Update of our Website

We make no assurances or guarantees that our website www.Auvila.com (Our Website) would be updated in a timely manner or that it would be updated at all in the future. If and when we choose to update Our Website, we also reserve the right to delay updating Our Website as we see fit. Full access to our website is granted through two main recurring subscription programs: Retail and Institutional — for more details on our recurring subscription membership, please view our Membership Program page. Retail viewers of Our Website have full membership access to any content posted on Our Website and is permitted to post comments on the content of published research or engage in an orderly and respectful conversation with others regarding the published research. However, any abusive behavior or language will not be tolerated and would be subject to censure, including and up to permanent expulsion from membership. Institutional members have all the rights and privileges of Retail members. Additionally, Institutional clients will have direct access to Auvila’s Analysts through phone or email, will be placed on our email distribution lists and, when a mass voicemail system (MVMS) is implemented, Institutional clients will be placed on our MVMS. Furthermore, with 24-48 hour notice, Institutional clients will be given access to additional information and research including, but not necessarily limited to, company models, databases, comparable sheets, and client presentation packages. All other viewers that are not our clients will not receive our research, services, or products through our email distribution list or other preferential delivery arrangements that we may have with our clients, and will be subject to receiving our research, services, or products with a delay — no matter how short or long the delay may be — that we deem appropriate at any given time based on our choosing, or may not receive our research, services, or products at all, if Our Website is not updated in a timely manner or not at all, respectively. Regardless, when and if we choose to update Our Website, it will be after we have sent our clients our research, services, or products first or our clients have had first priority access to our research, services, or products through Our Website.

Protection of Our Website viewers’ and our clients’ information

Information that we collect through Our Website or by any other means on our viewers or our clients will to the best of our reasonable ability remain private and confidential to Auvila Research Consulting LLC (Auvila Research Consulting). Auvila Research Consulting will not sell, knowingly distribute, or market the information on our viewers or our clients, or allow individuals that are not directly employed by Auvila Research Consulting to knowingly view, access, copy, distribute, market, sell, or otherwise obtain, retain, or transfer to another person, business, organization, entity, or the “cloud” or “internet” or “cyberspace” information on our viewers or our clients unless the individual is properly and timely authorized by the appropriate US or state government jurisdictional judicial authority or is an authorized consultant that needs access to the information on our viewers or our clients to execute and complete the mandate entrusted to said consultant. Auvila Research Consulting will use reasonable means as determined by Auvila Research Consulting to protect our viewers’ and our clients’ information. We do not take responsibility for any loss or damage of any kind that may have occurred due to the exposure of our viewers’ or our clients’ personal or other information that may or may not have been or continues to be in Auvila Research Consulting’s possession.

Disclosures of Conflicts and Analysts’ Revenue Source

Analysts reporting on covered companies are not permitted to have direct investments in those companies. Subscribers reading reports should note that current conflict disclosures may differ from those as published in research notes and reports, and as disclosed herein. The analyst(s) responsible for preparing research notes and reports receive compensation from recurring-subscription membership revenues received by Auvila Research Consulting (Auvila) for access to analyst’s or analysts’ research.

Investment Banking Conflicts Do Not Exist

Auvila Research Consulting does not have revenues from investment banking and does not employ investment banking personnel. Therefore, no investment banking conflicts exist. This allows Auvila Research Consulting to deliver a non-biased opinion formulated based on actual research and analysis of the company, industry or subject matter. However, should conflicts arise between Auvila Research Consulting’s interest, including those of the analyst(s), and the interests of our clients, Auvila Research Consulting will do its best to resolve the conflict in a fair and equitable manner without prejudice, bias, or a hidden agenda. We reserve the right to amend, change or supplement our Conflicts Policy at any time.

Dissemination of Our Research

Auvila Research Consulting strives to make all reasonable efforts to simultaneously disseminate its research, notes and reports to our Institutional clients, taking into consideration local time zones not only in foreign jurisdictions, but also within the United States of America (USA). We subject this policy to any applicable regulatory considerations, requirements, and edicts. However, due to the nature of updating Our Website, Retail clients will experience a delay in receiving our research, relative to our Institutional clients who should be receiving our research directly via email or MVMS or both.

Client Qualifications

In order for Retail clients to gain access to Auvila Research Consulting’s research, potential clients must pay for a recurring-subscription on a monthly or quarterly basis. Similarly, for Institutional clients, prospective clients must pay for a recurring-subscription on a quarterly or annual basis, or make other provision that are suitable to both the Institutional client and Auvila Research Consulting. Regardless, alternative payment arrangement must provide for payment in advance. In addition, potential Institutional clients must be a “qualified investor” under FINRA’s definition of a “qualified investor” and cannot be an individual or retail investor. Any individual working at an investment management firm, regardless of position or responsibility, cannot subscribe to our available Retail subscription, and are only permitted to subscribe to our available Institutional subscriptions or make alternative arrangements with Auvila Research Consulting to make payments in advance for a given period not to be less than one-year.

Near-term Indicator (NTI): This is currently not being utilized

An NTI is our technical view of where the stock may trade within the next days, weeks or months based on market news, trading events and technical indicators. However, an NTI may differ from the ST-price target of the security in question of the subject company because of the difference in time horizons, methodologies, supply and demand or other factors. Therefore, the possibility exists that a ST-target price may indicate an investment in the security, while the NTI would indicate the contrary. The opposite scenario could also occur where the ST-target price may indicate a divestment of the security, while the NTI would indicate the contrary. However, again, due to differing time horizons, methodologies, supply and demand or other factors, the NTI and ST-targets may not be congruous. Also, Auvila Research Consulting does not intend to nor undertake any obligations to maintain the NTI for any securities covered by Auvila Research Consulting. Also, please note that the use of our NTI may not be appropriate for all clients and are not tailored to any specific client circumstances and objectives. Therefore, before utilizing our NTIs, each client should carefully consider the appropriateness of the NTI to their investment or trading strategy, and make an independent, reasoned and careful judgment as to whether or not to utilize the NTIs in any decision regarding the buying and selling of any securities.

