Services
Business Services
Applied DNA Sciences, Inc. (APDN-OTC: BB)
“It is an opportunity for our company and investors to do well by doing good. What I mean by this is we can be successful as a company while using the technology to do some good, to help people throughout the world. Recently there have been many articles in the news about counterfeit and tainted products, many coming from the Orient including food products and pharmaceuticals. One area that I personally feel strongly about is the pharmaceutical market where a counterfeit or diverted product can lead to physical injury, complications and possibly even death.” - Dr. James Hayward

Exploration
Mining/Resources
Grenville Gold Corporation (GVG-TSXV, GVLGF-OTCBB, F9I-Frankfurt)
“Silveria is a rich mineralized area; it has poly-metallic vein systems. We have mapped 44 different veins. Of those, fourteen have been mined and 50% of their ore has been extracted, so we think that there is a huge amount of potential. Our resource target is between 40 and 100 million ounces of Silver based on the veins that have been stopped. We can get production out of it immediately. The previous group had not taken everything out but they have built the infrastructure, roads and tunnels.” - A. Paul Gill

Energy
Oil & Gas
Cygam Energy Inc. (CYG-TSXV)
“What differentiates Cygam from other junior companies, especially juniors that decide to conduct international exploration, is that we have a very large number of prospects. Even though these are all exploratory prospects, we have a good balance between low risk and high risk/high reward with the potential for substantial discoveries. I would say that five or six of these prospects could have the potential of discovering a field in the order of one billion barrels. It would be very difficult to find a field like that onshore North America. I was in London with our CFO in April and May (2007), when we were visiting potential investors to raise $10 million for the company and the comments that we received were “yes, you are different from other companies because you have several prospects.” If a company just has one prospect and they drill a dry hole, then it is game over. Here we have a situation where we have nine prospects at the present time and we plan to have more in the future, and that is what makes us different.” - Dario E. Sodero

 

October 26, 2007
Basic Materials, Industrial Goods, Services, Mining, Technology, Telecom, Financial & Natural Resources

Basic Materials
Oil & Gas Drilling & Exploration
EnerJex Resources, Inc. (EJXR-OTC: BB)
“As of a couple years ago, the state of Kansas was the fifth largest oil producer in the country, yet there are 23,000 independent producers of which 5,000 account for 30% of the production. It is a very fragmented business and in the instance of this part of the country, you had folks who have 500 to 10,000 acres, and have only drilled a few wells. Therefore, it is primarily the local landowners who have made money over the years. Most of these landowners do not have the capital, have not been keeping up to date on technology and do not have what we consider operational expertise, therefore, most of these properties just sit there. What EnerJex brings to the table is our ability, now that we are a publicly traded company, to attract capital to fund the drilling operations. We also bring operational expertise and the ability to apply new technology to locate and drill for oil. In addition, we can buy these properties at relatively inexpensive prices because we are buying them at 25 or 50 barrels a day. It is small production, where the majors would not be interested at this point; it just makes a combination of facts, like a perfect storm. This scenario allows us to aggregate properties at fairly low cost.” - Steve Cochennet

October 12, 2007
Financial, Services, Healthcare, Technology & Exploration

Financial
Regional-Southeast Banks
Community National Bank of the Lakeway Area (CNLA-NASDAQ)
“We just wanted to be a local, friendly, back to the old way of banking kind of bank and that is what we have done.” - Samuel F. Grigsby, Jr.

Technology
Internet Information Providers
Global Sources Ltd. (GSOL-NASDAQ)
“In October, we are launching the next generation of our flagship online marketplace at globalsources.com. The site will offer buyers two major advantages. First, it is a vertical search engine, which will deliver the largest selection of export suppliers and products anywhere on the web. Secondly, it will enable buyers to identify ‘verified suppliers’ who have all been pre-qualified through face- to- face visits and capability assessments.” - Merle A. Hinrichs

