1	COHEN INDEPENDENT RESEARCH GROUP Wall Street’s Number #1 Independent Research Firm Wall Street’s Number #1 Distribution Research Firm We are the recognized Gold Standard of Fundamental Research We believe that Wall Street has not seen, past or present, the prolific in depth quality and length of our fundamental research reports. During the past 12 months, our initiate coverage reports have averaged 149 pages.
2	PRINCIPAL D. Paul Cohen Founder: Bear Stearns West Coast Regional Offices Founder: CBWL Hayden Stone American Express West Coast Institutional Regional Offices Mr. Cohen: one of the original Dirty Dozen analysts, considered by many to be the Top 12 Analysts in the USA Founder: Cohen Independent Research Group 1997
3	CORPORATE PURPOSE Fundamental Research: Wall Street’s Number #1 fundamental Independent Research Firm. Distribution: Wall Street’s Number # 1 Research Distribution Firm. The Cohen 12+ Million Contact Campaign Raise Capital: We forecast and value private and public companies, helping them to raise capital. Consulting: Available upon request Short Sale Research: Subscription, Customized
4	DISTRIBUTION: The Cohen 12+ Million Contact Campaign Wall Street’s #1 Research Distribution Firm. Research Distribution: 5+ million retail investors, 98% institutions. Direct Distribution: 7+ million retail contacts. Includes 100,000+ stockbrokers, 50,000+ institutions, 20,000 IR/PR firms and IR departments in private and public companies Telemarketing Distribution: Please Inquire The Cohen Press Release Multiplier Distribution: Reaches research distribution network. Grass Roots Distribution Program: Please Inquire Web Based Distribution: We have more financial content than any fundamental research firm on Wall Street. Speaker Distribution: D. Paul Cohen speaks at seminars, public events and luncheons Private Meetings Distribution: One on one meetings at public events Working with company’s IR, PR programs
5	WHY USE COHEN INDEPENDENT RESEARCH GROUP? Wall Street’s # 1 Independent Research Firm: We have raised the quality of fundamental securities research to a standard that has not been seen in Wall Street. Wall Street’s #1 Research Distribution Firm: The Cohen 12 Million Contact Campaign. 12 million retail investors, 50,000+ direct institutional readers, 100,000 stockbrokers, 20,000 PR/IR firms, 98% of all institutions, PIPE and Reverse Merger investors Research with Video: New Concept. Click to video while reading research reports 3 Statement 5-10 year forecasting and valuations: Base, Optimistic Pessimistic case Average report: LTM 149 pages. No fundamental research firm in Wall Street, past or present, has ever done been this prolific. Brain Trust: 9 PhDs, 2 MDs, 6 CFAs, 3 with CPAs, plus industry specialists, 21 analysts who work with our firm Most reports written by teams of 2 or more analysts: CFA levels, MBAs, CPAs Biotech reports: PhD/MD level + CFA or industry specialist Performance: Outstanding Web Site: More financial content than any Wall Street fundamental research firm. Attracts retail and institutional investors
6	PERFORMANCE Between November 2002 and January 2009 Highest within 30 days after initiate coverage: +38.1% Highest price since initiate coverage date to current: +1,270.5%* *During 2008, we forecasted the Meltdown, issued various short sales reports which averaged +12,692%. DSL went from $20.29 to $0.017 cents. Issuer Paid Research: We do not accept all companies as clients We select companies with solid management, access to cash, strong cash position, a differentiating product line, competitive position, strong industry and strong company fundamentals Often times other analysts pick up coverage after our report release Sometimes investors buy our initiate coverage releases because of our performance record Powerful distribution helps our performance
7	RESEARCH REPORT FORMAT 3 Reports in One – Short, Medium, Full All investors: retail, institutional and traders can choose sections in the report to satisfy their investment interest. We deliver 3 separate initiate coverage reports: Short, Medium, Full Quick View section: 4-5 pages, summarizes the story in a nutshell. Table of Contents: 3-5 pages, provides investors a guide to pick and choose what they wish to read. Text Boxes, left column, prose right column. Reader can pick and choose The Report: a 25-30 page, Wall Street research report that refers to the Appendix for in-depth analysis: Financial Exhibits: 10-40 pages, forecasts, tables, charts and valuations The Appendices: 30-130 pages Research with Video: New Concept. Reader watches video and continues reading research report.
8	STRATEGY Provide research coverage for companies that do not have research coverage, or whose coverage is minimal and distribute research to a massive audience. Distribution: The Cohen 12+ Million Contact Campaign Stock Market Performance in the after market Raise Capital: Reports help companies raise capital Short Sale Research Approximately 5,000 public companies do not have coverage, or have inadequate coverage Use our website to attract retail and institutional investors Create a fundamental research culture and standard of excellence unequalled by any fundamental Wall Street independent research firm Our purpose: to expand a company’s shareholder base with long term committed, educated investors
9	Our Website: WALL STREET’S NUMBER #1 RESEARCH FIRM WEBSITE www.cohenresearch.com our powerful unique website, has more financial content than any Wall Street fundamental independent research firm Our website is designed to be a ‘mini-Bloomberg’ type site to attract retail and institutional traffic to use it on a daily basis. Our website is a roadmap and learning tool for an investor to analyze a given stock. It includes: Company overview: Charts: Pricing: Fundamentals (roadmap teaching investor to analyze a stock): Earnings Estimates: Stock Screening: Trading Data: Stock Ownership: World Markets Overview: Market Movers: Latest News: Investor’s Toolkit Our website is sophisticated for the savvy investor, and simple to use for the retail investor. It has it all plus more. It is free of charge. We invite you to spend time on: www.cohenresearch.com
10	ISSUER PAID RESEARCH The SEC has encouraged research coverage for 4,500+ companies that have no coverage, or whose coverage is inadequate Wall Street has and will continue to go through a major restructuring Many fine analysts are now out of work Fewer research analysts have created a significant drop in coverage of many public companies There is a vacuum of information for many important companies that do not have research coverage Independent research is a fact of life. It is here to stay.
11	THE COHEN FINANCIAL AND VALUATION MODEL The Model is the largest and most comprehensive fundamental research model built in Wall Street. There is nothing like it in the fundamental research industry. It gives us an enormous edge in securities analysis. The Model powers our analytical research engine We have put much of the CFA and CPA credentials into Excel 300,000+ cells in excel 213,000+ different formulas 100+ charts, graphs and tables 28 Different Valuation Methods 5 Different Cash Flow Methods PIPE and Reverse Merger Modules Section Certain metrics bear Paul Cohen’s name
12	MODEL: VALUATION METHODS
13	DISCOUNTED CASH FLOW VALUATION Forecasts EBITDA and Revenues: Example: young company without earnings
14	RESEARCH DETAILS Fee Structure: Please Inquire Quarterly Updates – frequent company contacts Other updates if and when appropriate Maintain Wall Street’s highest research quality Continually raise the bar of research excellence
15	CONCLUSION Cohen Independent Research Group is Wall Street’s Number #1 Independent research firm Distribution: The Cohen 12+ million Contact Campaign, retail, institutional, stockbrokers, IR/PR firms is unequaled in the industry We invite your inquiry References will be furnished upon request
16	DISCLAIMER