Flaherty Financial News Newsletter #46
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Take A Look At Stevia First!

 

Stevia First Corp. (STVF): Now open for business with all-natural, safer, sweeter-than-sugar stevia. An important deal gives this research- oriented startup the opportunity for commercial sales in this quarter and positive cash flow within 12 months. Developing even sweeter next-gen stevia products. Follow Up: Significant management and director upgrades for mobile- app, smart-phone, cancer- screener Vantage Health, Inc.

                                                                                          October 9, 2014

Bob Flaherty Rides Again! Welcome to our 46th Flaherty Financial News Newsletter. If you have not already done so, please join our financial family. Go  go to our http://www.flahertyfinancialnews.com and opt in as a reader to receive your next FREE issues of Flaherty Financial News and also Flaherty Special Situations. You can opt out any time.

Small Cap stocks are beaten down; let's find a bargain! October is the month of stock market crashes and Halloween. Bad news from overseas spooks the entire micro- cap sector. Seeking safety, panicky investors continue their flight to cash- positive, large-cap blue chips.

When others were selling blindly, our late contrarian friend Sir John Templeton used such opportunities to find new bargains. So in this issue we spotlight a rising star we like a lot.

Stevia First Corp. is developing a big idea! I always enjoy writing about a new enterprise where Avtar Dhillon serves as chairman. Besides naturally wanting to make money, each new venture must be an effort to tackle a serious unmet medical need whose solution would leave mankind better off.

Immigrating at eight from India to Canada, Avtar became a doctor and devoted himself strictly to family practice for nine years. Then for three years he tried part-time venture capital. He learned that he was exceptionally good at understanding what medical people were attempting to do. He was also enjoyed bringing them the missing financial and managerial resources to realize their goals.

Moving to San Diego two weeks before the 9/11 terrorist attack, Avtar rescued a failing firm by financial restructuring, acquiring electroporation technology and bringing in management talent. Today that firm is Inovio Pharmaceuticals, Inc. (Nasdaq:INO- 10.52) and he is its chairman.

A few years ago Inovio correctly shifted all its resources to concentrate on developing vaccines for major diseases like cancer, HIV, hepatitis C, influenza, human papilloma virus and most recently Ebola.

Unfortunately this left "electroporation" stuck on the corporate shelf and neglected as an alternative or adjunct to cancer surgery.

Avtar's solution was to become chairman with his nephew Punit Dhillon President and CEO of a new spinoff OncoSec Medical (ONCS-0.42) to tackle the job. While often the best solution, cancer surgery can be brutal with harmful side effects. Healthy tissue is cut off. Lots of functions like speech, a breast or male potency can be lost. To reach cancerous cells, toxic radiation and chemotherapy pass through the entire body doing terrible nerve damage along the way. Since each cell has its own protective membrane to keep invaders out, this shield also blocks much of the cancer fighting drug which managed to get there.

In contrast, electroporation opens pores in the protective membrane to admit an injected drug. Electroporation also can be used to deliver DNA to encourage the immune system to produce DNA-based cytokines to trigger immune responses in areas of the body not currently reachable if a cancer has metastasized. That big idea was too important to be left on the shelf.      

A Sweet Idea for Stevia First! At a September Rodman & Renshaw conference another of Avatar's creations Stevia First Corp. (STVF-0.38) made its debut. The presenter was dynamic CEO Robert Brooke. As a hedge fund analyst he made over 50 direct healthcare investments and had looked for a big idea to make his own entrepreneurial mark. He found it here in disruptive technology to help reduce our daily sugar intake and fight global obesity and the millions suffering from related ills like the epidemic of diabetes 2.

Look around you! Many people are blowing up like balloons, waddling as they walk. Did you know almost 40% of the American population is obese and in danger of getting diabetes? Did you know about 30% to 40% of American healthcare spending goes to help address issues closely tied to the excess consumption of sugar? Worse, much of their sugar intake is involuntary. The most visible culprits are the soft drink companies. But we are clueless that harmful sugar is added as a sweetener or preservative in many other food and drink products we consume.

We are what we eat. Our unhealthy food intake is killing many of us. This can and must be changed. The public wants alternatives to sugar but is afraid artificial sweeteners are not safe. This dilemma has given all- natural, zero- calorie stevia an opening in the more than $58 billion sweetener market. The World Health Organization estimates stevia could capture as much as 20% to 30% of all dietary sweeteners.

