Professional Documents
Culture Documents
200.0 9.0
8.3
180.0 8.0
160.0
7.0
6.4
140.0
6.0
120.0
5.0
(US$m)
(US$m)
4.7
100.0
4.0
80.0
3.0
60.0
2.0
40.0
20.0 1.0
0.0 0.0
May-09 (excl FB) Jun-09 Jul-09
Total Average
A w eak price performance week: The companies in our universe had weak stock price performances over the past
week (for stocks with prices greater than $1) (Figure 6), with 30 companies showing negative returns on the week.
Gravity (NasdaqGM:GRVY) led the group with a 33% return, while GungHo (3765-OSE) had the worst return,
dropping 26.4% in the week.
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550
Page 2
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
Online Media companies lead financing: Two online media companies, Pandora (Internet Radio) and QuickPlay (Mobile
Video), have secured the largest financing transactions thus far in July ($35 million and $12 million, respectively). Total
capital raised so far in July is $66.1 million through eight transactions, averaging $8.3 million per transaction. June closed
with $180 million in financing on 36 transactions. The averages for the months of May (excluding the Facebook
transaction) and June were $6.4 million and $4.7 million, respectively.
200.0 9.0
8.3
180.0 8.0
160.0
7.0
6.4
140.0
6.0
120.0
5.0
(US$m)
(US$m)
4.7
100.0
4.0
80.0
3.0
60.0
2.0
40.0
1.0
20.0
0.0 0.0
May-09 (excl FB) Jun-09 Jul-09
Total Average
0.0
50.0
100.0
150.0
200.0
250.0
Facebook
People Media
Fuhu Inc.
Zoosk
Sense Networks
Azuki Systems
Gather
MojoPages
TimeBridge
OLX
DocuSign
Taomee
Animoto
GameGround
Nexage
StyleCaster
Medialets
RingRevenue
TweetDeck
Crowdcast
YuMe
eRepublik
Newser LLC
ClickFuel
Financing & M/A Summary - Last Three Months
Inigral
AdEx Media
GROU.PS
Resonate Networks
my6sense
Yapta
OneTXT
Cliqset
VoxPop
Mo'Minis
CoTweet
Glubble
Picaboo
LiquidPlanner
AdWhirl
TodaCell
Loop'd Network
MashLogic
People Capital
Jaxtr
Jul-09
Jun-09
May-09
Page 4
its revenue from advertising, indicated that it would be joining the new agreement as well. For additional details on
copyright holders reached agreement with a group of webcasters regarding royalty rates. Pandora, which derives most of
Pandora raises $35 million: Pandora had the largest raise over the last week, securing a $35 million round. Recently,
Page 5
Social Network remains the most active sector in dollars raised, while Ad Network remains the most active in
number of transactions: Following recent trends, Social Networks as a sector saw the most activity in dollars raised
($240.5 million), largely attributed to the $200 million investment by Digital Sky Technologies in Facebook. However, it
was the Ad Network sector that saw the most transactions (13), raising $117.2 million (Figure 4).
300.0
250.0
200.0
(US$m)
150.0
240.5
100.0
117.2
50.0
80.0
35.0 29.0 25.8 23.0 20.4 20.0 19.3 18.3 17.5 17.0 16.5 13.3 13.0 6.8 6.3 4.0
0.0 3.2 1.0 1.0 0.5
Comment/Reputation
Mobile Payment
Communities
Online Dating
Gaming
Mobile
Enterprise
Collaboration
Media
Microblog
Publishing
Online Lending
Music
Blog
Infrastructure
Search
Mobile Ad
Widget
Social Networks
Video
Virtual World
Aggregation
Ad Network
Vertical
# companies
11 13 1 1 1 5 2 3 3 6 3 5 3 3 2 1 1 1 1 1 1 1 1
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Web 2.0 index outpaces NASDAQ recovery: Our W eb 2.0 index (market-cap weighted) essentially mirrored the
performance of the NASDAQ composite index from mid-2008 until recently. However, the index has recently had a much
stronger recovery relative to the NASDAQ index (Figure 5).
100
80
60
40
20
0
7/14/2008
7/28/2008
8/11/2008
8/25/2008
9/8/2008
9/22/2008
10/6/2008
10/20/2008
11/3/2008
11/17/2008
12/1/2008
12/15/2008
12/29/2008
1/12/2009
1/26/2009
2/9/2009
2/23/2009
3/9/2009
3/23/2009
4/6/2009
4/20/2009
5/4/2009
5/18/2009
6/1/2009
6/15/2009
6/29/2009
7/13/2009
^COMP - Share Pricing Index: Web 2.0 (Market Cap)
A w eak price performance week: The companies in our universe had weak stock price performances over the past week
(for stocks with prices greater than $1) (Figure 6), with 30 companies showing negative returns on the week. Gravity
(NasdaqGM:GRVY) led the group with a 33% return, while GungHo (3765-OSE) had the worst return, dropping 26.4% in
the week.
C L IC K E R Inc . (OTC B B : C L K Z) F ina ncial Media G roup Inc. will C hange its T icker to E ffective J uly 08, 2009, F inancia l Media G roup Inc. will change its O T C B B s tock ticker s ymbol to C L K Z from F NG P .
C L K Z from F NG P
S pectrumDNA, Inc . (OTC B B : S P XA) S pectrumDNA Inc. Appoints J eff Nola n to its B oard of S pectrumDNA Inc. a nnounced the appointment of J eff Nola n, entrepreneur, venture capita lis t and prolific s ocial media s tra tegis t, to its boa rd
Directors of directors . Mos t recently, Mr. Nola n wa s the V P C orpora te Development a t News G ator T echnologies . During his tenure, Mr. Nolan overs aw
res tructuring of News G ator into enterpris e s oftware a nd media bus ines s units operating independently of each other. He als o worked to
es tablis h brand lea ders hip for the company in the widget and content s yndica tion market s pa ce. Mr. Nolan brings to the S pectrumDNA boa rd
a n extens ive ba ckground in technology and Internet infras tructure a nd a ls o deep ma rketing s kills .
B eyond C ommerc e, Inc. B eyond C ommerce Inc. R eports R evenue R es ults for the B eyond C ommerce Inc. reported revenue res ults for the s econd quarter ended J une 30, 2009. F or the period, the company reported tha t due
(OTC B B : B YOC ) S econd Quarter E nded J une 30, 2009 ; P rovides to the s trong growth of its a dvertis ing and E -commerce divis ions $5. 3 million in revenues , up 8, 826% from the s econd qua rter 2008.
R evenue G uida nce for the T hird, F ourth Q ua rter and
S econd Half of F is ca l 2009 T he compa ny expects s trong revenue growth throughout the ba lance of the fis ca l year.
T he compa ny project third and fourth qua rter revenues to exceed $27 million as they were coming into their s tronges t s elling s eas on.
