SeeThru China Wire
Weekly Update on China Smallcap & Microcap Stocks
March 21, 2012
Earnings Announcements
Sinovac to Host Conference Call to Report Fourth Quarter 2011 Unaudited Financial Results
Sinovac Biotech Ltd. (Nasdaq: SVA), a leading provider of vaccines in China, today announced that it will release its unaudited financial results for the fourth quarter ended December 31, 2011 before market on Thursday, March 29, 2012. The Company will host a conference call on Thursday, March 29, 2012 at 8:00 a.m. EDT (March 29, 2012 at 8:00 p.m. China Standard Time) to review the Company’s financial results and provide an update on recent corporate developments. (3/21)
China XD Plastics Company Ltd. Schedules 2011 Fourth Quarter and Fiscal Year Earnings Release on Monday, March 26, 2012
China XD Plastics Company Limited (NASDAQ: CXDC, “China XD Plastics” or the “Company”), one of China’s leading specialty chemical players engaged in the development, manufacture, and sale of modified plastics primarily for automotive applications, today announced that it will release financial results for the fiscal year ended December 31, 2011 before the NASDAQ market open on Monday, March 26, 2012. (3/19)
China TransInfo Announces Conference Call to Discuss Fourth Quarter and Full Year 2011 Results
China TransInfo Technology Corp., (NASDAQ: CTFO), (“China TransInfo” or “the Company”), a leading provider of comprehensive intelligent transportation system (“ITS”) in China through its affiliate, China TransInfo Technology Group Co., Ltd. (the “Group Company”), today announced that the Company will host a conference call on Thursday, March 29, 2012, at 8:00 a.m. Eastern Daylight Time to discuss its financial results for the fourth quarter and full year ended December 31, 2011. (3/21)
China Pharma Holdings, Inc. Reports Full Year 2011 Financial Results
China Pharma Holdings, Inc. (NYSE AMEX: CPHI) (“China Pharma” or the “Company”), a fully-integrated specialty pharmaceuticals company in China, today announced financial results for the year ended December 31, 2011. (3/15)
Full Year Highlights
- Revenue increased 9% to $81.2 million in fiscal year 2011 from $74.4 million in fiscal year 2010.
- Income from operations was $22.0 million in fiscal year 2011 compared to $24.7 million in 2010, a decrease of $2.7 million, or 11%.
- Net income was $19.3 million in fiscal year 2011 compared to $23.4 million in 2010, a decrease of $4.1 million, or 18%. Earnings per common share was 44 cents per basic and diluted share in fiscal 2011 compared with 54 cent per share, a decrease of 18%.
- Gross profit margin was 36% in fiscal year 2011, a decrease from 41% in fiscal 2010.
China Shengda Packaging Group Inc. Announces Conference Call to Discuss Fourth Quarter and Year End 2011 Results
Shengda Packaging Group Inc. (NASDAQ: CPGI), a leading Chinese paper packaging manufacturer, today announced that the Company will host a conference call on Friday, March 23, 2012, at 9:00 a.m. Eastern Time to discuss its financial results for the three months and full year ended December 31, 2011. To participate in the live conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (877) 275-8968. International callers should dial +1 (706) 643-1666. When prompted by the operator, enter conference pass code 63667717. (3/16)
China Botanic Reports First Quarter Fiscal 2012 Results
China Botanic Pharmaceutical Inc. (NYSE AMEX: CBP) (“China Botanic” or the “Company”), a developer, manufacturer and distributor of botanical products, bio-pharmaceuticals and Traditional Chinese Medicines (“TCM”) in China, today announced financial results for the three months ended January 31, 2012. (3/19)
First Quarter 2012 Highlights
- Net sales increased 24.4% year over year to $28.1 million
- Gross profit increased 25.4% to $17.3 million from $13.8 million in the first quarter of fiscal 2011
- Gross margin increased to 61.6% from 61.1% in the year ago period
- Net income rose 12.4% to $12.3 million, or $0.33 per diluted share, from $10.9 million, or $0.29 per diluted share, in the first quarter of fiscal 2011
