Special Situations / Industrials

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Acceleware Corp.

Acceleware Corp. (TSXV: AXE), based in Calgary, Alberta, develops, manufactures and markets special purpose software / hardware accelerators used to reduce engineering design simulation and data processing run times. According to Acceleware, simulations that take 5 - 8 hours can be completed within just 15-30 minutes using the company’s accelerators. The company has experienced significant growth in distribution since founded in February 2004.

(TSXV: AXE, Quote)
05/26/2009
Q4 beat expectations; Early signs of recovery in industry – FINAL REPORT
Subscribers Only
01/13/2009
Successful execution of restructuring and a new sales model very crucial
Subscribers Only
07/29/2008
Completes management restructuring; lowered fair value (4 Pages)
Subscribers Only
06/11/2008
Posts Record Revenues (11 Pages)
Subscribers Only
01/31/2008
Reports sales of over $1 million in Q4; Exciting year ahead (11 Pages)
Subscribers Only
09/17/2007
Q2 Revenues Exceed Expectations; More Exposure through NVIDIA's Telsa (10 Pages)
Subscribers Only
06/12/2007
Google Acquires Potential Competitor (12 Pages)
Subscribers Only
05/08/2007
Alliance With NVIDIA Corp Could Prove to Be Highly Beneficial (11 Pages)
Subscribers Only
01/19/2007
Initiating Coverage; A New Solution for Slow Computations (26 Pages)
Subscribers Only

 

 

Bevo Agro Inc.

Bevo Agro Inc. Is North America's leader in plant propagation; it develops plants for final growth in greenhouses and field farms.

(TSX-V: BVO, Quote)
01/22/2008
Q1'08 Revenues Drop by 43% YOY; Liquidity problems persist FINAL REPORT (12 Pages)
Subscribers Only
10/12/2007
 Bank Postpones Advancement of Loan to Pay Debenture; Downgrading to SELL (4 Pages)
Subscribers Only
05/31/2007
 Significant Drop in U.S. Sales Affects Bottom Line (12 Pages)
Subscribers Only
03/12/2007
 Signs Of Slowdown In The B.C. Greenhouse Industry (11 Pages)
Subscribers Only
12/04/2006
Sales and Gross Margins Meet Expectations, Operating Costs Increase (8 Pages)
Subscribers Only
11/06/2006
Strong Q4 as expected lifts annual performance; 2007 crucial to valuation (12 Pages)
Subscribers Only
06/30/2006
Signs New Credit Facility; Reinstating to BUY (7 Pages)
06/06/2006
Q3 Shows Growth But U.S. Operations Below Expectations; Suspending Ratings (9 pages)
Subscribers Only
03/10/2006
As Expected - Q2 Evidence of Improving Conditions (8 pages)
Subscribers Only
12/02/2005
Q1 Crunch Time: Lowering Estimates (9 pages)
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11/02/2005
Strong Q4 Sales: Expansion Still Not Reflected in Price (10 pages)
Subscribers Only
06/03/2005
Q3 Evidence That Things Are Starting to Bloom (15 pages)
Subscribers Only
03/04/2005
Q2 Showing Positive Signs
12/08/2004
YE2004 and Q1 Update (11 Pages)
06/01/2004
Q3 2004 Update - Next Two Quarters Crucial (6 Pages)
03/02/2004
Unexpected Q2 2004 - Long-Term Still Bright (5 Pages)
01/01/2004
Initiating Coverage at BUY (13 Pages)

 

 

Boyuan Construction Group Inc.

Boyuan Construction Group Inc. is in the business of constructing residential and commercial buildings, municipal infrastructure, and is involved in engineering projects in China. The company has expanded its businesses significantly since commencement of its current operations in 2004. Current projects are primarily located in the Yangtze River Delta and the city of Sanya. Boyuan plans to further expand its geographic area, as well as increase its presence in high-end markets.

(TSXV: BOY, Quote)
06/14/2010
Q3 Revenues and Margins Inline With Expectations
Subscribers Only
04/01/2010
Q2 Revenues and Margins Exceed Expectations
Subscribers Only
01/13/2010
Initiating – Chinese Construction Company Focused on High-End Property Development
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Brainhunter Inc.

