Our small-cap universe features a simple two-rating system:

• BUY implies at least 25% upside over a 12-month period (from the date of coverage)
• NEUTRAL denotes a stock is not likely to provide similar gains.

The appearance of our research is standard.  We initiate coverage with an eight-page report that details cash flow, balance sheet and quarterly earnings projections at least six quarters beyond launch date.  We publish notes and special reports as warranted, and in conjunction with Investor Forums, supplemental publications comprised of two-page summaries of all companies presenting at these regional, client-only conventions.  

Again, our value-added, fee-based product is exclusive to clients or potential clients.  We use direct mail, First Call, Reuters and our website to ensure timely, efficient distribution.