Kachan & Co. (Kachan) does not exclusively analyze securities on a fundamental and or technical basis. Investors should read research reports in their entirety and not infer their contents from the following ratings alone. Kachan does not make a market in the securities of the subject company. The analyst does not serve as an officer, director, or advisory board member of the subject company. Neither Kachan nor any affiliate of Kachan has managed or co-managed a public offering of securities for the subject company in the last 12 months. Kachan has not received compensation for investment banking services from the subject company in the last 12 months. Kachan does not expect to receive or intend to seek compensation for investment banking services from the subject company. Neither Kachan nor its affiliates beneficially own 1% or more of the common stock of the subject company as calculated in accordance with Section 13(d). The analyst does not know or have reason to know of any actual, material conflict of interest at the time of publication of the research report. This report is for information purposes only. Under no circumstances is it to be used or considered as a solicitation to buy or sell any securities.

Although the information contained herein is has been obtained from recognized services, issuer reports, communications, or other services believed to be reliable, Kachan does not represent that it is accurate or complete, and accordingly should not be relied upon as such. Any opinions, estimates or projections expressed herein may assume some macroeconomic, industry, or material change in the subject company management, products or service offerings, interest rate, index, currency, political considerations, change in investor sentiment or time limitations on the exercise of options or other rights that impact the price of securities mentioned in this report and as such constitute current opinions, at the time of issuance, which are subject to change.