"This is a perfect time to write about Stevia First just as we are going commercial," says Bob Brooke, who is leading the team through this important transition. "Until our stevia supply and distribution deal in late August with China-based Qualipride we were mostly a research and development biotechnology agricultural business. A lot is happening right now and over the next three to six months."

Like what? The new deal should produce commercial sales this quarter with the chance of positive cash flow within 12 months. It's a jumpstart to combine with its patent- pending production from fermentation of stevia, also its enzyme enhancement process to increase stevia leaf yields, plans for integrated stevia production in California and new bio-agricultural methods including an experiment to use drones with LED spotlighting to lengthen daily growing hours. Equally important is current research on next generation products which will be even sweeter than the current most popular stevia product Reb A.

All these efforts and more could turn Stevia First into an important player. Stevia First is poised to become a premier global stevia supplier and the only producer in North America.

Anything can happen. The highly competitive soft drink space is dominated by huge powerful multinationals. Coca-Cola has launched successful reduced sugar products using stevia. Rivals must to catch up soon or fall behind. Some strategic partnerships with Stevia First could result.

So far, Stevia First's transition from R & D into going commercial is ahead of schedule. And the stock price is right. At $0.38 recently shares are down 34% from their 12 month high of $0.58 and 88% from the initial craze when shares reached $3.28 in March 2012. Yet the following CEO Presentation Profile shows that Stevia First is a much bigger, better and stronger company today than when its stock was so much higher.

So join us for our initial story on Stevia First as it transitions from a brilliant R & D concept into a viable commercial company in 2014.

I believe Stevia First has all the elements to become a big stock winner. Read along and see if you agree.-RJF

 

Sweet Ideas at Stevia First!  

 

CEO Bob Brooke is transitioning Stevia First to play an important role in reducing harmful daily sugar intake in the fight against the twin epidemics of obesity and diabetes 2. An August supply and distribution deal, valuable IP on increased production by leaf biosynthesis and fermentation, upcoming new organic California production and even sweeter next generation products could make biotechnology -agricultural upstart Stevia First a contender.  

 

By Robert J. and Brian D. Flaherty

 

In New York City at Rodman & Renshaw's 16th Annual Global Investment Conference    CEO Robert Brooke described the exciting transitional moment taking place at his Yuba City, CA -based Stevia First Corp. (STVF-0.38). "The trend upon which we are capitalizing upon is sugar reduction. This is something we are confident is imminent and an undeniable trend."

According to a comprehensive Credit Suisse report Sugar at a crossroads "...30% to 40% of healthcare expenditures in the USA go to help address issues that are closely tied to excess consumption of sugar."

Key conclusion: "The most likely outcome over the next 5-10 years will be a significant reduction in sugar consumption and a marked increase in the role played by high-intensity natural sweeteners in foods and beverages."

While sugar additives for preservation and taste are added to multitudes of food, the most conspicuous examples are in heavily advertised soft drinks. These have become poster boys for what is wrong with our food intake. Global public health warnings are everywhere. In California for example ChooseHealthLA.com's provocative poster asks, "You wouldn't eat 22 packs of sugar. Why are you drinking them?"

"That's a pretty big question," CEO Bob Brooke continues. "The World Health Organization came out with guidelines cutting daily sugar intake guidance to less than a single 12-oz sugary drink each day or 5% of your calories.

"So that's the problem for the major beverage makers. Their sweetener solution is high-glycosides (organic compounds that yield a sugar and one or more non sugar substitutes on hydrolysis). But artificial sweeteners aren't safe or are only somewhat safe. So what to do?"

The answer is stevia, an all-natural, zero- calorie, high-intensity sweetener used for hundreds of years in South America. Stevia really took off since the l970s in Japan where stevia has made a significant penetration of the high-intensity sweetener market there. (It was approved in the U.S. in 2008.) That's why a lot of supply caters to Japanese demand. Because many facilities were mainly built 20 or 30 years ago, the current supply chain is relatively antiquated, primarily coming from Asia, including lots of small farms in China. Many safety studies have been performed. There is no evidence of any harmful effects.

