Company Sponsored Research Disclosures

Required Disclosures

Orips Research, LLC Orips Research, LLC (Orips) is an independent research provider and not a broker/dealer, which publishes research reports about some of the securities it follows. All research published by Orips is based on information that is available to the public, with a focus on technical and strategic analysis. Orips reports are prepared for market professionals and institutional investors. Market professionals and institutional investors should consider reports as only one factor in making their investment decisions. These reports are for information purposes only and are not intended as an offer to sell or a solicitation to buy securities. These research reports are not a substitute for the exercise of your independent judgment. Information contained within are based on data sources we believe to be reliable but we do not guarantee their accuracy.

Orips does NOT own securities of the issuers in reports, unless specified otherwise, and Orips does not make a market in any securities. Orips does not engage in, or receive compensation from, any investment banking or corporate finance-related activities with the companies discussed in reports. Orips’ contracts with issuers protect Orips’ full editorial control of all research, timing of release of reports, and release from liability for negative reports. To ensure further independence, the company discussed in the report has agreed to a minimum coverage term of one Initiation Report and three Updates, which that company cannot unilaterally terminate earlier. Orips takes steps to ensure analyst independence including setting fees in advance and utilizing analysts who must abide by the CFA Institute Code of Ethics and Standards of Professional Conduct. Orips’ analyst has full discretion on the rating and target based on his or her own due diligence. Analysts are paid in part based on overall profitability of Orips. Such profitability is derived from a variety of sources and includes payments received from issuers of securities covered by Orips for services described below. No part of analyst compensation was, or will be, directly or indirectly, related to the specific recommendations or views expressed in any report or article. All issuers to be considered for research obtain the approval of the Head of Research.

Micro and Small Cap Stocks Companies in the Microcap and Smallcap sector bears certain inherent risks. Often it is these risks that cause Microcap and Smallcap stocks to trade at discounts to their peers. The most common of these risks is liquidity risk, which is typically caused by small trading floats and very low trading volume which can lead to large spreads and high volatility in stock price. In addition, Microcaps tend to have significant company specific risks that contribute to lower valuations. Investors need to be aware of the higher probability of financial default and higher degree of financial distress inherent in the Microcap segment of the market.

Compensation. Orips receives a flat fee of approximately $30,000 USD, renewable annually from the company discussed in Company Sponsored Research reports for the creation and dissemination of an Initiation Report and three Update Reports. The purpose of the fee is to subsidize the high costs of research and monitoring. Orips may offer interviews with an executive of the subject company or additional add-on services for an additional charge. Orips does not have or offer any investment banking services or any other relationship with companies discussed in Company Sponsored Research Reports.

Orips Analysts. The research analyst certifies that their reports accurately reflects his/her personal views about the subject securities and issuers and that none of the research analyst's compensation was, is or will be, directly or indirectly, related to the analyst's specific recommendations or views contained in their research reports. Orips policy does not allow an analyst or a member of their household (i) to own, trade, or have any beneficial interest in any securities of any company that analyst covers, unless otherwise specified, or (ii) serve as an officer or director of a covered company. Orips employees, including research analysts, receive compensation that is based in part upon the overall performance of the firm, including revenues generated by Orips’ traditional research product, but compensation is not related to any investment banking or brokerage revenues, as Orips does not offer or engage in these types of services.

Orips maintains and enforces policies and procedures reasonably designed to prevent any influencing of the activities of research analysts and the content of research reports prepared by the research analyst.

Reprints of Orips reports are prohibited without permission. Additional information is available upon request. For any further questions, please contact us at 212-579-2131 or