Technology companies are uniquely valuable, and much of that value is tied to intellectual property, and the protection afforded by strong patents. But with changing patent law, patent trolls, and some inventors openly giving up their patent rights, what's the best way for your technology company to secure and maximize the value of your intellectual property? With an emphasis on preparing for an M&A event, patent experts from across the industry will discuss the best strategies... If you have technology without a patent If you have a patent pending If you have a patent granted Plus, a round table discussion on Elon Musk's recent decision to renounce enforcement of thousands of Tesla patents. Good idea? Bad idea? Could Musk be starting a new trend? Join us August 27 for this and more, answering vital questions regarding patents, technology and M&A.

1. Patents, Technology, and M&A

2. Rob has over 30 years of executive and entrepreneurial experience
in multiple technologies: Integrated circuit testing, industrial
process automation and control, communications software, security
software, and energy software and services. Rob has founded and
sold several companies and engaged in two IPOs. He was most
recently CEO of Evergreen Fuel Technologies, Inc. in the energy
sector. Rob is a broadly skilled strategic development professional
with a proven reputation for targeting, negotiating and developing
profitable ventures and a demonstrated ability to successfully
analyze an organization's critical business requirements, identify
deficiencies and opportunities, and develop innovative and cost-
effective solutions for enhancing competitiveness, increasing
revenues, and improving customer relationships.
Rob Schram
Senior Vice President, Corum Group
Moderator

3. Software Patent Luminaries
Elon Gasper
Vice President & Director of
Research, Corum Group
F. David LaRiviere
Managing Partner, LaRiviere,
Grubman & Payne, LLP

4. Elon Gasper
Vice President & Director of Research, Corum Group
Software entrepreneur and tech M&A IP specialist Elon Gasper’s own
inventions have driven M&A value and underpinned his experience on
the sell-side, buy-side and as an advisor and research director at the
Corum Group. He founded a software start-up, obtained venture funding
and was CEO until its acquisition by the leading public entertainment
software company, where he guided patent portfolio work while
supporting its growth through further acquisitions and eventual exit in an
acquisition by a larger public entity. Elon then helped start and grow a
number of other companies. His awards include a COMDEX Envision; a
Codie, the retail software 'Oscar‘; and eleven patents. He was a finalist
for the Fleugelman Award, the only personal achievement award given
by the Software Publishers Association, and has held faculty and staff
positions at Univ. of Washington, Mich. State, Cal. State, and others.
MS, Computer Science; BS, Biochemistry.
Guest Speaker

5. Patents as an Asset in M&A
• Patents now a business asset
• Increasingly driving midrange M&A
• Affecting all phases:
– Valuation
– Negotiation
– Due Diligence
• International increasingly important
• Costs

7. Software patents on the increase*
Source: TAEUS Corporation *US Patent apps claiming “Computer-readable medium”
01 02 03 04 05 06 07 08 09 10 11 12 13

8. Studies show most software firms
haven’t been getting patents
Sources: James Bessen (Boston University), Stuart Graham et al, NBER Patent Data Project, Crunchbase
24%
Pre-packaged Software
1996
20%
Computer Services & Software
1996
24%
Venture-backed Software Startups
2005
33%
Pre-packaged software
2006
24%
All Software Startups
2009
67%
Venture-backed Software Start-ups
2009
33%
All Funded Start-ups
2012
19%
E-commerce, Web, & Video Games
2012

9. Approaches to Value of Patents in M&A
• Study: having a patent assigned to the target
increases the deal value by $250,000 on
average
• Study: the quantity of patents in a portfolio is
secondary to the quality of those patents
• Net present value of established royalty stream
• Book value of patent (cost to date)
• Assign 25% of operating profits to the patents
• Compare to similar patents
Source: Antti Saari, Aalto University

10. Just part of the wireless-related arms race…
Source: PCMag, Verizon; c. 2012

11. 11
Recent Software Patent Deals
HorizontalVertical ConsumerInternetInfrastructure
“IP is an increasingly valuable asset class in
business…”
- Kevin Rhodes, VP & Chief Intellectual Property Counsel for 3M.
“The corporate world is in the midst of a grand
shopping spree.”
– CNN Money, “Mergers and Acquisitions Boom” June, 2014

