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MEDIA COMPANY (GOO M RADIO) TOP DESTINATIO N FOR CAPITAL IN THIRD WEEK OF APRIL
ACT I VIT Y H UM S AL O N G I N W E EK T H R E E OF A PR I L
Total financings (month-to-date) jumped to $92.2 million (this week) from $66.3 million (last week) – a significant
40%. As of last week, a total of 12 deals closed, with a $16 million raise by GOOM Radio being a major contributor. A
total of four deals greater than $10 million each helped the overall statistics.
It appears, from comparing the total number of capital raises (so far) in April, that the month may likely finish of at or
slightly below March levels, unless the balance of the month witnesses a sudden jump in the number of transactions
or a few high dollar financings. This may be an indication that Venture Capitalists (VC) are being more cautious with
deployment of capital in a recessionary environment. According to The W all Street Journal (18-April-2009), VC
activity has dropped to levels not seen since 1996. The journal goes on to state that pension funds, endowments, and
foundations that traditionally have funded VCs are reluctant to commit money since these institutions are seeing a
significant drop in values of the public and private investments.
200.0 7.6
180.0
7.4
160.0
7.2
140.0
7.0
120.0
(US$m)
(US$m)
100.0 6.8
80.0
6.6
60.0
6.4
40.0
6.2
20.0
0.0 6.0
Feb-09 Mar-09 Apr-09
Total Average
Capital Market Activity: Three weeks into April and we saw 12 companies raising money, with GOOM Radio and
Collective Media raising $16 million and $20 million, respectively. The month-to-date total of total capital raised
stands at $92.2 million. The Rubicon Project (ad network sector) and Cellufun (gaming sector) followed GOOM Radio,
raising $13 million and $10 million, respectively.
Price Performance: Social Networking company DigitalTown Inc. (DGTW -OTCBB) was the top price performer for the
week, returning 20%, closely followed by Kingsoft Co. Ltd. (3888-SEHK) at 17.6%. The9 Ltd. (NCTY-NasdaqGS) had
the worst return, dropping 27.6% in the week after news of its losing the license to operate W orld of W arcraft in
China. Of the 34 companies (with stock price greater than $1), 10 companies on our list had price performances
greater than +10%. Only one company returned more than 20%.
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 )
Is April levelling off? Last week closed with 12 financings (month-to-date April) totalling $92.2 million. The month of April
(so far) has registered four deals greater than or equal to $10 million and two deals greater than $15 million. The month of
March registered 22 financings (total $130.7 million, average $5.9 million) compared to 25 financings announced in
February, totalling $185.5 million, or $7.4 million on average (Figure 2). The average value for February was above the
$6.8 million average for January, with four financings over $15 million in February (Twitter, Synthasite, Tremor Media, and
Offerpal Media) vs. no deals over $15 million in January.
200.0 7.6
180.0
7.4
160.0
7.2
140.0
7.0
120.0
(US$m)
(US$m)
100.0 6.8
80.0
6.6
60.0
6.4
40.0
6.2
20.0
0.0 6.0
Feb-09 Mar-09 Apr-09
Total Average
Collective Media largest deal in April: Three weeks into April and Collective Media tops the list with a $20 million raise,
followed by Goom Radio and The Rubicon Project with $16 million and $13 million, respectively (Figure 3). For additional
details, see Figures 23 and 24 (at end of note).
(US$m)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Twitter
Kaixin001.com
Collective Media
TubeMogul
FamilyLink.com
Tribal Nova
WhistleBox
Sports Composite DE
Outright
Hunch
Bit.ly
Mendeley
Tvinci
Socialcast
Filtrbox
Scan & Target
AdultSpace
MMO Life
Cake Financial
Myngle
33Across
fav.or.it
Three Melons
Apr-09
Mar-09
Feb-09
Page 4
sector, with 12 companies raising over $74.4 million (Figure 4). The video sector has the next highest totals, with eight
Social Networks is the most active sector: Activity over the last three months was busiest in the Social Networks
Page 5
80.0
70.0
60.0
50.0
(US$m)
40.0
74.4
63.4
30.0
49.9
22.5 20.0
10.0
16.0 15.0
12.0 12.0
9.0 6.5 5.5 4.3 4.1 4.1 3.9 3.1
0.0 2.0 2.0 1.4 1.3 1.3
Comment/Reputation
Gaming
Visual Commerce
Wiki
Travel
Media
Microblog
Mobile
Publishing
Online Learning
Financial Services
Widget
Lending
Mobile Ad
Search
Infrastructure
Social Networks
Virtual Goods
SAS
Video
Aggregation
Virtual World
Crowdsourced
Ad Network
Analytics
Content
# companies
12 8 6 5 7 2 4 1 3 1 1 1 1 2 1 1 1 1 1 1 1 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 )
Price Performance: Our W eb 2.0 index (market-cap weighted) essentially mirrored the performance of the NASDAQ
composite index from mid 2008 until recently when it has moved higher than the NASDAQ index (Figure 5).
Page 6
120
100
80
60
40
20
0
4/21/2008
5/5/2008
5/19/2008
6/2/2008
6/16/2008
6/30/2008
7/14/2008
7/28/2008
8/11/2008
8/25/2008
9/8/2008
9/22/2008
10/6/2008
10/20/2008
11/3/2008
11/17/2008
12/1/2008
12/15/2008
12/29/2008
1/12/2009
1/26/2009
2/9/2009
2/23/2009
3/9/2009
3/23/2009
4/6/2009
4/20/2009
^COMP - Share Pricing Index: Web 2.0 X (Market Cap)
A positive week: Most of the companies in our universe had positive 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. DigitalTown Inc.
(DGTW -OTCBB) led the group with a 20% return over the past week. The9 Ltd. (NCTY-NasdaqGS) had the worst return,
dropping 27.6% in the week after news of its losing the license to operate W orld of W arcraft in China.
