IMPORTANT DISCLOSURES

Important Disclosures

 

Analyst Certification

 

The analyst, Mark Kalinowski, primarily responsible for the preparation of this research report attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers; and (2) that no part of the research analyst’s compensation was, is, or will be directly related to the specific recommendations or views in this research report.

 

Analyst Certifications and Independence of Research

 

Each of the Kalinowski Equity Research analysts whose names appear on the front page of this report hereby certify that all the views expressed in this Report accurately reflect our personal views about any and all of the subject securities or issuers and that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views of in this Report.

 

Kalinowski Equity Research (the “Company”) is an independent equity research provider. The Company is not a member of the FINRA or the SIPC and is not a registered broker dealer or investment adviser. Kalinowski Equity Research has no other regulated or unregulated business activities which conflict with its provision of independent research.

 

Ratings Definitions

 

Current Ratings Definition

 

Kalinowski Equity Research recommendations are based on a stock’s total forecasted return over the next 12 months. Total forecasted return is equal to the expected percentage price return plus gross dividend yield. We divide our stocks under coverage into three primary ratings categories, with the following return guidelines:

 

Buy – our firm’s opinion is that this stock likely will rise by +10% or more over the next 12 months

Neutral – our firm does not recommend that clients buy this stock at the present time

Sell – our firm’s opinion is that this stock likely will be down by -10% or more over the next 12 months

 

Limitations of Research and Information

 

This Report has been prepared for distribution to only qualified institutional or professional clients of Kalinowski Equity Research. The contents of this Report represent the views, opinions, and analyses of its authors. The information contained herein does not constitute financial, legal, tax or any other advice. All third-party data presented herein were obtained from publicly available sources which are believed to be reliable; however, the Company makes no warranty, express or implied, concerning the accuracy or completeness of such information. In no event shall the Company be responsible or liable for the correctness of, or update to, any such material or for any damage or lost opportunities resulting from use of this data.

 

Nothing contained in this Report or any distribution by the Company should be construed as any offer to sell, or any solicitation of an offer to buy, any security or investment. Any research or other material received should not be construed as individualized investment advice. Investment decisions should be made as part of an overall portfolio strategy and you should consult with a professional financial advisor, legal and tax advisor prior to making any investment decision. Kalinowski Equity Research shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from any investment decisions based on information or research obtained from Kalinowski Equity Research.

 

Reproduction and Distribution Strictly Prohibited

 

No user of this Report may reproduce, modify, copy, distribute, sell, resell, transmit, transfer, license, assign or publish the Report itself or any information contained therein. Notwithstanding the foregoing, clients with access to working models are permitted to alter or modify the information contained therein, provided that it is solely for such client’s own use. This Report is not intended to be available or distributed for any purpose that would be deemed unlawful or otherwise prohibited by any local, state, national or international laws or regulations or would otherwise subject the Company to registration or regulation of any kind within such jurisdiction.

 

Copyrights, Trademarks, Intellectual Property

 

Kalinowski Equity Research, and any logos or marks included in this Report are proprietary materials. The use of such terms and logos and marks without the express written consent of Kalinowski Equity Research is strictly prohibited. The copyright in the pages or in the screens of the Report, and in the information and material therein, is proprietary material owned by Kalinowski Equity Research unless otherwise indicated. The unauthorized use of any material on this Report may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.

 

Additional Information is available upon request.

 

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