J umbuck E ntertainment Pty L td. Upda te to J umbuck E ntertainment P ty Ltd.'s E quity As of J uly 7, 2009, J umbuck E ntertainment P ty Ltd. ha s repurchas ed 95,250 s hares for a total cos t of AUD 0. 03 million under the program.
(AS X: J MB ) B uyba ck on J uly 7, 2009
OAO R B C Information S ys tems OAO R B C Information S ys tems Announces E xecutive O AO R B C Informa tion S ys tems a nnounced tha t on J une 30, 2009, the B oard of Directors of the compa ny appointed R B C co-founder
(R TS : R B C I) Appointments G erman K a plun, a s G eneral Director, effective J uly 1, 2009. O wing to his appointment to the pos ition of R B C G eneral Director, the boa rd
a ls o cons idered the ques tion of reelecting the cha irma n of the B oa rd of Directors . T he G eneral Director of the R B C T V bus ines s cha nnel-
Artyom Inutin, who ha s been in cha rge of R B C 's media bus ines s for more than 10 yea rs , wa s elected a s a new chairman of the B oard of
Directors of the company.
DigitalFX International, Inc . Digita lF X International Inc. Appoints Allen La ngford as O n J uly 1, 2009, Digita lF X Interna tional Inc. appointed Allen La ngford, age 49, a s its new C hief O pera ting O fficer. Mr. L angford has over
(OTC B B : DG FX) C hief Operating Officer twenty years of ma na gement experience in the technology indus try, including three yea rs as divis iona l E xecutive V ice P res ident of P P G
Indus tries Inc. and various executive level roles in other compa nies . S ince O ctober 15, 2008, Mr. La ngford ha s s erved the compa ny as a n
independent contra ctor. P rior to his a ppointment as the compa ny's C hief Opera ting Officer Mr. L angford wa s als o a direct s elling 'affilia te' of
V Mdirect, L . L. C .
NetDragon WebS oft, Inc. (S E HK : 777) NetDragon La unches B eta T es t of Heroes of Might and NetDragon W ebS oft Inc. a nnounced that the beta tes t vers ion of the 2. 5D MMOR P G Heroes of Might and Ma gic Online: G old E dition will be
Ma gic O nline: G old E dition officia lly la unched at 15: 00 (C hina S tanda rd T ime) on J uly 8th. Heroes of Might a nd Magic Online: G old E dition is a product of s ignificance
for NetDragon, a s it repres ents the culmination of years of itera tive des ign proces s es , a nd bala nces the des ires of gamers with the cla s s ic
s trategic game-play elements of Ubis ofts legendary Heroes of Might & Magic fra nchis e.
Gravity C o., L td (Nas daqGM: G R VY) G ravity C o. Ltd. R eports Unaudited C ons olidated G ra vity C o. L td. reported una udited cons olida ted earnings res ults for the firs t quarter ended Ma rch 31, 2009. T he company reported
E a rnings R es ults for the F irs t Q ua rter E nded Ma rch 31, revenues for the firs t qua rter ended Ma rch 31, 2009 wa s K R W 16, 607 million ($12, 991,000), repres enting a 9. 27% increa s e from K R W
2009 15, 198 million ($11,889,000) for the fourth quarter ended December 31, 2008 a nd a 32.55% increas e from K R W 12, 529 million ($9, 801, 000)
for the firs t quarter ended March 31, 2008. Income before income tax expens es and others was K R W 6, 997 million ($5, 474, 000) for the firs t
qua rter of 2009, which repres ents a 76.03% increas e compa red with K R W 3,975 million ($3, 110,000) a nd a 2, 616. 91% increa s e yea r on
year compared with a los s of K R W 278 million ($217,000). Net income wa s K R W 5, 253 million ($4, 109, 000) for the firs t qua rter of 2009
compared with a net income of K R W 1,654 million ($1, 294, 000) for the fourth quarter of 2008 and a net los s of K R W 4,513 million
($3,531, 000) for the firs t qua rter of 2008. Operating income wa s K R W 5, 513 million agains t los s of K R W 1,686 million for the s a me period a
year a go. Income before minority interes t a nd equity in los s of rela ted joint venture wa s K R W 5, 592 million a gains t los s of K R W 1,127 million for the s
Open Text C orp. (Nas daqGS : OTE X) Open T ext C orp. Announces Availa bility of Open T ext O pen T ext C orp. announced the immedia te a vaila bility of Open T ext W eb S olutions 10, the la tes t relea s e of O pen T ext's W eb C ontent
W eb S olutions 10 Management (W C M) s oftware. T he new releas e a llows orga niza tions to intelligently ma na ge a nd deliver a broad s et of corporate informa tion
to us ers over the W eb, and fea tures extens ive us a bility upgra des , a new technology founda tion, and deeper and more comprehens ive
integration with the Open T ext E C M S uite a nd the S AP NetW ea ver(R ) P orta l component. T he role of W C M has s ignificantly expa nded from a
place to s tore a nd publis h externa l-fa cing content to a vital tool in helping to s upport orga niza tiona l bus ines s goals in s uch a reas as s ales
a nd cus tomer s upport. T his means tha t W C M mus t deliver a highly pers onal cus tomer experience a nd be a ble to tap into content hous ed in
many different enterpris e s ys tems . And a s digital as s ets ha ve become les s expens ive to crea te, companies need better wa ys to ma na ge rich
media s uch as audio a nd video.
Page 9
K ey Developments
C ompany Headline Notes
K ings oft C o. L td. (S E HK : 3888) An unknown s hareholder entered into a term s heet to s ell An unknown s ha reholder entered into a term s heet to s ell 7. 81% s take in K ings oft C o. L td. (S E HK : 3888) on J uly 9, 2009. HS B C is acting a s
7.81% s ta ke in K ings oft C o. L td. (S E HK : 3888). book runner for the s ale.
VOIS , Inc. (OTC B B : VOIS ) V OIS , Inc., 100 : 1, S tock S plit or S ignificant S tock V OIS , Inc., 100 : 1, S tock S plit or S ignificant S tock Dividend, J ul-09-2009
Dividend, J ul-09-2009
Openwave S ys tems Inc. O penwave S ys tems Inc. Appoints J ohn G iere a s S enior Openwave S ys tems Inc. a nnounced the a ppointment of J ohn G iere as s enior vice pres ident, products and marketing, effective J uly 8, 2009.
(Nas daqG S : OPW V) V ice P res ident of P roducts and Marketing G iere brings more than 20 years of mana gement, marketing a nd bus ines s development experience a t compa nies in the telecommunica tions
indus try, including Alcatel Lucent and E rics s on. G iere will report to the company's C E O , K en Denman. P rior to O penwave, J ohn s erved as
chief marketing officer a t Alcatel Lucent. He als o held a number of s enior marketing roles at E rics s on, including vice pres ident, new bus ines s
development; vice pres ident, global branding a nd ma rketing; a nd executive vice pres ident, bus ines s development a nd s ales s upport. J ohn
currently s erves on the T elecommunications Indus try As s ociation (T IA) E xecutive B oard. He holds an MB A from the Univers ity of Maryla nd
a nd a B S degree from G eorgetown Univers ity.