Services
Business Services
On2 Technologies, Inc. (ONT-AMEX)
“Our vision for On2 Technologies is formed around the mantra of ‘any video, anywhere’. This is something we have been doing for some time, but now it is a mainstream industry trend. What this represents is that we enable any video to be delivered anywhere, meaning to any device, for any application, over any network. What is happening with video today is that consumers want to view video on their PC, TV, mobile phones, and portable devices --basically any device. New and established media companies are launching services to offer download and streaming services, but also traditional broadcasters are embracing new mediums to reach a wider spectrum of users. We call this convergence or cross platform applications, but the reality is that there is a sea change underway in the video industry. We have been involved in such cross platform video since early days of the company, by applying our technologies for multiple applications, device and delivery platforms. It is therefore in our DNA, in a manner of speaking, to bring solutions and innovations to this transformation that is going on in the industry. We provide everything from core video compression technology to tools, and system solutions, and are building our company’s operations around this capability to deliver any video, anywhere – in the most efficient, easy and affordable way for our customers.” - Bill Joll

September 28, 2007
Transportation, Services, Healthcare & Financial

Transportation
Technology Systems
RailPower Technologies Corp. (P-TSX)
“We are replacing 50 year old technology. If you replace a 10 year old automobile with one of today you would gain a few percent in terms of emissions, because it is slightly cleaner. However, if you replace something that is 50 years old, you gain a lot and in addition, the old single engine runs all of the time, whereas with our locomotives we have 3 engines and there is a very sophisticated computer and software that powers them only when they are needed. Most of the time you can do the work with 1 or 2 engines and sometimes you may start the 3^rd one, but may not need it. Therefore, that makes the locomotive much more fuel efficient and much more friendly for the environment.” - Jose Mathieu

August 31, 2007
Services, Basic Materials, Healthcare, Financial, Manufacturer, Industrial Specialists & Technology - 10

Services
Business Services
Data Call Technologies, Inc. (DCLT-OTC: BB)
“Digital signage replaces television. Television has not been changed in fifty years; well, maybe the box that displays it; whether it be color, or now they are plasma and LCD. These are large screens as well. Actually, television is finally changing and I am proud to say that Data Call is on top of the industry. Data Call is just going to get bigger and bigger.,,, TV was the last thing to be changed; well now it has. With the networks, you could never control data on your TV; you were forced to look at what they thought you should look at. With Data Call, and our partners, we have changed that. Utilizing television for the benefit of your business absolutely makes sense.” - James Ammons

Basic Materials
Precious Metals Exploration
Hemis Corporation (HMSO-OTC: BB)
“Hemis is an exploration company, founded two and half years ago. We had a vision to establish an exploration company with a base in Europe because of our excellent position to raise money here. The operational activities are in the US, Canada and Mexico. Our main focus was and still is to establish a company or different companies within the Hemis Group and gradually, as these mature have different spin-offs. Our goal is to achieve a combined market cap of approximately $1 billion US including all companies and participations. We decided to found HEMIS as we anticipated a turn up of the energy and minerals markets in the long-term. Three years ago, we thought that this market would out perform any other market for the next 15 to 25 years.” - Bruno Weiss

Healthcare
Biotechnology
Helix BioPharma Corp. (HBP-TSX) (Frankfurt WKN 918864)
“Our goal is to bring truly unique and exceptional drug products to market, which will thereby distinguish Helix as a leader among its peers and competitors. With each of our two drug development initiatives presently underway, we have products designed to address major unmet medical and market needs. We believe that we represent innovators and leaders in the development of treatments for precancerous cervical lesions and lung adenocarcinomas.” - Donald Segal, Ph.D.

August 7, 2007 - Special Edition
Energy

Energy
Exploration and Production
Index Oil and Gas, Inc. (IXOG-OTC: BB)
“We get most of our work and project involvement through people we know. We call it the network, the opportunity pipeline and Alligator Bayou came via somebody we had been working with for the last couple of years. When they originally showed the prospect to us, we said it looked very interesting and that we would like to participate in it if everything works out. We had that dialogue for that period of time and when it finally became available, we declared that we were interested and it was honored. I think part of that was that our track record in the last few years – it shows that we have a good reputation in Texas and Louisiana. We try to be a positive partner in the joint ventures and I think that was one of the factors that helped us come into this world-class project.” - Daniel L. Murphy

August 3, 2007
Mining, Software, Resource, Technology, Energy, Utilities, Healthcare & Services

Mining
Exploration & Development
Houston Lake Mining Inc. (HLM-TSXV)
“Our priority is the West Cedartree Gold Project near Kenora, Ontario. The area was Ontario’s principal center of gold mining at the turn of the nineteenth century. The area has largely been overlooked with the subsequent the gold rushes in the Timmins and Red Lake areas of Ontario. We positioned ourselves early by solidifying our land position before gold started to run up in 2003 and we have since added a number of properties culminating in an announcement earlier this month with the acquisition of the Dubenski property. Now we have assembled eight adjoining properties with gold resources on three of them. We are now seeking to prove-up and expand upon these resources to justify a mill on site.” - E. Grayme Anthony, P.Geo. F.G.A.C

