Bunge Ltd. (BG)

BUSINESS SUMMARY

Bunge Limited, through its subsidiaries, operates as an agribusiness and food retail company worldwide. The company operates in three divisions: Agribusiness, Fertilizer, and Food Products. Agribusiness division purchases, stores, transports, processes, and sells agricultural commodities, such as grains and oilseeds, including soybeans, sunflower seed, rapeseed or canola, wheat, and corn; and commodity products, including meal, hulls, and crude and further processed oils. It sells these products to oilseed processors, feed manufacturers, wheat and corn millers, and edible oil processing companies, as well as to livestock, poultry, and aquaculture producers. Fertilizer division produces and supplies fertilizers to farmers in South America. This division participates in mining and processing of phosphate ore and production of phosphate-based products. Its primary products include phosphate rock, sulfuric acid, single super phosphate, phosphoric acid, and dicalcium phosphate used for various crops, including soybeans, corn, sugar cane, wheat, and coffee. This division also involves in retail operations consisting of production, distribution, and sale of mixed NPK formulas, mixed nutrients, and other fertilizer products directly to retailers, processing and trading companies, and farmers. Food Products division offers edible oil products, including bottled, packaged, and bulk oils, as well as shortenings, margarine, mayonnaise, and other products derived from the vegetable oil refining process; and milling products, such as wheat flours and corn products comprising dry milled corn grits, meal and flours, and soy-fortified corn meal and corn-soy blend. It also produces corn oil and corn feed products. This division sells its products to food processors, foodservice companies, and retail outlets, as well as to government agencies. Bunge Limited was founded by Johann Peter Gottlieb Bunge in 1818 and is headquartered in White Plains, New York.

Potash Corp. of Saskatchewan, Inc. (POT)

PotashCorp is an integrated producer of fertilizer, industrial and animal feed products. We are the world’s largest fertilizer enterprise by capacity, producing the three primary plant nutrients – potash, nitrogen and phosphate. Among these, potash – the namesake of our company – delivers the highest quality earnings in the fertilizer universe.
With a majority of the world’s excess potash capacity, large low-cost operations and strategic global investments, we have an unmatched ability to serve both North American and growing offshore markets.

Goal

Goal is to be the partner of choice, providing superior value to all our stakeholders. We strive to be the highest quality low-cost producer and sustainable gross margin leader in the products we sell and the markets we serve.
We link our financial performance with areas of extended responsibility that include safety, the environment and all those who have a social or economic interest in our business.Our Strategy
Committed to seeking earnings growth and to minimizing volatility, we employ a Potash First strategy, focusing our capital – internally and through investments – to build on our unmatched potash assets and meet the growing global demand for this vital nutrient.
By investing in potash capacity while producing to meet market demand, we create the opportunity for significant growth while limiting downside risk.
We complement our potash operations with focused nitrogen and phosphate businesses that emphasize the production of high-margin products with stable and sustainable earnings potential.


Management

William J. DoylePresident and Chief Executive Officer

With more than 32 years in the fertilizer industry, William J. Doyle has proven himself as a leader for his company and the industry as a whole. Today, he is President and Chief Executive Officer of Potash Corporation of Saskatchewan Inc., which has the world's largest integrated production capacity of the three primary nutrients.
Mr. Doyle was appointed Chief Executive Officer on July 1, 1999, after 12 years as a key member of the PotashCorp management team. He has served on the Board of Directors since the company was first listed on the Toronto and New York stock exchanges in 1989.
Mr. Doyle joined PotashCorp as President of PCS Sales in 1987, assuming responsibility for the sales and distribution of all potash produced by the company. In March 1995, he was appointed Executive Vice President of PotashCorp, where he took charge of all sales for the company – including phosphate and nitrogen – following a series of acquisitions. On July 1, 1998, he was named President and Chief Operating Officer.
Prior to joining PotashCorp, Mr. Doyle served as Vice President, International for International Minerals and Chemical Corporation.
In addition to his work with PotashCorp, Mr. Doyle is Chairman of The Fertilizer Institute, Vice Chairman of Canpotex Limited, on the board of International Plant Nutrition Institute, as well as a member of the Executive Management group of the International Fertilizer Industry Association.
Mr. Doyle is a graduate of Georgetown University in Washington, DC and is a member of its College Board of Advisors. He is also on the board of the Executives' Club of Chicago. He is married and has three children.


Economic Performance
Sustainable economic performance and growth are the foundation for PotashCorp’s ability to generate long-term value for shareholders, customers, employees, suppliers, communities
and host governments.
To be sustainable, PotashCorp must manage natural resources responsibly and maintain the respect and support of all stakeholders. By adopting a Potash First strategy, we leverage our most stable asset to minimize the volatility of our business. By focusing on the proper blend of price, production volumes and asset utilization, we position ourselves as the gross margin leader in the products we sell.
In achieving sustainability, PotashCorp is able to help local, regional and national communities to prosper by providing ongoing opportunities for employees and suppliers. Economic sustainability also increases tax revenue and royalties to our host governments.

Social Performance

By increasing participation from and dialogue with employees, business partners and communities, PotashCorp is able to foster long-term, sustainable relationships.
Building collaborative, trusting relationships with stakeholders is critical to our success. Strong social performance helps us to attract and retain a productive workforce, build efficient operations and earn the respect and goodwill of all who contribute to our long-term success.
PotashCorp strives to provide an attractive working environment governed by fair and safe working practices. We build healthy communities by supporting initiatives that improve quality of life and show respect for human rights, implementing policies that prevent discrimination, harassment and other forms of unacceptable behavior.


2005 Potash Production
million tonnes KCl)
Capacity Production
Lanigan SK 3.828 2.023
Rocanville SK1 3.044 2.573
Allan SK 1.885 1.431
Cory SK 1.361 .826
Patience Lake SK 1.033 .251
Esterhazy SK2 .953 .953
New Brunswick NB .785 .759
TOTAL 12.889 8.816

Sangamo Biosciences Inc. (SGMO)

BUSINESS SUMMARY
Sangamo Biosciences, Inc. engages in the research, development, and commercialization of DNA binding proteins for the therapeutic regulation and modification of disease-related genes. Its technology platform is based on the engineering of a class of proteins known as zinc finger DNA-binding proteins (ZFPs). The applications of the company�s technology include pharmaceutical protein production, development of human therapeutics, and plant agriculture. It has also initiated preclinical animal studies of ZFP therapeutics in congestive heart failure, nerve regeneration, and neuropathic pain; and has research-stage programs in human immunodeficiency virus, X-linked severe combined immunodeficiency, hemophilia and hemoglobinopathies, and cancer and cancer immunotherapy. The company has strategic partnership with Edwards Lifesciences Corporation for therapeutic product development. Sangamo Biosciences was founded in 1995 and is based in Richmond, California.

BUSINESS STRATEGY
Partnerships are very important to us.
We are taking our first therapeutic programs forward through early clinical trials but aim to develop these programs further with partners who provide funding or access to complementary technologies such as delivery methods.

Collaborations in Enabling Technologies
Our Enabling Technology Agreements allow us to leverage our technology and provide near to mid term revenue.

Opportunities:

* ZFP TF- and ZFN-Engineered Cell Lines for the Manufacturing of Protein Pharmaceuticals.
We have an agreement with Medarex who is providing research funding, milestone payments and potentially royalties on sales of antibodies and protein pharmaceuticals manufactured using this technology. We have an agreement to provide ZFN-engineered cell lines to Pfizer Inc who provide research funding. We also have agreements with several other companies including Novo Nordisk, Novartis, Amgen and Kirin Brewery Company who are evaluating our ZFP TF and ZFN technology.
* ZFP TFs for the Development of Therapeutics
Sangamo has also provided companies such as LifeScan, a Johnson & Johnson company, with ZFP TFs to aid in the development of new therapeutic treatments for diabetes in the emerging field of regenerative medicine.

