Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Research Coverage on Small and Micro-Cap Companies

Equity Bottom-Up

<ul><li>The company continues to make progress with its international expansion which partially offsets concerns over the challenges in the company's domestic market.</li><li> Estimating the total number of shares (and by default ADSs) outstanding has been incredibly challenging as the company has financed operations by issuing stock as the market price of the ADSs has fallen.</li><li>We now estimate that the company has 164 million common shares outstanding which equates to 1.8 million ADSs given the new ADS to common ratio of 1 to 90.</li></ul>

The company continues to make progress with its international expansion which partially offsets concerns over the challenges in the company's domestic market. Estimating the total number of shares (and by default ADSs) outstanding has been incredibly challenging as the company has financed operations by issuing stock as the market price of the ADSs has fallen.We now estimate that the company has 164 million common shares outstanding which equates to 1.8 million ADSs given the new ADS to common ratio of 1 to 90.

SVRE: Updating our estimates and model to reflect the new ADS ratio.

SaverOne 2014

SVRE: Updating our estimates and model to reflect the new ADS ratio.