12. 12
Public Markets
0%
5%
10%
15%
20%
25%
30% Weekly Percentage Change
NASDAQ S&P TECH Dow Jones

13. 13
1H:2013 1H:2014
# of Transactions 1584 1811
# of Mega Deals 12 19
Largest Deal $24.8B $19.0B
Private Equity Deals 87 99
# VC backed Exits 351 360
% Cross Border Transactions 31% 33%
% of Startup Acquisitions 13% 11%
Average Life of Target 14 15
Corum Index

14. 14
Mega Deals – 1H:2014
$19B
$3.1B
$3.2B
$3.2B
$2.9B
$2.4B
$2.3B
$2.0B
$5.3B
$3.0B
$4.9B
$3.5B
$2.6B
$1.7B
$1.6B
$1.3B

15. 15
Mega Deals – 1H:2014
$19B
$3.1B
$3.2B
$3.2B
$2.9B
$2.4B
$2.3B
$2.0B
$5.3B
$3.0B
$4.9B
$3.5B
$2.6B
$1.7B
$1.6B
$1.3B
Sold to
Sector: Mobility
Target: WhatsApp
Acquirer: Facebook
Transaction Value: $19 billion
- Mobile messaging applications
enabling users to send and receive
group messages, photos and videos
and share locations.
Patent Pending: Multimedia
transcoding method and system for
mobile devices

16. 16
Mega Deals – 1H:2014
$19B
$3.1B
$3.2B
$3.2B
$2.9B
$2.4B
$2.3B
$2.0B
$5.3B
$3.0B
$4.9B
$3.5B
$2.6B
$1.7B
$1.6B
$1.3B
Sold to
Sector: Energy
Target: Nest Labs
Acquirer: Google
Transaction Value: $3.2 Billion
- Wireless, sensor-based smart energy thermostats
that automatically adjusts temperature based on
user behavior and can be remotely controlled via
computers or smart phones.
- Last time Google bought a company that directly
related to its core business of search, display and
video advertising was mid-2011 purchase of
AdMeld.
Patent : Thermostat user
interface

17. 17
Patent Application Pendency:
Years in Prosecution from Filing to Issuance
Source: Patentlyo

18. 18
Aggregate Six Markets
1.50x
2.00x
2.50x
7.00x
8.00x
9.00x
10.00x
11.00x
12.00x
13.00x
14.00x
EV/SalesEV/EBITDA
Q4:12 Q1:13 Q2:13 Q3:13 Q4:13 Q1:14 Q2:14
EV/EBITDA 9.91x 10.79x 10.64x 11.65x 13.20x 12.97x 13.11
EV/S 1.78x 1.92x 1.98x 2.15x 2.39x 2.31x 2.40

19. 19
Recent Software Patent Deals
HorizontalVertical ConsumerInternetInfrastructure
“IP is an increasingly valuable asset class in
business…”
- Kevin Rhodes, VP & Chief Intellectual Property Counsel for 3M.
“The corporate world is in the midst of a grand
shopping spree.”
– CNN Money, “Mergers and Acquisitions Boom” June, 2014

20. 20
Internet Market
Public Valuation Multiples
1.50 x
1.70 x
1.90 x
2.10 x
2.30 x
2.50 x
2.70 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
EV/SalesEV/EBITDA
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
EV/EBITDA 13.74 x 12.24 x 13.16 x 13.37 x 13.31 x 14.17 x 13.63 x 14.92 x 14.31 x 13.76 x 12.36 x 12.94 x 15.61 x
EV/S 2.02 x 1.84 x 2.04 x 1.93 x 2.29 x 2.46 x 2.31 x 2.34 x 2.21 x 2.06 x 2.07 x 2.08 x 2.07 x