B eyond C ommerc e, Inc. B eyond C ommerce Announces LocalAdL ink's E xpans ion B eyond C ommerce Inc. a nnounced the P re-L aunch of LocalAdL ink into the C a nadian ma rket. LocalAdL ink ha s its firs t meeting s cheduled in
(OTC B B : B YOC ) Into C a na da C anada on J uly 25th in T oronto. T o regis ter for this introductory meeting. LocalAdL ink is an online advertis ing s ervice tha t enables loca l
bus ines s es to reach local cus tomers . T he cus tomer facing W eb s ite L ocalAdLink. com is a local s earch directory and acts as the centra l hub
for the Loca lAdL ink technology. W hen a cus tomer vis its LocalAdL ink. com, the proprieta ry geo-targeting technology identifies their location
a nd s erves up loca l bus ines s es in their zip code. O nce here, a cus tomer can perform additional s earches for loca l bus ines s es and s ervices
a cros s a complete s election of categories and get the informa tion they require.
P NI Digital Media Inc. (TS XV: P N); R etail P NI Digital Media Inc. Adds New Dis tributors and New P NI Digital Media Inc. announced s evera l new initiatives related to its P NI C onnected K ios k(T M). P NI a nd R eta il Ima ging Ma na gement
Imaging Management G roup L lc R etailers with P NI C onnected K ios k G roup Llc are working together to dis tribute the P NI C onnected K ios k to ma jor retail cus tomers acros s the US . R etail Ima ging has a lrea dy
enabled P NI to s ell the traditional touch-s creen termina l-ba s ed vers ion of the P NI C onnected K ios k into F red Meyer and K ing S oopers ,
a nnounced on April 30th, 2009. P NI a nd R eta il Ima ging have now teamed up to pla ce the web vers ion of the P NI C onnected K ios k with
As s ocia ted F oods S tores ' online P ixureT his (T M) photo s olution. P NI has als o teamed up with P hoto G ift W orld to launch the online vers ion
of the P NI C onnected K ios k to a new range of P G W cus tomers including s ma ll reta ilers , corporations , non-profit orga nizations a nd s chools .
P G W , the producer of photo gifts , photo books a nd calendars for C a na dian retailers , is now a ctively purs uing pa rtners hips in the US . T he
P NI C onnected K ios k enables P G W to offer their thous ands of photo gift products in a n efficient manner to any number of new cus tomers
Open Text C orp. (Nas daqG S : OTE X) C anopius S elects Open T ext E C M S uite Open T ext C orp. announced that C anopius has s elected the O pen T ext E C M S uite to improve proces s es , reduce filing cos ts a nd, more
importa ntly, s upport the implementation of electronic tra ding. R ealizing the ever-increas ing ma rket dema nd for electronic trading, C anopius
unders ta nds the need for a document mana gement and workflow s ys tem that would enable the orga nization to exchange information
electronica lly with brokers and third parties around the world. F ollowing a rigorous evaluation proces s , C a nopius chos e the O pen T ext E C M
S uite, pa rticula rly for its bus ines s proces s management a nd document management capa bilities . One of the key factors in the decis ion was
that Open T ext could offer an integra ted document ma nagement and bus ines s proces s ma na gement s olution, reducing s ys tem integra tion
concerns .
VALUATION
Online Gaming companies lead market-cap charts: Thirteen companies in our W eb 2.0 universe top US$1 billion in
market capitalization (Figure 8). Fifty-eight of the 92 companies have market caps under US$100 million, with 26 under
US$10 million. Online gaming companies dominate the top of the list, led by Tencent Holdings with a market cap over
US$20 billion.
Market C ap (US D m)
Tencent Holdings Ltd.
Neteas e. com Inc.
S handa Interactive Entertainment 3459.3
IA C/InterA ctiveCorp. 2431.3
S ohu. com Inc. 2254.5
Cha ngy ou.com Limited 2068. 6
Open Tex t Corp. 1894. 4
Modern Times G roup Mtg A B 1841.4
G iant Interactive G roup, Inc. 1705.2
G ree, Inc. 1557.1
Perf ect World Co., Ltd. 1399.8
Chines e G amer Internationa l 1089.6
Mix i, Inc.
V a lueClick Inc. 901.91005.4
K ings oft Co. Ltd. 766.3
United Online Inc. 585.1
NetDra gon WebS of t, Inc. 388.0
S hutterf ly , Inc. 302.1
G igaMedia Ltd. 295.5
S K Communications Co., Ltd. 289. 6
G ama nia Digital Entertainment Co., 252.6
NEOWIZ G ames Corporation 249.1
The9 Limited 232.0
G ungHo Online Entertainment, Inc. 229.7
XING A G 221.6
Openw ave S y s tems Inc. 190.8
A ctoz S oft Co., Ltd. 169.8
CDC Corp. 150.7
DA DA S pA 139.1
G ameOn Co Ltd. 106.6
OA O R B C Inf ormation S y s tems 104.0
Tree.Com, Inc. 103.5
Y edangOnline Corp. 94.7
My riad G roup A G 92.2
Cy berplex Inc. 88.9
K A B Dis tribution Inc. 76. 1
HanbitS of t, Inc. 72.4
JumpTV Inc. 68.8
TheS treet.c om, Inc. 61.1
DigitalTow n, Inc. 54.2
G eoS entric Oy j 50.1
S park Netw orks , Inc. 49.4
PNI Digital Media Inc. 42.8
Eolith Co. Ltd. 41.8
Ngi G roup Inc. 40.9
G ravity Co. , Ltd 40.3
Webz en Inc. 38.9
Frogs ter Interac tiv e Pictures A G 37.7
S ocialw is e, Inc. 34.7
A Q Interac tiv e, Inc. 32.4
NeXplore Corporation 32.4
Fluid Mus ic Canada, Inc. 29.5
Y nk K orea Inc. 25.3
Wiz z ard S of tw are Corporation 24.4
Dolphin Digita l Media, Inc. 23.3
DXN Holdings B hd 22.4
Northgate Technologies Limited 20.7
B roadWebA s ia Inc. 19.5
LookS mart, Ltd. 19.5
B ey ond Commerc e, Inc. 18.0
A cceleriz e New Media, Inc. 15.2
J umbuck Entertainment Pty Ltd. 14.6
Lingo Media Corporation 12.8
Quepas a Corp. 12.7
IA S Energy , Inc. 10.5
UOMO Media, Inc 9.0
V OIS , Inc. 8.3
Worlds . com Inc. 7.9
S pectrumDNA , Inc. 7.3
S NA P Interac tiv e, Inc. 4.9
MOK O.mobi Limited 4.7
Ex tens ions , Inc. 4.4
is eemedia Inc. 4.4
B right Things plc 4.1
Magnitude Inf ormation S y s tems 4.1
CornerWorld Corporation 3.9
DigitalPos t Interac tiv e, Inc. 3.0
Wooz y Fly , Inc. 2.6
B etaw ave Corporation 2.6
B igs tring Corp. 2.1
Wy nds torm Corporation 1.8
LiveWorld Inc. 1.7
Unis erv e Communications Corp. 1.5
CLICK ER Inc. 1.3
A s s ociated Media Holdings Inc. 0.9
The Pa rent Company 0.5
ZipL ocal Inc. 0.3
China G atew ay Corporation 0.3
Total S port Online A S 0.1
S ocial Media V enures , Inc. 0.0
S NM G lobal Holdings 0.0
Dibz Interna tional, Inc. 0.0
0 500 1,000 1,500 2, 000 2,500 3,000 3,500 4, 000
TEV/Revenue (LTM) averages 5.3x: The overall average TEV/Revenue (LTM) multiple for our group is 5.3x (versus 4.6x
last week) (Figure 9). Two companies trade at more than 40x revenue – Bigstring Corp. (OTCBB:BSGC) at 48.3x, closely
followed by Gree (TSE:3632) at 46.3x. The median is only 1.8x. Note that we exclude multiples greater than 50x. Thirty-
two companies have multiples under 1.5x.