Management Team

Edward Lanphier, the founder of Sangamo BioSciences, Inc., has served as President, Chief Executive Officer and as a member of the Board of Directors since Sangamo's inception. Mr. Lanphier has approximately twenty years of experience in the pharmaceutical and biotechnology industry. From June 1992 to May 1997, he held various positions at Somatix Therapy Corporation, a gene therapy company, including Executive Vice President, Commercial Development and Chief Financial Officer. Prior to Somatix, Mr. Lanphier was President and Chief Executive Officer of BioGrowth, Inc., a biotechnology company that merged with Celtrix Laboratories to form Celtrix Pharmaceuticals, Inc. in 1991. From 1986 to 1987, Mr. Lanphier served as Vice President of Corporate Development at Biotherapeutics, Inc. From 1984 to 1986 he served as Vice President of Corporate Development at Synergen Inc. Prior to Synergen, he was employed by Eli Lilly and Company, a pharmaceutical company, in the strategic business planning biotechnology group. Mr. Lanphier is a member of the Biotechnology Industry Organization (BIO) Emerging Companies Section and serves on the board of directors of the Biotechnology Institute. Mr. Lanphier holds a B.A. in biochemistry from Knox College .

Dale Ando, M.D. has served as Vice President, Therapeutic Development and Chief Medical Officer since August 2004. Dr. Ando has held senior positions in therapeutic product development in several biotechnology companies most recently as Vice President, Clinical Research at Cell Genesys, Inc. While at Cell Genesys, Dr. Ando directed the development of Phase I-III GVAX programs, oncolytic virus programs and Phase I/II trials of chimaeric T-cell receptor products in HIV and cancer. Prior to joining Cell Genesys in 1997, Dr. Ando spent six years at Chiron Corporation as director of clinical gene therapy and three years at Cetus Corporation. From 1997 to 2001 Dr. Ando served as a member of the Recombinant DNA Advisory Committee (RAC) and the Adenoviral Safety Committee for the National Institutes of Health (NIH). Dr. Ando began his career as a faculty member at UCLA Medical School in the Division of Rheumatology. He received his M.D. and Internal Medicine training at the University of Michigan and a B.S. in Chemistry from Stanford University. Dr. Ando is board certified in internal medicine and is a subspecialist in Rheumatology.

David G. Ichikawa has served as Senior Vice President, Business Development since December 2004. Prior to joining Sangamo, Mr. Ichikawa was most recently Chief Business Officer for Sagres Discovery, where he was responsible for corporate strategy and business development activities. While at Sagres he negotiated a major collaboration with Boehringer Ingelheim, the strategic acquisition of MemRx Corporation and played a critical role in the acquisition of Sagres by Chiron Corporation. Prior to Sagres Discovery, David held several positions with Chiron Corporation including Vice President, R&D Business Development and Finance. Mr. Ichikawa earned his M.B.A. degree from the University of California at Berkeley and a B.S. degree from the University of California at Davis.

Philip D. Gregory, D. Phil. has served as Vice President, Research since October, 2005. He joined Sangamo in December 2000 as a Scientist, became a Team Leader in October, 2001and Senior Director, Research in July 2003. Prior to joining the company, Dr. Gregory was at the University of Munich, Germany, where he studied the role of chromatin structure in gene regulation and published extensively in this field. Dr. Gregory earned a D. Phil. In Biochemistry from the University of Oxford and holds a B.Sc. in microbiology from the University of Sheffield.

Sean Brennan, Ph.D. has served as Senior Director, Intellectual Property since January 2004. He joined Sangamo in February 2000 as Associate Director, Intellectual Property. Prior to joining Sangamo, Dr. Brennan worked for 6 years with Morrison and Foerster of Palo Alto as a Legal Analyst and as a Patent Agent. From 1983-1994, Dr. Brennan held several positions in industry and academic science including 2 years as a Senior Research Scientist and Team leader at BioGenex Laboratories and Associate and Assistant Professorships at the University of Southern California and the University of Connecticut School of Medicine. Dr. Brennan earned a Ph.D. in Biology from the University of California, San Diego and holds a B.A. in Biology from the University of Delaware.

Ed Rebar, Ph.D. has served as Senior Director, Technology since November 2003. He joined Sangamo in August 1998 as a Scientist and became a Team Leader in October 2001. Prior to joining Sangamo, he was a post-doctoral fellow at University of California, Berkeley. Dr. Rebar earned a Ph.D. from the Massachusetts Institute of Technology, where he developed phage display methods for engineering zinc fingers with novel DNA-binding specificities. Dr. Rebar has authored numerous publications and patents relating to the design and application of zinc finger proteins. He holds a B.S. in Biochemistry from Rutgers University

Eric Rhodes has served as Senior Director of Commercial Development since July 1998. Mr. Rhodes has primary responsibility for the management of the company’s Enabling Technology businesses including small molecule discovery, protein production and functional genomics. Before joining Sangamo, he served in a variety of scientific and business development roles at Incyte Pharmaceuticals, a genomic database and data management software company. While there, Mr. Rhodes served on a team responsible for the expansion of Incyte’s high throughput sequencing capabilities. He subsequently worked in the business development group where his primary focus was the evaluation and acquisition of new technologies. Previously, Mr.Rhodes directed the molecular biology group at Anergen, Inc., a biotechnology company focused on developing new drugs to treat autoimmune diseases. He also worked for BioGrowth, Inc. and Triton BioSciences. Mr. Rhodes holds a B.S. in microbiology and immunology from the University of California, Berkeley.

Greg Zante, CPA, has served as Vice President, Finance and Administration since September 2006. He joined Sangamo as Senior Director, Finance and Administration in August 2003. Prior to joining Sangamo, Mr. Zante was Director, Finance and Administration of Calyx Therapeutics, Inc. a privately held pharmaceutical discovery and development company, from December 2001. From October 1993 until December 2001, Mr. Zante held senior financial managerial positions in several companies including Matrix Pharmaceuticals, Inc. He was employed by Ernst and Young, LLP as a Senior Staff Accountant from October 1993 until November 1995. Mr. Zante holds a B.A. in business-economics and managerial accounting from UCLA and is a Certified Public Accountant in the state of California.


Board of Directors

Edward Lanphier, the founder of Sangamo BioSciences, Inc., has served as President, Chief Executive Officer and as a member of the Board of Directors since Sangamo's inception. Mr. Lanphier has approximately twenty years of experience in the pharmaceutical and biotechnology industry. From June 1992 to May 1997, he held various positions at Somatix Therapy Corporation, a gene therapy company, including Executive Vice President, Commercial Development and Chief Financial Officer. Prior to Somatix, Mr. Lanphier was President and Chief Executive Officer of BioGrowth, Inc., a biotechnology company that merged with Celtrix Laboratories to form Celtrix Pharmaceuticals, Inc. in 1991. From 1986 to 1987, Mr. Lanphier served as Vice President of Corporate Development at Biotherapeutics, Inc. From 1984 to 1986 he served as Vice President of Corporate Development at Synergen Inc. Prior to Synergen, he was employed by Eli Lilly and Company, a pharmaceutical company, in the strategic business planning biotechnology group. Mr. Lanphier is a member of the Biotechnology Industry Organization (BIO) Emerging Companies Section and serves on the board of directors of the Biotechnology Institute. Mr. Lanphier holds a B.A. in biochemistry from Knox College .

