caseridge techsys dealbook january 26 2010

TECHNOLOGY & SPECIAL SITUATIONS REVIEW: JANUARY 26 2010

Caseridge Capital Corporation

Caseridge TechSys DealBook January 26, 2010

www.caseridge.com


1 First Canadian Place,

100 King Street West, Suite 5700

Toronto, Ontario M5X 1C7

T 416-915-4142 F 416-915-3177

Caseridge Capital Corporation 100 King Street West, Suite 5700, Toronto, M5X 1C7

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Caseridge TechSys DealBook January 26, 2010

Contents CASERIDGE TECHSYS COMMENTARY.......................................................................................................... 2

A FURTHER 10% CORRECTION IN CANADIAN & SPECIAL SITUATION STOCKS POSSIBLE .............................................................. 2 PERFORMANCE UPDATE: CASERIDGE TOP PICKS LIST 2010: ........................................................................................................... 4

AVERAGE ............................................................................................................................................................................................................. 4

CASERIDGE TECHSYS COMPONENT SUMMARY AS AT JANUARY 22 2010 ................................................ 5

MARKET SENTIMENT CASERIDGE TECHSYS UNIVERSE ................................................................... 6 BULLISH SENTIMENT BOUNCED OFF ITS ALL TIME HIGH OF 51% TO END THE WEEK AT 47%. ........................................................ 6 CASERIDGE GMM TRACKING AND GP GROWTH TRENDS ................................................................................................... 7 THE GROSS MARGIN MULTIPLE (IN PURPLE) (“GMM”) DECLINED FROM ITS ALL TIME HIGH OF 1.29 TO 1.28 IN THE LAST WEEK WHILE

THE FORWARD LOOKING “NEXT QUARTER ANNUALIZED” GMM IN DARK BLUE (WHICH IS BASED ON CONSENSUS ANALYST ESTIMATES

FOR GROSS PROFITS IN THE NEXT QUARTER) CLOSED OUT THE WEEK AT 1.05. THE ....................................................................... 7

CASERIDGE CANADIAN TECHSYS CAPITAL MARKET SUMMARY (LAST 3 MONTHS) ............................ 8

WEEKLY EVENTS CALENDAR FOR THE WEEK ENDING JANUARY 29, 2010 ............................................. 11 RADIANT COMMUNICATIONS CORP. (TSXV:RCN) ................................................................................................................................................ 11 COREL CORPORATION (TSX:CRE)....................................................................................................................................................................... 11 SXC HEALTH SOLUTIONS, CORP. (NASDAQGS:SXCI) ........................................................................................................................................ 11 AG GROWTH INTERNATIONAL INC. (TSX:AFN) ..................................................................................................................................................... 11 ALARMFORCE INDUSTRIES INC. (TSX:AF) ............................................................................................................................................................ 11 ELECTROVAYA INC. (TSX:EFL) ............................................................................................................................................................................ 11 20-20 TECHNOLOGIES INC. (TSX:TWT) ............................................................................................................................................................... 11 CGI GROUP, INC. (TSX:GIB.A)............................................................................................................................................................................ 11 CGI GROUP, INC. (TSX:GIB.A)............................................................................................................................................................................ 11 CGI GROUP, INC. (TSX:GIB.A)............................................................................................................................................................................ 11 CGI GROUP, INC. (TSX:GIB.A)............................................................................................................................................................................ 11 20-20 TECHNOLOGIES INC. (TSX:TWT) ............................................................................................................................................................... 11 SENSIO TECHNOLOGIES, INC. (TSXV:SIO) ........................................................................................................................................................ 11 ZARLINK SEMICONDUCTOR INC. (TSX:ZL) ............................................................................................................................................................ 11 DALSA CORP. (TSX:DSA) .................................................................................................................................................................................. 11 DALSA CORP. (TSX:DSA) .................................................................................................................................................................................. 11 ZARLINK SEMICONDUCTOR INC. (TSX:ZL) ............................................................................................................................................................ 11

[email protected] P: 416-915-4142 F: 416-915-3177 2

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Caseridge TechSys Commentary

A Further 10% Correction in Canadian & Special Situation Stocks Possible

Choppy downward trading has replaced a long stable climb over the last month, with the TSX Composite

index giving back just over 3.5% during this period while the Caseridge TechSys Universe gained 2.5%

and the Caseridge Top Picks list picked up just over 6.5%. This relative outperformance is impressive

however we continue to believe that the dominant trend in the markets over the next few months will be

negative. The downward pressure will continue to be pushed by the overly optimistic gross profit

growth rates that are being priced in to the market by investors who perhaps have become overly

complacent after a period of “easy money” investing.

