2. 1 | P a g e
OVERVIEW
Pecunia Management LLC (the “Company” or “IAA”) is executing an aggressive growth strategy driven by
acquisition of sub-scale independent broker dealers (“IBDs”) and registered investment advisors (“RIAs”) in
addition to continued recruitment of top performing advisors.
The financial services industry is fragmented. Larger firms continue to deal with the fall-out of the past
seven years, looking for ways to cut costs while navigating the every-changing regulatory and compliance
rules and regulations. Wall Street is taking on a new shape, and there is a tremendous opportunity for
smaller, more nimble, client-focused firms to enter the market and thrive.
IAA has grown its hybrid broker dealer RIA business from 20 reps in 2007 to 119 reps in 2015, and
revenues from $3 million to $23 million over the same period. In addition, assets under management have
increased by 250% since 2009 to more than $1 billion.
Operating in 17 states with 33 independent locations, we are a full-service financial services and Fintech
firm with three operating segments: International Asses Advisory (IAA), a brokerage firm, International
Assets Investment Management, a registered investment advisor, and IAA Shared Services, a business
services platform.
Over the past several years we have continued to shift from a retail focus to greater diversification and
fee-based business, resulting in higher quality of revenue. We intend to continue to this emphasis and
accelerate our growth through acquisition, while attracting more reps to our diversified services and
product platform.
3. 2 | P a g e
International
Assets
Advisory
International Assets Advisory LLC - Full service securities brokerage firm
Clears through National Financial Services (NFS), division of Fidelity; $19 million+ in annual
commissions and other revenue; $800M+ AUM; institutional and retail business; capital markets
and investment banking ($1.2 billion raised through capital markets and 20 transactions;
insurance and trust services.
International
Assets
Management
International Assets Management LLC - SEC registered investment advisor
Customer at NFS, $190M AUM; $1.9 million in fee revenues; multi-custodian (Schwab, Fidelity
and TD Ameritrade); IAA “Access” – TAMP capable of creating Harvard and Yale endowment
models; institutional consulting platform for pensions; endowments and foundations.
IAA Shared
Services
IAA Shared Services LLC – Business services and support
Human resources, information technology, payroll, compliance, etc.
IAA
Access
IAA Access – Technology services platform
Offers full-service broker dealer, corporate RIA, asset management, TAMP, institutional quality
alternative investments, business services and support
OUR BUSINESS
0
50
100
150
2007 2009 2011 2013 2015
Reps and Advisors
$-
$10,000,000
$20,000,000
$30,000,000
2007 2008 2009 2010 2011 2012 2013 2014 2015
Revenues
$-
$500,000,000
$1,000,000,000
$1,500,000,000
2009 2011 2013 2015
Assets Under Management
99%
65%
1% 10%
2007 2015
Revenue Mix
Retail-Based Fee-Based
Key Operating Metrics
4. 3 | P a g e
INVESTMENT
We are raising a minimum of $5 million and up to $7.5 million through a combined debt/equity offering
of our securities, which will be used to target and close on acquisition candidates, marketing and
recruitment efforts and for general working capital required to scale the business.
Shareholders Current Out % Post-Offering Out %
Total Current Shareholders 1,000,000 100% 1,000,000 83%
New Shareholders - 0% 200,000 17%
1,000,000 1 1,200,000 100%
Key Data
Shares Out (current) 1,000,000
Offering - Equity $ 3,000,000
Offering Price/Share $ 15.00
Shares Offered 200,000
Post Offering Shares Out 1,200,000
Post Offering Valuation $ 18,000,000
Offering - Debt $ 4,500,000
Notes Offered 45.00
Annual Interest (simple) 10%
MARKET DYNAMICS & CHALLENGES
For Reps
Wirehouse
Model
is flawed
For IBDs
Challenges
of
their own
Rising Costs
Back Office
Technology
Regulations
Less Flexibility
House Product
Payouts
Client Limitations
Conflicts of Interest
Key Takeaways
Key
Trends
Firms considering
sale, merger
or consolidation
opportunities
Strategic Acquirers
Private Equity Firms
Integrators
Reps are leaving
wirehouses to IBDs and
RIAs
Industry
Consolidation
IAA has unique
opportunity
5. 4 | P a g e
Sub-scale independent broker dealers (“IBDs”) are characterized by aging owners, increased regulatory
and technology costs and fierce competition from more established, better capitalized firms. There are
hundreds of IBDs throughout North America contemplating whether to close shop, sell or merge or
continue to face margin pressure and prolonging the termination point of their business.