That's why there is a major growth opportunity for stevia as a safe, natural sweetener in soft drinks and as a replacement of harmful sugar as a food additive. But for that food revolution to happen on a massive scale the supply of stevia must be increased dramatically. It must also be affordable and reliable. Also stevia's quality and consistency must be kept up for the sweet taste of success in current and next generation products.

"What we're aiming to do is to supply the major customers of stevia today. There have already been breakthrough products with stevia -Coca- Cola Company's Water Vitamin Zero with over $100 million of sales in its first year on the market. Truvia, a table top sweetener from Cargill, became the number two sugar substitute in the U.S. in only its second year.

"These are now household names. So stevia really works! The major beverage makers like Coca- Cola and others who use sweeteners need a more reliable supply. They need a larger supply with more capacity. So this is our challenge to meet as a company.

"One example of what we've done is pioneering the enzyme enhancement process. It takes advantage of the property of the stevia leaf of the abundant molecules within a stevia leaf extract. (Stevia is a sweetener and sugar substitute called Reb A because it is extracted from the leaves of the plant species Stevia Rebaudiana.) Reb A precursor is often discarded as a byproduct. We can now take that byproduct "finishing what the leaf started" and convert it to high purity Reb A. So you can get two or three times the amount of stevia from the same amount of leaf or acreage. You can readily double or triple the global output. That's quite valuable to the industry when the leaf supply is a critical factor to the output available and for stevia to be available to fuel global product reformulations like Sprite reformulated in the U.K. and other major brands like it. You need someone to fuel that kind of growth with a viable stevia supply year after year. That is what our enzyme enhancement process can enable.

"An additional aspect of the stevia leaf is the best-tasting, most sugar like molecules, called Reb D and Reb M, are very rare with concentrations that are only 1/10 to 1/20% and are prohibitively expensive today. There really is no reliable supply for them. So we needed another approach. As a company that enhancement of 10 times or more Reb D or Reb M next generation stevia products is part of the challenge we are working to meet as well.

"Using a process we have developed internally, we have a pilot process working and we are scaling it, working to industrialize it up to 200 metric tons annual per year. Stevia Reb A extract sells for $100,000 per metric ton or more. The process is equally important for next gen products Reb D and Reb M as for Reb A if not more so.

"IP (Intellectual Property) is critical to what we are doing. Much of our work is internal through our own internal PhD level staff and our biochemists and agronomists who direct our programs. We also have a network of scientists who have contributed to these programs. Our IP today is virtually around biosynthesis of stevia. Also we have an application related to agricultural growth technology. By using drones shining LED light to lengthen the growing day we have a unique application where if we delay stevia plant flowering we can greatly increase the amount of stevia in the leaf by three to five fold from the same amount of acreage.

"It is something that has been demonstrated in the lab in Europe. There's some work to do to get it full scale. But it could make North American stevia production very lucrative for growers. It's worthy of exploration."

Stevia First truly is trying to be a real bio-agricultural company embracing the cutting edge. Their modern life science toolkit includes synthetic biology, continuous processing and use of artificial intelligence (AI) driven algorithms.

The tiny company is aiming to lead, not follow. Here is their intellectual property related to stevia production. Stevia First has patents or patent applications related to production of steviol and steviol glycosides through microbial fermentation and biosynthesis. Patent application covering stevia enhancement methods. Patent application covering novel agricultural production methods using drone technology and LED photoperiod interruption.

"Just to reiterate our approach as a company, we are a very R & D invested business. We are an ag-biotech company and we work to generate data in the lab and in the field. We work to integrate that into IP that has 20 years of life and also convert that into partnerships and favorable commercial terms to increase shareholder value.

"I'll get into a couple of other platforms we are working on. One is with machine learning-the use of artificial intelligence. This field is coming of age. Google has used it in the tech base which is why it is called a deep learning company. Stevia First is one of the very few companies harnessing these tools for biotech, our stevia program and also for new product applications. Stevia First is integrating artificial intelligence and machine learning with common lab tools, and applying it to human health and life sciences research focused on atoms, not bits. Value generated from trained personnel, strengthening of our stevia platform and also development of novel applications beyond stevia. I expect news from this program over the next couple of months as we describe near and longer term product applications which come out of this platform."

 

A Company -Making Deal!  