60. 0
50. 0 48.3
46.3
40. 0
31.3
30. 0
20. 0 18.318.419.2
14.715.2
13.2
11.2
8.5
10. 0
A v erage, 5. 3 6.8 7.8
5.5 6.3
3.1 3.2 3.2 3.2 3.2 4.1 4.1 4.1 4.6 4.6 4.9
2.4 2.5 2.6 2.9
1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.6 1.6 1.8 1.8 2.0 2.2 2.2
0.1 0.1 0.2 0.2 0.2 0.2 0.4 0.4 0.4 0.4 0.5 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.1 1.1
0. 0
N E O WIZ G ames C orporation
MO K O .mobi L imited
UO MO Media, Inc
C LIC K E R Inc.
DXN Holdings B hd
G a meO n C o Ltd.
G eoS entric O y j
S N M G loba l Holdings
C ornerWorld C orporation
O pen T ex t C orp.
J umpT V Inc .
IAC /InterAc tiveC orp.
S pa rk N etwork s , Inc .
C y berplex Inc .
G igaMedia Ltd.
is eemedia Inc .
XIN G AG
S ohu.com Inc .
Mix i, Inc .
G ree, Inc .
B right T hings plc
L iveWorld Inc .
ZipLoca l Inc .
Y nk K orea Inc .
TEV/Revenue (LTM) by country/exchange: W e have also calculated multiples based on where the companies are listed
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
number of companies (18), trading at an average multiple of 12.7x (versus. 13.7x last week). On a geographic basis, the
United States has the most companies (38), trading at an average of 5.8x revenue (versus 5.7x last week) (Figure 11).
Ten of the companies are Canadian (average 4.4x revenue).
8.0 7.8
6.0 7.2 7.2 7.2
4.6 4.13.4 6.0 5.8 5.6
4.0 2.8 2.6 2.4 1.8 1.4 4.6
2.0 1.8 1.8 4.0 4.4
2.0 0.8
0.5 2.6 2.0 1.8 1.4
0.0 0.4 0.2 0.0 2.0
0.8 0.5
OTCNO
OTCPK
OTCBB
GTSM
NasdaqGM
SEHK
HLSE
KOSE
OSE
NasdaqGS
RTS
OM
CM
XTRA
AMEX
TSX
KLSE
BSE
AIM
0.0
TSXV
SWX
ASX
Germany
United
Japan
Finland
United
China
Canada
Malaysia
Hong Kong
India
Russia
Italy
South
Taiwan
Australia
Norway
Switzerland
Sweden
# Companies 1 5 18 2 3 1 2 1 4 11 2 1 4 2 7 1 14 1 1 1 5 1 1
# Companies 1 6 1 2 3 38 10 1 10 1 2 9 1 1 1 1 1 1
TEV/EBITDA (LTM) averages 9.2x: The average multiple for the 35 companies with positive EBITDA (and multiples under
100x) is 9.2x LTM EBITDA (vs. 10.1x last week), led by Tencent Holding’s (700-SEHK) 38.2x multiple (Figure 12).
Fourteen of the companies have EBITDA multiples under 7x. The median multiple is 8.0x (vs. 9.2x last week).
T E V/L T M E B IT DA (x)
45. 0
40. 0 38. 2
35. 0 32. 9
30. 0
25. 3
25. 0
21. 4
19. 1
20. 0
13. 9
15. 0 12. 8 13. 7
11. 1 11. 7
A verage, 9. 2 9. 2 9. 3 9. 4 9. 6 9. 8 10. 0 10. 3
10. 0 7. 4 7. 4 7. 6 8. 3
4. 7 4. 9 5. 3 5. 5
5. 0 3. 4 3. 7 4. 2
1. 9 2. 3
0. 1 0. 2 0. 3 0. 4 0. 6
0. 0
NE O WIZ G ames C orporation
C L IC K E R Inc .
DXN Holdings B hd
C DC C orp.
O pen T ex t C orp.
AQ Interac tive, Inc .
S ohu. c om Inc .
C yberplex Inc .
Mix i, Inc .
Y nk K orea Inc.
S hutterfly , Inc.
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange. The
OTCBB has the largest number of companies (18), trading at an average multiple of 2.0x (vs. 3.7x last week). On a
geographic basis, the United States has the most companies (38), trading at an average of 6.0x EBITDA (Figure 14). Ten
of the companies are Canadian (average 10.4x EBITDA).
(x)
SEHK
KOSE
OSE
TSE
NasdaqGS
RTS
OM
CM
TSX
XTRA
AMEX
KLSE
BSE
SWX
ASX
0.0 0.0
Germany
China
Canada
Japan
United
Hong Kong
Malaysia
Russia
Italy
South
Korea
States
Taiwan
Australia
Sweden
Switzerland
# Companies 2 3 7 4 2 1 1 5 14 1 2 1 18 2 1 1 1
# Companies 3 9 10 10 2 1 6 38 1 1 1 2 1 1
P/E (LTM) averages 11.0x: The average multiple for the 30 companies with positive earnings (and multiples under 100x)
is 11.0x LTM EPS (vs. 17.2x last week), led Worlds.com (OTCBB-W DDD) 51.2x multiple (Figure 15). Eleven of the
companies have P/E multiples under 10x. The median is just 13.3x.
P /E L T M (x)
60.0
51.2
48.3 48.6
50.0
42.5
40.0
28.5 29.6
30.0 26.6 27.1
23.6
20.7 21.1
20.0 17.2
15.1
13.9 14.1
12.0 12.7
A verage, 11.0 10.5 11.7
8.9
10.0 7.4
5.6 6.1
2.8 4.0
1.8 2.4 2.6
0.7
0.0
NE O W IZ G ames C orporation
J umbuck E ntertainment P ty Ltd.