Page 7
E DI S PR E S S Holdin g; OAO R BC T he Dis trict C ourt Atta ches As sets of O AO R B C T he Dis tric t C ourt of the city N icos ia ha s su stained the claim of B a nk of Mos cow to attach a s sets of O AO R B C Information S ys tems
Information S ys tems (R TS : R B C I); R BC Informa tion S ys tems , E D I S P R E S S Holding, R B C registered in Cy prus , including E D I S P R E S S Holding, R B C I nves tments (Cy prus) L td. a nd Ad Net Ltd. T his attac hment is an i nterloc utory
Inves tments (Cyprus ) L td. Inv estments (C yprus ) Ltd. a nd Ad Net L td injunction on the lawsuit filed by B a nk of M oscow against the media holding in M a rch 2009 to the L ondon C ourt of I nternational Arbitration.
B a nk of Mos cow is a la rge holder of CL N is s ued by R B C Inves tments in D ecember 2007 agains t a credit of B a rclay s Ca pital B a nk for th e
sum o f $45 million (E UR 33. 54 million). T he pa per ma tured in Nov ember 2008.
E ndec a T ec hn olog ies , Inc.; Open Text O pen T ext and E ndeca P artner to Deliv er U nprecedented E ndeca Technologies I nc . a nd O pen Tex t Corp. a nnounced a formalized partners hip to deliver E ndeca's D igita l As set Na viga tor solution on
C orp. (Nas daqG S : OTE X) Digita l Ass et R eus e O pen T ext D igital Media G roup's E nterprise Media Ma na gement S olution. T he joint offering is designed to provide media , publis hing and
retail orga nizations with a n unprecedented a bility to cut cos ts and s treamline operations b y reusing exis ting digita l a s sets , suc h as audio,
video, a nd images that a re s tored in hous e instea d of recreating or purc ha sing new ass ets .
F inanc ial Media G roup, Inc . F inancia l Media G roup, Inc . a nnounc ed dela y ed 10-Q O n 04/14/2009, F ina nc ia l M edia G roup , Inc. announced tha t they will be una ble to file their nex t 10-Q by the deadline required by th e S E C .
(OT CB B: F N G P) filing
G igaMedia L td. (Nas daqG S : G IG M); P a rty G aming E yeing G igamedia P a rty G a mi ng P lc is reportedly in ta lk s with G iga media Ltd. for a poss ible merger or takeover o f E veres t P ok er bra nd. G igamedia , which has
P artyG amin g Plc (L S E : PR TY) a ma rket value of $363 million, is believed to ha ve a ppointed G oldma n S a chs to look for a buyer for the whole company or simply its E v erest
poker brand. P arty G a ming is among a s mall number of parties thought to be negotiating with G iga media. O ne potential ba rri er to a full
merger coul d be the unwillingnes s of G iga media sha reholders to hold s toc k in a L ondon-li sted c ompa ny. A P arty G aming s pokes man s aid:
"W e hav e ma de it very clea r we believe the industry will c onsolidate a nd we will look a t opportunities as a nd when they a ris e." G igamedia
told inves tors la st month it wa s "in discus sions with s everal interes ted parties concerning the poss ibility of a strategic merger or a sal e".
J u mpTV Inc . (TS X : J TV) J umpT V U nveils P remier L atin O nline T elevisi on S erv ice J umpTV I nc. annou nced the launc h of J umpTV L atino, a n online destination for L atin America n telev ision with prominent new features .
J umpTV L atino is a s ubscription-ba sed service that provides the la rgest s election of live and on-demand L atin Americ an televis ion channels
a va ila ble via the I nternet, providing viewer's one c entra l pla ce to a ccess L atino enterta inment. T he onli ne des tina tion continues to s erve
exis ting JumpT V s ubs cribers and offers a key hot spot for new v iewers with a sleek new look and feel, enha nc ed video ex perience a nd
improved c us tomer s upport. J umpT V La tino is a dua l language destination tha t features up to 30 top La tin American cha nnels from C hile (T V
Chile), P eru (America TV ), Colombia (C arac ol T V and T V C olomb ia), Argentina (Tele fe Internacional), V enezuela (Meridiano TV ), B olivia,
E cua dor, G uatemala , Mex ico, P ara guay, D omin ican R epublic and U rugua y.
L ing o Media C orporation (TS XV: L M) L ingo M edia C orporation announced delay ed 2 0-F filing O n 04/17/2009, L ingo M edia C orpora tion a nnounced tha t they will be unable to fi le their nex t 20-F by th e dea dline required by the S E C.
L ion bridge Tech nologies In c. L ionbridge T ec hnologies Inc. Announces P a rtnership with L ionbridge T echnologi es Inc. announced a n alliance wi th O pen T ext C orp. W ith the alliance, joint c us tomers of O pen Tex t and L ionbridge
(Nas daqG M:LIOX); Open Text C orp. O pen T ext C orporation to S treamline R egula tory can now streamline the dev elopment, implementa tion and integration of regula tory complia nc e s olutions by combining expert development
(Nas daqG S : OT E X) Complia nc e S olutions for P ha rmac eutic al Compa nies services from L ionbridge together with innov ativ e enterpris e c ontent ma na gement s olutions from O pen T ext. P ha rmac eutical companies a nd
other orga nizations need a complete, relia ble s olution for managing enterprise content within a complex regula tory c omplia nce env ironment.