Source: (a) The Cerulli Report: The State of U.S. Retail and Institutional Management 2014’ (b) The Cerulli Report: U.S. Retirement
Markets 2014: Sizing Opportunities in Private and Public Retirement Plans.
We believe this environment represents a tremendous opportunity, and we are planning to expand our
business, building greater economies of scale by focusing on four key areas:
1. Evolve to FINTECH-driven business model 2. Diversification
3. Acquisition 4. Recruitment
We are creating a cost operating structure through IAA Shared Services that can be leveraged across our
businesses that will allow us to better manage costs and pursue a balanced growth plan.
Professionally
Managed Assets(a)
Retirement
Assets(b)
Key Takeaways
Demand for Independent
Financial Advice
Growth in Investable Assets
IAA has unique
opportunity
$22 $26 $37
2003 2008 2013
Trillions ($)
$15 $22 $29
2009 2014E 2019E
Trillions ($)
Advisor Migration
to Independence
6. 5 | P a g e
Tech Adoption – Fintech
We are leveraging our existing
business and shared services
through a fully-integrated
technology platform (“IAA Access”)
which will enable us to more
seamlessly integrate new products
and services to our business and
streamline the workflow for our
reps. This transition to a Fintech
platform is a powerful tool for
attracting high-quality financial
advisors and registered investment
advisors seeking to scale their
business more efficiently and cost-
effectively.
Turnkey Asset Management Platform
• Investment Search & Selection
• Research & Due Diligence
• Reporting & Monitoring
• Model Portfolios
HNW Access Lead Generation
• HNW Clients
• Family Offices
• Corporate Executives
• Wealthy Donors
• Accredited Investors
Alternative Investments
• Private Equity
• Private Credit
• Hedge Funds
• Real Estate
• Oil & Gas
• Reg. D 506(c) Offering Platforms
Business Services
• Custody
• Compliance
• Legal
• Human Resources
• Information Technology
• Payroll
• Marketing
• Taxes
• Business Intelligence
• Back Office Support
• Valuations
• Web Services
IAA (RIA Friendly Broker Dealer)
• Investments
• Insurance
• Institutional & Retail
Investments
• Retirement Plans
Investment Banking
• Syndicate
• Equity Round
• Private Equity
• Private Credit
• Corporate Finance
• Capital Markets
• Peer-to-Peer
• Secondary Market
7. 6 | P a g e
-
2,000,000
4,000,000
2014 2015
Fee-Based Revenues
Continued Diversification and Increasing Fee-Based Offerings
We are adding more fee-based, proprietary services and
products to our platform, which provides our customers with
deeper resources and our advisors and registered reps with
greater to expand their business.
We increased our fee-based business in 2015 by 41% over the
previous year.
Acquisitions
We are targeting accretive acquisitions of small and mid-sized IBDs and registered investment advisors
that have been unable to improve their operating cost structures and as a result, are experiencing
difficulties sustaining their business. The buy vs. build comparison is straightforward. While cost of an
acquisition is higher at the outset, the execution risk is mitigated compared to that in hiring individual
advisors over time. We are buying an existing team with a replicable revenue stream and an in-place profit
margin.
Hypothetical Transaction Scenario
Typical Case IAA Case
Target Firm Revenues $ 8,000,000 $ 8,000,000
Target Firm Gross Profit $ 800,000 $ 800,000
Target Firm GM (%) 10% 10%
Operating Expense Requirements (%) 40% 10%
Operating Expense Requirements ($) $ 320,000 $ 80,000
Target Accretive Revenue Contribution $ 480,000 $ 720,000
Target Accretive Revenue Contribution (% of Revenues) 6% 9%
Through continued focus on developing the IAA Access Fintech platform, we will benefit from economies
of efficiency and scale enabled by streamlining and standardizing back-end office functions and related
business services, as well as unlocking access to more products to our sales force.
