Disclaimer

Alpha Beta Investment Research LLC (ABIR) is a Registered Investment Advisor (RIA) with the State of California that prepares and distributes independent equity research reports paid for by the company whose equity is subject of ABIR research reports ( "covered company"). ABIR adheres to the Research Objectivity Standards of the CFA Institute available at http://www.cfainstitute.org and to the  “Best Practice Guidelines Governing Analysts/Corporate Issuer Relations” Issued by CFA Centre for Financial Market Integrity/National Investor Relations Institute, available at http://www.cfainstitute.org and at http://www.niri.org.

ABIR complies with securities laws, regulations, and ethical standards as related to our legal and compliance requirements.

ABIR receives compensation only as flat fee and in cash. ABIR does not accept payments in kind, corporate securities, warrants, or derivatives. At the time of writing and distributing this report ABIR does not own any securities of the covered companyand does not have any corporate or consulting relations with the issuer. The issuer is not a corporate client of ABIR in any matter such as investment banking, M&A services, or similar consultancy services except for the preparation and public distribution of the research report. ABIR entered into a one year $XXXXX contract with the Company for preparing and distributing this research report package which includes an initiation report, three quarterly updates, and some research notes as deemed appropriate by ABIR analyst.

Ratings and price targets are not issued as recommendation or stock price predictor.  Information, opinions, or ratings contained in this report are submitted solely for information purposes by the qualified professional analyst. The information used and statements of fact made have been obtained from sources considered reliable but neither guarantee nor representation is made as to the completeness or accuracy of the same. Under no circumstances is this report/release to be used or considered as an offer to sell or a solicitation of any offer to buy any security or other debt instruments, or any options, futures or other derivatives related to such securities herein. ABIR and or it analysts reserve the right to change their opinion at any point in time as they deem necessary. There is no guarantee that the target price for the stock will be met or that predicted business results for the company will be met. The Private Securities Litigation Reform Act of 1995 provides investors a ‘safe harbor’ in regard to forward-looking statements. ABIR cautions all investors that any forward-looking statements in this report implied by such words as "anticipate," "believe," "estimate," "expect," and similar expressions as they relate to the company or its management  are not guarantees of future performance. Unknown risk, including bankruptcy, uncertainties, as well as other uncontrollable or unknown factors may cause actual results to materially differ from the results, performance, or expectations expressed or implied by such forward-looking statement. Analysts engaged by ABIR are responsible for the preparation and substance of ABIR’s research reports. ABIR accepts no liability whatsoever for any direct or consequential loss or damage arising from any use of this report or its content. Analysts are paid in advance of initial reports by ABIR to eliminate pecuniary interest, and neither the analyst nor anyone associated with ABIR may own or trade in the stocks of a company under coverage. Analysts are not employees of ABIR. Analysts working with ABIR are not employees of or registered investment advisor representative of ABIR. Analysts work with ABIR as independent contractors on a project by project basis.