Software
Educational Self-Assessment
Quizam® Media Corporation (QQ-TSXV)
“We’ve been very aggressive with signing new pilot schools because this is where we learn about specific system requirements, features that make teaching easier and studying more effective. In a sense, our target market is co-creating Quizam with us. We make the changes that need to be made and are creating a product that the market is demanding.” - Russ Rossi

July 20, 2007
Consumer Cyclical, Healthcare, Financial, Technology, Services & Mining

Consumer Cyclical
Apparel/Accessories
Tandy Leather Factory Inc. (TLF-AMEX)
“I believe the potential of our company is solid. We are the largest company in our niche industry and we have the most well-known brand name. We have a conservative management team and we have a very focused strategy. In addition, we have executed well on that strategy for the last five or six years, and I believe we will continue to execute successfully.” - Ms. Shannon L. Greene

June 22, 2007
Basic Materials, Technology, Energy, Services & Exploration

Basic Materials
Specialty Chemicals
American Pacific Corp. (APFC-NASDAQ)
“The other thing is with an organization in today’s world, you have to be careful that it remains lean. In our case there are a couple of things that are interesting, one is that we have no significant formal sales force; every one of us are sales people. We have program managers, we see customers at that level, at the President’s level and certainly at the division leader’s level all the time. That is important and I think it keeps the overhead under control. Selling is a talent that I have the highest respect for, but I think you can make an effective salesman out of the engineering and technical personnel if you cultivate it and work at it. We have a modest staff; we will do $170 million and are right at 500 employees. We do not for example have in in-house legal staff here at headquarters. The only point is there are certain activities and I think that is one of them that you can effectively outsource and that has worked well. In selling, we do the selling. In legal work when we need work, we go outside.” - John R. Gibson

May 25, 2007
Financial, Consumer Goods, Healthcare & Exploration

Financial
Regional Banks
First State Bancorporation (FSNM-NASDAQ)
“We believe that we have a unique franchise that operates in four states that have great growth trends and generally very solid economic conditions. We have proven that our business model is simple, yet very effective. We think we can continue to grow profitably and provide the kind of long term return that our shareholders expect. The growth potential for us now is not going to come just from New Mexico as it did in the past, but from the markets in Colorado, Utah and Arizona, which are huge. We have a very small market share in each one of those and we think for the long-term investor who expects returns in the high teens on a year in and year out basis, we have proven we can do that. We are confident that we can continue to do that in the future.” - H. Patrick Dee

Financial
Regional Banks
Analyst Interview Covering:
First State Bancorporation (FSNM-NASDAQ)
Peyton N. Green, Senior Analyst, Financial Institutions Group
FTN Midwest Securities Corp.
“The CEO, Michael R. Stanford, along with COO, H. Patrick Dee, have been with the company since the early days. What is most impressive is that they took a community bank with a strong position in Taos, which is not a growth market, and have created the largest local bank in Albuquerque, after starting basically from scratch. Back in 1994 when they moved into Albuquerque, they had maybe 1% market share, which has blossomed into 14%, positioning First State as the third largest bank in the MSA and the largest local bank. Over 80% of the growth was organic. They went from a position of not even being known to one of being very visible in New Mexico over the last 14 years. At the time, no one gave them much of a chance. Certainly in much of the 1990’s, there was a ton of M&A activity in New Mexico and First State benefited from being stable and in a growth mode.”

“We feel 10% balance sheet growth will look pretty good over the next couple of years, maybe even 3 years. We believe that First State will do better than that given its concentration in the inter-mountain West. Separately, management’s focus on improving bottom-line profitability, should enable earnings per share (“EPS”) to grow 15 to 20% over the next couple of years; coupled with the pullback in the valuation over the past six months, the opportunity for above average top-line and bottom-line revenue and EPS growth makes the shares particularly interesting in our opinion. Again, we believe top line balance sheet growth should be 10%-plus and bottom line growth should approach 15 to 20%.” - Peyton N. Green, Senior Analyst, Financial Institutions Group, FTN Midwest Securities Corp.