By executing our strategy and taking advantage of the leverage in our model, we expect to increase the
pro forma profitability of our acquisitions by approximately 50% without factoring in additional fee-based
services and incremental revenues that we expect to generate selling core services and products to newly
acquired firms.
Recruitment
We have steadily grown our reps at a 22% CAGR since 2007. We intend to be the firm of choice for
entrepreneurial financial advisors, RIAs and independent broker dealers seeking to more efficiently scale
their business. Leveraging IAA Shared Services and our technology-driven infrastructure, we offer the
scale of larger firms without the unmitigated complexity and associated high-overhead costs.
8. 7 | P a g e
Member Firms
3,957
2015
643,322
Registered Reps
262,655
Branch Offices
Source: FINRA
We believe the relative instability in the market is creating an environment favorable to attracting advisors
that are being challenged to growth their business because their present firms have done little to
differentiate.
Market
Pre-tax net income (profits) for all broker-dealers doing public business in the U.S. rose by 2.6 percent to
$27.0 billion in 2014 from $26.3 billion in 2013. Total revenues were $275.0 billion in 2014, up 4.0 percent
compared to the previous year, while total expenses rose by 4.1 percent to $247.9 billion.
1
Revenue from investment banking services – mergers & acquisitions, equity and debt capital markets, and
loans – decreased for the first time in five years,
down 1.6 percent, following an 18.7 percent rise
in 2013.
2
Since the financial crisis, the independent
broker dealer sector has been a hotbed for
consolidation. The number of firms registered
with the Financial Industry Regulatory Authority
(FINRA) has declined to 3,957 from 4,578 in
2010 due in large part to shrinking margins and increased compliance costs.
Independent Broker Dealers
Independent broker-dealers are facing a number of regulatory changes over the next 12-24 months which
are expected to dramatically increase business costs, in addition to costs of updating technology.
Volatility is another factor making it harder for firms to predict revenue. The result is that there are an
increasing number of broker-dealers on the market, creating downward pressure, which is good for
buyers.
Financial Advisors
The recruitment market is heating up. IBDs are expected to see an increase from potential recruits at the
large wirehouses, many of which are seeing retention packaged signed during the financial crisis run their
course, creating potential to move. Other advisers are reportedly growing weary of constant pressure to
cross-sell products such as credit cards and mortgages managed by the bank. IBDs represent an attractive
alternative for advisors that want more freedom to manage their business as they see fit.
1
2015 Fact Book. Securities Industry and Financial Markets Association.
2
Ibid.
9. 8 | P a g e
Financial Overview
2014 & 2015 Profit & Loss
(unaudited)
2014 2015
Revenues
Total Commission Revenues
9,312,752 10,743,629
Total Fee-Based Revenues
5,099,166 9,515,379
Total Non-Commission/Fee Revenues
489,986 594,647
IAIM Interest Income
1 0
IAIM Market Data Services
- 102,713
IAIM Money Management Fees
1,583,469 2,127,238
Total Revenues
16,485,374 23,083,607
Cost of Goods Sold
Total Commissions Retail
7,306,317 8,982,862
Consulting Fee
- 9,000
NASD Fees
61,332 132,879
NFS C&E Fees
477,155 480,123
NFS Clearing Fees
72,092 125,549
Regulatory & License Fees
68,065 80,381
IAIM Commission Expense
1,141,808 1,603,525
IAIM Envestnet Platform
38,947 73,744
IAIM NASD Fees
3,200 7,270
State Registration Fees
18,644 9,870
Other
92 90
Total COGs
9,187,651 11,505,293
Gross Profit
7,297,722 11,578,314
Gross Profit %
44.3% 50.2%
Operating Expenses
Total General
4,330,110 8,315,832
Total Finance & Admin
3,137,952 2,770,152
Total Sales & Marketing
100,441 146,173
Depreciation
22,354 11,715
Total Operating Expenses
7,590,857 11,243,872
Net Ordinary Income
(293,134) 334,442
Net Ordinary Income %
1.4%
Reflecting the shift in our business strategy, Fee-Based Revenues increased by $4.4 million, or 86.6% on a
year-over-year basis. Total revenues increased by $6.5 million, or 40%.