G ameO n C o Ltd.
Modern T imes G roup Mtg AB
T he9 Limited
O pen T ex t C orp.
C y berplex Inc.
G igaMedia Ltd.
S ohu.com Inc.
Mix i, Inc.
DADA S pA
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (18), trading at an average multiple of 29.3x. On a geographic basis, the United States has
the most companies (38), trading at an average of 23.6x earnings (Figure 17). Ten of the companies are Canadian
(average 19.2x EPS).
19.2
15.0 15.1 15.0 16.4
10.8 8.9 11.7
10.0 6.1 5.6 10.0
5.0 4.0 6.1
1.8 5.6
5.0 4.0
0.0 0.0
OTCBB
GTSM
NasdaqGM
TSE
SEHK
KOSE
NasdaqGS
CM
OM
XTRA
AMEX
TSX
KLSE
NYSE
ASX
0.0 0.0
Germany
Japan
United
Canada
China
Malaysia
Italy
South
Korea
States
Taiwan
Australia
Sweden
Switzerland
# Companies 2 5 18 3 1 7 2 2 14 4 2 1 1 1 5
# Companies 6 3 1 38 2 10 9 10 2 1 1 1
UPCOMING EVENTS
E arnings C alendar
C ompany Date & Time Quarter C onf C all Deta ils
C ha ngyou. com L imited (Nas da qG S : C Y O U ) Mond ay , J uly 2 7, 2 009 7:00 AM ( E DT ) Q2 200 9 1-866-20 2-3048
S ohu. com Inc . ( Nas da qG S : S O HU) Mond ay , J uly 2 7, 2 009 8:30 AM ( E DT ) Q2 200 9 1-866-73 0-5764
IA C /InterAc tiv eC orp. (Na sdaqG S :IA C I) W ed nes day , J uly 29, 2009 11: 00 A M ( E DT ) Q2 200 9 NA
S hutterfly , I nc . ( Nas daq GS : S F LY ) W ed nes day , J uly 29, 2009 5:0 0 P M ( E DT ) Q2 200 9 913-31 2-0641
T ree. C om, Inc . (Na sdaqG M: T R E E ) T hurs day , J uly 30, 2009 11: 00 A M ( E DT ) Q2 200 9 877-72 3-9523
V alu eC lic k Inc . (Na sdaqG S : V C L K ) T ues da y, Augus t 04 , 20 09 4 : 30 P M (E DT ) Q2 200 9 818-57 5-4677
O pen T ext C orp. (Na s daqG S : O T E X ) T hurs day , A ugust 20, 200 9 5: 00 P M ( E DT ) Q4 200 9 416-64 4-3415
A ccelerize New Media, Inc. US D AC L Z OT C B B 15.2 0.55 10.0% 57.1% 22.2% 57.1% -17. 9% -21.4%
A ctoz S oft C o. , L td. KR W A052790 K OS E 169.8 25, 800 2. 8% -2.1% 79.8% 150.5% 225. 8% -28.3%
A Q Interactive, Inc. JPY 3838 TS E 32.4 55, 200 -20.1% -25.4% 34.6% 89.0% -62. 7% -68.5%
A s s ociated Media H oldings Inc. US D AS MH OT C P K 0.9 0.02 1233.3% 1233. 3% 1328. 6% 566.7% NM -60.0%
B igs tring C orp. US D BSGC OT C B B 2.1 0.04 17.6% 33.3% 166.7% 135.3% -63. 6% -69.0%
B eta wave C orpora tion US D B W AV OT C B B 2.6 0.09 -10.0% -10.0% -25.0% -55.0% -60. 9% -73.6%
B eyond C ommerce, Inc. US D B Y OC OT C B B 18.0 0.40 -11.1% -57.9% -72.2% -60.4% -87. 9% -87.9%
B right T hings plc GB P AIM:B G T A IM 4.1 0.01 -5.5% -13.3% -5.8% -3.7% -25. 7% -48.0%
B roadW ebA s ia Inc. US D BWBA OT C P K 19.5 0.23 -22.8% -22.8% -54.9% -77.2% -84. 7% -92.1%
C DC C orp. US D C H IN.A Nas da qG S 150.7 1.42 0. 0% -14.5% 14.5% 40.6% -48. 4% -55.2%
C ha ngyou.com Limited US D C Y OU Nas da qG S 2, 068.6 37.61 -5.6% -9.3% 39.5% NM NM -19.7%
C hina G a tewa y C orporation US D CGWY OT C P K 0.3 0.02 -25.0% 650.0% 650.0% 650.0% -50. 0% -57.1%
C hines e G a mer International TWD G T S M:3083 GTS M 1, 089.6 430.00 -3.6% 28.4% 127.5% 374.6% 523. 2% -7.1%
C LIC K E R Inc. US D CLK Z OT C B B 1.3 0.02 529.6% 553.8% 183.3% -62.2% -98. 0% -98.0%
C ornerW orld C orpora tion US D CW R L OT C B B 3.9 0.06 -14.3% -33.3% -57.1% -87.2% -85. 4% -92.4%
C yberplex Inc. C AD T S X: C X TS X 88.9 1.59 2. 6% -14.5% 35.9% 354.3% 183. 9% -20.1%
DADA S pA E UR C M:DA CM 139.1 6.15 -1.3% 5.5% 21.2% -9.0% -38. 5% -50.6%
DXN Holdings B hd MY R DXN K LS E 22.4 0.35 -5.4% -13.6% 11.1% 14.8% -4.1% -25.5%
Dibz Interna tional, Inc. US D DIB Z OT C P K 0.0 0.00 -90.0% -90.0% -90.0% -98.0% -98. 0% -98.0%
DigitalP os t Intera ctive, Inc. US D DG LP OT C B B 3.0 0.04 -7.0% 81.8% 233.3% 60.0% -57. 9% -75.0%
DigitalT own, Inc. US D DG T W OT C B B 54.2 2.00 -2.4% -20.0% -20.0% -25.9% -33. 3% -67.2%
Dolphin Digital Media, Inc. US D DP DM OT C B B 23.3 0.45 45.2% -10.0% -21.1% -30.8% NM -60.2%
E olith C o. L td. KR W A041060 K OS E 41.8 755.00 -5.0% -3.2% 11.0% 30.2% -12. 7% -34.9%
E xtens ions , Inc. US D E XT I OT C P K 4.4 0.10 -50.0% -33.3% -33.3% -89.9% -33. 3% -90.1%
F luid Mus ic C anada, Inc. C AD T S X: F MN TS X 29.5 0.65 -17.7% -8.5% 97.0% 109.7% -56. 7% -67.3%
F rogs ter Intera ctive P ictures AG E UR FR G XT R A 37.7 11.50 -2.7% 44.1% 38.4% 121.6% 145. 7% -7.6%
G amania Digita l E ntertainment C o., L td. TWD 6180 GTS M 252.6 55.20 -6.9% -3.8% 62.4% 148.6% 111. 1% -12.0%
G ameO n C o L td. JPY 3812 TS E 106.6 102, 000 -9.7% -8.6% 9.4% -14.9% -25. 5% -37.6%
G eoS entric Oyj E UR G E O1V H LS E 50.1 0.04 0. 0% -20.0% 33.3% 33.3% -33. 3% -42.9%