Certification of Our Analysts

All of the opinions and views expressed in research notes and reports accurately reflect the personal opinions and views of the analyst or analysts regarding any and all of the subject securities or issuers mentioned in those research notes and reports. None of the compensation of the authors responsible for our research notes and reports are, or will be, directly or indirectly, related to specific recommendations, views or opinions expressed by the responsible author(s) that are named in research notes and reports, other than potentially based on stock price performance versus a predetermined benchmark as may be agreed upon by Auvila Research Consulting and its analysts.

Analyst and Auvila Research Consulting Disclaimer

Please note that the research views, opinions and analyses contained herein are subject to change without notice and Auvila Research Consulting has no obligation to inform clients of such a change. However, should such a change in view or opinion occur, and it is deemed a material change in view or opinion by the analyst(s), Auvila Research Consulting will use its best efforts to proceed to disseminate such change in view or opinion as expeditiously, fairly and simultaneously as possible. Also, all views, opinions and analyses expressed in our reports are that of the work of the analyst(s) named therein and reflects their best analysis and understanding of the subject securities and issuers, given the publicly available data that is reasonably accessible by Auvila Research Consulting and the analyst(s) and does not in any way, directly or indirectly, ever guarantee any outcome of any sorts.

The data or information contained in this report was compiled by Auvila Research Consulting and the analyst(s) who authored those research notes and reports from sources believed to be reliable and publicly available. However, no representations or warranties, express or implied, is made by Auvila Research Consulting or the analyst(s) as to the accuracy, completeness or correctness of the data or information contained in those research notes and reports.  All views, opinions and estimates in this report represent Auvila Research Consulting’s and the analyst(s’) judgment as of the published date of those research notes and reports and are provided in good faith, but provided without legal responsibility and are subject to change without notice.

Also, nothing in those research notes and reports constitutes accounting, legal or tax advice or constitutes individually customized investment advice. Those research notes and reports and the contents therein were and are prepared for general consumption by our clients and were prepared without concern to any individual’s financial circumstances and objectives.

The issuers or securities analyses, views and opinions provided in those research notes and reports may not be suitable for every client and it is recommended that each client seek consultation from a myriad of sources, if there are any doubts about the suitability of such analyses, views and opinions provided therein.

Note and reports published by Auvila Research Consulting’s analysts are neither an offer to sell nor a solicitation of an offer to buy any securities. Past performance does not portend future performance; future returns are not guaranteed in any way; and a loss of original capital may occur.

Auvila Research Consulting research analysts’ compensation is based on recurring-subscription revenue or other compensation forms deemed suitable by our clients expressly for the research published by Auvila Research Consulting analysts and does not depend on any investment banking activity or other capital markets efforts including proprietary trading results.

Each U.S. state, as well as most countries in the world have their own independent laws regulating the types of securities and other investment products which may be offered to the residents of the state or country, and the process for doing so. Therefore, the securities mentioned in Auvila Research Consulting’s research notes and reports may not be eligible for sale or compensation in some jurisdictions.

From time to time, Auvila Research Consulting may be restricted or temporarily prohibited from publishing research notes or reports due to regulatory restrictions or internal compliance issues or policies. Under such a circumstance, the latest published research notes and reports may not reflect the most up to date and recent material changes in the applicable industry, subject companies or securities. Therefore, Auvila Research Consulting research notes and reports are only current as of the date of publication set forth on the research notes and reports.

Auvila Research Consulting is not a securities broker or dealer and cannot act as such in any jurisdiction. Therefore, Auvila Research Consulting cannot, under any circumstances, solicit to purchase or offer to sell any securities, whether or not expressly or implicitly mentioned in any of Auvila Research Consulting’s published research notes and reports.

To the full extent permitted by law neither Auvila Research Consulting nor any person affiliated with Auvila Research Consulting in any capacity, accepts any liability whatsoever for any direct or consequential loss arising from any use of Auvila Research Consulting research notes and reports or the data, information or analyses contained therein.

No part of any notes and reports published by Auvila Research Consulting, in whole or in part, may be reproduced or copied by any means without the prior consent of Auvila Research Consulting.

Auvila Research Consulting research notes and reports are intended for the sole use of the individual or organization that paid for our research notes and reports and have legally and legitimately secured access to Auvila Research Consulting research notes and reports. Therefore, it must not be communicated, forwarded, distributed, copied, duplicated, nor reproduced in any way for any persons that do not have a valid payment relationship with Auvila Research Consulting to access any Auvila Research Consulting research notes and reports on record and current with Auvila Research Consulting.

Additional information is available upon request.

Published research notes and reports have been approved by Auvila Research Consulting, which is a 100% minority-owned securities research consulting company that qualifies as a minority-owned business under federal statute 8(a) of the Small Business Administration. Auvila Research Consulting accepts responsibility for our notes and reports and its dissemination in the United States and internationally. Any current, legitimate and legal recurring subscriber or client to Auvila Research Consulting research notes and reports that desires further information regarding the content of our research notes and reports should contact the relevant analyst(s) directly.