Yongye International Announces Fourth Quarter and Full Year 2011 Financial Results
Yongye International, Inc. (NASDAQ: YONG), (“Yongye” or the “Company”) a leading developer, manufacturer, and distributor of crop nutrient products in the People’s Republic of China (“PRC”), today announced its financial results for the fourth quarter and full year ended December 31, 2011. (3/15)
Full Year 2011 Financial Highlights
- Revenue increased 82.3% to $390.4 million in 2011 from $214.1 million in 2010
- Gross profit increased 91.4% year-over-year to $228.3 million
- Income from operations increased 76.6% to $105.6 million from $59.8 million in 2010
- Net income attributable to Yongye increased 75.2% to $84.9 million, or $1.55 per diluted share, compared to $48.4 million, or $1.05 per diluted share, in the same period of 2010
- Adjusted net income attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities, was $93.0 million, or $1.71 per diluted share, compared to $54.1 million, or $1.17 per diluted share, in the same period of 2010*
- Operating cash outflow was $31.2 million in 2011 compared to an operating cash inflow of $15.9 million in 2010
Fourth Quarter 2011 Financial Highlights
- Revenue increased 60.3% to $44.9 million from $28.0 million in the fourth quarter of 2010
- Gross profit increased 78.5% year-over-year to $23.7 million
- Loss from operations was $7.8 million, compared to income from operations of $3.5 million in the fourth quarter of 2010
- Net loss attributable to Yongye was $2.2 million, or a loss of $0.05 per diluted share, compared to a net income of $2.2 million, or $0.05 per diluted share, in the same period of 2010
- Adjusted net loss attributable to Yongye, which excludes non-cash expenses related to share-based compensation for management and independent directors, the amortization of the acquired Hebei customer list, and a change in the fair value of derivative liabilities, was $0.5 million, or a loss of $0.03 per diluted share, compared to a net income of $7.4 million, or $0.15 per diluted share, in the same period of 2010*
SORL Auto Parts Schedules 2011 Fourth Quarter and Year End Press Release and Conference Call for March 29, 2012
SORL Auto Parts, Inc. (NASDAQ: SORL) (“SORL” or “the Company”), a leading supplier of brake and control systems to the global commercial vehicle industry, today announced that it plans to release its financial results for the 2011 fourth quarter and year ended on December 31, 2011, on Thursday, March 29, 2012 before the market opens. Management will host a conference call on Thursday, March 29, 2012 at 8:00 a.m. EDT / 8:00 p.m. Beijing Time to discuss its 2011 fourth quarter and year-end financial results. Listeners may access the call by dialing U.S. toll free number +1-877-407-0778, +1-201-689-8565 for international callers, and China toll free 00-800-4626-6666. A live web cast of the conference call will also be available at http://www.sorl.cn. (3/21)
Orient Paper Inc. Announces Fourth Quarter and Record Full-Year 2011 Results
Orient Paper, Inc. (AMEX: ONP) (“Orient Paper” or the “Company”), a leading manufacturer and distributor of diversified paper products in northern China, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2011. (3/15)
Fourth Quarter 2011 Highlights
- Revenue increased 7.3% year-over-year to $38.9 million
- Average Selling Price (“ASP”) of corrugating medium paper was $415/ton, which is 12.9% higher than the ASP in the fourth quarter 2010 and 0.5% higher than the ASP in the third quarter 2011.
- ASP of offset printing paper was $801/ton, which is 2.6% higher than the ASP in the fourth quarter 2010 but 2.5% lower than the ASP in the third quarter 2011.
- Gross profit was $8.4 million, with gross margin of 21.5%.
- Operating income rose 2.6% year-over-year to $7.6 million, with operation margin of 19.7%.
- Net income increased 3.6% year-over-year to $5.5 million, or $0.30 per diluted share.
- Completed the construction and launched production of the new 360,000 tons per year corrugating medium paper production line.
Full Year 2011 Highlights
- Revenue increased 21.6% to $150.7 million.