Consumer Goods
Rubber & Plastics
AEP Industries Inc. (AEPI-NASDAQ)
“There are probably north of 300 extruders of flexible packaging in the United States and we are one of them. Many of those 300 are small operators, with an average capacity of less than 25 million pounds a year. We are one of the bigger ones, our production volume last year was in the area of 800 million pounds. The benefit of our size is that is that we can supply national accounts with an array of products with consistent properties across the country.” - Paul M. Feeney

Financial
Regional – Pacific Banks
1^st Enterprise Bank (FENB.OB-OTC: BB)
“We have a very unique blend of talent and experience here. We opened the bank in July of 2006, with a staff of twenty. Eighteen of us had all worked together for various lengths of time, up to as long as seventeen years. We not only have all spent our entire banking careers handling this market niche, but we have spent most of our careers doing it as a cohesive team at a highly successful previously independent bank. We started out with a strong culture right from day one as opposed to many of the other recently opened banks that have been cobbled together with people from different organizations and in some cases from outside of this geographical market.” - John C. Black

May 11, 2007
Financial, Services, Exploration, Technology and Consumer Goods

Financial
Regional Pacific Banks
Pacific Premier Bancorp Inc. (PPBI-NASDAQ)
“We are not exposed in any direct way to residential lending and thus the “real estate bubble”. We do not have any residential construction loans on our books and we do not engage in sub-prime lending. The outlook for our loan types; commercial real estate, business loans and apartment loans is strong, so we are comfortable with where we are positioned in the marketplace.” - Steven R. Gardner

Financial
Regional - Pacific Banks
West Coast Bancorp (WCBO-NASDAQ)
“We have very high employee satisfaction. It is something that we monitor all the time. We’ve conducted an annual employee opinion survey for five or six years now. That employee satisfaction is verified in the fact through an independent third party. For four consecutive years, we’ve ranked among Oregon’s 100 Best Companies To Work For based on a direct survey from an independent party. We are ranked against other companies our size, so it is not only an absolute, but is relative to other companies in the area.” - Robert D. Sznewajs

“We also have high customer satisfaction. Greenwich Associates has conducted independent surveys of our commercial customers over the last two years based on sales size below and above $10 million in the Portland metropolitan area. In each of those surveys, we ranked as having the highest overall business customer satisfaction of any bank in the Portland area.” - Robert D. Sznewajs

April 12, 2007
Healthcare, Biotechnology, Financial, Basic Materials, Consumer Goods Telecommunications & Natural Resources

Healthcare
Medical Device
Artes Medical, Inc. (ARTE-NASDAQ)
“Our company is in the medical device space marketing an injectable aesthetic product, ArteFill, that is a treatment for facial wrinkles. As we all know, baby boomers are aging and looking for a way to age gracefully. We have developed the first and only injectable wrinkle filler that has a permanent component that provides a long-term effect compared to the existing dermal fillers on the market that are all temporary in nature and required repeated and frequent injections. Therefore, our product is very differentiated. We have just launched it into the marketplace in the US, and we will be reaching out to physicians and consumers who are interested in a long-lasting wrinkle filler. This product competes in the area that most people have heard about—the injectable aesthetics market which includes Botox® (Botulinum toxin) from Allergan, Inc. (AGN-NYSE), Restylane® (a clear hyaluronic acid-based gel dermal filler), and collagen. ArteFill is the first and only product approved by the FDA with a permanent component and we have clinical data showing that smile-line wrinkles can be corrected for up to 5 years, so it is really a break-through product in this category.” - Diane S. Goostree

March 15, 2007
Energy, Industrial Goods, Healthcare, Technology, Financial, Services & Exploration

Energy
Oil and Gas Exploration
Aspen Exploration Corporation (ASPN-OTC:BB)
"The vision was to continually increase Aspen’s gas production, revenues, and share price, in addition to drilling quality gas prospects. We have done that quite nicely. If you look at an Aspen stock price-chart going back to April of 2004, we traded at 62 cents per share and today we are currently trading at $2.40 per share, a 287% increase in 3 years.” - Bob Cohan

Industrial Goods
Heavy Construction
Insituform Technologies, Inc. (INSU-NASDAQ)
“The element that is grabbing a lot of attention is that we have made some bold moves in the last 12 months in terms of launching a new division within our company. That division is called Insituform Blue™, which takes us from being a company that was primarily and almost exclusively a sewer pipe repair company to a company serving the sewer and drinking-water pipe market and that is predicated on the technology breakthroughs including iTAP™.” - Thomas S. Rooney, Jr.