10. 9 | P a g e
Pro Forma Financial Projections3
2015 2016 2017 2018 2019 2020
Revenue $ 23,083,607 $ 28,046,783 $ 49,830,739 $ 75,698,851 $ 104,722,744 $ 134,596,985
Expense 22,749,165 27,039,889 44,380,126 65,530,428 88,743,862 112,642,202
Expense % 98.6% 96.4% 89.1% 86.6% 84.7% 83.7%
EBITDA $ 334,442 $ 1,040,111 $ 5,509,629 $ 10,258,075 $ 16,102,908 $ 22,114,190
EBITDA % 1.4% 3.7% 11.1% 13.6% 15.4% 16.4%
Net Income $ 334,442 $ 1,006,894 $ 5,450,614 $ 10,168,423 $ 15,978,882 $ 21,954,783
Net Income % 1.4% 3.6% 10.9% 13.4% 15.3% 16.3%
The forecast is designed to show the impact on our financial performance based on our IBD and financial
advisor acquisition strategy.
Key Assumptions include:
1099 Recruits
Avg. Production / FA $ 250,000
Avg. AUM / FA $ 25,000,000
Avg. Hired / Mo 2
Payout 90%
Yr. 1 AUM on TAMP 10%
Yr. 2 AUM on TAMP 15%
Yr.3 AUM on TAMP 15%
Admin Fee on TAMP AUM Yr. 1 0.10%
Admin Fee on TAM AUM Yr. 2-3 0.10%
Recruiting Fees 15%
Valuation Implications
2015 2016 2017 2018 2019 2020
Implied Valuation - P/S 9,146,264 $ 12,807,035 $ 15,560,659 $ 27,646,634 $ 41,998,542 $ 58,101,312
Implied Valuation - P/E NA $ 3,351,648 $ 10,090,713 $ 54,624,004 $ 101,904,112 $ 160,134,348
Mean Valuation
$ 14,482,859 $ 20,606,015 $ 54,958,636 $ 92,950,598 $ 138,168,486
Implied Stock Price
$ 9.99 $ 12.75 $ 32.33 $ 54.68 $ 81.28
Return on Investment
116% 265% 442%
Shares Outstanding 1,200,000 1,450,000 1,616,667 1,700,000 1,700,000 1,700,000
APIC
$5,000,000.00 $5,000,000.00 $ 5,000,000.00 $ - $ -
APIC Price per Share
$ 20.00 $ 30.00 $ 60.00
3
Pro forma forecast assumes completion of maximum offering. Failure to complete offering or to do so on a timely
basis will materially adversely impact the forecast results.
IBD Acquisition
Avg. Production / IBD $ 8,000,000
Avg. AUM / IBD $ 400,000,000
Avg. Hired / Yr. - Assume Mid Yr. 1
Payout 90%
Yr. 1 AUM on TAMP 10%
Yr. 2 AUM on TAMP 15%
Yr. 3 AUM on TAMP 15%
Admin Fee on TAMP AUM Yr. 1 0%
Admin Fee on TAMP AUM Yr. 2-3 0%
Acquisition Cost - % of Rev 30%
Acquisition Cost $ 2,400,000
11. 10 | P a g e
Management Team
Ed Cofrancesco - President & CEO. Ed is responsible for the management and direction of Pecunia and its
operating businesses. He is an alumnus of Raymond James, Lehman Brothers, Security Pacific Bank and
Shearson American Express. He has 35 years’ experience in all phases of the securities industry. Ed has
also been a Director, Executive Vice President and COO of International Assets Holding Corporation, a
NASDAQ-listed financial services holding company, where he rebuilt the Equity Trading Department and
implemented the firm’s equity trading and sales strategies. In addition, he developed operations to
support new business lines including: Fixed Income, Asset Management, Precious Metals and Foreign
Exchange divisions. At Raymond James, Ed started the International Trading and Operations Departments.
He was responsible for oversight over International Equity, OTC ADR and Foreign Exchange Trading with
more than 50,000 retail and institutional trades per annum across more than 25 markets and gross
revenues of $20 million. Ed holds Series 4, 7, 24, 55 and 63 licenses and has been a Trustee of a mutual
fund.
David Weinberger – CFO, COO and CTO. Over the course of his career, David has held positions as
President, Chief Operating Officer, Chief Compliance Officer, Municipal Bond Principal and Registered
Options Principal. He has spent most of his 19 years in the industry dealing with compliance, financial,
internal controls and supervisory issues that affect small firms. He has extensive experience in a variety of
products including equities, fixed income, annuities, private placements, IPO’s and structured products.