Brainhunter Inc. is one of the leading providers of Human Capital Management (HMC) solutions, services and software in North America. Its end-to-end web based technology platform gives it the capability to offer a full range of services relating to staffing procurement for organizations. Brainhunter primarily provides IT staffing, and also Engineering and Healthcare staffing, on a full-time and contract basis to about 2,000 organizations worldwide. Within 5 years, the company’s revenues increased from $2.78 million in FY2001, to $166.50 million in FY2006.

(TSX: BH, Quote)
06/29/2010
Dropping Coverage
Subscribers Only
11/14/2008
Suspending Rating (2 Pages)
Subscribers Only
03/04/2008
Sells North American Job Board Business to Workopolis for Favorable Price (15 Pages)
Subscribers Only
08/15/2007
Solid Growth in Q3-2007 Revenues; Evaluating Private Equity to Finance Acquisitions (12 Pages)
Subscribers Only
08/07/2007
Initiating Coverage; Capitalizing on the Highly Fragmented Staffing Industry (27 Pages)
Subscribers Only

 

 

CIBT Education Group Inc.

CIBT is an education  management company with operations in 45 locations and 12 countries. CIBT's goal is to become a leading global education player with Canada as the base, and China as the hub. The company has achieved significant growth in the past 12 years (through organic growth and acquisitions), as revenues increased from $0.71 million in FY1997 to  $44.55 million in FY2009; reflecting a CAGR of 41% during the period.

(TSX/AMEX: MBA, Quote)
08/17/2010
 
03/22/2010
Completes KGIC Acquisition
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01/12/2010
Reinitiating Turning into a global education player with Canada as the base, and China as the hub
Subscribers Only
10/20/2008
72% YoY drop in share price does not reflect fundamentals – FINAL REPORT (13 Pages)
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07/18/2008
Expanding to Travel, Tourism, Gaming Management; Expecting more acquisitions (13 Pages)
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04/16/2008
Plans announced for second acquisition (12 Pages)
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02/06/2008
Acquisition of SSCC at Reasonable Valuation To Provide Significant Synergies (19 Pages)
Subscribers Only
11/30/2007
CIBT Enters LOI to Complete its Largest Acquisition to Date (14 Pages)
Subscribers Only
07/19/2007
Impressive New Initiative - CIBT's Education Centers (14 Pages)
03/07/2007
Restructuring Could Add Shareholders' Value (13 Pages)
12/20/2006
IRIX Slows as CIBT Seeks High Growth (13 Pages)
11/27/2006
As Expected, CIBT is Set For High Growth in FY2007 (12 Pages)
06/08/2006
Improved Q1 Performance As Expected (9 Pages)
05/18/2006
2005 Revenues Grow Despite Weaker Than Expected Q4 (12 pages) 
12/09/2005
Initiating Coverage (25 pages)

 

 

China Education Resources Inc.

China Education Resources Inc. (formerly China Ventures Inc.) is engaged in the development and distribution of educational and training materials in China. 

(TSX-V: CHN, Quote)
01/09/2006
Dropping Coverage (2 pages)
09/22/2005
Fall in 6 MO Sales; entering important second half
05/18/2005
YE2004 Below Expectations; Turn around expected in '05
09/14/2004
Q2 2004 Update (7 Pages)
07/29/2004
Initiating Coverage (22 Pages)

 

 

Functional Technologies Corp.

Functional Technologies Corp. is a functional foods developmental company developing proprietary yeast for the global food and beverage market. FEB is also developing micro algae based biological products for the animal health care industry. FEB will commence commercial sales of its proprietary yeast products in the 2009 wine making season.

(TSXV: FEB, Quote)
03/26/2009
Licenses two proprietary technologies to add value
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12/04/2008
Initiating Coverage; Transitioning from development to commercial sales
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Greenscape Capital Group Inc.

Greenscape Capital Group helps businesses become cost effective, sustainable, and environmentally responsible by providing energy retrofits for commercial facilities. It operates Green.Switch Capital (“Green.Switch”), an energy retrofitting company that provides energy efficient solutions for businesses. Greenscape, through Green.Switch, has also partnered with Propark America, an established parking management company in the United States, to build, operate, and own a green parking facility at the Denver International Airport.