21. 21
Deal Spotlight
1.50 x
1.70 x
1.90 x
2.10 x
2.30 x
2.50 x
2.70 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
14.00 x
15.00 x
16.00 x
EV/SalesEV/EBITDA
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
EV/EBITDA 13.06 x 13.74 x 12.24 x 13.16 x 13.37 x 13.31 x 14.17 x 13.63 x 14.92 x 14.31 x 13.76 x 12.36 x 12.94 x
EV/S 1.95 x 2.02 x 1.84 x 2.04 x 1.93 x 2.29 x 2.46 x 2.31 x 2.34 x 2.21 x 2.06 x 2.07 x 2.08 x
Internet Market
Sold to
Target: Destination Rewards
Acquirer: Deluxe
Transaction Value: $20.1 million
- Patented, innovative rewards and loyalty solution
will enhance Deluxe’s suite of Customer
Lifecycle Management offerings for financial
institutions. Patent : System and method for
providing a discount

22. 22
Infrastructure Software Market
Public Valuation Multiples
2.00 x
2.05 x
2.10 x
2.15 x
2.20 x
2.25 x
2.30 x
2.35 x
2.40 x
2.45 x
2.50 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
14.00 x
15.00 x
16.00 x
EV/SalesEV/EBITDA
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
EV/EBITDA 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x 13.86 x 14.90 x
EV/S 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x 2.43 x

23. 23
Subsector Sales EBITDA Examples
Infrastructure
Communications
1.93x 12.00x
Network
Management
3.71x 15.09x
Storage 1.35x 8.35x
Development
Tools
2.93x 9.98x
Security 3.73x 16.73x
Virtualization 3.93x 25.80x
Legacy/SOA 2.90x 16.14x
Systems Mgmt. 2.44x 8.57x
Infrastructure Software Valuations

24. 24
Infrastructure Software Market
Deal Spotlight
2.00 x
2.05 x
2.10 x
2.15 x
2.20 x
2.25 x
2.30 x
2.35 x
2.40 x
2.45 x
2.50 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
14.00 x
15.00 x
EV/SalesEV/EBITDA
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
EV/EBITDA 10.78 x 11.73 x 10.85 x 11.64 x 12.95 x 13.61 x 13.43 x 12.62 x 12.68 x 12.02 x 14.50 x 13.72 x 13.86 x
EV/S 2.26 x 2.44 x 2.34 x 2.29 x 2.30 x 2.33 x 2.44 x 2.22 x 2.33 x 2.32 x 2.33 x 2.32 x 2.42 x
Sold to
Sector: Virtualization
Target: V3 Systems
Acquirer: Sphere3D
Transaction Value: 9.7 million
- Desktop virtualization appliances & management
software that enables businesses' IT administrators to
virtualize desktops and manage local, cloud-hosted or
hybrid virtual desktop deployments.
- Quickly adds breadth to product portfolio, and fast tracks
transition to commercial operations with accretive
revenue from day one.
Patent: Virtual machine
migration into the cloud

25. 25
Horizontal Application Software Market
Public Valuation Multiples
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SalesEV/EBITDA
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
EV/EBITDA 15.03 x 12.83 x 16.12 x 17.94 x 18.79 x 19.37 x 19.00 x 20.34 x 19.64 x 17.49 x 18.43 x 18.17 x 16.86 x
EV/S 2.99 x 2.93 x 3.48 x 3.32 x 3.61 x 4.07 x 3.89 x 3.77 x 3.71 x 3.39 x 3.43 x 3.51 x 3.24 x

26. 26
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SalesEV/EBITDA
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
EV/EBITDA 12.09 x 15.03 x 12.83 x 16.12 x 17.94 x 18.79 x 19.37 x 19.00 x 20.34 x 19.64 x 17.49 x 18.43 x 18.17 x
EV/S 3.08 x 2.99 x 2.93 x 3.48 x 3.32 x 3.61 x 4.07 x 3.89 x 3.77 x 3.71 x 3.39 x 3.43 x 3.51 x
Sold to
Sector: CRM
Target: Kxen
Acquirer: SAP
Transaction Value: Estimated at $40 Million
- Addition of KXEN adds predictive capabilities for the
extensive customer base of cloud and on-premise
solutions from SAP.
- Predictive technology enhances core SAP applications
for managing operations, customer relationships, supply
chains, risk and fraud.
Horizontal Application Software Market
Deal Spotlight
Patent: Adaptive marketing
using insight driven customer
interaction