NetDrago n W ebS oft, Inc. (S E HK :777) NetDragon W ebS oft, I nc. , 0. 11 (H K D), Ca s h D ividend, NetDragon W ebS oft, I nc. , 0. 11 (H K D), C a sh Di vidend, Apr-15-2009
Apr-15-2009
Open T ext C orp. (Nas daqG S : OT E X) O pen T ext E xpands C ontent S ec urity O ffering with O pen T ext C orp. announced the immediate a va ila bi lity of its la test C onnec tiv ity s olution, O pen T ext S O CK S Client, an enterpris e-gra de
R elea s e of S O CK S C lient S O CK S V 4 a nd V 5 client, tha t a s sis ts organiza tions to transparently and c os t-effectively s ecure thei r enterprise content applica tions over
T C IP /IP network s. P rotec ting confidential and miss ion critical applica tion content ha s bec ome a strateg ic priority for many organiz ations
thes e da y s. Unfortunately, ma ny homegrown or v endor a pplications have not been built to opera te with network firewa lls and proxies forcing
a dminis tra tors to lea ve gaping holes in their s ecurity infra structures . S O CK S is an industry s ta ndard security protoc ol tha t facilitates the
routing of network traffic throu gh firewalls and proxy s ervers . T he O pen Tex t S O C K S C lient ca n dy na mica lly 'sock s-enable' enterpris e
a pplications without requiring changes to their c ode. A rules -bas ed engine a llows adminis trators to decide which applica tion tra ffic shoul d be
sec ured, ins tantly enabling i t to trav erse S O C K S prox ies and firewa ll s.
S pec trumDNA, Inc . (OTC BB :S PXA) S pec trumDN A, I nc. E lects R ebecc a D . Hers hinger a s O n April 13, 2009, the B o ard of D irectors of S pec trumD NA, I nc. elected R ebec ca D. H ers hinger as C hief F inancia l O fficer of the compa ny,
Chief F ina nc ial O fficer effective immedi a tely . Ms . Hers hinger, a ge 35, ha s been an employ ee of the compa ny sinc e J uly 2008 s erving as V ice P res ident of F inance
a nd C orpora te Development. P rior thereto, a nd from 2007 to 2008, she provided financia l a nd s tra tegy consulting serv ices to K urt S a lmon
Ass ocia tes a nd S pectrumDN A, I nc.
VALUATION
MMOG companies lead market-cap charts: Nine companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 8). Sixty-four of the 92 companies have market caps under US$100 million, with 28 under $10
million. Online gaming companies dominate the top of the list.
Market C ap (US D m)
Tencent Holdings L td.
Neteas e. com Inc. 3558. 7
S handa Interac tive Entertainment L td. 3084.8
IA C/InterA ctiv eCorp. 2281.9
Open Tex t Corp. 1823.2
S ohu. com Inc. 1769.7
G iant Interac tiv e G roup, Inc. 1717. 6
Modern Times G roup Mtg A B 1263.1
G ree, Inc. 1242.7
Perf ec t World Co. , L td. 840.4
V alueClic k Inc. 805. 1
Mix i, Inc. 666.3
K ings of t Co. L td. 528.4
Chines e G amer International 471. 1
NEOWIZ G ames Corporation 401.9
United Online Inc. 391.0
G igaMedia L td. 368.5
NetDragon WebS of t, Inc. 319.2
S K Communications Co. , L td. 280.9
S hutterf ly, Inc. 264.5
The9 Limited 257.2
X ING A G 178.7
CDC Corp. 151.0
G amania Digital Entertainment Co. , L td. 143. 2
G ungHo Online Entertainment, Inc. 142. 4
Y edangOnline Corp. 111. 8
DA DA S pA 104.4
Openw ave S y s tems Inc. 100.8
A c toz S of t Co. , L td. 94. 0
G ameOn Co L td. 92. 2
Moggle, Inc 83.5
DigitalTow n, Inc. 81.2
OA O R B C Inf ormation S y s tems 69. 4
TheS treet.c om, Inc. 69. 0
HanbitS of t, Inc. 68. 5
K aboos e Inc . 65. 9
B eyond Commerc e, Inc . 62.0
Tree. Com, Inc. 56.7
Cyberplex Inc. 52.2
J umpTV Inc. 50.7
S park Netw orks , Inc . 48.3
G eoS entric Oyj 46.3
PhotoChannel Netw orks Inc. 45.5
NeXplore Corporation 39. 0
Ngi G roup Inc. 38. 3
B roadWebA s ia Inc. 38. 2
Webz en Inc. 31.2
Northgate Tec hnologies Limited 29.8
S ites earc h Corporation 28.2
G ravity Co., L td 27.2
Wiz z ard S of tw are Corporation 26.8
Dolphin Digital Media, Inc. 26.6
A Q Interac tiv e, Inc. 26.5
Frogs ter Interac tive Pic tures A G 25.4
Eolith Co. L td. 21.9
DX N Holdings B hd 19.8
L ookS mart, L td. 19.3
J umbuck Entertainment Pty L td. 17.4
IA S Energy, Inc . 17.2
Fluid Mus ic Canada, Inc . 14. 9
Ex tens ions , Inc . 14. 2
A c celeriz e New Media, Inc. 13. 4
IdeaEdge, Inc. 12. 8
S pec trumDNA , Inc. 10. 2
L ingo Media Corporation 9. 3
Quepas a Corp. 9. 2
Worlds . com Inc . 8. 9
Y nk K orea Inc. 8. 2
S NA P Interac tiv e, Inc. 7. 6
UOMO Media, Inc 6. 9
Magnitude Inf ormation S y s tems Inc. 6. 5
CornerWorld Corporation 6. 4
MOK O.mobi Limited 5. 0
B right Things plc 5. 0
is eemedia Inc. 4. 2
B etaw av e Corporation 4. 1
L iv eWorld Inc. 3. 1
Wooz y Fly, Inc. 2. 6
V OIS , Inc. 2. 5
Wy nds torm Corporation 1. 6
DigitalPos t Interac tiv e, Inc. 1. 1
Unis erve Communic ations Corp. 0. 8
B igs tring Corp. 0. 7
The Parent Company 0. 5
Financ ial Media G roup, Inc . 0. 4
ZipL oc al Inc. 0. 3
Total S port Online A S 0. 2
A s s oc iated Media Holdings Inc. 0. 1
China G atew ay Corporation 0. 0
S NM G lobal 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
Page 10
TEV/Revenue (LTM) averages 4.2x: The overall average TEV/Revenue (LTM) multiple for our group is 4.2x – same as
last week (Figure 9). However, this is skewed by Gree (3633-TSE) at 39.5x and Beyond Commerce Inc. (BYOC-OTCBB) at
35.7x. The median is only 1.2x. Note that we exclude multiples greater than 50x. Thirty-two companies have multiples
under 1.5x.