G ia nt Interactive G roup, Inc. US D GA NY S E 1, 705.2 7.55 -4.3% -12.4% -1.0% 32.5% -30. 8% -35.1%
G igaMedia L td. US D G IG M Nas da qG S 295.5 5.42 -1.1% 0.6% -19.6% -17.3% -58. 7% -59.8%
G ra vity C o., Ltd US D GR VY Nas da qG M 40.3 1.45 33.0% 20.8% 52.6% 145.8% 51.0% -27.1%
G ree, Inc. JPY T S E :3632 TS E 1, 557.1 6, 450 -12.8% 5.2% 16.8% 28.2% NM -16.3%
G ungH o Online E ntertainment, Inc. JPY 3765 OS E 229.7 185, 500 -26.4% -17.6% 52.9% 78.4% 5.4% -33.7%
H anbitS oft, Inc. KR W A047080 K OS E 72.4 4, 325 -6.4% -9.9% -9.4% 28.7% 29.1% -34.9%
IAC /InterA ctiveC orp. US D IA C I Nas da qG S 2, 431.3 16.11 -0.2% -1.8% -1.9% 8. 5% -54. 9% -68.1%
IAS E nergy, Inc. US D IA S C . A OT C B B 10.5 0.15 -21.1% -34.8% 25.0% 614.3% -25. 0% -57.1%
is eemedia Inc. C AD IE E T S XV 4.4 0.10 25.0% 33.3% 0.0% 5. 3% -41. 2% -60.0%
J umbuck E ntertainment P ty Ltd. AU D AS X: J MB AS X 14.6 0.38 -2.6% -9.5% -20.8% -2.6% -37. 7% -38.7%
J umpT V Inc. C AD T S X: J T V TS X 68.8 0.70 -5.4% -6.7% 55.6% 133.3% -33. 3% -45.3%
K AB Dis tribution Inc. C AD T S X: K AB TS X 76.1 0.63 -3.1% 1.6% 8.6% 59.5% -4.5% -30.8%
K ings oft C o. L td. HK D 3888 S E HK 766.3 5.47 -6.5% 2.4% 60.9% 98.2% 51.5% -13.0%
L ingo Media C orpora tion C AD T S XV :LM T S XV 12.8 1.19 0. 0% 5.3% 43.4% 19.0% -33. 9% -38.0%
L iveW orld Inc. US D LV W D OT C P K 1.7 0.06 -8.3% -63.3% -57.7% -26.7% -73. 8% -82.8%
L ookS mart, L td. US D LO OK Nas da qG M 19.5 1.14 -7.3% -8.8% -4.2% -18.6% -54. 6% -70.5%
Ma gnitude Information S ys tems Inc. US D MAG Y OT C B B 4.1 0.01 -3.2% -10.0% -10.0% -66.7% -52. 9% -70.0%
Mixi, Inc. JPY 2121 TS E 1, 005.4 605, 000 2. 5% 28.7% 60.5% 8. 4% -8.6% -34.3%
Modern T imes G roup Mtg AB SEK MT G B OM 1, 841.4 221.00 -0.5% -0.9% 37.3% 53.7% -33. 0% -43.4%
MO K O .mobi L imited AU D MK B AS X 4.7 0.07 -6.7% 6.1% -28.6% 40.0% 40.0% -30.0%
Myriad G roup AG C HF MY R N S WX 92.2 4.70 0. 0% -5.8% 11.9% -21.7% -53. 9% -53.9%
NE O W IZ G ames C orporation KR W A095660 K OS E 249.1 31, 000 -3.6% -8.7% -7.5% 201.7% 181. 8% -26.2%
NetDra gon W ebS oft, Inc. HK D 777 S E HK 388.0 5.69 0. 9% 11.1% 31.7% 93.5% -42. 6% -43.3%
Netea s e. com Inc. US D NT E S Nas da qG S 4, 496.3 35.01 3. 2% -2.1% 19.9% 105.2% 67.8% -9.6%
NeXplore C orpora tion US D NXP C OT C P K 32.4 0.58 -3.3% -15.9% -19.4% -42.0% -26. 6% -60.0%
Ngi G roup Inc. JPY 2497 TS E 40.9 30, 550 -20.2% -10.9% 16.6% -40.3% -63. 5% -76.0%
Northgate T echnologies Limited INR 590057 BSE 20.7 29.05 -20.7% -34.4% -32.8% -42.1% -90. 3% -90.8%
O pen T ext C orp. US D OT E X Nas da qG S 1, 894.4 36.00 0. 5% -1.0% 0.4% 17.6% 19.6% -7.9%
O penwa ve S ys tems Inc. US D OP W V Nas da qG S 190.8 2.29 1. 8% -3.4% 77.5% 213.7% 53.7% -7.3%
P erfect W orld C o., Ltd. US D PWRD Nas da qG S 1, 399.8 28.78 0. 1% 13.9% 75.6% 76.1% 17.9% -15.1%
P NI Digital Media Inc. C AD T S XV :P N T S XV 42.8 1.45 0. 0% -14.7% -5.2% -17.1% -57. 1% -59.9%
Q uepa s a C orp. US D QP S A OT C B B 12.7 1.00 -1.0% 47.1% 8.7% -46.5% -52. 4% -71.1%
O AO R B C Information S ys tems US D R BCI R TS 104.0 0.75 -18.7% -44.4% 50.0% 31.6% -90. 5% -91.2%
S ha nda Interactive E nterta inment L td. US D S NDA Nas da qG S 3, 459.3 51.81 -4.1% -9.8% 12.0% 97.8% 113. 5% -20.3%
S hutterfly, Inc. US D S F LY Nas da qG S 302.1 12.00 -8.0% -10.5% 13.2% 77.8% 2.7% -21.4%
S K C ommunications C o. , L td. KR W A066270 K OS E 289.6 9, 050 -8.4% -22.3% -10.4% 39.9% -35. 1% -43.6%
S NA P Intera ctive, Inc. US D S TVI OT C B B 4.9 0.45 0. 0% -35.7% -40.0% -52.1% -34. 8% -58.3%
S NM G loba l H oldings US D S NMN OT C P K 0.0 0.00 -77.1% 6.7% 700.0% 300.0% -99. 9% -99.9%
S ocial Media V enures , Inc. US D S MV I OT C P K 0.0 0.32 28.0% 3100. 0% -63.6% -69.2% 28.0% -93.6%
S ocialwis e, Inc. US D S CLW OT C B B 34.7 0.80 21.2% 11.1% 128.6% -3.6% -69. 0% -71.7%
S ohu.com Inc. US D S O HU Nas da qG S 2, 254.5 58.92 0. 2% -11.5% 18.2% 50.7% -22. 2% -33.0%
S pa rk Networks , Inc. US D LO V A ME X 49.4 2.40 0. 8% 8.1% 4.3% -4.4% -42. 0% -46.2%
S pectrumDNA, Inc. US D S P XA OT C B B 7.3 0.15 -40.0% -25.0% 0.0% -21.1% NM -75.0%
T encent H oldings Ltd. HK D 700 S E HK 20,272. 6 87.05 -0.6% -3.1% 41.0% 96.9% 38.2% -9.1%
T he P a rent C ompany US D K IDS . Q OT C P K 0.5 0.02 -33.3% -39.4% 33.3% -69.2% -99. 0% -99.3%
T he9 L imited US D NC T Y Nas da qG S 232.0 8.65 -7.2% -21.9% -34.6% -37.3% -67. 4% -69.6%
T heS treet.com, Inc. US D TS CM Nas da qG M 61.1 2.00 -0.2% -5.5% -15.1% -37.1% -67. 9% -72.8%