As at the end of last week, the Caseridge TechSys Universe GMM stood at 1.28 which by our

measurement means that gross profit growth rates of 28% over the next twelve months are being priced

into our universe of stocks. Our forecast is for a 20% growth rate to the end of the calendar year and as a

result an 8 to 10% decline from current levels is possible. We continue to urge caution, but at the same

time we urge a selective stock selection strategy backed by some broader market hedging.

Our advice to stock pickers and traders is: this is what you get paid for! Go out there and prove your

mettle. To C-level executives our advice is to focus on performance rather than on the share price

(sometimes easier said than done unfortunately) and to consider cashing up before the end of the quarter

if liquidity is an issue. Looking a little further ahead, we believe that industry consolidation will increase

on any significant market downturn as the strong take advantage of the weak. For the rest of us, be wise,

be patient, and be careful.

We hope that you enjoy this weeks’ Caseridge TechSys DealBook.

Adam E. Adamou [email protected]

mailto:[email protected]


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The Caseridge TechSys DealBook Network

Caseridge has expanded the TechSys DealBook via the Caseridge TechSys DealBook

Network on LinkedIn. Since going “live” the Caseridge TechSys DealBook Network has grown to one of

the largest targeted network of industry professionals in Canada. If you are looking for connections with

those that are connected, this is the perfect venue for you.

Caseridge is also very active on twitter with real time updates on changes to

the market, news releases and changes in target recommendations. You can follow our feed on twitter at

http://twitter.com/caseridge.

http://www.linkedin.com/groups?gid=1865639

http://www.linkedin.com/groups?gid=1865639&trk=hb_side_g

http://www.linkedin.com/groups?gid=1865639&trk=hb_side_g

http://twitter.com/caseridge

http://www.linkedin.com/home?goback=.anh_1865639.and_1865639_4458650_*2_*2.anh_1865639&trk=hb_logo

http://twitter.com/home


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Performance Update: Caseridge Top Picks List 2010:

Below is the Benchmark Breakdown:

Market View Last Month Return (%) Relative Performance vs. the Top Picks

LTM Return (%) Relative Performance

Caseridge 2010 Top Picks 6.78 NA 87.29 NA

BENCHMARKS

Canadian TechSys Universe 2.21 -4.57% 97.78 +10.49%

S&P/TSX Composite Index (3.56) -10.34% 30.18 -57.11%

Russell 2000 Index (1.04) -7.82% 39.35 -47.29%

In the comprehensive list, the Caseridge Top Picks was relatively flat in a significantly negative market,

declining by 0.35% on the week while remaining positive on a Year-to-Date basis with gains of 7.17%. We

see that the analysts were busy with 10 upgrades to their consensus target prices in the last week. These

consensus target prices are based on the target prices of a sample of analysts that we track and we do not

necessarily track all of the analysts in the coverage universe. The “GMM Target” represents our twelve

month price target on the listed stock. It featured no changes this week:

Caseridge Top Picks List 2010

Company Name Ticker Recent

Price GMM Target

“Consensus”

Target** % Change [1-

Week % Change [YTD]

Radiant Communications Corp. TSXV:RCN $ 0.95 $ 3.00► $1.58► 20.00 14.00

BIOREM Inc. TSXV:BRM $ 0.65 $2.00► NA 14.04 22.64

EXFO Electro Optical TSX:EXF $ 5.61 $6.00► $4.95▲ 5.45 39.21

MOSAID Technologies Inc. TSX:MSD $ 21.15 $ 30.00► $22.65► 5.43 11.20

Glentel Inc. TSX:GLN $ 15.00 $25.00► 18.00► 3.09 11.94

Vecima Networks Inc. TSX:VCM $ 6.50 $8.00► $10.17▲ 3.01 12.07

March Networks Corporation TSX:MN $ 4.36 $ 9.00► $5.69► 2.59 9.00

Constellation Software Inc. TSX:CSU $ 38.43 $50.00► $40.36▲ 1.83 4.57

Carmanah Technologies Corp. † TSX:CMH $ 0.80 $1.20► $1.23► 1.27 (3.61)