- Gross profit increased 25.9% to $33.0 million with gross margin of 21.9%
- Operating income increased 37.0% to $30.1 million with operating margin of 20.0%
- Net income increased 39.2% to $21.6 million, or $1.18 per diluted share
China Nuokang Bio-Pharmaceutical Inc. Reports Fourth Quarter and Full Year 2011 Financial Results
China Nuokang Bio-Pharmaceutical Inc. (Nasdaq:NKBP) (“Nuokang” or the “Company”), a leading China-based biopharmaceutical company focused on the research, development, manufacture, marketing and sales of hospital-based medical products, today announced unaudited financial results for the fourth quarter and full year of 2011. (3/14)
- 4Q11 Revenue was RMB57.0 Million ($9.1 Million)
- 4Q11 Non-GAAP Adjusted Net Income was RMB6.3 Million ($1.0 million)
- FY11 Revenue was RMB288.3 Million ($45.8 Million)
- FY11 Non-GAAP Adjusted Net Income was RMB34.6 Million ($5.5 million)
- Live conference call to be held Thursday, March 15, 2012 at 8:00 am ET
Gulf Resources Provides Fiscal Year 2012 Financial Guidance
Gulf Resources, Inc. (NASDAQ: GURE) (“Gulf Resources” or the “Company”), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced financial guidance for fiscal year 2012. Based on the current business outlook, the Company estimates that bromine prices, a factor with a large impact on the Company’s operating performance, will fluctuate between a range of RMB23,150 per tonne and RMB30,000 per tonne in fiscal year 2012. Given anticipated bromine price levels, the Company forecasts total revenue to range between $114.7 million and $147.3 million, and net income to range between $16.8 million and $30.5 million in fiscal year 2012. The above forecast does not take into account the potential effect on net income resulting from expenses that may arise from potential drilling expenditures in 2012 for further testing and exploration of underground bromine water resources in Daying County, Sichuan Province. (3/20)
Gulf Resources Reports Fourth Quarter and Fiscal Year 2011 Financial Results
Gulf Resources, Inc. (NASDAQ: GURE) (“Gulf Resources” or the “Company”), a leading manufacturer of bromine, crude salt and specialty chemical products in China, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2011. (3/15)
Fourth Quarter 2011 Highlights
- Revenue was $30.5 million, a year-over-year decrease of 17.8%
- Gross profit was $10.4 million, a year-over-year decrease of 46.8%
- Gross margin decreased to 34.1% from 52.7% for the fourth quarter of 2010
- Income from operations was $1.9 million as compared to $16.2 million in the fourth quarter of 2010
- Operating margin was 6.2% compared to 43.7% for the fourth quarter of 2010
- Net income was $1.0 million or $0.03 per basic and diluted share, versus $12 million, or $0.35 per basic and diluted share a year ago
- Cash totaled $78.6 million as of December 31, 2011
Fiscal Year 2011 Highlights
- Revenue was $165.0 million, a year-over-year increase of 4.2%
- Gross profit was $75.4 million, a decrease of 3.4%
- Gross margin was 45.7%, compared to 49.3% in 2010
- Net income was $31.0 million, or $0.89 per basic and diluted share, a year-over-year decrease of 39.6% from $51.3 million, or $1.48 per basic and diluted share
News
Trunkbow to Participate at Barclays Capital Emerging Payments Forum on March 28 in New York and Report Fourth Quarter and Full-Year 2011 Financial Results on March 30, 2012
Trunkbow International Holdings Limited (NASDAQ: TBOW) (“Trunkbow” or the “Company”), a leading provider of Mobile Payment Solutions (“MPS”) and Mobile Value Added Solutions (“MVAS”) in the PRC, announced today it will participate in the upcoming Barclays Capital Emerging Payments Forum in New York on March 28, 2012, and will hold a conference call to discuss financial results for the fourth quarter and full year ended December 31, 2011 at 8:00 a.m. Eastern Time on Friday, March 30, 2012. (3/19)
Kandi’s New Energy Vehicle Receives Registration Tax Exemption and Recommendation Under Energy-Saving and New Energy Vehicle Demonstration and Promotion Project
Kandi Technologies, Corp. (the “Company” or “Kandi”) (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that
Kandi’s pure electric cargo vehicle model KD5011XXYEV is among the first on the list of Energy-Saving and New Energy Vehicles for Registration Tax Reduction and Exemption, approved by the State Council (the Cabinet of China); the list was jointly issued and released by Ministry of Finance, Ministry of State Administration of Taxation and Ministry of Industry and Information Technology of China on March 6, 2012. The KD5011XXYEV model is exempted from the annual registration tax for the vehicle owner starting from January 1st, 2012. (3/16)
Kingold Announces Strategic Partnership with World Gold Council
Kingold Jewelry, Inc. (NASDAQ: KGJI) announced today that Kingold once again won the confidence vote by the World Gold Council (WGC) and was awarded by WGC as the Designated Dealer for wedding gold products in China. Kingold has been authorized this title for the second consecutive year, and is one out of only three China-based gold manufacturers to capture this title. The other two companies are Gold Leaf Jewelry and Yue Hao Jewelry. (3/16)
Hollysys Automation Technologies to Provide the Complete Suite of High-speed Rail Signaling Systems to Guangzhou-Shenzhen-Hong Kong Express Rail Hong Kong Section Valued at US $63.15 Million