William G. Gerber, M.D. has served as a member of our Board of Directors since June 1997. Dr. Gerber is currently a partner at Bay City Capital, a life sciences investment fund management firm. From September 1999 until its merger into Nanogen, Inc. in December 2004, Dr. Gerber was President, Chief Executive Officer and a Director of Epoch Biosciences, Inc., a biomedical company. From April 1998 to July 1999, he was President of diaDexus LLC, a pharmacogenomics company. Previous to his appointment at diaDexus, he was Chief Operating Officer of Onyx Pharmaceuticals. Before joining Onyx in 1995, Dr. Gerber was with Chiron Corporation, a biopharmaceutical, vaccine and blood testing company, where he was President of the Chiron Diagnostics business unit after Chiron's merger with Cetus Corporation in December 1991. He joined Cetus in 1987 as Senior Director of Corporate Ventures and was named Vice President and General Manager of the PCR (Polymerase Chain Reaction) Division in November 1988.11. Dr. Gerber is Chairman of the Board of Pathway Diagnostics, a private company, and on the board of directors of Nanogen Inc., Radiant Medical Inc. and Galileo Pharmaceuticals Inc. Dr. Gerber earned his B.S. and M.D. degrees from the University of California, San Francisco School of Medicine .

John W. Larson has served as a member of our Board of Directors since January 1996. Mr. Larson is currently a partner at the law firm of Morgan, Lewis & Bockius LLP. Mr. Larson served as partner at the law firm of Brobeck, Phleger & Harrison LLP (Brobeck) from 1969 until retiring in January 2003, except for the period from July 1971 to September 1973 when he was in government service as Assistant Secretary of the United States Department of the Interior and Counselor to George P. Shultz, Chairman of the Cost of Living Council. From 1988 until March 1996, Mr. Larson was Chief Executive Officer of Brobeck. Mr. Larson serves on the boards of several privately held companies. Mr. Larson holds an L.L.B. and a B.A., with distinction, in economics, from Stanford University.

Margaret A. Liu, M.D. has served as a member of our Board of Directors since March 2005. Dr. Liu is currently a Visiting Professor at the Karolinska Institutet in Stockholm and until June 2006 was Vice-Chairman of the Board of Transgène in Strasbourg. From 2000 to 2002, Dr. Liu was the Senior Advisor in Vaccinology for the Bill and Melinda Gates Foundation. From 1997 to 1998 she was Vice President of Vaccines Research and from 1998-2000 was Vice President of Vaccines Research and Gene Therapy at Chiron Corporation. She joined Merck Research Laboratories in 1988 and in 1994 became Senior Director in the Department of Virus and Cell Biology. Dr. Liu serves on the editorial or advisory boards of various scientific journals and has been elected a member of the American Society for Clinical Investigation and a Fellow of the Molecular Medicine Society. In 2002, Discover magazine named her one of “The 50 Most Important Women Scientists”. Dr. Liu earned her B.A. in Chemistry, Summa Cum Laude, from Colorado College and an M.D. from Harvard Medical School. In 2002, she was awarded an honorary Doctorate of Science from Colorado College and has received numerous honorary lectureships.

Steven J. Mento, Ph.D. has served as a member of our Board of Directors since May, 2005. He is President and Chief Executive Officer of Conatus Pharmaceuticals Inc. From 1997 to 2005 he was President and CEO of Idun Pharmaceuticals and prior to that, from 1982 to 1992, Dr. Mento held various positions at American Cyanamid Company. His last position was Director of Viral Vaccine Research and Development at Lederle-Praxis Biologicals, a business unit of American Cyanamid Company. In January of 1992, he joined Viagene, Inc. as Vice President of Research and Development. Dr. Mento was responsible for directing the company’s transition from basic research through initiation of the first company sponsored Phase I and Phase II clinical trials in the emerging field of gene therapy. In October of 1995, Chiron Corporation acquired Viagene, Inc., and renamed the company Chiron Viagene, Inc. Dr. Mento served as President of Chiron Viagene, Inc. and Vice President of Chiron Corporation until August of 1997. As President, Dr. Mento had overall responsibility for gene therapy research, product development, QA/ QC, GMP manufacturing as well as general administration functions at Chiron Viagene. Dr. Mento holds Bachelor of Arts, Master of Science, and Ph.D. degrees in microbiology from Rutgers University. He did his post-doctoral fellowship in somatic cell genetics at the University of Toronto. Dr. Mento currently serves on the Boards of BIOCOM (Co-Chair of Workforce Development Committee), BIO (Co-Chair of Capital Formation Committee), BIO ECS Governing Body, Grannus BioSciences, UCSD-Division of Biological Sciences Board of Advisors, SDSU BioScience Center Scientific Advisory Board, and UCSD Bannister Family House.

H. Ward Wolff has served as a member of our Board of Directors since June 2006. Mr. Wolff is Senior Vice President, Finance and Chief Financial Officer of Nuvelo, Inc. and most recently served as Chief Financial Officer and Senior Vice President, Finance, of Abgenix, Inc. from September 2004 until April 2006 when the merger of Abgenix and Amgen Inc. was consummated. Prior to joining Abgenix, from July 2002 to December 2003, Mr. Wolff served as Chief Financial Officer of QuantumShift, from 1998 to January 2002, he was Senior Vice President and Chief Financial Officer of DoubleTwist, Inc. and from 1992 to 1998, he was Senior Vice President of Finance and Administration and Chief Financial Officer of Premenos Technology Corporation. From 1985 to 1992, Mr. Wolff was an Executive Director of Russell Reynolds Associates, Inc. From 1974 to 1985, Mr. Wolff held numerous positions with Price Waterhouse, as a certified public accountant, including Senior Audit Manager. Mr. Wolff received a B.A. degree in Economics from the University of California at Berkeley and an M.B.A. degree from Harvard Business School.

Michael C. Wood has served as a member of our Board of Directors since our inception. Mr. Wood was founder, CEO and President of LeapFrog Enterprises, Inc., an educational company from January 1995 through March 2004. Mr. Wood has 15 years of experience in the corporate legal representation of high technology firms and venture capital partnerships. From 1991 through 1994, he was a partner of the emerging technology companies group at Cooley Godward LLP. From 1979 to 1991, Mr. Wood practiced corporate law in the high technology practice of Crosby Heafy Roach & May. Mr. Wood received a J.D. from the Hastings College of Law, an M.B.A. from the University of California, Berkeley and his B.A. in political science from Stanford University
VALUATION MEASURES
Market Cap (intraday): 298.32M
Enterprise Value (3-Feb-07)3: 201.06M
Trailing P/E (ttm, intraday): N/A
Forward P/E (fye 31-Dec-07) 1: N/A
PEG Ratio (5 yr expected): N/A
Price/Sales (ttm): 38.78
Price/Book (mrq): 5.40
Enterprise Value/Revenue (ttm)3: 28.36
Enterprise Value/EBITDA (ttm)3: -16.941
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 31-Dec
Most Recent Quarter (mrq): 30-Sep-06
Profitability
Profit Margin (ttm): -163.76%
Operating Margin (ttm): -195.27%
Management Effectiveness
Return on Assets (ttm): -18.16%
Return on Equity (ttm): -31.64%
Income Statement
Revenue (ttm): 7.09M
Revenue Per Share (ttm): 0.23
Qtrly Revenue Growth (yoy): 331.80%
Gross Profit (ttm): 2.48M
EBITDA (ttm): -11.87M
Net Income Avl to Common (ttm): -11.61M
Diluted EPS (ttm): -0.38
Qtrly Earnings Growth (yoy): N/A
Balance Sheet
Total Cash (mrq): 56.88M
Total Cash Per Share (mrq): 1.676
Total Debt (mrq): N/A
Total Debt/Equity (mrq): N/A
Current Ratio (mrq): 11.876
Book Value Per Share (mrq): 1.501
Cash Flow Statement
Operating Cash Flow (ttm): -5.30M
Levered Free Cash Flow (ttm): -5.28M

Xethanol Corporation (XNL)

BUSINESS SUMMARY

Xethanol Corporation engages in the production and marketing of ethanol and its co-products in the United States. Ethanol, a clean burning, renewable fuel, is used as a primary gasoline additive. The company also intends to optimize the use of biomass in the renewable energy field and convert biomass that is being abandoned or land filled into ethanol, or other valuable co-products. It has a strategic alliance with Coastal Energy Development, Inc. Xethanol Corporation was founded in 2000 and is headquartered in New York City.