Sierra Wireless Inc. TSX:SW $ 12.28 $15.00► 11.74▲ 1.15 9.84

Cangene Corp. † TSX:CNJ $ 5.21 $10.00► $10.00► 0.19 2.16

Wireless Matrix Corp. TSX:WRX $ 1.02 $ 2.00► $1.62▲ 0.00 0.00

Icron Technologies Corp. TSXV:IT $ 0.38 $1.00► NA 0.00 18.75

Enghouse Systems Ltd. TSX:ESL $ 8.20 $12.00► $8.00► (0.49) (4.65)

Miranda Technologies Inc. † TSX:MT $ 5.05 $10.00► $7.20► (1.17) (6.48)

Vector Aerospace Corporation TSX:RNO $ 6.35 $10.00► $8.68► (1.55) 4.10

International Datacasting Corp. † TSX:IDC $ 0.31 $0.75► $0.50► (1.61) 17.31

Descartes Systems Group Inc. TSX:DSG $ 6.36 $7.50► $6.61▲ (2.30) 0.63

RuggedCom Inc. TSX:RCM $ 20.53 $ 25.00► $ 23.06▲ (3.25) 14.31

Aastra Technologies Ltd. † TSX:AAH $ 31.65 $50.00► $38.71► (3.36) (8.66)

Computer Modelling Group Ltd. † TSX:CMG $ 14.25 $20.00► $17.20► (3.39) (5.25)

Hemisphere GPS Inc. TSX:HEM $ 1.09 $1.40► $1.30▲ (3.54) 28.24

CriticalControl Solutions Corp. TSX:CCZ $ 0.77 $ 1.50► NA (3.75) (6.10)

Intermap Technologies Corp. TSX:IMP $ 2.10 $3.20► $4.41▲ (4.55) 15.38

C-Com Satellite Systems Inc. † TSXV:CMI $ 0.31 $0.70 ► NA (4.62) (4.62)

Serenic Corp. TSXV:SER $ 0.44 $ 1.20► NA (6.38) (4.35)

20-20 Technologies Inc. TSX:TWT $ 2.80 $ 5.00► $3.10▲ (8.20) (8.20)

Absolute Software Corporation TSX:ABT $ 6.31 $ 7.00► $ 6.80► (9.08) 20.19

Wi-Lan Inc. TSX:WIN $ 2.74 $3.50► $4.18► (11.04) 4.18

AVERAGE (0.35%) 7.17%

*As of previous week’s stock market close NA = Not Any UR Under Review ** ACQUIRED

† Indicates that Caseridge employees or members of their family own or beneficially control shares in the specified companies.

https://www.capitaliq.com/CIQDotNet/company.aspx?companyId=2671800

https://www.capitaliq.com/CIQDotNet/company.aspx?companyId=2667223


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Caseridge TechSys Component Summary as at January 22 2010 TechSys Universe Summary of Component Companies

Companies in Universe: 250

(Equal Weighted) Figures are LTM on a Rolling Basis (except as noted)

Avg. Market Cap: $135,787 ▼ (1.73%)

Average Date of the Trailing Financials September 28, 2009 ▲(2 days)

Avg. Cash: 22,531 ▲ 0.10%

Avg. Debt: 47.713 ▼ (1.12%) Avg. Enterprise Value: 159.492 ▼ (1.82%)

Avg. Revenue: 125,152 ▼ (0.15%)

Avg. Gross Profit 40,886 ▼ (0.15%)

Avg. Cash Flow: 3,992 ▲ 13.47%

Gross Margin %: 44.56 ▲ 0.15%

Gross Profit Growth Rate -2.59%▲ (neg)

VALUATION

EV/Revenue 1.81▼

EV/Gross Profit 3.78▼

Gross Margin Multiple (LQA) 1.28▼

Price/Cash Flow: 13.39▼

Notes: 1 All figures are based on averages, excluding the high/low outliers.

2 Percentages and Multiples are based on the averages of the individual components and not on the averages of the global numbers.

3 Note that the universe is not static and changes over time.

4 “Cash Flow” is CGBO before working capital changes.

