NEW YORK, Dec. 01, 2003 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
Investrend Research analyst Ryan Fuhrmann, CFA, has issued an Update on Stockgroup Information Systems, Inc. (OTCBB:SWEB) (TSX Venture Exchange:SWB), assigning the company a "Speculative Buy" and an intrinsic value of $0.60.
"The Company's revenue streams for 2002 can be categorized into two areas, Financial Software and Content Systems, and Public Company Disclosure and Awareness Products," said Fuhrmann, noting further that "impressive clients continue to sign on to Stockgroup's product offering."
Fuhrmann added that, "Q3 revenue increased 32% from Q3 '02 and 8% sequentially from Q2 '03, and the company eliminated all remaining long- and short-term debt. Stockgroup also raised capital and had almost $900,000 in cash on the balance sheet and working capital of roughly $600,000. Additionally, stockholders equity is now a positive $940,000. Worst-case scenario, Stockgroup now has enough cash on hand to sustain operations for at least another year on internal funds.
"We are seeing tangible evidence that the Company's business plan is paying off and conditions from a top-line and gross margin perspective continue to impress," the analyst said in conclusion.
The full report, including important disclosures and disclaimers, is available at http://www.investrendresearch.com, and at the company's InvestorPower page at http://www.investrend.com/company/list.asp?sPathParam=yes. Investors are advised to read these carefully before investing in the equities of any enrolled company.
Ryan C. Fuhrmann, CFA was an analyst for the MBA Investment Fund, LLC, at the University of Texas McCombs School of Business. He currently performs business valuations at an investment banking firm. He was previously an analyst for Houston-based money management firm Dyer, Robertson & Lamme. Prior to this he was a portfolio manager in Chicago at Northern Trust Company where he managed individual discretionary and non-discretionary trust accounts. Fuhrmann is a Chartered Financial Analyst, member of the Association for Investment Management and Research and the Dallas Financial Analyst Society.
Investrend Research has been the leading independent equity research publishing and distribution program since 1996, with over 65 AIMR-qualified professional analysts posting more than 625 reports to date. Anyone may enroll a company in the Investrend platforms, and Investrend is a member of the FIRST Research Consortium, having adopted its "Standards for Independent Research." Enrollment fees for the Institutional Research platform is $25,800 per annum. These enrollment fees are being paid by the company. Analysts are paid in advance for their initial reports by Investrend Research to limit or eliminate pecuniary interests, and no one associated with the program may own or trade in the equities of companies under coverage.
Anyone interested in receiving alerts regarding Stockgroup research or webcasts should e-mail info@investrend.com with "SWEB" in the subject line, or click on http://www.investrend.com/contact.asp.