February 15, 2007
Healthcare, Exploration, Technology, Industrial Goods Telecommunications & Financial

Healthcare
Biotechnology & Drugs
Vical Incorporated (VICL-NASDAQ)
“We can apply our technology for vaccines; we can apply it for proteins, animal health applications, cancer. We are focusing on vaccines because vaccines are now probably the single most important medical advance that is going to be required in the next fifty years to deal with a variety of diseases as well as a variety of cancers. We are focused on one of the most lucrative applications of this technology.” - Vijay B. Samant

Healthcare
Biotechnology & Drugs
Analyst Interview Covering: Vical Incorporated (VICL-NASDAQ)
George Fulop MD, Vice President, Biotechnology & Life Sciences
Needham & Co.
“Vical has a unique technology that caught my attention; they used DNA vaccines and address many conditions ranging from HIV to influenza and even avian flu. They have a unique technology that I think is promising and an alternative to traditional vaccine development.” - George Fulop MD

January 18, 2007
Communications Services, Security, Technology, Healthcare, Basic Materials & Financial

Communications Services
WPCS International Incorporated (NASDAQ: WPCS)
“Our company focuses on wireless projects that require a sophisticated level of engineering expertise. WPCS has an engineering staff that is experienced in every facet of wireless connectivity including two-way, cellular, Wi-Fi, fixed wireless, in-building, mesh networks and RFID. We are able to engineer solutions that are of the highest quality and performance. The company has built a substantial customer base that continues to depend on our expertise in designing, deploying and maintaining wireless networks for a variety of applications. This expertise and strong customer base continues to give us a competitive advantage.” - Andrew Hidalgo

Healthcare Services
Services Retail
HearUSA, Inc. (EAR-AMEX)
“Historically, rollups have not worked for three reasons; one is that the people doing the buying don’t know what they are buying; two, they don’t have any systems to put into place to control what they’ve bought; and three, they don’t have any ability to grow the business after they make the acquisition. Well, none of those three applies to us, because we’ve been in this business for 20 years and now as the third largest provider of hearing care in the United States we know what we are buying. Secondly, we have computer systems that go into these centers within several weeks, so we can control the purchases, payroll and all of their expenses…giving us the ability to know what is going on. Lastly, with our sophisticated nationwide call center and the fact that 65% of our business comes from contracts with healthcare providers, we can begin to add business to those centers and make them more profitable.” - Paul A. Brown, M.D.
 

November 24, 2006
Environmental, Industrial Goods, Financial, Consumer Goods, Technology, Energy & Platinum Exploration

Environmental
U.S. Microbics, Inc. (BUGS.OB)
“I think BUGS has made a lot of internal changes in the past year as we have redefined our long term goals and objectives to react to the needs of the marketplace. When we talked last year, we were just starting to become entrenched in Mexico working with various state governors, federal agencies including their EPA, and the national university who is now our partner on many environmental cleanup projects. We are creating an environmental industry with new job opportunities and less pollution for the Mexican people. They have embraced our technology, our project management skills and experience and I believe BUGS has a bright future in Mexico in the years ahead.” - Robert Brehm

August 31, 2006
Basic Materials, Technology, Finance, Healthcare & Pet Supplies

Technology
Scientific Technical Instruments
MFIC Corporation (MFIC-OTC)
“We just finished our 2^nd Quarter of the year, which was our best sales quarter ever. We delivered about $3.9 million worth of goods, which is an increase of 24% over the corresponding 2005 2^nd Quarter, and for the half year it was an increase of about 24%. This great start in 2006 has direct causes. About seven or eight years ago, we made an acquisition, which did not integrate as well as we hoped, mainly because of market factors we could not control. We experienced substantial losses and were deep in debt. We sold off that business at a substantial loss in 2004 and then restructured the company and its finances using a new commercial finance facility and some new capital that we were able to raise in a private equity sale. For the past 2½ years, we have been investing that capital in the company. For the most part, we invested in R&D, spending more than $3 million over that period. We have been investing as well in our marketing and sales efforts and other functions of the company.” - Irwin Gruverman

May 20, 2004
Consumer, Consumer Non-Cyclical, Healthcare, Financial & Technology