 

"Now let's talk about our recent deal we did. It is a great example of our model which is to leverage our IP technology and get favorable commercial terms on those partnerships or joint ventures. We just struck a global exclusive agreement with Qualipride, a China - based major stevia supplier, so that we have access to a supply chain that rivals anyone within the industry today. As people start to fully appreciate it as we start to use that to demonstrate our capability it should lead to customer agreements. Those are the next logical step.

"The difference with us today versus late August is this deal has transformed us from a mostly development stage company to one that has a very strong commercial arm related to stevia. Stevia First is poised to become a premier global stevia supplier and the only producer in North America. Our August 2014 definitive agreements with Qualipride provide exclusive terms for Stevia First to take over stevia distribution business with more than 350 tons of stevia exports last year and access through partners to a supply chain that can support more than 1,000 metric tons of annual stevia production capacity of annual high-purity Reb A. That represents a big chunk of the stevia industry as it exists today. Their inventories may be more than 100 tons of high purity stevia extract in stock and available immediately. We are now appointed their exclusive distributor. We expect to see margins from resale and also supply to support our own needs."

Now with exclusive rights to modern stevia extraction and refining technologies outside of China, Stevia First plans to begin construction of the first vertically -integrated North American stevia production facilities in California's Central Valley.

Showing a slide on the supply chain from the power point presentation which is on their website, Brooke continues, "Control of all aspects (Stevia seed, leaf, extract, refining and sales) can get preferential pricing. Delivery of stevia on time at the right price year after year. This Qualipride group has been doing this for over 15 years. Their supply chain works with family farms in China. The first product we're rolling out is a high-purity Reb A using our enzyme enhancement.

"The bigger picture is with very reasonable and conservative assumptions for margins and sales we could reach cash flow positive in 12 months even while investing heavily in long term R & D.

"We could be a company that could build on our base greatly. This is a supply chain with a lot of room for growth. In our U.S. expansion we are targeting a minimum production of 200 metric tons of high purity stevia from our California enzyme enhancement. We could easily have access to 500 to 1,000 metric tons of supply.

"By comparison one company that is established and the leading stevia supplier, Malaysia-based Purecircle (PURE.L). Traded on the London Stock Exchange, Purecircle has a valuation of around US$1.5 billion with a fully invested supply chain capable of delivering 2,800 metric tons of high purity stevia which can support sales of $250 to $300 million annual sales. They have deals with Coca-Cola and other multinational food and beverage companies.

"Our supply chain today rivals really anyone within the industry. It is only a matter of time before we start to deliver on contracts and start to make our footprint.

"How do we realize value for shareholders? The key for us has been keeping our capital structure clean. We have about 70.8 million shares, no significant debt or preferred stock or significant overhang.

"In terms of cash we have a very modest burn rate and we have always done a good job of striking terms for any growth financing we do. We expect that to continue. (On Oct. 1 Stevia announced raising over $1.4 million from existing institutional investors to keep up its momentum.)

"We are a small company today. We are an ag-biotech with a recent total stock market cap of around $25 million. We are focused on an industry that is growing. We are working with identified demand from companies like Coca-Cola, who spend by themselves $6 billion a year on sweeteners. Carve out a little bit of value for these guys and we will get rewarded. It's a simple equation. That is what we are doing."

In the question period an analyst noted that natural stevia production may be less important as a rival, Evolva, has a fermentation process to create stevia equivalent. How can Stevia First react?

"We have our IP, a great equalizing factor," answered Brooke. "Our program is toward fermentation of stevia and we share elements with a couple of other companies which are interested in the same space like Evolva and some other ones. There is a potential to work together or to work apart. They have a platform where they use yeast. We have quite a different strategy. We use leaf extract and we get three times as much high-purity Reb A from the same amount of leaf. They are bypassing that with synthetic biology that may have disadvantages in the minds of consumers."

In a period of great change like the current one many different avenues will be tried which is why cross licensing and strange bed fellows often turn up in the morning. It's way too soon to know the end game.

Summary: "Here is a look back at the company and what we have achieved over 12 to 18 months and where we are going," Brooke winds up.

"The one key challenge is how do you get three to five times the current stevia supply? How do you make production reliable year by year? We've answered that with our enzyme enhancement process. We get two to three times as much high- purity Reb A from the same amount of stevia leaf. We have shown the process works. We've had Stevia First's initial tasting event including our enzyme enhanced product.