5 Individual GMM figures are capped at 3X for the purposes of calculating the global GMM.

6 All dollar figures are in Canadian dollars and in thousands.


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MARKET SENTIMENT CASERIDGE TECHSYS UNIVERSE

25%

16%

29%

20%

9%10%

12%11% 11%

7%

9%11%

13%

7%

11%

19%

16%

20%

35%

48%

29%31%

38%

43%

33%34%

38%

47%

64%64%

55%

59%

56%

42%

57%58%

52%50%

57%

55%

49%

46%

Jan-09 1-Feb-09 1-Mar-09 1-Apr-09 1-May-09 1-Jun-09 1-Jul-09 1-Aug-09 1-Sep-09 1-Oct-09 1-Nov-09 1-Dec-09 1-Jan-10 1-Feb-10

Bullish sentiment bounced off its all time high of 51% to end the week at 47%. Neutral sentiment has increased to

46% from 43% while Bearish sentiment has increased to 7% from 6%. The distribution in its present form

continues to signal an overoptimistic market that may be due for a further correction. A “normalization move”

would lead to an increase in bearish and neutral sentiment at the expense of the Bulls.


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CASERIDGE GMM TRACKING AND GP GROWTH TRENDS

13.27%

7.45%

-0.14%

-3.92%

-6.92%

-2.63%

-2.59%

4.37%

7.19%

4.53%

-2.64%

-10.09%

-5.57%

-8.05%

-7.46%

-4.71%

-5.66%

-3.17%

-1.44%

1.28

1.21

1.14

1.22

1.12

0.98

0.87 0.88

0.90

0.90 0.90

0.96

1.10

1.13 1.13

1.22 1.23

1.26

1.24

1.26

1.28

0.99

0.96

1.02

1.05 1.05

0.6

0.7

0.8

0.9

1

1.1

1.2

1.3

-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

LTM/LFY

LQA/LTM

GMM

NQA GMM

24 per. Mov. Avg. (GMM)

The Gross Margin Multiple (in purple) (“GMM”) declined from its all time high of 1.29 to 1.28 in the last week while the forward

looking “Next Quarter Annualized” GMM in dark blue (which is based on consensus analyst estimates for gross profits in the

next quarter) closed out the week at 1.05. The annualized Gross Profit Growth rates (in light blue and yellow) remain negative

as at the end of September. In blue we see that gross profits have declined by 2.59% over the last twelve months (“LTM”) as

compared to the last fiscal year-end (“LFY”). In yellow the chart shows that gross profits have declined by 1.44% when

comparing the last quarter annualized (“LQA”) to the LTM. These show that as of September gross profits were still declining

for the TechSys companies while looking forward, valuations are pricing in a significant return to growth for 2010.


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Caseridge Canadian TechSys Capital Market Summary (Last 3 Months) Recent Transaction Statistics

Announced Deals by Sector in the Past Year (LTM)

Announced Transactions by Region in the Past Year (LTM)

Merger/Acquisition Transactions (Last 3 Months)

Announced Date Closed Date Target Buyer/Investors Size ($mm)

Jan-20-2010 - Posera, Inc. Hosted Data Transaction Solutions Inc. (TSX:HDX)

-

Jan-19-2010 - Overland Realty Limited (TSXV:OVL) Cominar REIT (TSX:CUF.UN) 70.91

Jan-18-2010 - Kansas City Board of Trade Clearing Corporation

Urbana Corp. (TSX:URB) 0.31

Jan-18-2010 Jan-18-2010 Minneapolis Grain Exchange Urbana Corp. (TSX:URB) 0.09

Jan-13-2010 - SIRIT Inc. (TSX:SI) Federal Signal Corp. (NYSE:FSS)

49.82

Jan-12-2010 Jan-12-2010 Direct Sales Force Inc. Pareto Corp. (TSX:PTO) -

Jan-12-2010 - Kansas City Board of Trade Clearing Corporation

Urbana Corp. (TSX:URB) 0.33

Jan-7-2010 Jan-7-2010 Vecima Networks Inc., Wireless Spectrum Asset

2.22

Jan-4-2010 - Dualam Plastics Inc. ZCL Composites Inc. (TSX:ZCL)

25.51

Dec-21-2009 Dec-21-2009 Auto Fuel Cell Cooperation Corp. 41.95

Dec-18-2009 - AlarmForce Industries Inc. (TSX:AF) Callisto Capital (US) III LP,Callisto Capital Fund III, L.P.,Callisto Capital LP

10.52

Dec-17-2009 Dec-22-2009 Carbon Capital Management Inc. HTC Purenergy Inc. (TSXV:HTC)

0.15

Dec-14-2009 - Porthus N.V. (ENXTBR:ALPTH) Descartes Systems Group Inc. (TSX:DSG)

43.20

Dec-8-2009 - Cash N Go Ltd. Hosted Data Transaction Solutions Inc. (TSX:HDX)