45. 0
39.5
40. 0
35. 7
35. 0
30. 0
23.6
25. 0
20.6
20. 0
15.4
15. 0
11.3
10. 0 8.1 9.1
6. 9
A verage, 4.2 4.54.64.74.74.85.0 6.0
3. 43.8 4.0
5. 0 2.12.22.52.62.72.72.9 3.0
1. 01.01.01.11.11.11.11.11.11.11. 21.51.8 2.02.0
0.00.00.00.10.1 0.10.20. 20.20.30.4 0.50.50.50.60.60.70.80.80.9
0. 0
MO K O .mobi L imited
UO MO Media, Inc
J umbuck E nterta inment P ty L td.
DXN Holdings B hd
F luid Mus ic C a nada , Inc.
G a meO n C o Ltd.
C DC C orp.
G eoS entric O y j
S N M G loba l Holdings
C ornerWorld C orporation
S handa Interac tive E ntertainment Ltd.
O pen T ex t C orp.
J umpT V Inc .
S pa rk N etwork s , Inc .
E olith C o. Ltd.
G igaMedia Ltd.
is eemedia Inc .
XIN G AG
S ohu.com Inc .
Mix i, Inc .
G ree, Inc .
B right T hings plc
S ocial Media V enures , Inc .
L iveWorld Inc .
Y nk K orea Inc .
ZipLoca l Inc .
K aboos e 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 (22), trading at an average multiple of 5.8x (from 5.7x last week). On a geographic basis, the United
States has the most companies (41), trading at an average of 4.7x revenue (from 4.8x last week) (Figure 11). Eleven of
the companies are Canadian (average 7.9x revenue).
GTSM
NasdaqGM
NasdaqGS
TSE
HLSE
RTS
KOSE
OSE
SEHK
OM
AMEX
KLSE
TSX
XTRA
AIM
TSXV
1.9 1.6
ASX
5.0
1.5
1.3 0.8 0.7 0.5
0.5 0.1
0.0
Germany
Kingdom
Canada
Malaysia
United
China
Finland
Japan
Russia
Hong
South
Korea
Kong
States
Taiwan
Australia
Norway
Sweden
United
# Companies 1 2 5 13 22 1 2 1 9 4 5 5 2 1 1 7 2 1 3 1
# Companies 1 3 11 1 41 1 9 2 1 6 1 9 2 1 1
TEV/EBITDA (LTM) averages 8.7x: The average multiple for the 30 companies with positive EBITDA (and multiples under
100x) is 8.7x LTM EBITDA (from 8.8x last week), led by Tencent Holdings Ltd.’s (700-SEHK) 31.4x multiple (Figure 12).
Sixteen of the companies have EBITDA multiples under 7x. The median multiple is 7.1x (vs. 6.7x last week).
T E V/L T M E B IT DA (x)
35.0
31. 4
29. 5
30.0
25.0
19. 1
20.0 18.0
15.0
12.4 12.9
10. 8 11. 0 11. 1
9. 6 9. 8 10.0
A verage, 8. 7 8. 5
10.0 7.7 8.1 8. 2
6. 4 6. 4 7.1
6.0 6. 0 6. 2
4. 2 4. 4 4.5 4.7
5.0 3.9 3. 9
2.8
1.3 1.8
0. 1 0. 2
0.0
G ameO n C o Ltd.
C DC C orp.
Northgate T echnologies Limited
DXN H oldings B hd
S K C ommunications C o. , Ltd.
Modern T imes G roup Mtg AB
S handa Interactive E ntertainment Ltd.
O pen T ex t C orp.
S park Network s , Inc.
G igaMedia Ltd.
XING AG
Mix i, Inc.
C y berplex Inc.
K aboos e 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 (22), trading at an average multiple of 29.5x. On a geographic basis, the
United States has the most companies (41), trading at an average of 8.1x EBITDA (Figure 14). Eleven of the companies
are Canadian (average 11.3x EBITDA).
30.0 29.5
30.0
25.0 29.5 25.0
20.0 20.0
(x)
12.9
(x)
15.8
15.0 12.9 15.0 11.5
10.0 9.3 11.3 11.0
8.2 7.7 7.6 7.2 9.1 8.1
10.0 10.0 7.7 6.4
7.1 6.4 6.2
4.7 2.4 6.2
5.0 1.8 0.2 3.6
5.0
0.0 0.0
0.0 1.8
OTCNO
OTCPK
OTCBB
GTSM
NasdaqGM
NasdaqCM
TSE
NasdaqGS
OSE
HLSE
RTS
KOSE
AMEX
TSX
XTRA
TSXV
ASX
Germany
China
Canada
Hong
Japan
United
Finland
Russia
India
Kong
South
Korea
States
Taiwan
Australia
Norway
# Companies 1 3 9 11 1 6 41 2 1 1 9 2 1
# Companies 2 1 5 2 5 13 1 2 5 22 4 1 1 9 7 2 1
P/E (LTM) averages 15.9x: The average multiple for the 32 companies with positive earnings (and multiples under 100x)
is 15.9x LTM EPS (from 15.8x last week), led by TheStreet.com’s (TSCM-NASDAQ) 72.8x multiple (Figure 15). Thirteen of
the companies have P/E multiples under 10x. The median is just 11.3x.