"We have secured IP around our enzyme enhancement process which is distinct from anyone else within the industry and any of our competitors. We're working to scale it up to 200 metric tons minimum capacity for high purity Reb A, which is selling at $100,000 per metric ton if not more.

"We have been able to leverage that IP into a commercial deal to bring us in a span of two months to a company (Qualipride) with a supply chain within this growing industry that rivals anyone else out there.

"Will that lead over the next four to eight to 12 months in supply agreements and then with strategic partnerships with cash flow generating companies? Maybe a company is behind the times without stevia will want to make up a little ground. All those things are possible! One way or another our company will look very different over the next six to 12 months." - RJF

For more information please visit: www.steviafirst.com  or SteviaFirst Investor Relations; Telephone 1-530-231-7800 and email [email protected].

Follow Up: Important Officer and Board Upgrades for Vantage Health Inc. Back on March 10, 2014 in Flaherty Financial News Newsletter #41 we had a scoop. We wrote the first story ANYWHERE on startup Vantage Health, Inc. (VNTH- then 0.12 now 0.16). Co-developed with and licensed from NASA, Vantage is pioneering the use of digital space technology to develop new mobile apps to enable smart phones to detect lung cancer earlier and save millions of lives.

We wrote: Hold Your Breath! Prepare to Exhale into your smart phone with an app from Jeremy Barbera's start-up Vantage Health, Inc. Using co-developed with and licensed from NASA space technology, new apps may save your life by screening for lung cancer and other ills!

There are more annual deaths from lung cancer than from prostate, pancreas, breast and colon cancer combined. Why? Most lung cancer is detected too late because people are screened after symptoms show up. Only 15% of lung cancer cases are screened at an early stage.

The five -year survival rate for lung cancer diagnosed in the early stage is 52.6%. In contrast, over half of the people with lung cancer identified in the late stage die within a year of being diagnosed. Even sadder, thousands of healthy people also die too from radiation from cat scans given to check on whether they have lung cancer.

This start-up aims to bring a digital space medicine solution to your lips. Our Astronauts get sick with no doctor on board but are constantly checked for health issues. Telemedicine monitoring keeps our spacemen well. Why can't that be done for the rest of us down here on earth?

Once Vantage's app is attached your own exhaling into your smart phone cheaply and non -invasively can detect lung cancer at a very early stage. Your odds of surviving longer with a better quality of your life will soar and your treatment and insurance costs will plunge. The annual cost to treat early stage cancer is $120,000 versus $1.2 million for late stage cancer.

Suddenly shares dived in July when space entrepreneur Jeremy Barbera resigned as Vantage Chairman and CEO mainly because of a past problem in another unrelated enterprise. He remains Chairman and CEO of privately-owned Nanobeak, Inc., the majority shareholder of Vantage.  

Appointed as new Vantage Chairman is Dr. Stephen R. Steinhubl, director of Digital Medicine at Scripps Translational Science Institute. He is working to lead the clinical transformation of healthcare by enabling the evidence driven adoption of mobile health technologies through  the design and management of pragmatic clinical trials. Dr. Steinhubl is also now a Professor at Scripps Translational Science Institute.

Fortunately for shareholders, NASA continues to be exceptionally supportive. Since the original Man on the Moon glory days NASA's budget and space programs have been reduced. In spite of weekly almost incredible discoveries NASA has remained under fire from critics who object to spending money on space exploration while our economy is sputtering. Because so many question the value of NASA space work NASA is intent on having their technology commercialized so that people realize its value not just in space discovery but in making lives better here on earth. So the Vantage mobile breathalyzer app effort to identify lung cancer is still a go.

In September cavalry arrived as Vantage's board filled with additional famous names and capable managers with distinguished healthcare achievements.

Becoming new president and also joining the board, Joseph C. Peters is former White House Drug Policy Officer's Acting Deputy Director for State and Local Affairs under Presidents Clinton and Bush. Among other duties, he will explore applications of Vantage technology in narcotics detection.

Tony van Bijleved, General Manager for Pantheon/DPX, a leading global provider of contract drug development and manufacturing services and former General Manager Europe for Alliance Boots Walgreens, also joined the board. So did famous Edward Rollins, a senior advisor for Teneo and former advisor to four U.S. Presidents.