Business Approach

Take the solution to the waste not the waste to the solution
Xethanol Corporation is committed to the production of ethanol and related products in manufacturing facilities close to the major urban markets for those products, using locally available raw materials.

Better than corn
Corn is currently the dominant raw material for ethanol production. As a result this production is now concentrated in the Corn Belt - thousands of miles from the areas of highest ethanol demand on the Atlantic, Gulf and Pacific coasts.

Use of local waste
Xethanol's Business Approach calls for the use of locally available biomass rather than corn as the primary raw material for ethanol production. Biomass is organic waste material and includes everything from wood chips and yard waste, to corn stover and municipal solid waste.

Cheaper feedstock
Biomass of various kinds is abundant in the high-demand coastal areas. Its generation is widely dispersed, and its value is too low to make transportation viable to a large footprint central processing facility. Because most biomass streams are now either abandoned or land-filled at the producer's expense, biomass is potentially a significantly cheaper feedstock for ethanol production than corn.

Smaller and Closer
The economics of biomass-to-ethanol production mandate small footprint plants, typically producing between 5 and 25 million gallons a year and located close to the biomass source.

Lower freight expense, higher margins
Xethanol plans to locate biorefineries for ethanol fuel production close to high-density urbanized ethanol markets and to reliable biomass sources - so reducing freight and raw material costs, capturing higher ethanol prices and gaining the benefit of improved margins.

Management

David Ames
Director, President and CEO

Mr. Ames currently serves at the Chairman and CEO of Alterna Energy, which he co-founded as an answer to the peaking of the petroleum supply curve. In addition, he is an active venture capital investor in alternative energy technologies, processes and services. He is a member of the National Ethanol Vehicle Coalition (NEVC), where he is aggressively bringing political and business leaders together with industry and scientific leaders to focus on the alternative energy marketplace. In 1999, as Founder, Chairman, President and Chief Executive Officer of Convergence.com, Ames successfully merged the company with C-COR Inc. (CCBL-OTC), founded in 1953. Prior to forming Convergence.com, Ames advised Fortune 500 companies including Digital Equipment Corporation and Kodak.
Richard Wilson
Executive Vice President of Communications & Technology Affairs

Mr. Wilson is responsible for overall strategy and direction of Xethanol's public relations and investor relations programs and oversees the Company's scientific advisory board, composed of leading scientists in the alternative energy field. Mr. Wilson possesses 30 years of journalism and technology experience, including 6 years on the air as a CNN Technology and Environment Correspondent. Mr. Wilson holds a Bachelor of Science degree in Communications from Ithaca College and received a Master's Degree from the S.I. Newhouse School of Public Communications at Syracuse University.
Larry Bellone
Director and CFO

As a Managing Director and senior member of the Structured Capital Group of Chase Manhattan Bank (later to become JP Morgan Chase) with more than 25 years experience in investment banking, public and corporate accounting and finance, Mr. Bellone was responsible for structuring, originating and executing innovative financing and investment transactions for Fortune 100 companies.
Franz A. Skryanz,
Vice President, Secretary and Treasurer

Mr. Skryanz is a seasoned financial executive with extensive experience in international business gained in senior management positions with diverse multinational corporations. Prior to joining Xethanol, he served as Treasurer and Secretary of NETdigest.com, Inc., Chief Financial Officer of Cam Designs, Inc. and Chief Financial Officer and Treasurer of Nyros Telecom Services, Inc., a privately-held company with telecom ventures in Russia.
Robin Buller
Vice President, Strategic Development

Mr. Buller has extensive experience in plant and machinery sales worldwide.
He has worked in Europe, Central Asia and the Far East in a number of roles including business development, distribution and project management.
Tom J. Endres
Senior Vice President, Operations

Lieutenant Colonel (retired) Tom Endres has extensive experience in business operations, facilities management and project development. He served on the Board of Directors of the West Point Federal Credit Union and has had a 27 year distinguished career in the United States Army. Mr. Endres is a 1980 graduate of the United States Military Academy and has a Bachelor of Science in Engineering.
Jim Stewart,
Vice President Plant Operations & General Manager, Xethanol BioFuels, Blairstown

With over 25 years in the ethanol industry, Mr. Stewart has extensive knowledge of every aspect of the business, from production, technology and distribution, to plant management and training. He oversees Xethanol¹s existing production and is also involved in identifying and developing plants in other locations.


Mark Austin
Chief Technology Strategist

As an advisor and consultant to rapid-growth Cleantech companies with extensive experience in technology, intellectual property, and novel equipment and process development, Mr. Austin has been responsible for process control patents issued in 12 countries. He was previously Flagship Technology Manager, Energy & Atmosphere Program, UNDP.

VALUATION MEASURES
Market Cap (intraday): 84.63M
Enterprise Value (27-Jan-07)3: N/A
Trailing P/E (ttm, intraday): N/A
Forward P/E (fye 31-Dec-07) 1: N/A
PEG Ratio (5 yr expected): N/A
Price/Sales (ttm): 7.47
Price/Book (mrq): 1.56
Enterprise Value/Revenue (ttm)3: NaN
Enterprise Value/EBITDA (ttm)3: N/A
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 31-Dec
Most Recent Quarter (mrq): 30-Sep-06
Profitability
Profit Margin (ttm): -144.40%
Operating Margin (ttm): -94.67%
Management Effectiveness
Return on Assets (ttm): -16.68%
Return on Equity (ttm): -54.95%
Income Statement
Revenue (ttm): 10.93M
Revenue Per Share (ttm): 0.58
Qtrly Revenue Growth (yoy): 47.80%
Gross Profit (ttm): -548.30K
EBITDA (ttm): -8.24M
Net Income Avl to Common (ttm): -15.79M
Diluted EPS (ttm): -0.837
Qtrly Earnings Growth (yoy): N/A
Balance Sheet
Total Cash (mrq): 29.27M
Total Cash Per Share (mrq): 1.072
Total Debt (mrq): 25.05K
Total Debt/Equity (mrq): 0
Current Ratio (mrq): 23.486
Book Value Per Share (mrq): 1.917
Cash Flow Statement
Operating Cash Flow (ttm): -4.45M
Levered Free Cash Flow (ttm): -15.05M

Cameco Corp. (CCJ)

BUSINESS SUMMARY
Cameco Corporation engages in the exploration, development, mining, refining, and conversion of uranium that is used as fuel for generating electricity in nuclear power reactors worldwide. It operates four uranium mines in Canada and the United States, as well as two uranium mines under development in Canada and central Asia. The company also involves in the refining and conversion of uranium concentrate, and the purchase and sale of conversion services. Cameco operates as a commercial converter of uranium concentrates to uranium hexafluoride or uranium dioxide, a commercial supplier of services to convert uranium concentrates to uranium dioxide in the western world, and a supplier of fuel fabrication services for CANDU reactors. In addition, it engages in the generation and sale of electricity, as well as in the exploration, mining, milling, and sale of gold. The company generates electricity through its 31.6% interest in the Bruce Power Limited Partnership, which operates the four Bruce B nuclear reactors in Ontario. Cameco owns 52.7% of Centerra Gold, Inc., which owns 100% interest in the Kumtor gold mine in the Kyrgyz Republic and 95% interest in the Boroo gold mine in Mongolia. Centerra Gold also has interests in exploration properties, including a 100% interest in the Gatsuurt property in Mongolia and a 62% joint-venture interest in the REN property in Nevada. The company was founded in 1987 and is headquartered in Saskatoon, Canada.

