C a na da 973. 5 C a na da 193. 5 G ermany 31. 2%
J a pa n 6 S weden 1, 801.8 Ca na da 217. 4 S outh K orea 667. 0 J apan 125. 9 J a pa n 25. 0%
T a iwa n 3 S outh K orea 1, 392.7 Hong K ong 164. 4 J a pa n 496. 7 S outh K orea 86. 7 I ta ly 18. 6%
A ustra lia 2 T a iwa n 1, 352.3 S outh K orea 154. 7 H ong K ong 389. 9 T a iwan 52. 3 S weden 15. 3%
G ermany 2 G erma ny 271.5 R us sia 138. 7 T aiwan 365. 6 I taly 43. 0 M a la ys ia 13. 7%
S witz erla nd 1 H ong K ong 164.4 G erma ny 135. 8 I ta ly 231. 6 H ong K ong 30. 8 R uss ia 13. 1%
H ong K ong 1 R uss ia 138.7 Ita ly 134. 1 R uss ia 151. 4 R uss ia 19. 8 H ong K ong 7.9%
F inla nd 1 I ta ly 134.1 United S tates 132. 5 I ndia 117. 0 M alays ia 10. 8 S outh K orea 6.1%
I ta ly 1 S witz erla nd 100.3 S witzerland 100. 3 M a la ys ia 78. 4 G erma ny 10. 3 S witz erla nd 1.9%
U nited K ingdom 1 F inland 49.5 Finland 49. 5 G ermany 55. 4 Aus tralia 2. 9 U nited S ta tes -10.1%
I ndia 1 I ndia 30.6 India 30. 6 S witz erla nd 40. 0 S witz erland 0. 8 I ndia -23.5%
S weden 1 M alays ia 26.1 Malay sia 26. 1 Aus tra l ia 15. 4 N orway -1. 0 C anada -25.0%
R us sia 1 Aus tra lia 19.2 Australia 9. 6 F inla nd 5. 8 U nited K ingdom -1. 8 N orway -50.6%
M a la ys ia 1 U nited K ingdom 4.8 United K ingdom 4. 8 N orwa y 2. 1 F inland -15. 1 U nited K ingdom #DI V /0!
N orway 1 N orway 0.1 Norway 0. 1 U nited K ingdom 0. 3 I ndia -27. 5 F inla nd #DI V /0!
G rand To tal 92 G rand T otal 53,492.4 G rand Total 581.4 G rand T otal 12,927.2 G r and T otal 2,810.1 G rand T otal 7.1%
C om pany Nam e U S D Market Cap ($m) Avg US D Mar ket C ap ($m) U S D LT M T otal R ev ($m) U S D LT M Total E B IT DA ($m) E B IT DA %
G rand To tal 92 G rand T otal 53,492.4 G rand Total 581.4 G rand T otal 152.1 G r and T otal 2,810.1 G rand T otal 7.1%
m y6s ens e I s ra el www.my6sense.com my 6s ense Inc . prov ides mobi le technology s olutions. I t offers D igita l I ntuition tha t c onnec ts us ers with content providing wa y to experienc e
informa tion on mobile and desk top. The compa ny wa s founded in 2007 a nd is ba s ed in Herz liya P itua ch, I s ra el.
P ic aboo U nited S ta tes www.picaboo.com P ic aboo C orporation provides onli ne photo book s a nd cards . I t offers a software progra m tha t turns photos into photo book s. The company
was founded in 2002 a nd is ba sed in M enlo P a rk , C a lifornia .
R ing R evenu e U nited S ta tes www.ringrevenue.com R ing R ev enue, I nc. prov ides online call trac k ing s ervices . The company was incorporated in 2009 a nd is ba sed in S a n ta B arba ra , C a lifornia .
S ugar In c. U nited S ta tes www.sugarinc.com S uga r, I nc. operates a s an online media compa ny . It operates lifes ty le a nd enterta inment W ebsites that cov er celebrity, fa s hion, shopping,
bea uty , entertainment, food, a nd hea lth topics . T he c ompany also offers a shopping engine for fa s hion and beauty categories . S ugar, I nc. ,
formerly k nown as S uga r P ublishing, I nc ., wa s founde d in 2006 and is hea dqua rtered in S a n Francisc o, C alifornia.