To go along with its upgraded management team and board, here is what they can build upon. Prestigious Scripps Translational Science Institute formed a strategic partnership with Vantage and its parent NanoBeak for the advancement of Mobile Health Technology. Vantage is developing personalized and point- of- care screening using apps based upon chemical sensing residing within a small device attached to a smart phone. STCI's Center for Digital Medicine is committed to the development and research of novel mobile health devices to accelerate their uptake into clinical practice. Together they will collaborate in the planning and execution of clinical trials to prove the app can identify the particular volatile organic compounds exhaled commonly associated with lung cancer. Preliminary human trials for Vantage Health Sensor began in August at the Scripps Translational Science Institute, paid for by a bio pharma partner of the company.

In a few years individuals may be able to monitor their own health using their own their smart phones. But the FDA has made it clear that the first step should be starting with established health care providers, who know the insurance procedures. Using established healthcare providers should simplify the launch considerably.

Imagine a world where deadly diseases like lung cancer could be screened for at the earliest stage in minutes by exhaling into an inexpensive small Bluetooth enabled device that works with any smart phone. Imagine once a cancer treatment protocol is started, the oncologist can monitor patient progress at any time just by having the patient exhale into that same device.

If Vantage proves itself with this first effort there are a stream of other ills to detect earlier plus new uses for the digital space technology. That is why we remain more optimistic than ever about this unknown startup. - RJF

For more information please visit: www.vantagehealthinc.com . Investors should contact Christine J. Petraglia, Investor Relations, CSIR Group at 212-386-7082   or email: [email protected].

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Disclaimer:This Flaherty Financial News Newsletter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected. We caution readers not to place undue reliance on any forward-looking statements and to supplement this newsletter with specific company SEC filings and their own research. Please be aware that there is risk in every company stock that you buy. Coverage or other mention of a stock or fund in this newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. We are not investment dealers or investor advisers registered with the SEC or State Security Authorities. We do not guarantee all the information in this newsletter is correct or will be updated. Remember some errors are inevitable. Reproduction without written permission is forbidden.

Flaherty Financial News Inc. received $5,000 in cash from Stevia First Corp. for editorial writing and online distribution of this newsletter beyond our regular core readers. We did not charge to follow up our profile on Vantage Health Inc. but earlier invoiced Vantage for 50,000 144 shares when our original coverage appeared. Our own policy forbids editorial from buying or selling a featured stock until this issue is out at least ten business days after its issue date, which in this case would be October 24, 2014. In cases where a report or profile is subsidized, readers should consider such subsidized articles as paid advertorials and understand that sponsored material will not be as objective as non- sponsored editorial. As Flaherty Financial News editor I always reserve "Final Copy Responsibility" on what to include and what to leave out of every issue. The buck stops here. We have tried to be objective, but may have failed. We are not security analysts or stockbrokers engaged in buying or selling, but financial journalists with all the many failings of that profession. You readers must decide the merits of each investment yourself and whether to invest. -Bob Flaherty, Editor

Flaherty Financial News Inc. (FFN) and its newsletters Flaherty Financial News and Flaherty Special Situations are not registered as broker dealers or investment advisers with the U.S. Securities and Exchange Commission or any state securities authority. Our newsletters and their information and content providers make no representations or warranties of any kind in connection with the subject matter, performance or suitability of the information contained in the publications for any purpose and are not liable for the timeliness, accuracy or completeness of the information. The information is provided for general information purposes and is not a substitute for obtaining professional advice from a qualified person or entity familiar with your personal circumstances. Please seek the help and advice of professionals as appropriate regarding the evaluations of any specific security, report, opinion, advice or other content. FFN is not responsible for trades placed by recipients. All opinions expressed, information and data provided are subject to change without notice. FFN, its officers and its employees may have positions in and may from time to time make purchases or sales of the securities discussed or mentioned by FFN. (However, we will avoid front running and the buying or selling of any security about to be discussed until ten business days after our particular report is released to the public.) FFN shall have no liability for any newsletter that is lost, intercepted or not received in a timely manner, or not received at all, for any reason.-RJF

While bad news and endless problems dominate the daily headlines, efforts by entrepreneurial pioneers like the two is this issue will help to create a better world. Stay optimistic and make each day a good one!

Bob and Brian Flaherty
Flaherty Financial News Inc.