Legal Disclaimer

Standpoint Research is an independent research provider with no conflicts of interest — is not a member of the NASD or SIPC — and is not a registered securities broker or dealer. The information contained in all Standpoint Research reports, notes and updates, on this site and sent out via email, may not be published, broadcast, rewritten or distributed in any manner without prior written consent from Standpoint Research. Any unauthorized use, duplication, redistribution or disclosure is prohibited by law and may lead to prosecution. The materials, opinions, and ideas expressed herein, are for general informational purposes only, and do not specifically address individual financial objectives, the financial situation or particular need(s) of the person receiving them, and are subject to change without notice.

Standpoint Research does not intend for any person or entity to rely on any such facts, opinions, and ideas, and does not assure the accuracy or completeness of any Standpoint Research material. Nothing in this report constitutes individual investment, legal or tax advice. Although the information and opinions contained herein have been obtained from sources believed to be reliable, Standpoint Research makes no representations as to accuracy, completeness or timeliness and does not assume any liability or responsibility for any loss to any person or entity that may result from any act or omission by such person or entity, or by any other person or entity, based upon any material from Standpoint Research and the information and opinions expressed. Standpoint Research may issue other reports that are inconsistent with prior reports and is under no obligation to bring these reports to the recipient’s attention. All opinions reflect judgments made as of the original date of publication and past performance should not be taken as an indication or guarantee of future performance. Standpoint Research expect clients who act on highlighted names to follow those names and get a second opinion on those names.

Although it is HIGHLY unlikely — Standpoint Research, its affiliates, directors, officers and employees may have long or short positions, or buy/sell options, with respect to one or more of the securities and companies mentioned in their reports, and may be engaging in transactions based on ideas relating to the securities and companies mentioned. Such positions and/or transactions may be contrary to the opinions and ideas expressed in their reports and may have been established or engaged in prior to the writing of the respective report. Standpoint Research shall not be construed as a solicitation or invitation to buy or sell securities relating to any of the companies mentioned. Standpoint Research is an Independent Research Provider with no known conflicts of interest and is not aware of any relationships or circumstances relating to it, its investment analysts, or its employees, which impaired the objectivity of Standpoint Research since the company was founded in 2006. Nothing in Standpoint Research constitutes a representation that any investment strategy or recommendation is suitable or appropriate to a recipient’s individual circumstances. Standpoint Research does not represent that recipients (of Standpoint Research) will obtain profits, nor will it share with such recipients any investment profits, nor accept any liability for any investment losses or tax consequences that they may suffer. Investments in any financial instruments involve risks, and recipients should exercise prudence in making their decisions.

Standpoint Research should not be regarded by recipients as a substitute for obtaining independent investment advice and/or the exercise of their own judgement, and is not to be relied upon by recipients. Neither Standpoint Research nor any of its employees or analysts accepts any liability for any loss or damage arising out of the use of all or any part of Standpoint Research. The investments discussed in Standpoint Research may fluctuate in price or value. Investors may get back less than they invested. Past performance is not necessarily indicative of future results. Standpoint Research does not contain an exhaustive statement of the risks associated with the investments or types of investments referred to in its research. Subscribers are encouraged to look at the quarterly and annual reports of the companies they are invested in for a list of those risks. Standpoint Research strongly advises individuals from investing more than 2% of their money in any one recommendation. If the user is running a concentrated portfolio, that user should consider having a stop-loss (or hedge) in place. Standpoint Research discourages all users from holding concentrated portfolios and encourages subscribers to hold diversified portfolios (of 40-60 names).

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