Page 12
P /E L T M (x)
80.0
72.8
70.0
59.4
60.0
50.0
42.2
40.0 37.3
32.0
30.0 24.6
21.9
18.7 19.2
20.0 A verage, 15.9 15.6 17.0
13.7
11.6 11.7 12.7
9.4 9.9 10.5 11.0 11.2 11.4
6.3 8.0
10.0
2.3 2.6 3.3 3.9 3.9
0.8 1.5 1.7 2.0
0.0
NE O W IZ G ames C orporation
J umbuck E ntertainment P ty Ltd.
DXN H oldings B hd
G iant Interactive G roup, Inc.
G ameO n C o Ltd.
Modern T imes G roup Mtg AB
T he9 Limited
O pen T ex t C orp.
C y berplex Inc.
S ohu.com Inc.
G igaMedia Ltd.
Mix i, Inc.
S hutterfly , 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 (22), trading at an average multiple of 12.0x. On a geographic basis, the United States has
the most companies (41), trading at an average of 17.8x earnings (Figure 17). Eleven of the companies are Canadian
(average 23x EPS).
40.0
(x)
OTCBB
NasdaqGM
GTSM
RTS
TSE
OSE
HLSE
NasdaqGS
XTRA
AMEX
TSX
TSXV
ASX
0.0
Germany
Russia
Canada
Japan
United
Finland
China
South
Korea
States
Taiwan
Australia
Norway
# Companies 5 1 5 9 2 5 1 4 22 1 2 2 2 13 # Companies 1 11 6 41 1 3 2 2 9 9 1
UPCOMING EVENTS
E arnings Calendar
C ompany D ate & T ime Qu arter C onf C all D etails
S hutterfly , Inc . (N a sda qG S : S F L Y ) W ednes da y, April 29, 2009 5:00 P M (E D T) Q 1 2009 877-591-4956
I AC /I nterAc tiveC orp. (Na s da qG S :I AC I) W ednes da y, April 29, 2009 11:00 AM (E D T) Q 1 2009 NA
Openwa ve S ys tems Inc . (Na s da qG S : O P W V ) W ednes da y, April 29, 2009 2:00 P M (P D T) Q 3 2009 800-289-0508
T ree. C om, Inc . (N a sda qG M :T R E E ) F riday, M a y 01, 2009 11:00 AM (E DT ) Q 1 2009 877-407-0782
V a lueClic k Inc . (N a sda qG S : V C L K ) T uesda y , May 05, 2009 4: 30 P M (E D T ) Q 1 2009 818-575-4677
U nited O nline Inc . (N a sda qG S : UN TD ) T uesda y , May 05, 2009 2: 00 P M (P D T ) Q 1 2009 877-681-3374
Acce le riz e N ew Me dia, Inc. US D A CL Z OT C B B 1 3.4 0.4 9 53.1 % 1 13.0 % 40 .0% -2.0% -31 .9% -37. 2%
Actoz S of t C o., L td. KR W A 052 790 KO SE 9 4.0 1 4,70 0.0 0 2.4 % 2 9.5 % 43 .4% 77 .1% 81.9 % -8.1 %
AQ Inte ractive , Inc. JPY 3 838 TSE 2 6.5 4 8,00 0.0 0 11.1 % 4 6.8 % 65 .5% 18 .2% -78 .1% -79. 6%
As s ocia ted Media H oldings Inc. US D A S MH OT C P K 0 .1 0.0 0 7.1 % 7.1% -8 5.0% -8 1.3 % 36.4 % -97. 0%
B igstring Corp. US D B S GC OT C B B 0 .7 0.0 1 3.7 % -12. 5% -2 0.0% -4 4.0 % -92 .2% -93. 6%
B e tawave Corpora tion US D B W AV OT C B B 4 .1 0.1 4 7.7 % -6.7 % -3 6.4% -2 2.2 % -65 .0% -66. 7%
B e yond Commerce, Inc. US D B Y OC OT C B B 6 2.0 1.5 0 17.2 % 2 57.1 % 54 .6% -3 0.2 % -31 .8% -54. 5%
B right T hings plc GBP A IM:B G T AI M 5 .0 0.0 2 19.0 % 0.0% 40 .0% 94 .4% -47 .6% -58. 8%
B roa dW ebAs ia Inc. US D B W BA OT C P K 3 8.2 0.4 5 -11. 8% -40. 0% -1 8.2% -6 9.8 % -85 .0% -84. 5%
C DC C orp. US D C H IN .A N as da qG S 15 1.0 1.4 0 11.1 % 3 7.3 % 53 .8% -1.4% -62 .3% -65. 0%
C hina G ate wa y C orpora tion US D CGWY OT C B B 0 .0 0.0 0 1 00. 0% 1 00.0 % 0 .0% -8 6.7 % -96 .7% -95. 6%
C hine s e G amer International TWD G TS M:3 083 GT S M 47 1.1 18 7.5 0 -2.3 % 1 9.4 % 10 4.9% 17 6.5% 66.7 % -8.8 %
C ornerW orld C orporation US D CWR L OT C B B 6 .4 0.1 0 -16. 7% -28. 6% -7 5.6% -5 0.0 % -80 .4% -87. 5%
C yberplex Inc. C AD T S X:CX TSX 5 2.2 1.2 0 0.0 % 5 1.9 % 24 2.9% 16 0.9% 62.2 % -3.2 %
D ADA S pA E UR C M :DA CM 10 4.4 4.9 9 16.3 % 4.3% -2 5.8% -3 3.0 % -64 .4% -69. 2%