W imba Inc U nited S ta tes www.wimba.com W imba , Inc . provides learning s oftwa re a pplic a tions a nd s ervices to the educ a tion indus try in the Un ited S ta tes and the United K ingdom. The
company offers D iploma , a qu estion authoring an d management tool tha t allows ins truc tors to c reate or edit ques tions; C la s sroom 5. 2, a
clas s room environment with va rious features that include audio, vid eo, a pplica tion sharing, and c ontent dis pla y; and C ollabora tion S uite tha t
a llows ins titutions to bridge the gap between technology a nd peda gogy by s upplementing cours e management s ys tems . It a ls o provides
C reate, a content authori ng tool, which c onverts M icros oft W ord doc uments into content for online cours es; P ronto, an a ca demic mes saging
pla tform, whic h is designed for educ ators to a dva nc e and promote lea rning; V oic e, a W eb-ba s ed voic e s olution th at fa cilita tes and promotes
voc al in struction, colla bora tion, c oa c hing, a nd a s s ess ment; and C M S Integra tion. I t s erves univ ersities , community colleges , s chool districts ,
a nd educ ation ins titutions. T he company was formerly known as H orizon W imba , Inc . a nd changed its na me to W imba , I nc. in April 2007.
W imba , Inc . wa s founded in 1998 and is ba sed in N ew Y ork , New Y ork with additiona l offic es in C a mbridge, U nited K ingdom; a nd A tlanta , G eorgia.
Yu Me U nited S ta tes www.yumenetworks.com Y uMe, I nc . operates a s a v ideo a dvertis ing network on W eb. I t offers a d mana gement sy stem tha t enables a dvertis ers a nd publishers to
identify, cla s sify , a nd tra ck content throu gh digita l media pla tforms, s uch a s W eb, downloads, mobile, a n d I P TV . The compa ny a ls o enables
publishers to orga nize video on their site i nto content cha nnels, s uch a s automotiv e, fi na ncial serv ices , lifesty le, news , music , s ports ,
enterta inment, a nd family friendly. In a ddition, it offers rea l-time ta rgeting, mea s urement, and optimiza tion; c ontent distribution and vira l
a dvertising opportunities ; a suite of intera ctiv e a d plac ements ; a nd v ideo monetiza tion s ervices . F urther, the c ompany provides a beha viora l
ta rgeting sy stem tha t enables advertis ers to target their mess ages to v iewers on a na tional sc a le ba s ed on v ideo v iewing interes ts and
purchas e intent. Y uMe, Inc . wa s founded in 2004 a nd is hea dquartered in R edwood C ity, C alifornia .
Z o os k U nited S ta tes www.zoosk.com Zoos k , Inc. opera tes a s an online s ocia l da ting network . The c ompa ny was founded in 2007 a nd is ba s ed in S an F ra nc isco, C a lifornia .
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.
I n f o r ma t i o n a b o u t Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y s t e m, t h e d i s t r i b u t i o n o f o u r r e s e a r ch t o cl i e n t s a n d t h e p e r ce n t a g e o f r e c o m me n d a t i o n s wh i c h a r e i n e a c h
o f o u r r a t i n g c a t e g o r i e s i s a v a i l a b l e o n o u r we b si t e a t ww w. r e s e a r ch c a p i t a l . c o m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e ve d t o b e r e l i a b l e b u t i t s a c cu r a c y o r co mp l e t e n e ss i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t
d o e s R e s e a r c h Ca p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i l i t y . R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e ct o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m t i me t o
t i me , h a v e p o si t i o n s i n t h e s e cu r i t i e s me n t i o n e d h e r e i n . Co n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e ss e d p e r mi s si o n o f R e se a r ch
C a p i t a l C o r p o r a t i o n . ( U . S . I n s t i t u t i o n a l Cl i e n t s — Re s e a r ch C a p i t a l U . S. A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f R e s e a r c h C a p i t a l Co r p o r a t i o n ) a cc e p t s r e s p o n si b i l i t y f o r
t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e ce i vi n g t h i s r e p o r t s h o u l d e f f e ct t r a n s a ct i o n s i n s e c u r i t i e s d i sc u s se d
i n t h e r e p o r t t h r o u g h R e s e a r ch C a p i t a l U . S . A . I n c. , a B r o k e r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e cu r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Tor on to 4 16. 8 60. 76 00 M ontr eal 51 4. 39 9. 150 0 V anco u ver 60 4. 66 2. 180 0 C al gar y 40 3. 26 5. 740 0 R egi na 306. 566. 7550
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