(TSXV: GRN, Quote)
06/04/2010
Initiating – Energy Retrofit with Green Parking Facility Project
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Hodgins Auctioneers Inc.

Hodgins Auctioneers, Inc. is a Melfort, Saskatchewan based auctioneer, providing auction services of agricultural and industrial equipment, and real estate. The company conducts live onsite auctions primarily in Western Canada, and also has an online only auction platform. To achieve a successful auction, Hodgins offers a range of services such as marketing campaigns, financial guarantees, outright purchases, live internet bidding, and various support services.

(TSXV: HA, Quote)
01/25/2010
Continues to generate higher commission rate; Gross auctions sales lower in Q3; fewer auctions
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09/08/2009
Q2 Exceeds Expectations; Result of Business Diversification and Increased Online Businesses
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06/14/2009
Q1 2009 Revenues Slightly Above Expectations
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05/28/2009
2008 Update – Revenues Inline but Margins Below Expectations
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04/08/2009
Initiating Coverage; Focused on Agricultural and Industrial Equipment in Western Canada
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H. Paulin & Co.

H. Paulin manufactures and distributes screws, fasteners, automotive parts, screw machine components, and fluid system products mainly to the automotive, industrial, retail (including Home Depot), and agricultural industries.

(TSX: PAP.A, Quote)
10/03/2003
Issuing Recommendation (12 Pages)

 

 

International Water-Guard Industries Inc.

International Water-Guard Industries Inc., based in Burnaby, BC, Canada, focuses on the design, manufacture, sale, and service of aircraft potable water treatment equipment and systems. IWG has been selling its products to corporate, VIP and military transport manufacturers/operators around the world since 1982.

(TSX-V: IWG), Quote)
08/09/2010
 
05/21/2010
Q1 revenues inline / Working cap $2.31 mm, market cap only $2.36 mm
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02/08/2010
Revenues down 15% YOY due to a 14% YOY drop in the US$
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01/21/2010
Revenues hit all-time high in FY2009; Working capital alone accounts for $0.055 per share
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07/29/2009
Markets showing signs of recovery; Working capital alone accounts for $0.05 per share
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05/20/2009
Q2 Revenues Inline; Slowdown Hits the Business Aviation Market
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02/17/2009
Well Positioned for the Downturn
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09/09/2008
Revenues Bounce Back as Predicted; $0.50mm Financing Completed  (9 Pages)
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06/20/2008
Positive developments in Q3 overshadow disappointing Q2 results (10 Pages)
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03/31/2008
Announces new initiative for aerospace applications beyond water treatment (10 Pages)
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01/14/2008
'07 revenues only vary $2,700 from our forecast! Q4 results in line (14 Pages)
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08/07/2007
Another Quarter of Profitability; Fundamentals Remain Strong (10 Pages)
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05/10/2007
10th Straight Quarter of Profitability (10 Pages)
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03/01/2007
Solid Q1 2007 Performance; EPS Estimates Raised (10 Pages)
12/28/2006
Unit Sales Continue to Grow; Upside Potential From New Markets (13 Pages)
Subscribers Only
11/07/2006
Initiating Coverage (25 Pages)

 

 

LJ International Inc.

LJ International Inc. “JADE” manufactures and retails fine jewelry globally. The company has a presence across all industry-related processes from mining to designing, and marketing. It offers approximately 50,000 different contemporary designs ranging from earrings to bracelets. Products are ornamented with both semi-precious and precious stones such as amethyst and diamonds.

(NASDAQ: JADE, Quote)
09/06/2006
Strong Performance in Q2 2006  (8 pages)
06/02/2006
Strong Performance in Q1 2006  (9 pages)
04/17/2006
Better Than Expected Q4 and 2005  (9 pages)
11/15/2005
Initiating Coverage (22 pages)

 

 

MicroPlanet Technology Corp.

MicroPlanet Technology is a company based in Seattle, USA, that has developed an advanced voltage regulation technology for residential, commercial and industrial environments. The company’s voltage regulators help save energy (which in turn helps reduce greenhouse gas emissions), lower electricity bills, increase the  efficiency of electric appliances and improve utility services.