T ota l S port Online A S NO K T OS O O T C NO 0.1 0.03 0. 0% 0.0% -25.0% -25.0% -40. 0% -40.0%
T ree.C om, Inc. US D TR E E Nas da qG M 103.5 9.59 2. 8% -3.9% 81.3% 121.5% NM -26.6%
U nis erve C ommunica tions C orp. C AD T S XV :US S T S XV 1.5 0.07 -12.5% 40.0% 75.0% 40.0% -74. 1% -73.1%
U nited O nline Inc. US D UNT D Nas da qG S 585.1 7.00 12.0% 3.7% 38.9% 13.1% -33. 0% -42.9%
U OMO Media, Inc US D UO MO OT C B B 9.0 0.11 -22.2% -41.7% 31.3% 50.0% -78. 6% -90.1%
V alueC lick Inc. US D V CLK Nas da qG S 901.9 10.37 4. 7% -14.8% 8.9% 77.6% 1.7% -29.4%
V OIS , Inc. US D V O IS OT C B B 8.3 0.01 -42.9% 96.1% 233.3% 150.0% -76. 5% -81.8%
W ebzen Inc. US D W ZE N Nas da qG M 38.9 3.28 -9.1% -9.4% -2.1% 241.7% 22.8% -29.9%
W izzard S oftwa re C orporation US D W ZE A ME X 24.4 0.51 0. 0% -23.9% -8.9% -31.0% -66. 0% -71.0%
W orlds .com Inc. US D W DDD OT C B B 7.9 0.15 30.4% 50.0% -25.0% 0. 0% -46. 4% -60.5%
W oozyF ly, Inc. US D W ZY F OT C B B 2.6 0.15 0. 0% NM 0.0% 0. 0% NM -96.3%
W ynds torm C orpora tion US D W Y ND OT C P K 1.8 0.10 150.0% -80.4% -41.2% -16.7% -66. 7% -83.3%
XING A G E UR O1B C XT R A 221.6 30.13 0. 3% -10.1% 7.5% -8.4% 6.3% -16.3%
Y eda ngOnline C orp. KR W A052770 K OS E 94.7 7, 900 -12.1% -13.8% -18.2% 14.5% -17. 9% -36.3%
Y nk K orea Inc. KR W A023770 K OS E 25.3 6, 200 -7.3% -5.3% 21.8% 40.3% -37. 9% -50.0%
ZipLocal Inc. C AD T S XV :ZIP T S XV 0.3 0.01 0. 0% 0.0% -66.7% -50.0% -95. 5% -95.5%
H igh 1233.3% 3100. 0% 1328. 6% 650.0% 523. 2% -7.1%
L ow -90.0% -90.0% -90.0% -98.0% -99. 9% -99.9%
Average 583.6 15.3% 56.9% 49.5% 57.0% -14.6% -51.8%
Media n -3.2% -8.6% 11.5% 19.0% -34. 8% -52.3%
United S tates 38 C hina 37, 042. 6 C hina 3,704. 3 C hina 3,840. 1 C hina 1, 774. 3 C hina 37. 3%
C a na da 10 U nited S ta tes 4, 963. 2 S weden 1,841. 4 United S tates 3,795. 5 S weden 260. 7 A us tralia 37. 2%
C hina 10 J a pan 2, 972. 2 T aiwan 545. 9 S weden 1,702. 0 United S tates 245. 7 T aiwan 36. 3%
S outh K orea 9 C anada 2, 166. 7 J apan 495. 4 C a na da 970. 2 C a na da 193. 3 J apan 21. 9%
J a pa n 6 S weden 1, 841. 4 C anada 216. 7 S outh K orea 648. 6 J a pa n 112. 1 S weden 15. 3%
T a iwa n 3 T a iwa n 1, 637. 8 Hong K ong 150. 7 J a pa n 515. 3 S outh K orea 87. 8 Italy 14. 6%
Aus tralia 2 S outh K orea 1, 021. 7 Ita ly 139. 1 Hong K ong 389. 9 T a iwa n 51. 9 Mala ys ia 13. 8%
G erma ny 2 G ermany 259. 4 U nited S ta tes 130. 6 T a iwa n 364. 1 Ita ly 34. 3 S outh K orea 10. 0%
S witzerla nd 1 Hong K ong 150. 7 G ermany 129. 7 Ita ly 234. 4 Hong K ong 30. 8 Hong K ong 7. 9%
Hong K ong 1 Ita ly 139. 1 S outh K orea 113. 5 R us s ia 144. 6 R us s ia 18. 9 Norway 2. 9%
F inla nd 1 R us s ia 104. 0 R us s ia 104. 0 India 114. 3 Ma lays ia 10. 6 C anada 2. 6%
Ita ly 1 S witzerla nd 92. 2 S witzerla nd 92. 2 Ma lays ia 76. 8 G erma ny 10. 4 S witzerla nd 1. 9%
United K ingdom 1 F inland 50. 1 F inland 50. 1 G erma ny 56. 0 Aus tralia 2. 9 U nited S ta tes -6. 5%
India 1 Malays ia 22. 4 Malays ia 22. 4 S witzerla nd 40. 0 S witzerla nd 0. 8 India -23. 5%
S weden 1 India 20. 7 India 20. 7 Aus tralia 15. 0 Norwa y -1. 0 U nited K ingdom N/A
R us s ia 1 Aus tralia 19. 3 Aus tralia 9. 7 F inla nd 5. 9 United K ingdom -1. 8 R us s ia N/A
Ma lays ia 1 U nited K ingdom 4. 1 U nited K ingdom 4. 1 Norwa y 2. 1 F inla nd -15. 3 G ermany N/A
Norwa y 1 Norway 0. 1 Norway 0. 1 United K ingdom 0. 3 India -26. 8 F inland N/A
G rand Total 90 G rand Total 52,507.6 G rand Total 583.4 G rand Total 12,915.1 G rand Total 2,789.5 G rand Total 8.1%
G rand Total 90 G rand Total 52,507.6 G rand Total 583.4 G rand Total 12,915.1 G rand Total 2,789.5 G rand Total 8.1%
Grand Total 60.1 10.0 38.2 46.9 93.2 109.8 222.3 580.3
Hi-Media S .A. F ra nce wwww.hi-media.com Hi-Media S . A. opera tes a s a n advertis ing ma na gement compa ny in F ra nce. It markets a dvertis ing s pa ce to a dvertis ers on the Internet. T he
compa ny a ls o offers a ra nge of s ervices to digita l media publis hers , including direct ma rketing s ervices , which compris e direct marketing
media planning, email, mail, S MS a ddres s es lea s ing, a nd implementing intera ctive T V ca mpa igns ; a nd micro-pa yment technica l pla tform
a nd s ervices . In a ddition, it provides s ervices for pros pecting a nd canvas s ing of a dvertis ers . Hi-Media S . A. wa s founded by C yril
Zimmerma nn in 1996. It was formerly known as Hi-Media Multimedia and changed its name to Hi-Media S . A. in 2000. T he compa ny is ba s ed
in P a ris , F ra nce.
