Andrew Walker, Portfolio Manager -‐ Rangeley Capital
Maj Souiedan, Co-‐Founder -‐ GeoInvesting Micro-‐Cap Research
2
Safe Harbor Statement
This press release contains "forward-looking" statements. Such statements can be identified by, among
other things, the use of forward-looking language such as the words "may," "will," "expect," "anticipate,"
"estimate," "project," "would," "could" or words with similar meaning or the negatives of these terms or by
the discussion of strategy or intentions. The forward-looking statements in this release include statements
regarding our ability to achieve profitability and to penetrate the market opportunity that we believe
exists for our prognostic genetic test. Such forward-looking statements are subject to a number of risks
and uncertainties that could cause our actual results to differ materially from those discussed here, such
as our ability to obtain adequate coverage and reimbursement for our tests from third party payors, our
ability to obtain necessary regulatory clearances and approvals, the ability of our tests to keep pace with
rapid advances in technology, medicine and science, and our ability to execute our marketing strategy
and gain acceptance in the market, along with those other risks and uncertainties detailed in our SEC
filings, and involve assumptions, estimates, and uncertainties that reflect current internal projections,
expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those anticipated in such statements. All
forward looking statements contained in this press release are qualified in their entirety by these
cautionary statements and the risk factors described above. Furthermore, all such statements are made
as of the date this release and we assume no obligation to update or revise these statements unless
3
Perma-‐Fix Environmental Services Inc. (NASDAQ: PESI)
8302 Dunwoody Place
Suite 250
Atlanta, GA 30350
United States
T: 1-‐770-‐587-‐9898
Points of Interest
Perma-‐Fix Environmental Services, Inc. provides industrial and nuclear-‐waste management
services, and Consulting Engineering Services.
The Company's services include treatment,
storage, processing, and disposal of hazardous and nonhazardous waste, industrial waste and
wastewater management services, and nuclear and low-‐level radioactive waste treatment.
-‐ MRQ revenue increased 29.2% to $16.4 million compared to Q2 2014
-‐ Gross profit increased 159.0%, guiding towards 2015 EBITDA of $6-‐$7MM
-‐ Company Tc99 development project has crossed pivotal milestones and when Chalk River
Laboratories closes in 2016, 40% of world Tc99 supply goes with it
Market Data
Key Statistics
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Beta
4.26
4.25
4.34
4.23
11.53
10.09
1.581
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
Pieris Pharmaceuticals, Inc. is a clinical-stage biotechnology company. The Company produces
differentiated drugs that help patients suffering from cancer, severe asthma, anemia, and other medical
conditions. Pieris Pharmaceuticals serves customers worldwide.
- An intriguing validation of the Anticalin technology is that Pieris currently has strategic partnerships and
collaborations with numerous biotech giants, including Sanofi, Daiichi-Sankyo, Allergan, Zydus and Stelis
Biopharma.
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Beta
2.65
2.84
2.94
2.54
39.73
12.45
NA
Key Statistics
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
58 West Buffalo Street
No 200 Chandler, AZ
85225
United States
T: 1-866-622-4261
Points of Interest
Pieris Pharmaceuticals, Inc. is a clinical-stage biotechnology company. The Company produces
differentiated drugs that help patients suffering from cancer, severe asthma, anemia, and other medical
conditions. Pieris Pharmaceuticals serves customers worldwide.
--Its SmartReceipt is a patented cloud-based SaaS solution that allows retailers to dynamically transform
traditional retail transaction receipts into engaging "smart" receipts, informed by real-time consumer
purchase behavior.
-Initial focus is on the QSR space, where SmartReceipt is currently in thousands of locations in brands like
Subway, Sonic, Baskin Robbins, and Dairy Queen.
-Peter Lynch participated in recent PIPE offering
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Beta
0.55
0.51
0.55
0.51
27.86
17.44
-0.27
Key Statistics
Multiples
P/E
P/B
EV/Sales
P/CF
FY2015
2.43
7.28
3.02
-
P/Shares
0.55
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
Capitalization
Market Capitalization
Cash & Equivalents
Preferred Equity
Minority Interest
Enterprise Value
FY2014
4.1
0.3
72.6
NM
-1.25
-3.4
FY2015
4.0
-2.3
73.3
NM
-0.39
-6.7
FY2015
15.3
3.2
0
0
17.5
Current
4.0
0.6
73.1
NM
-0.34
-11.1
8
Innovative Food Holdings Inc. (NASDAQ: IVFH)
Lise-‐Meitner-‐Strasse
3085354 Freising
Germany
T: 49-‐8161-‐14-‐11-‐400
Points of Interest
Innovative Food Holdings Inc, through its subsidiary Food Innovations, is food distributor.
The
Company specializes in specialty foods and provides fresh perishable products from vendors
around the world to restaurants and other clients.
