Analyst Certification

Each authoring research analyst and associate of Jacob Securities Inc. (“Jacob Securities”) whose name appears on the front page of this investment research hereby certifies that (i) the recommendations and opinions expressed in this investment research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the investment research. The compensation of Research Analysts is intended to reflect the value of the services they provide to the clients of Jacob Securities. As with most other employees, the compensation of Research Analysts is impacted by the overall profitability of the firm, which may include revenues from investment banking activities of the firm’s Corporate Finance department. Research Analysts’ compensation is not, however, directly related to any specific corporate finance transactions.


Company Disclosures

Each company report will contain specific disclosures applicable to that company.


Ratings & Risk Rankings

Each analyst assigns a rating that is appropriate to the analyst`s view of how that stock will perform (total return basis) over the next 12 months on an absolute basis. At times the anticipated total returns may fall outside of the general ranges stated below due to near-term events, market conditions or stock volatility or, in some cases, company-specific corporate structures that result in consistently high yields.



Buy: Anticipate total return appreciation generally in excess of 15% over the next 12 months.

Speculative Buy: Anticipate total return appreciation generally in excess of 25% over the next 12 months, however, the company is either pre-revenue, has negative cash flow, or a major unpredictable event may occur within 12 months.

Hold: Anticipate limited total return (general appreciation less than 15% [or 25% for speculative rated stocks] or decline less than 10%) over the next 12 months.

Reduce: Near term price outlook is for a negative return; however the long term outlook is for a positive return.

Sell: Near term and long term return is expected to be negative.


Risk Rankings.

Low: Low financial and operations risk, high predictability of financial results, low stock volatility.

Medium: Moderate financial and operations risk, moderate predictability of financial results, moderate stock volatility.

High: High financial and or operation risk, low predictability of financial results, high stock volatility.


Ratings Distributions

Ratings distributions are noted in specific company reports.


Research Distribution

Jacob Securities undertakes to make all reasonable efforts to disseminate research to eligible clients in a timely manner, via initiated distribution channels, or by web site posting.

Jacob Securities distributes research through Bloomberg, Thompson One, Capital IQ and client email lists.


Analyst Trading

Jacob Securities does not permit analysts to own or trade securities of the companies they cover.


Risk Qualifier

The information contained in this investment research has been compiled by Jacob Securities from sources believed to be reliable, but no representation or warranty, express or implied, is made by Jacob Securities its affiliated companies or any other person as to its fairness, accuracy, completeness or correctness. Jacob has not independently verified the facts, assumptions, and estimates contained herein. All estimates, opinions and other information contained in this investment research constitute Jacob Securities’ judgement as of the date of this investment research, are subject to change without notice and are provided in good faith but without legal responsibility or liability. To the fullest extent permitted by law, none of Jacob Securities, its affiliated companies or any other person accepts any liability whatsoever for any direct or consequential loss arising from or relating to any use of the information contained in this investment research.



This investment research is provided for information purposes only and does not constitute an offer or solicitation to buy or sell any designated investments discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the designated investments discussed in this investment research may not be eligible for sale in some jurisdictions. This investment research, is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction.


Non-Redistribution, Disclosure for Clients Outside of Canada, and Copyright

Jacob Securities is a registered entity in Canada only. As such, this research report was not prepared subject to disclosure or disclaimer requirements outside of Canada.


This material is not directed to, or intended for distribution to or use by, any person or entity if Jacob Securities is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to such person or entity. This report may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose without the prior consent of Jacob Securities. Additional information is available upon request.


Jacob Securities Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and Canadian Investor Protection Fund (CIPF).This research report is intended for Institutional and Accredited Investors. Please do not forward without the expressed written consent of Jacob Securities.


Special Disclosures

Based on the particular nature of a specific research report, additional specialized disclosures may be presented in such a report. These specialized disclosures are not part of the general disclosure statement presented on this web site.