Since 2003, Fundamental Research Corp has been providing the highest institutional quality equity research coverage on small and micro cap companies through our extensive distribution network. In 2009, we also started issuing reports on exempt market securities including bond ratings, fund distribution stability ratings and valuations. Our major institutional delivery channels include institutional sites such as Reuters, retail sites such as Stockhouse, and our subscribers. Our goal from the beginning was to provide high quality research to a broad audience, while adhering to high ethical standards and a strong foundation of integrity. These principles are evident in everything we do. Our firm was created when we noticed that all equity research is paid for in one way or another, traditionally through large corporate finance fees. In 2003, it came to light that many investors were not aware that the research they were reading was being paid for by issuers through corporate finance fees paid to investment banks. This led to large fines being levied on some large U.S. investment banks. However, on the debt side, research relied upon by investors, and produced by firms such as Standard and Poor’s is paid for, directly by the issuer to the research provider. The model is also used by auditors who are paid to provide an independent opinion to investors. That brings us to today. To ensure high quality, continuous, and thorough research coverage, we employ full time in house analysts and industry specialists (such as a geologist). Because our analysts are in house, they are readily available to respond to investor inquiries, calls from institutions, and speak to management. We have invested in institutional platforms, such as Reuters Knowledge and Capital IQ, so that our analysts have access to the same high caliber information as the largest money managers in the world. To ensure ethical behavior throughout our firm, we have, and continue to adopt CFA Institute Standards, and many of our analysts either hold the CFA designation, or are enrolled in the program. Our analysts are sought after by the media and at conferences to give their opinion on the markets, current topics of interest such as the direction of commodity prices, investing advice, and top stock picks.