10005 Muirlands Blvd
Suite G
Irvine, CA 92618
United States
T: 1-949-419-0288
Points of Interest
ChromaDex Corporation discovers, acquires, develops, and commercializes proprietary-based ingredient
technologies. The Company provides science-based solutions to the dietary supplement, food and
beverage, animal health, cosmetic, and pharmaceutical industries.
-The Company has reported five consecutive quarters of record revenues ($6.2MM in Q2 2015) largely due
to increased sales in its ingredients business segment
-Its product NIAGEN ® is the first and only commercially available form of nicotinamide riboside, a
naturally occurring vitamin B3 metabolite found in milk. NIAGEN has been clinically shown to increase the
co-enzyme NAD+, arguably the most important cellular co-factor for improvement of mitochondrial
performance and energy.
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Beta
Key Statistics
1.32
1.35
21.39
Total Revenue
Growth Over Prior Year
%
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
333 Bayview Avenue
Amityville, NY 11701
United States
T: 1-631-842-9400
Points of Interest
Mikros Systems Corporation develops wireless data transmission techniques and equipment. The
Company's products are used on conventional AM radio stations for the purpose of transmitting digital
data without interference to the regular broadcast.
-2015 YTD revenue and net income have doubled since the same period last year
- The company recently purchased new software products providing it with the opportunity to service
commercial customers and additional Department of Defense customers outside the Navy.
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Beta
.16
.16
.16
.16
32.02
24.76
0.13
Key Statistics
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
555 Maryville
University Drive
Suite 400
St Louis, MO 63141
United States
T: 1-314-216-2600
Points of Interest
Huttig Building Products, Inc. distributes building materials used primarily in new residential
construction and in home improvement, remodeling, and repair work. The Company's products are
distributed through various distribution centers principally to building materials dealers. Huttig's
products include doors, windows, moldings, specialty building materials, and lumber.
-‐Leading distributor of building products such as doors, windows and trim
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Beta
3.07
3.07
3.08
3.07
24.89
17.98
1.844
Key Statistics
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
1 Virginia Avenue
Suite 300
Indianapolis, IN 462043669
United States
T: 1-317-634-3377
Points of Interest
Noble Roman's Inc. sells and services franchises for non-traditional and co-branded foodservice
operations under the trade name Noble Roman's Pizza. The Company's non-traditional locations include
venues such as universities, convenience stores, travel plazas, and military bases. Noble Roman's has
national co-branding relationships with both TCBY and Subway.
-During the MRQ, the company provided inventory to eight new grocery distribution centers. The company
now supplies 26 grocery store distribution centers, with +1200 stores
Management currently expects 2015 grocery store revenue to grow 70-90% compared to 2014
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Beta
1.48
1.50
1.51
1.48
20.72
10.16
1.30783
Key Statistics
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
FY2013
FY2014
Current
7.5
4
7.9
5
7.9
4
3.1
5.2
3.6
-.1
.09
1.7
20
.08
.6
20
.08
.6
Multiples
P/E
FY2015
15.98
P/B
1.84
P/FCF
48.91
P/CF
47.25
EV/EBITDA
9.3
Capitalization
FY2015
Market Capitalization
30.7
Cash & Equivalents
0.3
Preferred Equity
0
Minority Interest
0
Total Debt
2.6
Enterprise Value
33.0
15
Hamilton
Perma-‐
Fix TEhorne
nvironmental
Ltd (TSXV:
Services
HTL.V) Inc. (NASDAQ: PESI)
100 Cummings Center
Suite 465E
Beverly, MA 01915
United States
T: 978-‐921-‐2050
Points of Interest
Hamilton Thorne Ltd., together with its subsidiary, Hamilton Thorne, Inc., develops, manufactures,
and sells precision laser devices and advanced image analysis systems for living cell applications
in the fertility, stem cell, and developmental biology research markets.
-‐ MRQ the Company had gains in net income (up 45%) and EBITDA (up 34%) attributable to strong
expense controls and accretive earnings from new product acquisition.
-‐Trailing twelve month net income exceeded $1.0 million for the first time in the Company's history
with earnings per share (basic and diluted) of $0.02.
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
0.25
0.23
0.27
0.23
27.86
17.44
P/E
P/B
P/Sales
EV/Revenues
FY2015
13.89
N/A
1.81
1.91
EV/EBITDA
12.88
Multiples
Key Statistics
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
Validian Corporation, a development stage company, provides software products for public and
private enterprises in Canada and internationally. The company offers Validian Protect, an
application security middleware for securing data transport between distributed applications and
Web services; and Validian ShareProtect that transforms a user’s desktop or mobile PC into a
secure communication facility for uploading sensitive, proprietary information to a shared
repository.