David currently serves as FINRA District 7 small firm Committee Member and has served as a FINRA
Hearing Panelist. He has a degree in Accounting from Florida Atlantic University and holds Series 4, 7, 24,
27, 53, 55, 63 and 66 licenses.
Sheri M. Cuff – Chief Administrative Officer and Managing Partner. Sheri is responsible for operations and
sales supervision over the firm. She began her career with a large wirehouse firm in Las Colinas, Texas.
After relocating to Orlando in 1988 she joined IAA and served as both Operations and Administrative
Manager before becoming Vice President/Director of Operations in 1998. During that time she acquired
her Financial and Operations Principal License and was named FINOP responsible for the operations
supervision and record keeping. Additionally, she served as Treasurer for an open-end mutual fund that
was launched with more than $50 million in assets and was directly responsible for oversight of the firm
operations on both the trading and retail private client group level. Sheri’s responsibilities as a corporate
office included direct involvement of the administration and compliance of the firm during the time it was
a publicly held company. She holds Series 24, 7, 63 and 27 licenses.
Kevin Carreno – General Counsel and Chief Risk Officer. Kevin joined IAA in 2010. He has more than 25
years’ experience as a lawyer in private practice, in-house counsel with a major brokerage firm and in a
variety of senior management positions. From 2000 through 2005, he was the Chief Executive Officer of
Raymond James Investment Services, an FSA-regulated firm in London. As lawyer in private practice, he
has represented financial services firms and individuals in regulatory proceedings and dispute resolution,
and has served as an adviser and expert witness on legal and regulatory matters. In addition, Kevin has
served as an independent consultant in settled regulatory proceedings with the SEC and FINRA. He is
responsible for the overall management of the firm’s operational risk management and legal functions. He
12. 11 | P a g e
also serves as the legal adviser to the Company’s management and affiliated representatives. In the
Summer of 2012, Kevin was elected to the small member’s seat on the Board of Governors of FINRA. He
holds Series 4, 7, 24, 53 and 66 licenses.
Keith Gregg – Chief Strategy Officer. Keith brings nearly three decades of executive leadership and
financial services experience to IAA. Prior to joining IAA, he served as President & CEO of several wealth
management and securities brokerage firms, as well as President and Head of U.S. Distribution of
Aequitas Capital Partners. His extensive experience and success as an entrepreneur, financial advisor,
business operator and c-level executive have provided a track record of success and accomplishments for
GE Capital, Wachovia Securities and Prudential Investments. Keith is the former Chairman of the Wealth
Advisor Institute and a member of several industry associates including SIFMA, FSI, AAIP, Advisor Forum
and Wealth Counsel. In addition, Keith authored “Do Well by Doing Good” – The Complete Guide to
Charitable Remainder Trusts (Precept Press 1996). He holds Series 7, 24, 63 and 65 licenses, and is a
graduate of the Securities Industry Institute at University of Pennsylvania’s Wharton Business School. He
honorably served in the United States Marine Corps and is recipient of the distinguished Presidential
Service Award from President Ronald Reagan while serving aboard Marine One.
Ann K. Moore – National Sales Manager. Ann oversees IAA’s recruiting, hiring committee, transitioning
teams and marketing department. She began her career in 1988 as underwriter for a large insurance
company in Salt Lake City. After relocating to Orland in 2002, she joined eFloorTrade, LLC, a boutique
commodity brokerage firm as an Associated Person specializing in compliance. In 2005, she was
promoted to Chief Compliance Officer. In May, 2008, Ann joined IAA and shortly thereafter became Chief
Compliance Officer. In May 2014, she was promoted to National Sales Manager, where she has
invigorated the firm’s recruiting efforts to attract wire-house, regional RIAs, and fee-only advisors to IAA’s
independent network. Ann is also a member of IAA’s Product Review Committee. She holds Series 3, 7, 24,
30 and 70 licenses. She earned a Bachelor of Science in Microbiology from Brigham Young University.