27. 27
1.50 x
2.00 x
2.50 x
3.00 x
3.50 x
4.00 x
4.50 x
6.00 x
8.00 x
10.00 x
12.00 x
14.00 x
16.00 x
18.00 x
20.00 x
22.00 x
EV/SalesEV/EBITDA
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
EV/EBITDA 12.09 x 15.03 x 12.83 x 16.12 x 17.94 x 18.79 x 19.37 x 19.00 x 20.34 x 19.64 x 17.49 x 18.43 x 18.17 x
EV/S 3.08 x 2.99 x 2.93 x 3.48 x 3.32 x 3.61 x 4.07 x 3.89 x 3.77 x 3.71 x 3.39 x 3.43 x 3.51 x
Sold to
Sector: Mobility
Target: Motorola Solutions (Enterprise Business)
Acquirer: Zebra Technologies Corporation
Transaction Value: $3.45 billion
- 1.4x revenue multiple
- Mobile phones, smart phones and wireless
infrastructure hardware and software.
Horizontal Application Software Market
Deal Spotlight
Patent: Mobility in a
wireless enterprise network

28. 28
Vertical Application Software Market
Public Valuation Multiples
1.50 x
1.70 x
1.90 x
2.10 x
2.30 x
2.50 x
2.70 x
2.90 x
3.10 x
3.30 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
14.00 x
15.00 x
16.00 x
EV/SalesEV/EBITDA
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
EV/EBITDA 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x 13.23 x
EV/S 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x 2.80 x

29. 29
Subsector Sales EBITDA Examples
A/E/C 3.20x 15.47x
Government 1.20x 8.09x
Healthcare 4.16x 22.31x
Financial Services 3.82x 13.33x
Energy &
Environment
3.15x 11.59x
Vertical Other 1.77x 12.54x
Vertical Application Software Market

30. 30
Vertical Application Software Market
Deal Spotlight
1.50 x
1.70 x
1.90 x
2.10 x
2.30 x
2.50 x
2.70 x
2.90 x
3.10 x
3.30 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
13.00 x
14.00 x
15.00 x
16.00 x
EV/SalesEV/EBITDA
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
EV/EBITDA 11.81 x 12.40 x 11.74 x 12.81 x 13.12 x 13.24 x 14.08 x 13.01 x 13.69 x 14.01 x 13.82 x 14.33 x 14.62 x
EV/S 2.42 x 2.60 x 2.52 x 2.65 x 2.53 x 2.55 x 2.72 x 2.64 x 2.79 x 2.88 x 2.83 x 3.01 x 3.08 x
Sold to
Sector: Healthcare Payment Cards
Target: Evolution1
Acquirer: WEX
Transaction Value: $532.5 million
- Pre-paid healthcare and commuter benefits
cards and related transaction processing
software.
- Enables WEX to address multiple aspects of the
healthcare payment system, expanding market
while building on growth in fleet & travel space.
Patent: System and method for
processing flexible spending
account transactions

31. 31
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
6.00 x
6.50 x
7.00 x
7.50 x
8.00 x
8.50 x
9.00 x
9.50 x
10.00 x
EV/SalesEV/EBITDA
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
EV/EBITDA 7.32 x 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x
EV/S 1.61 x 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x
Sold to
Sector: Education
Target: Lexia Learning Systems
Acquirer: Rosetta Stone
Transaction Value: $22.5 million
- Lexia’s reading technology brings
Rosetta new expertise to plunge
deeper into the EdTech industry.
Vertical Application Software Market
Deal Spotlight
Patent: Methods and
systems for education and
cognitive-skills training

32. 32
Consumer Application Software Market
Public Valuation Multiples
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
6.00 x
7.00 x
8.00 x
9.00 x
10.00 x
11.00 x
12.00 x
EV/SalesEV/EBITDA
Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14
EV/EBITDA 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x 10.91 x
EV/S 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x 1.93 x

