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ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
Com Common Stock Valuation 00000 As of Ju ne 20.2011 Income Approach For the fiscal wan ended December 31. For the lima wan ending December 31. AIM/Cale Business Model 20011 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenue $145,455 $70.434 $86,781 $144,552 $270,939 $423,644 $586,943
ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
Com Common Stock Valuation 00000 As of Ju ne 20.2011 Income Approach For the fiscal wan ended December 31. For the lima wan ending December 31. AIM/Cale Business Model 20011 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenue $145,455 $70.434 $86,781 $144,552 $270,939 $423,644 $586,943
ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
Com Common Stock Valuation 00000 As of Ju ne 20.2011 Income Approach For the fiscal wan ended December 31. For the lima wan ending December 31. AIM/Cale Business Model 20011 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenue $145,455 $70.434 $86,781 $144,552 $270,939 $423,644 $586,943
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