D XN Holdings B hd MY R DXN KL SE 1 9.8 0.3 1 -3.1 % 1 0.7 % -1 6.2% -1 1.4 % -42 .6% -44. 6%
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 .1 0.0 2 0.0 % 2 00.0 % -3 1.8% -5 7.1 % -90 .6% -94. 6%
D igitalT own, Inc. US D DG T W OT C B B 8 1.2 3.0 0 20.0 % 2 0.0 % 0 .0% 50 .0% 15.4 % -50. 8%
D olphin Digital Me dia, Inc. US D DP DM OT C B B 2 6.6 0.5 4 -5.3 % -21. 7% -2 2.9% -4 6.0 % NM -52. 2%
E olith C o. L td. KR W A 041 060 KO SE 2 1.9 62 5.0 0 2.5 % 1 3.6 % 15 .7% 15 .7% -46 .8% -50. 8%
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 .4 0.0 1 -25. 0% -53. 8% -7 6.0% -9 8.1 % -96 .9% -99. 4%
F luid M us ic Ca nada, Inc. C AD T S X:F MN TSX 1 4.9 0.3 5 -30. 0% -12. 5% 12 .9% -7.9% NM -82. 8%
F rogs te r Interactive P icture s AG E UR FR G XT R A 2 5.4 8.3 5 8.2 % 2 3.3 % 60 .9% 12 5.7% 74.0 % -5.1 %
G a ma nia Digital E ntertainment C o., L td. TWD 6 180 GT S M 14 3.2 3 1.9 0 -7.8 % 2.9% 45 .0% 12 0.0% -5. 1% -13. 7%
G a me On C o L td. JPY 3 812 TSE 9 2.2 9 3,80 0.0 0 0.9 % 1 7.3 % -1 9.4% 29 .4% -17 .0% -42. 6%
G e oS e ntric O yj E UR G E O1V H LS E 4 6.3 0.0 4 33.3 % 0.0% 0 .0% 33 .3% -33 .3% -42. 9%
G iant Intera ctive G roup, Inc. US D GA NYS E 1,7 17. 6 7.6 0 0.4 % 8.9% 35 .7% 17 .3% -38 .5% -55. 8%
G iga Media Ltd. US D G IG M N as da qG S 36 8.5 6.8 2 10.4 % 2 2.7 % 13 .9% 11 .3% -58 .2% -65. 7%
G ravity C o., L td US D G RV Y N as da qG M 2 7.2 0.9 8 4.3 % 5 3.1 % 66 .1% 24 .1% -29 .0% -51. 0%
G ree, Inc. JPY T S E :36 32 TSE 1,2 42. 7 5,48 0.0 0 -3.9 % 1 8.9 % -2 .5% NM NM -13. 0%
G ungH o O nline E ntertainment, Inc. JPY 3 765 OS E 14 2.4 12 2,30 0.0 0 -4.1 % 7.3% 20 .5% 21 .1% -61 .8% -71. 9%
H anbitS oft, Inc. KR W A 047 080 KO SE 6 8.5 4,16 0.0 0 -10. 4% 2 6.1 % 31 .6% 32 .5% -9. 0% -40. 7%
IAC /InterActiveC orp. US D I ACI N as da qG S 2,2 81. 9 1 6.1 9 -2.5 % 1 0.0 % 9 .6% 0 .2% -60 .1% -67. 9%
IAS E nergy, Inc. US D I AS C .A OT C B B 1 7.2 0.2 5 2 50. 0% 4 44.4 % 106 6.7 % 75 .0% 6.5 % -30. 0%
IdeaE dge, Inc. US D O TC B B :ID AE OT C B B 1 2.8 0.3 0 -23. 1% -23. 1% -6 3.9% -8 4.2 % -57 .1% -89. 4%
is ee media Inc. C AD IEE T S XV 4 .2 0.1 0 -9.1 % 2 5.0 % 11 .1% 42 .9% -68 .8% -71. 4%
J umbuck E ntertainment P ty Ltd. AU D A S X:J M B AS X 1 7.4 0.5 0 4.2 % 0.0% 4 .2% -1 4.5 % -21 .9% -23. 7%
J umpT V Inc. C AD T S X:J T V TSX 5 0.7 0.5 5 -5.2 % 3 7.5 % 83 .3% -2 0.3 % -21 .4% -57. 0%
K a boos e Inc. C AD T S X:K AB TSX 6 5.9 0.5 8 0.0 % 6 5.7 % 65 .7% 1 .8% -54 .3% -58. 9%
K ings oft Co. Ltd. HKD 3 888 S E HK 52 8.4 3.8 1 17.6 % 2 9.2 % 41 .6% 90 .5% 22.9 % -11. 6%
Lingo Media Corporation C AD T S XV :LM T S XV 9 .3 0.8 9 11.3 % 8.5% -1 .1% -4 0.3 % -55 .3% -59. 5%
Live World Inc. US D L VW D OT C P K 3 .1 0.1 0 -23. 1% -50. 0% 10 0.0% -2 3.1 % -37 .5% -75. 6%
LookS mart, Ltd. US D L OOK N as da qG M 1 9.3 1.1 3 -5.0 % 1 4.1 % -1 3.1% -3 8.9 % -71 .0% -76. 5%
M agnitude Information S ys tems Inc. US D M AG Y OT C B B 6 .5 0.0 2 50.0 % -11. 8% -5 0.0% -1 1.8 % -28 .6% -50. 0%
M ixi, Inc. JPY 2 121 TSE 66 6.3 42 7,00 0.0 0 10.9 % 3 1.4 % -2 1.1% -3 5.1 % -49 .6% -55. 3%
M ode rn Times G roup Mtg AB SE K MT G B OM 1,2 63. 1 16 6.0 0 6.8 % 1 7.7 % 25 .5% -9.3% -61 .8% -63. 5%
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 5 .0 0.0 9 -5.6 % 7 0.0 % 70 .0% 77 .1% 1 57. 6% -15. 0%
