The information contained in MCER research reports and/or commentary does not purport to be a complete study of the featured Company or any other companies mentioned in the report. Information used and statements of fact have been obtained from the featured Company, but may not have been independently verified and are not guaranteed by MCER as to completeness or accuracy. Information is subject to change without notice. Forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties. MCER, its officers, directors and employees, as well as members of their respective families may hold a position in the Company and may from time to time trade the securities in their own accounts.

MCER does not make a market in any security nor does it act as a Broker/Dealer or Investment Advisor. MCER does not receive compensation for investment banking services and does not expect to receive compensation for any investment banking activities in the future.

Each analyst has full discretion on the rating and price target based on their own due diligence. Analysts are paid in part based on the overall profitability of MCER. Such profitability is derived from a variety of sources and includes payments received from issuers of securities covered by MECR for non-investment banking services. No part of analyst compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in any report or commentary.

MCER does receive compensation for non-investment banking services for clients related to the small-cap universe and expects to receive future compensation for non-investment banking services. These fees are generally paid by issuers of securities (or other interested third parties) covered by MCER. Non-investment banking services generally include business advisory services, investment research, and other consulting services.

MCER research reports are based on data obtained from sources believed to be reliable, but are not guaranteed as to accuracy. As individual investment objectives change with each individual that may read an MCER research report, the report should not be construed as any kind of investment advice designed to meet the particular investment need of any specific investor. Opinions expressed by MCER analysts are subject to change without notice and MCER is not responsible for updating any research or commentary at any time. MCER research reports are not an offer or the solicitation of an offer to buy or sell any of the securities herein mentioned and should not be construed as such.

The following rating system is used by all research reports issued by MCER:

Speculative Buy - Security expected to outperform comparable equities - with higher comparative risk level

Buy - Security expected to outperform comparable equities - with lower risk level

Outperform - Security expected to outperform comparable equities - with comparative risk level
Neutral - In-line performance expected with comparable equities - with comparative risk level

Underperform - In-Line performance expected with comparable equities Ð with higher comparative risk level

Sell - Under performance expected to comparable equities

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