-‐The company recently completed development of ValidianProtect 3.1, which it plans on bringing to
market in 2015
-‐The company recently partnered with Solana Networks Inc. for the development, deployment and
support of Validian-‐enabled secure mobile and non-‐mobile solutions and applications for the
government, defense, business and consumer markets
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
0.04
0.04
.08
.02
356
-
Trailing P/E
Price/Sales
Price/Book
EV/Rev
FY2015
3.07
0.88
1.77
0.97
EV/EBITDA
30.24
Multiples
Key Statistics
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin
EPS, Adj
FCF
Capitalization
Share Price as of
Market Capitalization
Cash and Short Term
Total Debt
Enterprise Value
FY2014
NM
-
FY2015
NM
-
Current
NM
-
FY2015
13.91MM
0.88
1.77
0.97
21.87
18
Parkit EFnterprise
Perma-‐
ix Environmental
Inc. (TORONTO:
Services Inc.
PKT.V)
(NASDAQ: PESI)
Suite 1088 -‐ 999
West Hastings Street
Vancouver, BC V6C
2W2
Points of Interest
Parkit Enterprise Inc. is a real estate investment firm specializing in acquisition and operation of
income-‐producing parking facilities. The firm seeks to invest in the United States. Parkit
Enterprise Inc. was incorporated in 2006 and is headquartered in Vancouver, Canada.
-‐A parking lot rollup company with a $500 million joint venture with Och-‐Ziff Real Estate
-‐Diversified earnings from assets across the U.S.
-‐The company profits through enhanced parking lot throughput via optimization, capital gains
through aggregated portfolio sales, and asset management fees and incentive payments
-‐Recession resistant industry with increasing demand and prices
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Trailing P/E
P/B
P/S
EV/Rev
FY2015
3.07
.81
.42
-
EV/EBITDA
-
Multiples
Key Statistics
042
.41
.42
.41
31.29
22.98
Total Revenue
Growth Over Prior Year %
Growth Profit Margin %
Net Margin %
EPS, Adj
FCF
FY2014
8
21.1
30
-10
56.7
.1
FY2015
10
28
35
-19
77
.8
Capitalization
Market Capitalization
Cash and Short Term
Preferred
Debt
EV
FY2015
13.1
1.4
0
0
11.8
Current
8.3
-8
68
-
19
Perma-‐FSix
QUEST
OLUTION
Environmental
INC (QUES)
Services
Inc. (NASDAQ: PESI)
2580 Anthem Village
Drive
Henderson Nevada
89052
United States
Points of Interest
Quest Solution, Inc. is a national mobility systems integrator. It focuses on design, delivery, deployment
and support of integrated mobile solutions and wireless equipment. The company takes a consultative
approach by offering end to end solutions that include hardware, software, communications and full
lifecycle management services.
-One of the only ‘one-stop’ fully integrated mobile solution providers
-95+% customer retention: Customers include Bridgestone, McKesson, Carl’s Jr., Oakley, Sherwin
Williams; 85%+ of largest 20 customers have been with Quest for 5+ years
-MRQ gross margins widened from 1.29% to 7.64% compared to the same quarter last year
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
Total Revenue
Growth Over Prior Year %
Profit Margin
Net Margin
EPS, Adj
FCF
FY2014
37310
7333
302
-
FY2013
4
4
-1212
-
FY2012
1
1
-191
-
Trailing P/E
Price/Sales
Price/Book
EV/Rev
FY2015
-
EV/EBITDA
-
Multiples
Key Statistics
0.42
0.40
0.53
.026
-
Capitalization
Market Capitalization
Cash and Short Term
Preferred
Debt
EV
FY2015
-
20
Perma-‐RFealty
Social
ix Environmental
Inc (OTC: SCRI)
Services Inc. (NASDAQ: PESI)
456 Seaton Street
Los Angeles, CA 90013
United States -‐ Map
Phone: 323-‐694-‐9800
Points of Interest
Social Reality, Inc., an Internet advertising company, provides tools to automate the digital
advertising market. The company builds technologies and leverages partner technologies that
service social m edia and the real time bidding markets.
-‐Value accretive acquisitions generate immediate and long-‐term growth (Steel Media, Social Spotlight
Media, and Five Delta)
-‐Revenue for the quarter ended June 30, 2015 was $10,761,573, an increase of 3,786% over Q2 2014,
and a 168% increase over the first quarter of 2015
-‐FY 2015 revenue guidance of $30M
-‐Secured $25 m illion in financing: $20 million credit from Victory Park Capital
and $5 million from Siskey Capital, LLC and other existing investors for new equity
Market Data
Last Price
Open Price
High Price
Low Price
Diluted Shares Outstanding
Equity Float
1.99
1.95
2.28
.77
27
-
Key Statistics
Total Revenue
Growth Over Prior Year %
Profit Margin
Net Margin
EPS, Adj
FCF