Research Disclosures

  • The Benchmark Company, LLC may or may not currently make a market in any of the securities named in our Research notes.

  • The Benchmark Company, LLC and/or its officers or partners may or may not have a financial interest in any securities of the issuer whose securities are being recommended, and the nature of the financial interest, such as options, warrants, futures, and long or short positions, unless the financial interest is nominal: or

  • The Benchmark Company, LLC may or may not have been a manager or co-manger of a public offering of any securities of the issuer in the past 12 months.

Analyst Disclosures

Regulation AC Certification: The Research Analyst who prepared this research report/document/email herby certifies that the views expressed in this research report/document/email accurately reflect the analyst(s) personal views about the subject companies and their securities.  The Research Analyst(s) also certify that the Analyst(s) have not been, are not, and will not be receiving direct or indirect compensation for expressing the specific recommendation(s) or view(s) in this report.

The costs and expenses of Equity Research, including the compensation of the analyst(s) that prepared this report, are paid out of the Firm’s total revenues.

The Research Analyst who prepared this research report/document/email does not hold a position in the shares/ADR’s of securities discussed in this report unless specifically disclosed in this section. 

Firm Disclosures

The percentage of subject companies in each rating category for which The Benchmark Company, LLC has provided investment banking services within the last 12 months is Buy:80%, Hold:19%, Sell:1%. 

The Benchmark Company, LLC and its employees, officers and directors deal as principal in transactions involving the securities referred to herein (or options or other instruments related thereto), including transaction contrary to any recommendations contained herein.  The Benchmark Company, LLC and its employees may also have engaged in transactions with issuers identified herein.

Unless specifically mentioned in company disclosures, The Benchmark Company, LLC does not make a market in the securities mentioned within this research report/document/email.

General Disclosures

The Benchmark Company, LLC makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete.  We have no obligation to tell you when information in this report changes apart from when we intend to discontinue research coverage of a subject company.

This publication does not constitute an offer or solicitation of any transaction in any securities referred to herein.  Any recommendation contained herein may not be suitable for all investors.  Although the information contained in the subject report has been obtained from sources we believe to be reliable, its accuracy and completeness cannot be guaranteed.

This publication and any recommendation contained herein speak only as of the date hereof and are subject to change without notice.  The Benchmark Company, LLC and its affiliated companies and employees shall have no obligation to update or amend any information herein.

This publication is being furnished to you for informational purposes only and on the condition that it will not form a primary basis for any investment decision.  Each investor must make its own determination of the appropriateness of an investment in any securities referred to herein based on the legal, tax and accounting considerations applicable to such investor and its own investment strategy.  By virtue of this publication, none of The Benchmark Company, LLC or any of its employees shall be responsible for any investment decision. 

This report may discuss numerous securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in such states.

The “Recent Price” stated on the cover page reflects the nearest closing price prior to the date of publication. 

For additional disclosure information regarding the companies in this report, please contact The Benchmark Company, LLC, 150 East 58th Street, New York, NY 10155, 212-312-6700.

This report may not be reproduced, distributed, or published without the prior consent of The Benchmark Company, LLC.