Vision

Cameco will be a dominant nuclear energy company producing uranium fuel and generating clean electricity.

Strategy

Cameco’s strategy is to build on our solid asset base in uranium and uranium conversion, and expertise in the global nuclear industry with sustainable investments to provide clean-energy solutions for growing world markets. Our measures of success are a safe, healthy and rewarding workplace, a clean environment, supportive communities wherever we operate, and increasing return to shareholders.

Strength

In the past five years, Cameco generated more than $1 billion in cash flow and our net debt-to-capitalization ratio is about 5%. Outstanding operating performance and conservative financial stewardship have given us an excellent credit rating that allows us the flexibility to pursue opportunities for growth.

Market Potential Industry Information

Growing demand for electricity and concern over greenhouse gas emissions are fuelling a rediscovery of nuclear as a clean, reliable and affordable source of baseload electricity.

Existing uranium supply is expected to fall short of demand over the next decade demonstrating a need for new primary mine production which will require higher sustained prices. Cameco is positioned to benefit from this shortfall through our control of more than 50% of all identified new uranium production that may come to the market over the next 10 years.

VALUATION MEASURES
Market Cap (intraday): 13.76B
Enterprise Value (13-Jan-07)3: 13.90B
Trailing P/E (ttm, intraday): 38.42
Forward P/E (fye 31-Dec-07) 1: 26.22
PEG Ratio (5 yr expected): N/A
Price/Sales (ttm): 8.59
Price/Book (mrq): 5.93
Enterprise Value/Revenue (ttm)3: 8.72
Enterprise Value/EBITDA (ttm)3: 30.035
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 31-Dec
Most Recent Quarter (mrq): 30-Sep-06
Profitability
Profit Margin (ttm): 23.52%
Operating Margin (ttm): 16.24%
Management Effectiveness
Return on Assets (ttm): 4.44%
Return on Equity (ttm): 17.53%
Income Statement
Revenue (ttm): 1.59B
Revenue Per Share (ttm): 4.55
Qtrly Revenue Growth (yoy): 26.50%
Gross Profit (ttm): 378.51M
EBITDA (ttm): 462.95M
Net Income Avl to Common (ttm): 375.02M
Diluted EPS (ttm): 1.02
Qtrly Earnings Growth (yoy): -8.70%
Balance Sheet
Total Cash (mrq): 408.93M
Total Cash Per Share (mrq): 1.161
Total Debt (mrq): 609.90M
Total Debt/Equity (mrq): 0.264
Current Ratio (mrq): 3.115
Book Value Per Share (mrq): 6.561
Cash Flow Statement
Operating Cash Flow (ttm): 428.52M
Levered Free Cash Flow (ttm): -164.03M

Global Payments Inc. (GPN)

BUSINESS SUMMARY

Global Payments, Inc. provides payment processing and consumer money transfer services worldwide. The company operates in two business segments, Merchant Services and Money Transfer. The Merchant Services segment provides credit and debit card transaction processing, including VISA, MasterCard, and online and off-line debit card processing; and check-related services, including check verification, recovery, and guarantee services. It also offers VIP Preferred proprietary software products that provide tools for gaming industry to establish revolving check cashing limits for casinos’ customers. This segment also offers sales, installation, and servicing of automated teller machine and point of sale terminals; and card issuing services. In addition, it processes retrieval requests on behalf of merchants for issuing banks, as well as provides chargeback resolution services. The Merchant Services segment serves customers in various industries, including financial institutions, government, professional services, restaurants, universities, utilities, gaming, retail, and health care. The Money Transfer segment provides consumer-to-consumer money transfer services to immigrants in the United States and Europe. As of May 31, 2006, this segment operated 835 retail branch locations in the United States; and 40 branches in Europe. Global Payments markets its products through independent sales representatives, telesales groups, trade associations, alliance and agent bank relationships, retail outlets, and financial institutions. The company has operations in the United States, Canada, Europe, Latin America, Morocco, and the Philippines. The company was founded in 1967 and is headquartered in Atlanta, Georgia.

About Global Payments
With every transaction, with every service, with every product and with every system … Global puts your needs first.

Global Payments (NYSE: GPN) is one of the world’s largest transaction processors and offers worldwide, world-class electronic transaction processing services through our high speed, robust electronic information networks. These networks process billions of business and consumer payment card and money transfer transactions annually for customers in the United States, Canada, Europe and Latin America.

Global Payments also provides comprehensive business-to-business payment card and processing services, such as money transfer, cash management, financial electronic data interchange, management information and reporting services.

While the range and depth of our products and services sets us apart from others in the industry, it is our customer service that truly distinguishes Global Payments. With a relentless commitment to “delight our customers” included in our corporate values, we seek to ensure all our payment and processing services meet the needs of businesses today and set industry standards for the future.

Our team of worldwide, world-class service consultants is committed to helping you and your customers gain every opportunity for growth and profitability in today’s ever-changing and demanding electronic payment economy. Our sales professionals are dedicated to offering innovative products designed to meet your specific needs and help increase your market share and productivity levels. Our IT experts are entrusted to deliver technology-advanced and regulation-compliant software and services.

Global Payments serves an ever-growing variety of consumers, businesses, associations and organizations with a comprehensive line of transaction processing solutions that include:

* Processing services for all credit, debit, gift, purchasing cards and brands
* Electronic check conversion, guarantee, recovery and verification
* Cash access, player-tracking and reporting services for gaming
* Industry-leading POS applications with market-specific features
* Consumer and commercial money transfer services
* Business-to-business payment card services
* Comprehensive connectivity options
* Terminal management and merchant Point-of-Sale support services
* Internet payment, eCommerce processing services
* Advanced merchant accounting
* Fraud monitoring and chargeback protection

Accelerating the transfer of funds and the seamless flow of information

We seek to continually enhance our networks and transaction capabilities to make our services even more beneficial and to seamlessly carry and deliver billions of transactions to millions of service points worldwide. Through our advanced technology, we are well positioned for expanded services and functionality. Our reliable, high-speed data networks and virtual communication links connect you to the information and services that help you to be more productive and effective.

Management Team

Paul R. Garcia,
Chairman, President and
Chief Executive Officer

Paul R. Garcia is Chairman of the Board, President and CEO of Global Payments Inc. (NYSE:GPN), one of the world's leading payment processing companies. He is a pioneer and leader in the financial and payments services industry, having served in management and executive management roles for thirty years. Garcia originally became Chief Executive Officer of NDC's Atlanta-based eCommerce line of business in June 1999. NDC eCommerce began operating as Global Payments Inc. on December 11, 2000, and the new company spun off from National Data on February 1, 2001.

From March 1997 until September 1998, Mr. Garcia was President and Chief Executive Officer of Productivity Point International, Inc. ("PPI, Inc."). PPI, Inc. is a leading provider of instructor-led information technology training to major corporate clients.

Prior to joining PPI, Mr. Garcia was Group President of First Data Issuing Services, a division of First Data Corporation. Mr. Garcia joined First Data Corporation in late 1995, following its merger with First Financial Management Corporation. At the time of the merger, Mr. Garcia was Chief Executive Officer of First Financial Bank and Chief Executive Officer of National Bancard Corporation (NaBANCO), the world's largest processor of merchant Visa and MasterCard transactions.