33. 33
1.00 x
1.20 x
1.40 x
1.60 x
1.80 x
2.00 x
2.20 x
2.40 x
2.60 x
2.80 x
6.00 x
6.50 x
7.00 x
7.50 x
8.00 x
8.50 x
9.00 x
9.50 x
10.00 x
EV/SalesEV/EBITDA
Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
EV/EBITDA 7.32 x 8.32 x 7.48 x 7.50 x 7.46 x 8.55 x 8.56 x 8.27 x 8.04 x 8.46 x 8.93 x 8.82 x 9.59 x
EV/S 1.61 x 1.92 x 1.49 x 1.84 x 1.51 x 1.84 x 2.04 x 1.89 x 1.96 x 2.04 x 1.98 x 2.18 x 2.54 x
Sold to
Sector: Video Games
Target: Rational Group Ltd (dba PokerStars.co) [Isle of Man]
Acquirer: Amaya Gaming Group [Canada]
Transaction Value: $4.9 Billion
- Increases revenue eightfold and gains benefit of US brand
recognition and casino partnerships for its existing online
gaming and casino supply business.
- Strengthens core B2B operations with a consumer online
powerhouse that creates a scalable global platform for
growth.
Deal Spotlight
Consumer Application Software Market
Patent: Computer gaming
device and method for
computer gaming

34. Elon Gasper
Vice President & Director of Research, Corum Group
Software entrepreneur and tech M&A IP specialist Elon Gasper’s own
inventions have driven M&A value and underpinned his experience on
the sell-side, buy-side and as an advisor and research director at the
Corum Group. He founded a software start-up, obtained venture funding
and was CEO until its acquisition by the leading public entertainment
software company, where he guided patent portfolio work while
supporting its growth through further acquisitions and eventual exit in an
acquisition by a larger public entity. Elon then helped start and grow a
number of other companies. His awards include a COMDEX Envision; a
Codie, the retail software 'Oscar‘; and eleven patents. He was a finalist
for the Fleugelman Award, the only personal achievement award given
by the Software Publishers Association, and has held faculty and staff
positions at Univ. of Washington, Mich. State, Cal. State, and others.
MS, Computer Science; BS, Biochemistry.
Guest Speaker

35. Provisional Application:
Business considerations
Consider a single provisional filing due to:
• It is faster and cheaper to get than a full patent
• It will hold a place in line for a year while you
proceed
• It reduces risk of innovation unprotected
• It allows to control the costs
• It lets you focus on the growth and exit preparation
for your business

36. F. David LaRiviere
Managing Partner, LaRiviere, Grubman & Payne, LLP
F. David La Riviere is a managing partner of the law firm LaRiviere,
Grubman & Payne LLC, a full-service intellectual property law firm on
the legal cutting edge of converging technologies. Prior to his time at
LGP, Dave served at IBM, HP, Tomy and other technology firms as both
an attorney and engineer. He is a past chair of the Intellectual Property
Section of the State Bar of California, and consults and advises clients
on all phases of intellectual property matters, including domestic and
foreign licensing, validity and infringement opinions; due diligence
investigations and reports; technology transfer, disclosure agreements
and employer/employee rights and obligations; litigation support,
including dispute settlement and arbitration; and preparation, filing and
prosecution of applications for domestic and foreign patents and
trademark registrations. He holds a J.D. from the University of Santa
Clara School of Law, and a B.S.E.E. from Stanford University.
Guest Speaker

37. Legal protection of intellectual property
Trademarks Copyright Trade Secrets Patents

38. Provisional Application:
Legal considerations
• Defines, describes & prepares claims structure
• Holds filing “priority”/place in line for 1 year
• Does not itself result in a patent, but starts the
process
• Can take a number of forms
• Assignable like other IP rights

39. A) Owning a patentable technology
• Provisional application also serves to define your trade secret technology
• If already on the market – use trademark registration protection
B) Owning a patent application in process
• Establish 3 levels of claims strategies:
– broadest possible claim tree, mid-level claims tree, a “picture” claim
• File an RCE / CIP
C) Owning an issued patent
• Follow the issued patents with applications on improvements, other embodiments,
additional uses and the like to build a patent portfolio
Legal protection of intellectual property

40. Q&A
 We welcome your questions!
 Use Q&A window on right side
 Submit to queue at any time
 Ask “all panelists” – see “ask” option above text-entry box

41. Q&A
Elon Gasper
Vice President & Director of
Research, Corum Group
F. David LaRiviere
Managing Partner, LaRiviere,
Grubman & Payne, LLP

42. Contact Us
For further information or copies of today’s
presentation:
Visit www.wfs.com
-or-
Email
Rob Schram: robs@corumgroup.com