CURRENT RATING: 4
INITIAL 12-18 MONTH PRICE TARGET: $7.00
The Company has spent the past couple of years attempting to develop an internal infrastructure that would allow them to become a major player in the financing of small box projects. That internal infrastructure required a number of elements including access to capital, a management team capable of evaluating industry opportunities (top to bottom), successful development of sales channels that could identify and close quality projects, scalable accounting and audit controls/systems that could monitor and help ensure the success of individual projects, as well as a number of other variables. I believe the Company has assembled that infrastructure and is poised to begin growing the business from that platform. Moreover, as a result of that posture, as well as some additional changes in the small box funding environment in general, my view is that the Company may be at the front end of a considerable growth inflection that if I am correct, should lead to measurably better valuations as they progress.
DISCLAIMER STATEMENT
The information contained in this report has been written by David Lavigne of EdgeWater Research Partners LLC ("Edgewater") and has been derived from sources considered reliable, but cannot be guaranteed by us. Edgewater and Lavigne are not aware of any material conflict of interest known at the time of the publication of this report. Financial projections and estimates herein represent our independent analysis based upon information in conjunction with the Company's publicly available financial statements. Edgewater and Lavigne may maintain positions in the securities referenced, which may change at any time without notice. Edgewater does not receive fees, warrants or any other compensation from issuers in connection with its research. It does however, encourage issuers and it representatives to subscribe to Edgewater's research, and from time to time, issuers and or their representatives may also purchase individual copies of Edgewater's research products. Edgewater and Lavigne may own options, rights or warrants to purchase any of the securities of the Company. This report is for informational purposes only and is not to be construed as specific investment advice or recommendations, nor as an offer to sell or a solicitation of an offer to buy any securities. The securities referenced are speculative in nature and may not be suitable for your specific investment objective. For specific investment advice or recommendations, please consult with your investment representative.
In March 2006, AARD paid a fee of $8,500 to attend EdgeWater’s “Spring 2006 Micro/Small Cap Conference for Investment Professionals”. In June 2007, AARD purchased 20 subscriptions (@ $395.00 each) to Edgewater’s research service. In August 2007, AARD paid a fee of $8,000 to attend EdgeWater’s “Fall 2007 Micro/Small Cap Conference for Investment Professionals”.