Mr. Garcia has served on a number of Boards of Directors, including the Global, U.S. and Latin American Boards of MasterCard International and the Electronic Transactions Association (ETA). Currently, Mr. Garcia is a director of Verso Technologies, Inc. In addition, Mr. Garcia is a Trustee of Pace Academy in Atlanta, GA and is a member of the New York Stock Exchange Listed Company Advisory Committee. Mr. Garcia is also a member of the Rotary Club of Atlanta and was honored recently as 2004 Ernst & Young Entrepreneur of the Year® in Financial Services for Georgia, Alabama and Tennessee, and named one of the best CEOs in America by Institutional Investor magazine.

Mr. Garcia is a graduate of Kentucky Military Institute, Louisville, Kentucky; Haberdashers Aske's School, Elstree, Herefordshire, England; and Ithaca College, Ithaca, New York. Mr. Garcia is 52 years old and resides in Atlanta with his wife and six children.

VALUATION MEASURES
Market Cap (intraday): 3.29B
Enterprise Value (7-Jan-07)3: 3.13B
Trailing P/E (ttm, intraday): 24.81
Forward P/E (fye 31-May-08) 1: 19.38
PEG Ratio (5 yr expected): 1.64
Price/Sales (ttm): 4.17
Price/Book (mrq): 4.79
Enterprise Value/Revenue (ttm)3: 3.31
Enterprise Value/EBITDA (ttm)3: 11.991
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 31-May
Most Recent Quarter (mrq): 31-Aug-06
Profitability
Profit Margin (ttm): 14.44%
Operating Margin (ttm): 22.79%
Management Effectiveness
Return on Assets (ttm): 14.59%
Return on Equity (ttm): 18.93%
Income Statement
Revenue (ttm): 943.91M
Revenue Per Share (ttm): 11.903
Qtrly Revenue Growth (yoy): 16.00%
Gross Profit (ttm): 550.04M
EBITDA (ttm): 260.73M
Net Income Avl to Common (ttm): 136.29M
Diluted EPS (ttm): 1.66
Qtrly Earnings Growth (yoy): 35.00%
Balance Sheet
Total Cash (mrq): 168.58M
Total Cash Per Share (mrq): 2.102
Total Debt (mrq): 446.00K
Total Debt/Equity (mrq): 0.001
Current Ratio (mrq): 2.364
Book Value Per Share (mrq): 10.242
Cash Flow Statement
Operating Cash Flow (ttm): 203.07M
Levered Free Cash Flow (ttm): 143.03M

Others Info

Insufficient Funds From Global Payments
By Ryan Fuhrmann, CFA
January 5, 2007

The recent turn of events at transaction processor and money-transfer firm Global Payments (NYSE: GPN) just goes to show you why Benjamin Graham was always wary of growth stocks.

Management summed it up well during this morning's second-quarter conference call. It conceded that "not overachieving expectations is a disappointment for some." In other words, investors were disheartened by the fact that Global Payments was only able to meet earnings expectations, not exceed them as it has regularly done over the past four years. The punishment for posting 18.7% revenue growth and a nearly 19% jump in diluted earnings before stock options expenses was an 18% hit to the stock price.

Benjamin Graham warned of the dangers of growth stock investing nearly 60 years ago, stating that "the more enthusiastic the public grows about it, and the faster its advance as compared with the actual growth in earnings, the riskier proposition it becomes." Fortunately, he also recommended taking advantage of overly high levels of pessimism regarding a company's prospects.

So where does Global Payments stand after the recent share price drop? Based on management's fiscal 2007 diluted earnings guidance of $1.69-$1.75, the shares are still trading at about 24 times earnings. However, the company is a cash-generating machine and has been growing the top and bottom line more than 20% since it was incorporated in 2000.

Over the past three fiscal years, free cash flow has exceeded reported net income by a rather wide margin, speaking to the prodigious amount of cash thrown off by the company's two primary business units. Based on last year's numbers and the current stock price of $40, I estimate that Global Payments would have to grow about 11% per year over the next decade to justify the shares' current price.

That sounds like a piece of cake, given the Global Payments' track record as a public company. However, the company only met expectations for the quarter, and investors are worried that growth may now be slowing from its breakneck pace. I can't say if that is true, and neither could management during the conference call, but the 18% haircut has at least made an investment proposition less risky.

Plus, the overall transaction and money-transfer industries are appealing. Larger competitors such as First Data (NYSE: FDC) have more successful track records. First Data recently chose to retain its payment processing businesses and jettison its money-transfer Western Union (NYSE: WU) unit into a separate firm. Moneygram (NYSE: MGI) is another pure-play money-transfer firm. Global Payments is the fastest-growing of the bunch, but that has attracted a very enthusiastic following and a subsequently emotional crowd, so tread carefully.

Syntax-Brillian Corporation (BRLC)

BUSINESS SUMMARY

Syntax-Brillian Corporation engages in the design, development, and distribution of high-definition televisions (HDTVs) in liquid crystal display (LCD), and liquid crystal on silicon (LCoS) formats. The company provides Olevia branded product lines, which include flat panel LCD models in diagonal sizes from 20 inches to 42 inches, and 65-inch Gen II LCoS Rear Projection HDTV for the high-volume home entertainment market; 42-inch and 47-inch high-end HDTVs for the home entertainment and home theater markets; and Gen II LCoS rear projection 65-inch HDTV for audio/video market. It also offers a line of LCoS microdisplay products and subsystems, including LCoS imagers that original equipment manufacturers (OEM) could integrate into proprietary HDTV products, home theater projectors, and near-to-eye applications, such as head-mounted monocular or binocular headsets and viewers for industrial, medical, military, commercial, and consumer applications. These microdisplay products also include a line of LCoS display imagers and associated application specific integrated circuits that provide driver, controller, and converter functions that operate the imager. The company’s optical modules for near-to-eye applications comprise illumination, prisms, color separators and combiners, and lenses to provide complete display products. Syntax-Brillian sells its products to high-end audio/video manufacturers, distributors of high-end consumer electronics products, and consumer electronics retailers in North America, Asia, and Europe. The company has a joint venture, Olevia Senna do Brazil, to assemble and market Olevia branded HDTVs in Brazil and throughout South America. It also has a joint venture with China South Industries Group Corporation, Sino-Brillian Display Technology Corporation, to assemble and sell LCoS light engines to HDTV manufacturers in China and internationally. Syntax-Brillian was founded in 2003 and is headquartered in Tempe, Arizona.

A Tier One Digital Entertainment Company

On November 30, 2005, privately held Syntax Groups Corporation and publicly held Brillian Corporation merged to form Syntax-Brillian Corporation. The company has a commanding presence in the two technologies that many expect to dominate the future of high-definition TV: thin-film-transistor liquid crystal display (TFT-LCD) for 60-inch and smaller HDTVs, and rear-projection liquid crystal on silicon (LCoS™) for large-screen, home theater and commercial HDTV applications. On November 21, 2006, Syntax-Brillian further broadened its product portfolio and distribution network with the acquisition of imaging technology pioneer, Vivitar Corporation.

Today, the company's lead products include its Olevia brand of widescreen HDTV-ready and HD built-in LCD TVs — one of the fastest growing global TV brands; its Brillian brand of next-generation Gen II LCoS™ 720p and 1080p rear-projection HDTVs for the high-end video/audio market, and its Vivitar brand of digital still and video cameras. As a result of its award-winning products, broad sales channels, growing brand recognition and extensive patent portfolio, Syntax-Brillian is uniquely positioned to deliver quality digital entertainment products to the world market. The U.S.-based company has strong Asian partnerships, well-established, global retail and distributor sales channels, and a worldwide supply chain that allows it to leverage economies of scale to deliver both outstanding quality and value.