Nanci Lotvin – Chief Compliance Officer. During the past twenty years, Nanci has served as senior
management for several broker/dealers in the Northeast. Positions included COO, CCO and CFO. She has
extensive industry experience and knowledge, having developed and maintained policies and procedures
based on regulatory requirements, industry best practices, risk assessment reviews, anti-money laundering
programs and established internal controls. Nanci holds Series 7, 9, 10, 27, 55 and 64 licenses, in addition
to a Life, Accident, Health and Variable Life/Variable Annuity License. She is also a Notary Public.
13. 12 | P a g e
Disclaimer
This is Not an Offer to Purchase or Sell Securities. This overview is for informational purposes and is not
an offer to sell or a solicitation of an offer to buy any securities in Pecunia Management LLC, and may not
be relied upon in connection with the purchase or sale of any security. Securities of Pecunia Management
LLC, if offered, will only be available to parties who are “accredited investors” (as defined in Rule 501
promulgated pursuant to the Securities Act of 1933, as amended) and who are interested in investing in
Pecunia Management LLC. on their own behalf. Any offering or solicitation will be made only to qualified
prospective investors pursuant to a confidential offering memorandum, and the subscription documents,
all of which should be read in their entirety.
To obtain further information, you must complete our investor questionnaire and meet the suitability
standards required by law.
Cautionary Note Regarding Forward-Looking Statements/Pursuant to the U.S. Private Securities Litigation
Reform Act of 1995
This investment brief contains, and our officers and representatives may from time to time make,
"forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as:
"anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future,"
"likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking
statements include, among others, statements we make regarding launch of products, sales, markets,
marketing strategies, our estimates on future financial performance, revenue growth and earnings,
anticipated levels of capital expenditures and our belief that offering proceeds will provide sufficient
liquidity to fund our business operations over the next 36 months.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead,
they are based only on our current beliefs, expectations and assumptions regarding the future of our
business, future plans and strategies, projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are difficult to predict and many of which are
outside of our control. Our actual results and financial condition may differ materially from those
indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-
looking statements. Important factors that could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements include, among others, the following:
• Macro-economic conditions or economic conditions specifically impacting the capital markets.
• Difficult market conditions, market disruptions and volatility have adversely affected, and may in the future
adversely affect, the Company’s business, results of operations and financial condition.
• Limitations on access to capital by the Company and its subsidiaries could impair is liquidity and its ability to
conduct its business.
14. 13 | P a g e
• The Company and its subsidiary’s may become subject to additional regulations which could increase the
costs and burdens of compliance or impose additional restrictions which could have material adverse effect
on the Company’s business.
• The Company is subject to third party litigation risk and regulatory risk which could result in significant
liabilities and reputational harm, which, in turn, could materially adversely affect its business, results of
operations and financial condition.
• The potential for conflicts of interest within the Company, and a failure to appropriately identify and deal
with conflicts of interest could adversely affect our business.
• Employee misconduct could harm the Company by, among other things, impairing the Company’s ability to
attract and retain investors and subjecting the Company to significant legal liability, reputational harm and
the loss of revenue from its own invested capital.
• The Company may be unable to successfully identify, manage and execute future acquisitions, investments
and strategic alliances which could adversely affect our results of operations.
• The Company’s future results will suffer if the Company does not effectively manage its expanded
operations.
• The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 may adversely impact the
Company’s business.
• Heightened cyber-security risks may disrupt our business, result in losses or limit growth.
• The financial results of the Company’s broker-dealer business may fluctuate substantially from period to
period.
• Pricing and other competitive pressures may impair the revenues of the Company’s brokerage business.
• The Company faces strong competition from larger firms.
• The Company’s capital markets and strategic advisory engagements are singular in nature and not generally
provide for subsequent engagements.
• Operational risks relating to the failure of data processing systems and other information systems and
technology or other infrastructure may disrupt the Company’s broker-dealer business, result in losses or limit
our operations and growth in the industry.
• If we lose the services of members of our senior management team, then our financial condition and
operating results could be harmed.
Any forward-looking statement made by us in this investment brief is based only on information currently
available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly
update any forward-looking statement, whether written or oral, that may be made from time to time,
whether as a result of new information, future developments or otherwise.
For More Information, Contact:
Thomas Carter
Capital Services Group, Inc.
Thomas@capservegroup.com
760-845-7545