Metavers um G ermany www.metaversum.com Metavers um G mbH develops a nd opera tes T winity, a 3D online pla tform. T he T winity allows members to create a pers ona l a vatar, explore
virtua l cities , move into a 3D home, cha t with friends , a nd work together in E urope a nd internationa lly. Meta vers um G mbH has a s tra tegic
media pa rtners hip with zitty; and a s tra tegic pa rtners hip with B igpoint. T he compa ny wa s founded in 2006 and is bas ed in B erlin, G erma ny
with additional offices in K iev a nd S inga pore.
Nexage United S tates www.nexage.com NE X AG E , Inc. opera tes a s a wireles s a nd multimedia s oftwa re and s ervices compa ny in the United S ta tes a nd internationa lly. It focus es on
providing hos ted white la bel mobile video enterta inment, a dvertis ement, and s ocial networking s olutions for media compa nies , content
providers , a nd ca rriers . T he company offers P honeC a s t-P ro, which provides for the automa tic content inges tion, encoding, management,
publis hing, and delivery of s treaming mobile video content; P honecas t C lick-to-V ideo, a mobile advertis ing s olution for ad a gencies and
a dvertis ers to create mobile W eb pa ges and load videos for a mobile advertis ing ca mpaign; a nd MyC orner, a bra nded mobile video s ervice
with content for opera tors . NE X AG E , Inc. was founded in 2005 and is ba s ed in F remont, C alifornia.
P andora Media United S tates www.pandora.com P a ndora Media , Inc. , a n Internet radio compa ny, provides mus ic dis covery s ervices in the United S ta tes . T he compa ny taps mus ica l
collection to deliver s ervice on computer, in the home, a nd on mobile devices . It collects melody, ha rmony, ins trumentation, rhythm, vocals ,
a nd lyrics of a s ong. P andora Media, Inc. was formerly known as S a va ge B ea s t T echnologies . T he compa ny wa s founded in 2000 a nd is
bas ed in O a kland, C a lifornia .
P eople C apital United S tates www.people2capital.com T he P eople C a pital peer-to-peer s tudent loan lending pla tform facilita tes lending decis ions bas ed on a s tudent’s “potentia l” rather than credit
P eople Media United S tates www.peoplemedia.com payment
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operates more Ctha
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vertica llygenerates liquidity
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Quic kP lay Media C ana da www.quickplaymedia.com Q uickP lay Media, Inc. provides media ma na gement a nd dis tribution s olutions for mobile televis ion (T V ) and video s ervice compa nies . It
provides O penV ideo, a platform tha t offers a pplica tion integra tion for mobile opera tors , media companies , and technology pa rtners in North
America a nd E urope. T he compa ny a ls o offers managed s ervices , including inges tion a nd dis tribution of content, media ma nagement,
a pplica tion development, a nd reporting a nd s ettlement s ervices , a s well a s live a nd on-dema nd content s ervices . In a ddition, it provides
hos ted s olutions that integra te mobile T V /video s ervices into on-deck and off-deck mobile Internet s ites , a nd content s yndica tion s ervices .
T he compa ny was founded in 2004 and is hea dqua rtered in T oronto, C a nada. It has local s a les offices in North America and E urope.
S tyleC as ter United S tates www.stylecaster.com S tyleC a s ter Media G roup, L L C provides online fa s hion-lifes tyle informa tion s ervices . T he compa ny is ba s ed in New Y ork, New Y ork.
Tweetdec k United K ingdom www.tweetdeck.com T weetDeck, Inc. offers a des ktop a pplica tion to brea k twitter feeds into mana geable bite s ized pieces . Its application ena bles us ers to s plit
their main feed into topic or group s pecific columns a llowing a broader overview of the tweets . T he compa ny was founded in 2008 and is
bas ed in L ondon, the United K ingdom.
1. None applicable.
ANALYST CERTIFICATION
Each analyst of Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.
I n f o r ma t i o n a b o u t Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y s t e m, t h e d i s t r i b u t i o n o f o u r r e s e a r ch t o cl i e n t s a n d t h e p e r ce n t a g e o f r e c o m me n d a t i o n s wh i c h a r e i n e a c h
o f o u r r a t i n g c a t e g o r i e s i s a v a i l a b l e o n o u r we b si t e a t ww w. r e s e a r ch c a p i t a l . c o m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e ve d t o b e r e l i a b l e b u t i t s a c cu r a c y o r co mp l e t e n e ss i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t
d o e s R e s e a r c h Ca p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i l i t y . R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e ct o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m t i me t o
t i me , h a v e p o si t i o n s i n t h e s e cu r i t i e s me n t i o n e d h e r e i n . Co n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e ss e d p e r mi s si o n o f R e se a r ch
C a p i t a l C o r p o r a t i o n . ( U . S . I n s t i t u t i o n a l Cl i e n t s — Re s e a r ch C a p i t a l U . S. A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f R e s e a r c h C a p i t a l Co r p o r a t i o n ) a cc e p t s r e s p o n si b i l i t y f o r
t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e ce i vi n g t h i s r e p o r t s h o u l d e f f e ct t r a n s a ct i o n s i n s e c u r i t i e s d i sc u s se d
i n t h e r e p o r t t h r o u g h R e s e a r ch C a p i t a l U . S . A . I n c. , a B r o k e r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e cu r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
Tor on to 4 16. 8 60. 76 00 M ontr eal 51 4. 39 9. 150 0 V anco u ver 60 4. 66 2. 180 0 C al gar y 40 3. 26 5. 740 0 R egi na 306. 566. 7550
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