Vision: Quality Digital Entertainment Products
Syntax-Brillian has a clear and focused strategy to become a Tier One digital entertainment products manufacturer, and to play a leading role in the global HDTV market expansion with its award-winning Olevia family of LCD and LCoS™ products.

Distribution
Syntax-Brillian has built an Asian supply chain coupled with an international manufacturing and distribution network to support worldwide retail sales channels and position the company as a market leader in high-quality, high-value consumer digital entertainment products. The company has established a significant retail presence and distribution channels throughout North America. For its Olevia brand, distribution channels include national retailers such as CompUSA, Staples, and Radio Shack; regional retailers such as Fry’s, HH Gregg and Meijer; as well as online retailers including Amazon.com, Buy.com, and TigerDirect.com. The high-end Brillian brand HDTVs are available from home theater and Pro-AV distributors. Syntax-Brillian has also established distribution agreements, partnerships and joint ventures in Asia and expects to continue to expand internationally. For its Vivitar brand cameras, distribution channels in the United States include such mass merchandisers as Wal-Mart, Comp USA, Office Depot and Radio Shack. In Europe, Vivitar products can be found at major retailers, including Tesco, Woolworth's, E.LECLERC (France), Saturn (Germany) and others.

Management Team
Management Team

Vincent F. Sollitto, Jr.
Chairman and Chief Executive Officer

James Li
President and Chief Operating Officer

Wayne Pratt
EVP and Chief Financial Officer

Dr. Robert L. Melcher
Chief Technology Officer

Thomas Chow
EVP and Chief Procurement Officer

Michael Chan
EVP Operations

Hope Frank
Chief Marketing Officer

Jon A. Steging
VP, Corporate Controller and
Chief Accounting Officer


Vincent F. Sollitto, Jr.
Chairman and Chief Executive Officer
Mr. Sollitto has been the Chairman of the Board since December 2005 and the Chief Executive Officer and a director since June 2003. Prior to joining Syntax-Brillian, he was President and Chief Executive Officer of Photon Dynamics, Inc., a manufacturer of flat-panel-display inspection, test, and repair equipment. He was instrumental in growing the company’s revenues from $12 million to $94 million. He previously worked at Fujitsu Microelectronics as General Manager of the Logic Products unit, after heading all technical operations for an IBM-funded start-up, Supercomputer Systems, Inc. He also worked at IBM for more than 21 years in a range of increasingly responsible positions, with a final assignment as Director, Technology and Process, for the Enterprise Systems headquarters. Mr. Sollitto earned his Bachelor of Science degree in Electrical Engineering from Tufts University in 1970. He also continued his education in management, business, and technology at Syracuse, Cornell, and Carnegie Mellon Universities. A holder of four technical patents, Mr. Sollitto serves as a director of Applied Films Corporation, a thin film deposition equipment company, and Ultratech Inc., a photolithography equipment company, each of which is a public company.

James Li
President and Chief Operating Officer
Mr. Li, founder/director of Syntax-Brillian, is responsible for the company’s global LCD TV business development and management. Commencing his career with Gateway, where he was Senior Business Manager in the Global Procurement Office, Mr. Li has extensive experience in sales, operations, management and manufacturing in the IT and retail PC industries. Prior to Syntax-Brillian, he was Executive Assistant to the Chairman and CEO of Elitegroup Computer Systems, as well as Director of ECS’ OEM/ODM Business. Also at ECS, Mr. Li established and developed the Latin America market, growing its motherboard and notebook sales business to $180 million per year. He is on the Board of Directors of DigiMedia Technology Company, the joint venture formed in Taiwan by Syntax Groups and Taiwan Kolin Company and Sino-Brillian Display Technology Corporation. He holds a Bachelor’s degree in English and international business from Christ’s College in Taiwan and a Bachelor of Arts degree in clinical psychology and religion from Northwestern College.

Wayne Pratt
EVP and Chief Financial Officer
Mr. Pratt brings nearly 20 years of experience to his role and is instrumental in shaping the company's business and financial model, and investor relations strategies. Mr.Pratt oversees finance, accounting, information systems, procurement, investor relations, and facilities. Prior to Syntax-Brillian, Mr. Pratt served as Senior Vice President and CFO for Limelight Networks, a provider of outsourced IP delivery solutions, where his strategic leadership helped the company more than double its revenue. Prior to that, he held a number of executive and senior financial positions at GlobalCenter, Inc., Swift Transportation, KPMG, Primenet, Frontier Communications, and Axient Communications. During his employment with Axient, he helped grow the company from 20 to 130 employees, oversaw the deployment of IP networks in 70 cities, and assisted the company in raising $12 million in equity financing and over $40 million in debt and lease financing. Mr. Pratt received a Bachelor of Science degree in Accounting from Arizona State University in Tempe, Arizona.

Dr. Robert L. Melcher
Chief Technology Officer
Dr. Melcher brings extensive experience in technology management and research initiatives to his role and is responsible for defining the technological vision for the company. From October of 1999 to the spin-off of Brillian, Dr. Melcher served as Chief Technology Officer of Three-Five Systems, Inc. (TFS) and was in charge of both the microdisplay and passive matrix Display Technology Center. Prior to joining TFS, Dr. Melcher had an illustrious 29-year career with IBM. He is the recipient of two IBM Outstanding Contribution Awards, as well as an IBM Group Award. During his tenure at IBM, he held a number of increasingly important positions. His final assignment with IBM was Program Leader for projection displays. He led an international team from IBM Research, which worked with IBM's Display Business Unit in Japan to invent, develop, and market large-area projection displays based on reflective liquid-crystal-on-silicon microdisplays. He also served as IBM's Director of the Input/Output Technology Department; Manager of Low-Temperature Physics; Senior Manager for Condensed-Matter Physics; Manager of Laser Science and Technology at IBM Zurich; Director of Technical Planning; and Director of the Physical Sciences Department.

Dr. Melcher holds a Bachelor of Science degree in Physics and Mathematics from Southern Methodist University, and master's and Ph.D. degrees in Solid-State Physics from Washington University. A holder of 15 patents and author of more than 100 technical articles, Dr. Melcher has served on the program committees of several international conferences; he was elected to the AD COM of the IEEE Group on Sonics and Ultrasonics; and is a fellow of the American Physical Society. He served as a member of the CTAN Yale Advisory Board and was Vice Chairman of the Board of Trustees of the Science Port Museum.

Thomas Chow
EVP and Chief Procurement Officer
Mr. Chow is Executive Vice President and Chief Procurement Officer of Syntax-Brillian. Prior to the merger, he served as Syntax's Chief Financial Officer. He co-founded Lasertech Computer Distributor, Inc. in October 1994, a distributor of computer equipment, and formerly a wholly owned subsidiary of Syntax, and served as its Chief Operating Officer until 2004. In 1996, he co-founded Warpspeed, a manufacturer of graphic display adapters. Earlier, he was President of the QDI Group, a manufacturer of personal computer motherboards and graphic display cards, and a wholly owned subsidiary of Legend Holding Group, Hong Kong. Mr. Chow was Sales Manager for Legend Holding Group, the largest personal computer manufacturing company in China. Mr. Chow graduated with first class BSC honors in microelectronic and microprocessor technology at Newcastle University (United Kingdom).