(TSXV: MP, Quote)
01/02/2009
Economic slowdown could boost demand for energy conservation products – FINAL REPORT 
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09/09/2008
Commencing volume deliveries in Q3; $6.6 million in order backlogs (12 pages)
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03/06/2008
Q4 Results Almost Inline; Receives Another Significant Commercial Order (10 pages)
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02/22/2008
Initiating Coverage; Clean Technology Company Entering Commercialization (32 pages)
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Netflix Inc.

Netflix is the world's largest online DVD movie rental service offering more than one million members access to more than 15,000 titles.

(NASDAQ: NFLX, Quote)
11/17/2003
Initiating Recommendation (11 pages)

 

 

Phinder Technologies  Inc.

Phinder Technologies Inc “PHDTF” is a provider of premier, entry-level web hosting services and Internet access solutions for small businesses in the United States. The company’s efficient, systematic and readily-scalable approach to marketing and billing offers investors exposure to high growth potential.

(OTCBB: PHDTF, Quote)
10/20/2006
Suspending Coverage (2 pages)
04/05/2006
Initiating Coverage (15 pages)

 

 

Resin Systems Inc.

Resin Systems Inc. is a chemical/composite technology company that develops and commercializes its patented line of environmentally friendly resin formulations and end products. 

(TSX-V: RS, Quote)
(OTCBB: RSSYF, Quote)
10/20/2004
Suspending Coverage (2 pages)
06/09/2004
Downgrading on Costs, Delays, and Valuation (6 Pages)
02/04/2004
Initiating Coverage (10 Pages)

 

 

Sonoro Energy Ltd.

Sonoro Energy Ltd, based in Vancouver, Canada, has a patented technology to generate industrial-scale sonic energy. The patented SonoprocessTM technology is the world’s first and only industrial-scale sonic generator technology. After successfully commercializing its technology in the environmental sector, the company is now actively trying to commercialize the technology’s application in the energy (heavy oil and oil sands)  and the materials sectors.

(TSX-V: SNV, Quote)
04/06/2010
Announces heavy oil upgrading JV in Albania; Completes a $4 million financing
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06/04/2009
Enters into a JV agreement; One step closer to commercialization
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03/05/2009
Enters project agreement;  up to $5 million in funding; SonoAsh enters into JV partnership with Nalco
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11/12/2008
Test Confirm Heavy Oil Upgrade to 25 API (13 Pages)
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05/16/2008
Significant progress in the energy sector; Plans to acquire process chemistry (11 Pages)
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03/25/2008
Initiating Coverage; Advancing new applications in the energy and materials sectors (28 Pages)
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Titan Trading Analytics Inc. 

Titan Trading Analytics Inc. has developed an electronic trading platform allowing users to trade in different markets and multiple asset classes. The flagship product, TickAnalyst, has the ability to automate the entire process of trading, from initial modeling and testing, to high-performance execution and post-trade analytics. The company signed its first commercial client in November 2009.

(TSX-V: TTA, Quote)
03/03/2010
Initiating Coverage; Transitioning from research and development to commercialization
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Versatile Systems Inc.

Versatile Systems Inc. is a technology company that provides software tools that allow its customers to manage their credit and sales processes. Versatile creates software that extends their customers back office to mobile workers. In addition, the company delivers technology systems and services to many Fortune 1,000 companies.

(TSX-V: VV, Quote)
10/15/2007
Initiating Coverage; Steady Core Business With Growth Potential (20 pages)
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West Mountain Capital Corp.

West Mountain Capital, through its wholly owned subsidiary, Phase Separation Solutions (PS2), is in the business of thermal treatment of soil, sludge and other waste streams. The company posted record revenues of $5.88 million, and net profits of $2.51 million, in 2009. The company has a strong management team with extensive experience in the industry.

(TSX-V: WMT, Quote)
08/11/2010
 
05/21/2010
Q1 Inline With Expectations
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03/23/2010
Initiating Coverage - Thermal treatment of soil, sludge and other waste streams
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