Hollysys Automation Technologies, Ltd. (NASDAQ: HOLI) (“Hollysys” or the “Company”), a leading provider of automation, control technologies and applications in China, announced today that it has successfully won contracts to design, supply and implement the High-Speed Rail Signaling Systems for the MTR Corporation. These contracts are primarily to implement the Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL). The contracts are valued at approximately HK $489.9 million, or US $63.15 million. Pursuant to the terms of the contracts, Hollysys will design, supply and implement both the on-board signaling equipment Automatic Train Protection (ATP), and the ground-based high-speed rail signaling equipment and systems including the Train Control Center (TCC), Lineside Electronic Unit (LEU), Vital Data Network, Interlocking System, Centralized Traffic Control (CTC), track circuit and auxiliary products, and provide related services for the Hong Kong section of the XRL connecting the West Kowloon Terminus in Hong Kong and Huangguan in Shenzhen which is 26 km in length, with a design line speed of 200km/h. The project is scheduled to be completed in 2015. (3/20)
CTDC Expects Progress in Global Solar Farm Expansion
China Technology Development Group Corporation (Nasdaq:CTDC) (“CTDC” or the “Company”), a growing clean energy group that provides solar energy products and solutions, based in Hong Kong with sales office in Frankfurt, and facilities in China announced that China Merchants New Energy Group Limited (“CMNE”), the Company’s largest shareholder, entered into a Development Financing Cooperation Agreement (“the Agreement”) with China Development Bank Corporation (“CDB”) on March, 14th, 2012. According to CMNE’s announcement on Mar. 15th, CDB will provide up to RMB10 billion potential financing support to CMNE in the coming four years. CTDC expects that the financing support from CDB will greatly facilitate the solar business expansion of its subsidiary Sinofield Group Limited (“Sinofield”) which is to be the only platform for CMNE to invest into China’s rooftop solar development after the completion of its capital increase. (3/21)
Cogo Chairman and CEO Jeffrey Kang Proposes Acquiring 30% of Cogo Assets, Liabilities and Revenue. Based on this transaction, the implied valuation of Cogo shares is $6-$8 a share, compared to the current share price of $1.84 a share.
Cogo Group, Inc. (“Cogo”, or the “Company”) (NASDAQ: COGO), a leading gateway for global semiconductor companies to access the industrial and technology markets in China, today announced that its founder, CEO and Chairman, Jeffrey Kang, proposed to the Cogo Board of Directors that he purchase a series of operating entities accounting for approximately 30% of Cogo’s total assets, liabilities and revenue through his personal investment venture, Envision Global Group.
The total purchase price is expected to be between $60 million and $82 million, depending on the results of an appraisal by an appraisal firm. The deal is expected to close during the second quarter of 2012, subject to approval by an audit committee that is comprised of the independent directors on Cogo’s Board. Since this is a related-party transaction, the audit committee will oversee the entire process through to the deal’s closure. The transaction provides an implied share valuation of $6-$8 a share. At the NASDAQ close on March 13, Cogo’s share price stood at $1.84 a share. (3/15)
China Information Technology, Inc. Regains Compliance with NASDAQ Minimum Bid Price Rule
China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced that the Company has received a letter from the NASDAQ Stock Market dated March 19, 2012 advising the Company that the closing bid price of the Company’s stock on NASDAQ has been at $1.00 per share or greater for 10 consecutive business days. Accordingly, the Company has regained compliance with the minimum bid price requirement for continued listing on the NASDAQ Global Select Market. (3/21)
China Information Technology, Inc. Terminates Share Repurchase Plan; Chairman & CEO Adopts New $2 Million Purchase Plan, Makes Non-Plan Private Purchase of 1.1 Million Shares
China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced that its Board of Directors has approved the termination of its stock purchase plan. At the same time, the Company’s chairman and chief executive officer, Mr. Jiang Huai Lin, entered into a new $2 million purchase plan. Mr. Lin also agreed to purchase 1,084,895 shares in a private transaction outside the purchase plan at a purchase price per share of $1.20. The Company has approximately 27.0 million shares outstanding, approximately 41.0% of which are currently held by Mr. Lin, not including the pending acquisition of approximately 1.1 million shares as described above. (3/15)
THT Heat Transfer Technology Announces Board Changes
THT Heat Transfer Technology, Inc. (Nasdaq: THTI) (“THT” or the “Company”), a leading provider of heat exchangers and heat exchange solutions in China’s clean technology industry, today announced that the board of directors (the “Board”) has appointed Mr. Jingxun Chen as an independent non-executive director and chairman of the audit committee, effective March 15, 2012. He replaces Mr. William P. Haus, who has resigned for personal reasons from his position as an independent non-executive director and chairman of the audit committee, effective March 9, 2012. (3/15)