Michael Chan
EVP Operations
Mr. Chan brings substantial experience in operational efficiencies, and prior to the merger, he served as Syntax's Chief Operating Officer. From June 2000 to April 2004, Mr. Chan was Vice-President of Lasertech Computer Distributor, Inc., a distributor of computer equipment and formerly a wholly owned subsidiary of Syntax, with responsibility for sales and marketing. He co-founded NCX Corp., a wholesaler of computer peripherals, and served as its Chief Executive Officer from July 1997 to May 2000. Earlier, he served as Chief Operating Officer of Shinho Technology and Communication, Inc., a manufacturer of monitors. Mr. Chan was financial controller at Infiniti Manufacturing and Microstar Computer, a system integrator and wholesaler of personal computer components from 1992 to 1994. Mr. Chan graduated from the University of Southern California, with honors, with a Bachelor of Science degree in accounting and finance.

Hope Frank
Chief Marketing Officer
Hope Frank, Chief Marketing Officer, brings 25 years of strategic international marketing, brand development, and global public relations experience to her position. Prior to joining Syntax-Brillian in 2003, she was Vice President, Communications for Photon Dynamics, a manufacturer of flat-panel-display inspection, test, and repair equipment. She also co-founded Strategy10X, best known for the fully integrated marketing launch of the Starbucks 802.11b wireless mobile network. As a founding partner of FHP, an award-winning strategic marketing and brand development firm in San Francisco, she directed more than 300 projects. Key clients included Apple, AT&T, Bank of America, Intel, CNN, Charles Schwab, Microsoft, Dockers, Banana Republic, NIKE, and Sprint. Frank was also president of FHP Corporation, an intellectual property-focused marketing firm serving the venture capital community in Seattle and Silicon Valley, with key emphasis on merger and acquisition strategy as well as global marketing integration. Earlier Frank partnered with the State of the World Forum, co-managed global public relations and provided positioning counsel to heads of state including President Mikhail Gorbachev, Prime Minister Margaret Thatcher, President Thabo Mbeki, and President George Bush, Sr.

Frank earned a bachelor of arts degree from University of Colorado, Boulder. She has a working knowledge of French, Spanish and German.

Jon A. Steging
VP, Corporate Controller and Chief Accounting Officer
Mr. Steging brings extensive financial and management experience to his role here at Syntax-Brillian. His responsibilities include finance, accounting, treasury, tax, audits, and SEC and SOX404 reporting. Prior to joining the Company, Mr. Steging served as the CAO, Treasurer and Controller, and the Interim CFO for VistaCare, Inc., a publicly traded national hospice company. Prior to that, he was a Partner with Tatum partners, LLP, providing interim CFO services to a number of firms throughout the Southwest. In 1997, he founded his own successful consulting firm focusing on assisting companies to developing business and growth strategies. He also has held a number of executive and senior financial positions at eai Healthcare Staffing, Laidlaw Industries, Gould, Inc. and Jewel Companies. His background includes acquisitions, high growth and financial and management systems design. Mr. Steging received a Bachelor of Science Degree in Accounting from Southern Illinois University and a Masters Degree in Finance from Northern Illinois University.

VALUATION MEASURES
Market Cap (intraday): 552.53M
Enterprise Value (6-Jan-07)3: 523.55M
Trailing P/E (ttm, intraday): N/A
Forward P/E (fye 30-Jun-08) 1: 15.34
PEG Ratio (5 yr expected): 0.74
Price/Sales (ttm): 1.93
Price/Book (mrq): 6.66
Enterprise Value/Revenue (ttm)3: 2.07
Enterprise Value/EBITDA (ttm)3: 82.203
FINANCIAL HIGHLIGHTS
Fiscal Year
Fiscal Year Ends: 30-June
Most Recent Quarter (mrq): 30-Sep-06
Profitability
Profit Margin (ttm): -5.71%
Operating Margin (ttm): 0.21%
Management Effectiveness
Return on Assets (ttm): N/A
Return on Equity (ttm): -35.58%
Income Statement
Revenue (ttm): 252.65M
Revenue Per Share (ttm): 5.638
Qtrly Revenue Growth (yoy): 218.10%
Gross Profit (ttm): 23.89M
EBITDA (ttm): 6.37M
Net Income Avl to Common (ttm): -14.41M
Diluted EPS (ttm): -0.32
Qtrly Earnings Growth (yoy): N/A
Balance Sheet
Total Cash (mrq): 8.27M
Total Cash Per Share (mrq): 0.161
Total Debt (mrq): 43.59M
Total Debt/Equity (mrq): 0.599
Current Ratio (mrq): 1.24
Book Value Per Share (mrq): 1.424
Cash Flow Statement
Operating Cash Flow (ttm): -28.16M
Levered Free Cash Flow (ttm): -33.76M

Spherion Corp. (SFN)

Potential 100x return positive points :

• Good Value with Price below BV.
  Book Value Per Share (mrq):7.627
• Low-price cost cutter :Spherion heads into 2007 with a continued emphasis on major cost-cutting initiatives, especially with regard to its payroll. CEO Roy Krause has consistently shown a preference to expand the company's margins and returns rather than sacrifice profitability to grow the top line at a faster pace -- a conservative approach that I'm always willing to applaud, as long as it benefits long-term shareholders.
  Although Spherion definitely needs to start growing sales in a more inspired manner if it wants to increase shareholder returns over the long haul, Krause is delivering the goods with respect to the current cost-reducing objectives. In early November, Spherion reported a 61% increase in net income for the third quarter, despite minimal revenue growth. On top of that, the company bought back 118,000 of its shares, to complete a buyback authorization for 6 million shares at an average price of $8.76.
  Spherion certainly exhibits some attractive investment characteristics that aren't generally found in many low-priced stocks. With a strong brand name, margin-improving business initiatives in full gear, and a positive long-term outlook for the industry, this single-digit stock seems quite deserving of its five-star rating.( From Fool.com)

Allos Therapeutics Inc. (ALTH)

Potential 100x return positive points :

• Insider buying 1,034,580 shares between $5.50 to $5.80
• Potential huge return with approval of EFAPROXYN.
• Good Business strategy and well executed -Our goal is to become a profitable biopharmaceutical development and marketing company. The key elements of our business strategy are to:
  * Focus on the oncology market. We intend to continue to focus our drug development efforts on the oncology market. We believe the oncology market is attractive due to its large market size, continual demand for safer and more effective cancer treatments, well-characterized endpoints, and potential for expedited regulatory review.
  *Obtain regulatory approval to market EFAPROXYN. We are currently focused on completing our Phase 3 ENRICH trial and, if the results are positive, obtaining regulatory approval in the United States to market EFAPROXYN as an adjunct to WBRT for the treatment of brain metastases originating from breast cancer. We may pursue regulatory approvals in other countries if deemed strategically and economically feasible. In addition, in the event we obtain regulatory approval to market EFAPROXYN, we intend to expand our clinical development activities involving EFAPROXYN to pursue additional labels for which there is evidence of clinical benefit.
  *Advance the development of PDX and RH1. We plan to evaluate PDX and RH1 for oncology use as single agents or in combination with other therapies in target indications that we believe offer the most expedient pathway to marketing approval. In the near-term, we plan to initiate a Phase 2 trial of PDX in PTCL, which we hope may provide the basis to obtain marketing approval for PDX in this indication. *Expand our product candidate portfolio. We may pursue opportunities from time to time to expand our product candidate portfolio by identifying and evaluating new compounds that have demonstrated potential in preclinical or clinical studies and are synergistic with our existing oncology portfolio. Our intent is to build a strong and continual pipeline of novel and powerful drug candidates. *Develop sales and marketing capabilities to maximize the commercial potential of our product candidates . We currently retain exclusive worldwide commercial rights to EFAPROXYN, PDX and RH1 for all target indications. We intend to develop sales and marketing capabilities, either internally or through a combination of contract relationships or strategic collaborations, to market our products in the United States. We intend to enter into co-promotion or out-licensing arrangements to reach all markets outside the United States.