Legal Disclaimer

Standpoint Research is an independent research provider. Standpoint Research is not a member of FINRA or SIPC and is not a registered securities broker or dealer. Standpoint Research is not a registered investment adviser with the Securities and Exchange Commission or any state securities commission.

Standpoint Research publications are not and do not constitute a solicitation of an offer or sale of securities or cryptocurrencies, or an advertisement to solicit an offer or sale of securities or cryptocurrencies, and any financial or economic commentary expressed in such publications is being delivered to the intended recipient solely for that person’s or entity’s use in connection with the matters addressed — and may not be relied upon. Standpoint Research publications do not constitute or contain any individualized investment advice and is made without regard to the recipients’ investment objectives, financial situation or means.

The information contained in all Standpoint Research communications, however transmitted, may not be re-published, broadcast, re-written or re-distributed in any manner without prior written consent from Standpoint Research. Any unauthorized use, duplication, re-distribution 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 Standpoint Research daily notes/reports constitutes individual investment, legal or tax advice.

Although the information contained herein and opinions based hereon has been obtained from sources believed to be reliable, Standpoint Research makes no representations as to the 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 expects clients who act/acted on ideas covered by Standpoint Research to follow those names and get a second opinion on those respective names. 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, cryptocurrencies and companies mentioned in its reports, and other communications, however transmitted, and may be engaging in transactions based on ideas relating thereto. Such positions and/or transactions may be contrary to the opinions and ideas expressed in its reports and may have been established or engaged in prior to the writing and publication of the respective report.

Standpoint Research shall not be construed as a soliciting or inviting any of its subscribers or readers to buy or sell securities or cryptocurrencies relating to any of the companies/cryptocurrencies mentioned. Standpoint Research is an Independent Research Provider and does not believe nor is it not aware of any circumstances relating to it, its investment analysts or its employees which would compromise its objectivity and independence. Nothing contained in any Standpoint Research publication constitutes a representation that any security, cryptocurrency, investment strategy or recommendation is suitable or appropriate to a recipient’s individual circumstances. Standpoint Research does not represent or undertake that recipients (of a Standpoint Research publication or communication) will yield a profit, 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 instrument involve risks, and recipients of Standpoint Research publications 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 judgment, 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 any Standpoint Research publication. The investments and ideas 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 publications do 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 publicly available documents and information of the securities or cryptocurrencies in which they are invested in to better understand all of the risks associated therewith.

Standpoint Research may be required to review and retain outgoing and incoming email and produce it to regulatory authorities and others with legal rights to the information. Standpoint Research, its affiliates, directors, managers, partners, officers, employees and representatives accept no responsibility for any losses suffered as a result of reliance on the information in any communication or the reliability, accuracy, or completeness of any of its contents and attachments. Any e-mail transmission cannot be guaranteed to be secure or error-free as information may be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. Neither Standpoint Research, nor any of its affiliates, directors, managers, partners, officers, employees or representatives accept any liability for any errors or omissions in the contents of their notes and research reports, which arise as a result of e-mail transmission.