China Shen Zhou Signs Agreement to Issue Up to $10 Million of Preferred Stock to Institutional Investor – Proceeds to Fund Development of Newly Acquired Mining Assets
China Shen Zhou Mining & Resources, Inc. (“China Shen Zhou”, or the “Company”) (NYSE Amex: SHZ), a company engaged in the exploration, development, mining and processing of fluorite, barite, zinc, copper, and other nonferrous metals in China, today announced that the Company has signed a definitive agreement with certain institutional investors for up to $10 million in gross proceeds. The Company, amongst other things, plans to use the net proceeds for developing the three mining companies in which it acquired a 60% ownership earlier this year in Guizhou. FT Global Capital, Inc. acted as the sole placement agent for the transaction. (3/21)
CBPO Board Member resigns
China Biologic Products, Inc. (NASDAQ: CBPO) ( (the “Company”) received a written consent (the “Written Consent”) signed by two shareholders who beneficially own 5,392,624 shares of common stock of the Company. The Written Consent purports to remove Dr. Tong Jun Lin from the board of directors of the Company and appoint Mr. Joseph Chow to fill the vacancy created by such removal. The Company believes that the number of shares owned by the shareholders who delivered the Written Consent does not constitute a sufficient number of shares to effectuate the purported action by the Written Consent. After the Company received the Written Consent signed by the two shareholders, the board of directors of the Company held a special board meeting on March 19, 2012, at which Dr. Tong Jun Lin resigned as a director of the Company, a member of the Audit Committee, the Compensation Committee, and the Governance and Nominating Committee, and as Chairman of the Governance and Nominating Committee, effective immediately. Dr. Lin stated that his resignation was due to personal reasons and not because of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. (3/19)
CEO and CFO of China Ceramics make open markets purchase of CCL stock
China Ceramics Co., Ltd. (NASDAQ Global Market: CCCL, CCCLW, CCCLU) stock purchases by CEO and CFO:
- Between March 14, 2012 and March 16, 2012, Mr. Huang Jiadong, the Company’s chief executive officer and a director,
purchased an aggregate of 45,000 of the Company’s ordinary shares on the open market for prices per share ranging from $3.95 to $4.20.
- On March 15, 2012, Mr. Hen Man Edmund, the Company’s chief financial officer, purchased an aggregate of 3,000 of the
Company’s ordinary shares on the open market for prices per share ranging from $3.989 to $4.00.
China Ceramics Named as One of the Top 100 Leading Enterprises
China Ceramics Co., Ltd. (NASDAQ Global Market: CCCL, CCCLW, CCCLU) (“China Ceramics” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced that on March 13, 2012, the Company was certified by Fujian Municipal as one of the Top 100 2012-2013 Leading Enterprises.
“We are very honored to accept this certification, which recognizes China Ceramics’ reputable industry leadership, sound business model and proven product quality. At China Ceramics, our entire company team is invaluable to our continued growth. With sustained collaboration and teamwork, and with the firm’s mission firmly in mind, we will continue to strive for excellence to provide customized and innovative products to our customers,” commented Mr. Huang, Chief Executive Officer of China Ceramics. (3/19)
China Yida Warns Shareholders on Scam Inquiries
China Yida Holding Company (Nasdaq: CNYD) (“China Yida” or the “Company”), a leading tourism and media enterprise in China, today warned investors as to inquiries from certain entities. Recently, the Company heard from a few shareholders that they had received emails from some so-called merger management companies who claimed that they are acting in connection with a take-over deal. Shareholders were told these shareholders held common stock positions being registered as InteliSys Aviation Systems, a former entity of China Yida. Some investors were even offered very attractive prices and were told that there were warrants attached to these shares that had value. Please be advised that there are no warrants attached to the shares. Shareholders were also being requested to pay a documentation fee in advance in order to facilitate a transaction. China Yida’s management is concerned that these are scams from fraudulent entities. Although InteliSys Aviation Systems has the origin of being the Company’s public shell company, there are no warrants attached to these InteliSys Aviation Systems shares. Management encourages investors to validate their CNYD stock positions first, by sending emails to [email protected], and upon receiving these suspicious mails, to be extremely cautious about signing over shares or disbursing with any funds. (3/19)
China Precision Steel Receives NASDAQ Notice of Minimum Bid Price Non-Compliance
China Precision Steel, Inc. (NASDAQ: CPSL) (“China Precision Steel” or the “Company”), a niche precision steel processing company principally engaged in producing and selling high precision, cold-rolled steel products, announced today that it received a letter from the listing qualifications department staff of The NASDAQ Stock Market LLC (“NASDAQ”), granting China Precision Steel an additional 180 days, or until September 10, 2012, to regain compliance with NASDAQ’s minimum bid price requirement. (3/19)
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