N E OW IZ G ames C orpora tion KR W A 095 660 KO SE 40 1.9 5 5,60 0.0 0 -11. 7% 4 2.9 % 19 1.1% 27 3.2% 62.1 % -24. 3%
N etDragon W ebS oft, Inc. HKD 7 77 S E HK 31 9.2 4.6 8 12.5 % 1 2.8 % 63 .1% 70 .2% -49 .2% -65. 6%
N ete as e.com I nc. US D NT E S N as da qG S 3,5 58. 7 2 8.9 2 -1.5 % 2 9.7 % 67 .5% 29 .8% 42.0 % -7.5 %
N eXplore Corpora tion US D N XP C OT C P K 3 9.0 0.7 0 -22. 2% 1 6.7 % -3 0.0% 27 .3% NM -51. 7%
N gi G roup Inc. JPY 2 497 TSE 3 8.3 3 0,50 0.0 0 11.3 % 7 3.4 % -3 9.8% -6 1.7 % -77 .4% -81. 7%
N orthgate Te chnologies L imited IN R 5 900 57 BS E 2 9.8 4 3.0 0 4.0 % 2 9.1 % -5 .2% -3 7.2 % -89 .0% -90. 9%
Open T e xt Corp. US D O TE X N as da qG S 1,8 23. 2 3 5.1 3 0.1 % 6.5% 18 .2% 38 .4% 6.4 % -10. 1%
Openwave S ys tems Inc. US D O PW V N as da qG S 10 0.8 1.2 1 -9.7 % 3 4.4 % 10 8.6% 39 .1% -44 .2% -52. 5%
P e rfect W orld C o., Ltd. US D P W RD N as da qG S 84 0.4 1 5.9 3 -6.2 % 2 6.6 % 9 .6% -1 9.6 % -40 .3% -52. 5%
P hotoChannel N etwork s Inc. C AD T S XV :P N T S XV 4 5.5 1.6 4 -3.5 % 5.8% 2 .5% -5.7% -53 .0% -60. 5%
Quepa s a C orp. US D Q PSA N as da qC M 9 .2 0.7 2 -21. 7% -28. 0% -6 2.3% -6 6.8 % -73 .3% -79. 2%
OA O R B C Information S ys tems US D R BC I R TS 6 9.4 0.5 0 22.0 % 1 08.3 % -1 2.3% -8 7.5 % -94 .5% -94. 6%
S handa Interactive E ntertainme nt L td. US D S NDA N as da qG S 3,0 84. 8 4 4.4 6 -14. 8% 3 1.0 % 59 .7% 60 .7% 36.5 % -17. 5%
S hutte rf ly, Inc. US D S F LY N as da qG S 26 4.5 1 0.5 1 -2.2 % 2 6.0 % 52 .3% 38 .8% -38 .2% -41. 5%
S K C ommunications Co., Ltd. KR W A 066 270 KO SE 28 0.9 9,09 0.0 0 -10. 4% 1 7.6 % 56 .7% 25 .9% -37 .7% -53. 9%
S N AP Inte ra ctive , Inc. US D S T VI OT C B B 7 .6 0.7 0 -6.7 % -26. 3% -3 3.3% 25 0.0% 0.0 % -35. 2%
S N M G lobal H oldings US D S NM N OT C P K 0 .0 0.0 0 1 400 .0% 2 00.0 % 50 0.0% -9 8.5 % -99 .7% -99. 9%
S ocia l Media V e nures , Inc. US D S MVI OT C P K 0 .0 0.1 5 -83. 0% -87. 5% -8 5.6% -8 5.1 % NM -97. 0%
S ohu. com Inc. US D S OH U N as da qG S 1,7 69. 7 4 6.4 3 -7.1 % 1 8.0 % 20 .4% -1 3.0 % -24 .9% -49. 3%
S ite s earch C orporation US D S TPC 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 8.3 2.3 5 4.4 % 4.9% -5 .6% -2 5.4 % -46 .5% -49. 5%
S pectrumDN A, Inc. US D S P XA OT C B B 1 0.2 0.2 1 40.0 % 1 0.5 % 10 .5% -1 6.0 % NM -65. 0%
T encent Holdings L td. HKD 7 00 S E HK 14, 848 .6 6 3.9 0 3.4 % 2 1.0 % 42 .3% 30 .8% 17.2 % -11. 3%
T he P arent C ompany US D K IDS .Q OT C P K 0 .5 0.0 2 14.3 % 5 66.7 % -6 0.8% -9 7.5 % -99 .5% -99. 5%
T he 9 L imited US D NC TY N as da qG S 25 7.2 9.5 9 -27. 6% -27. 7% -3 2.1% -2 9.0 % -54 .5% -66. 4%
T he S treet.com, Inc. US D T S CM N as da qG M 6 9.0 2.2 6 6.6 % 1 4.7 % -2 1.8% -3 9.6 % -75 .4% -76. 2%
T otal S port Online A S N OK T OS O OT C N O 0 .2 0.0 4 0.0 % 0.0% 0 .0% -2 0.0 % -60 .0% -60. 0%
T ree.C om, Inc. US D TR EE N as da qG M 5 6.7 5.6 8 3.3 % 2 2.4 % 42 .0% 11 0.4% NM -48. 8%
U nis erve C ommunications Corp. C AD T S XV :U S S T S XV 0 .8 0.0 4 -20. 0% -20. 0% 0 .0% -5 0.0 % -88 .6% -91. 1%
U nited Online Inc. US D UNTD N as da qG S 39 1.0 4.7 6 -11. 2% 2 1.1 % -1 9.0% -3 2.1 % -55 .4% -61. 9%
U OMO Media , Inc US D U OMO OT C B B 6 .9 0.0 8 -27. 3% 3 3.3 % 14 .3% -5 2.9 % -80 .0% -90. 0%
V a lueC lick Inc. US D V CL K N as da qG S 80 5.1 9.2 8 -8.2 % 2 8.9 % 65 .1% 35 .9% -53 .1% -55. 8%
