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Information, opinions, or recommendations contained in the reports are submitted solely for advisory and information purposes. The factual statements have been taken from sources believed reliable but such statements of fact are made without representation to accuracy, completeness, or otherwise. The opinions expressed are those of the analyst and are subject to change without notice. The report or study is not intended to be construed as an offering or a solicitation of an offer to buy or sell the securities mentioned or discussed. The analyst preparing the report has contractually agreed with Singular Research that the analyst will neither own nor trade in any of the securities of the covered company during the enrollment period for which the analyst is responsible for coverage. Management of Singular Research is precluded from owning or trading in the securities of any enrolled company.
The analyst receives compensation for research coverage only from Singular Research, which is prepaid to eliminate pecuniary interests and insure independence. The analyst receives no fees or payments for the reports from the company or from any source other than Singular Research. All reports prepared by the analyst and Singular Research are performed on behalf of the public, and are not a service to any company.
The analysts of Singular Research are members of Association for Investment Management and Research (AIMR), which is the worldwide organization for professionals engaged in investment management, research, and education. The AIMR, an international nonprofit organization, has more than 49,000 investment practitioners and educators in over 100 countries. The AIMR website is located atwww.aimr.org. It is the parent organization to the professional designation program of Chartered Financial Analyst (CFA), the highest designation the society can bestow on an analyst after a three-year program of study and examination. Most of the analysts of Singular Research have been awarded this designation or are completing their course of study and examination. In order to be a member of the AIMR, an analyst must have passed the first level CFA examination or have demonstrated equivalent work related experience. Additionally, all analysts are members of their local society of security analysts and participate in continuing education activities. A list of the local analyst societies worldwide may be found on the AIMR website.
A member of the AIMR is required to adhere to its Code of Ethics and Standards of Professional Practice, which are “ethical guidelines that promote integrity, competence, and dignity within the investment community worldwide”. All Singular Research analysts are bound by these guidelines, and all members of the AIMR file as a requirement of annual renewal a statement of professional conduct.
AIMR MISSION STATEMENT and CORE VALUES
To establish a direction for serving our members and setting a higher standard within the global investment community, the AIMR Board of Governors, regional directors, and senior management identified the values, vision, and purpose of the organization, from which AIMR’s mission statement was created: To advance the interests of the global investment community by establishing and maintaining the highest standards of professional excellence and integrity.
AIMR identified four values around which all of its programs, services, and initiatives revolve:
- STRENGTH OF COMMUNITY AND COOPERATION
- VOLUNTEER SERVICE
Analysts are required to adhere by the AIMR to the Code of Ethics and Standards of Practice as set by the AIMR, and Singular Research also mandates compliance for all of its analysts. Failure to maintain AIMR membership or failure to adhere to these Ethics and Practice standards by an analyst or management of Singular Research is grounds for termination. Harry H. Hall is the supervisory analyst.
The cost of enrollment in the Singular Research one-year research program is US $10,000. All electronic reports and distribution are included in the initial research fee. Although any party can pay the enrollment fee, reports are performed on behalf of the members of the public, and are not a service to any company. The analysts are responsible only to the public. Singular Research does not accept payment of any of its fees in company stock or any form of securities, as receipt and disposal of these securities under these alternative payment methods might compromise the integrity of the continuing research program.
Non U.S. Residents Using the Singular Research Internet Site
The Singular Research website can be accessed via the Internet by professional investment organizations and individuals resident in many countries in the world. Securities laws of these resident countries vary significantly. This site is intended to be accessed by residents of the United States of America and by residents of other jurisdictions only where permitted by applicable law. If you are not a resident of the United States of America, you should consult with your advisors as to whether you are permitted to access this site.
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