V O IS , Inc. US D V OIS OT C B B 2 .5 0.3 0 30.4 % -25. 0% -2 5.0% -6 0.0 % NM -94. 6%
W ebze n Inc. US D W ZE N N as da qG M 3 1.2 2.6 3 -8.0 % 4 6.0 % 11 2.1% 16 5.7% -9. 9% -40. 9%
W iz za rd S of twa re Corpora tion US D W ZE AM E X 2 6.8 0.5 7 -17. 4% 3 2.6 % -2 0.8% -2 9.6 % -72 .9% -75. 7%
W oozyF ly, Inc. US D W ZY F OT C B B 2 .6 0.1 5 0.0 % 0.0% NM NM NM -96. 3%
W orlds .com Inc. US D W DDD OT C B B 8 .9 0.1 7 0.0 % -5.6 % 13 .3% -2 2.7 % -62 .2% -62. 2%
W ynds torm C orporation US D W YND OT C B B 1 .6 0.0 9 -47. 1% -25. 0% -2 5.0% -5 5.0 % NM -89. 4%
XIN G AG E UR O 1B C XT R A 17 8.7 2 7.0 0 -4.5 % -4.3 % -5 .4% -3.5% -26 .1% -42. 1%
Y e dangOnline Corp. KR W A 052 770 KO SE 11 1.8 9,51 0.0 0 -2.0 % 2 9.2 % 46 .3% 51 .0% -18 .7% -24. 2%
Y nk K orea Inc. KR W A 023 770 KO SE 8 .2 4,44 0.0 0 -12. 3% 1 7.5 % 3 .3% -4 5.0 % -69 .4% -71. 2%
ZipLocal Inc. C AD T S XV :ZIP T S XV 0 .3 0.0 1 -66. 7% -66. 7% -5 0.0% -7 5.0 % -96 .3% -97. 5%
H igh 1 400 .0% 5 66.7 % 106 6.7 % 27 3.2% 1 57. 6% 0.0 %
Low -90. 0% -90. 0% -9 0.0% -9 8.5 % -99 .7% -99. 9%
A vera ge 431.5 15.8% 29.6% 32.9% 5.1% -36.9% -58.0%
M edian -0.8 % 1 7.3 % 10 .1% -1 0.4 % -48 .4% -59. 2%
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 ($m) E B IT DA %
U nited S tates 41 C hina 26, 924.5 China 2,991. 6 U nited S ta tes 3, 744. 3 C hina 1,653. 7 C hina 48. 4%
C anada 11 U nited S tates 4, 543.0 S weden 1,263. 1 C hina 3, 348. 8 S weden 245. 3 Aus tral ia 37. 2%
C hina 9 J a pan 2, 208.5 Japan 368. 1 S weden 1, 520. 5 U nited S ta tes 240. 1 T aiwa n 29. 7%
S outh K orea 9 C anada 2, 076.2 Ta iwa n 327. 6 C a na da 943. 8 C a na da 186. 1 J a pa n 26. 1%
J a pa n 6 S weden 1, 263.1 Ca na da 188. 7 S outh K orea 556. 8 J apan 131. 8 I ndia 17. 6%
T a iwa n 3 S outh K orea 1, 045.7 Hong K ong 151. 0 J a pa n 500. 6 T a iwan 85. 4 S weden 16. 1%
A ustra lia 2 T a iwa n 982.8 S outh K orea 116. 2 H ong K ong 428. 1 S outh K orea 63. 5 I ta ly 16. 0%
G ermany 2 G erma ny 204.0 United S tates 110. 8 T aiwan 347. 9 I taly 35. 0 M a la ys ia 13. 3%
N orway 1 H ong K ong 151.0 Ita ly 104. 4 I ta ly 219. 0 I ndia 23. 6 R uss ia 13. 1%
H ong K ong 1 I ta ly 104.4 G erma ny 102. 0 R uss ia 139. 7 H ong K ong 18. 8 S outh K orea 4.7%
F inla nd 1 R uss ia 69.4 R us sia 69. 4 I ndia 134. 1 R uss ia 18. 2 H ong K ong 4.4%
I ta ly 1 F inland 46.3 Finland 46. 3 M a la ys ia 76. 5 G erma ny 11. 3 U nited S ta tes -11.0%
U nited K ingdom 1 I ndia 29.8 India 29. 8 G ermany 50. 3 M alays ia 10. 2 G ermany -14.3%
I ndia 1 Aus tra lia 22.5 Malay sia 19. 8 Aus tra l ia 13. 6 Aus tralia 2. 6 C anada -18.0%
S weden 1 M alays ia 19.8 Australia 11. 2 F inla nd 5. 7 N orway -1. 0 N orway -50.6%
R us sia 1 U nited K ingdom 5.0 United K ingdom 5. 0 N orwa y 2. 0 U nited K ingdom -1. 6 U nited K ingdom #DI V /0!
M a la ys ia 1 N orway 0.2 Norway 0. 2 U nited K ingdom 0. 2 F inland -12. 7 F inla nd #DI V /0!
G rand To tal 92 G rand T otal 39,696.1 G rand Total 431.5 G rand T otal 12,031.8 G r and T otal 2,710.4 G rand T otal 6.9%
C om pany Nam e U S D Market Cap ($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 39,696.1 G rand Total 431.5 G rand T otal 145.0 G r and T otal 2,710.4 G rand T otal 6.9%
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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