-

Dec-8-2009 - Communifx Corporation MDC Partners Inc. (TSX:MDZ.A)

-

Dec-8-2009 - Xenos Group Inc. (TSX:XNS) Actuate Corporation (NasdaqGS:ACTU)

33.04

Dec-7-2009 Jan-15-2010 DC Energy Services Inc. Total Energy Services Inc. (TSX:TOT)

42.30

Dec-3-2009 Dec-3-2009 Pole Position Software GmbH Absolute Software Corporation (TSX:ABT)

14.55

Dec-1-2009 Dec-1-2009 Firebird Technologies Inc. 5N Plus Inc. (TSX:VNP) -

Dec-1-2009 - Sanomune Inc. Diamedica Inc. (TSXV:DMA) 7.62

Nov-26-2009 Nov-26-2009 International Datacasting Corp. (TSX:IDC)

1.33


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Nov-23-2009 Nov-23-2009 Sir Royalty Income Fund (TSX:SRV.UN) Retail Dimensions Incorporated 7.13

Nov-17-2009 Dec-1-2009 Cloudwerx Data Solutions Inc. QHR Technologies Inc. (TSXV:QHR)

0.40

Nov-17-2009 Nov-17-2009 Corel Corporation (TSX:CRE) ESW Capital, LLC 9.93

Nov-11-2009 - Loyalty Access Solutions Corporation Mint Technology Corp. (TSXV:MIT)

-

Nov-11-2009 Nov-11-2009 Matrikon India Matrikon Inc. (TSX:MTK) 0.55

Nov-10-2009 - Nucryst Pharmaceuticals Corporation (NasdaqCM:NCST)

Westaim Corp. (TSX:WED) 8.11

Nov-9-2009 Dec-8-2009 CLINICARE Corporation QHR Technologies Inc. (TSXV:QHR)

4.73

Nov-9-2009 Dec-23-2009 Cossette Inc. Mill Road Capital 150.00

Nov-9-2009 Dec-7-2009 Logic Innovations, Inc., Digital Video and Data Broadcast Product Lines

International Datacasting Corp. (TSX:IDC)

0.60

Nov-5-2009 Dec-23-2009 Kangaroo Media Inc. Game Day Entertainment, LLC 17.52

Nov-1-2009 Nov-1-2009 Pulse Voice, Inc. Enghouse Systems Ltd. (TSX:ESL)

-

Oct-28-2009 - Corel Corporation (TSX:CRE) Vector Capital,Vector Capital II, L.P.

32.89

Oct-26-2009 Dec-31-2009 Coretec Inc. DDI Corp. (NasdaqGM:DDIC) 23.40

Oct-26-2009 Nov-1-2009 Mayor Equipment Ltd. Rocky Mountain Dealerships, Inc. (TSX:RME)

-

Oct-23-2009 - Chongqing Zongshen Automobile Industry and Chongqing Zongshen Automobile Air Intake System

Zongshen PEM Power Systems Inc. (TSX:ZPP)

-

Private Placement Transactions (Last 3 Months)


Jan-18-2010 Jan-18-2010 01 Communique Laboratory Inc. (TSX:ONE)

1.07

Jan-18-2010 Jan-18-2010 Dantherm Power A/S Ballard Power Systems Inc. (TSX:BLD),Danfoss Ventures A/S,Dantherm A/S (CPSE:DANTH)

7.73

Jan-13-2010 - SmartCool Systems Inc. (TSXV:SSC) 0.58

Jan-7-2010 Jan-22-2010 BioteQ Environmental Technologies Inc. (TSX:BQE)

Newalta Corporation (TSX:NAL) 3.79

Dec-23-2009 Dec-23-2009 One Earth Farms Corp. Ag Growth International Inc. (TSX:AFN),Alliance Grain Traders Inc. (TSX:AGT),CAPE Fund Management Inc.,Capital for Aboriginal Prosperity and Entrepreneurship

14.28

Dec-23-2009 Dec-23-2009 TransGaming, Inc. (TSXV:TNG) 8.48

Dec-17-2009 Jan-19-2010 EnWave Corp. (TSXV:ENW) 3.39

Dec-17-2009 - Spectral Diagnostics Inc. (TSX:SDI) BioMS Medical Corp. (TSX:MS),Matrix Asset Management Inc. (TSX:MTA)

13.08

Dec-16-2009 Jan-13-2010 Mint Technology Corp. (TSXV:MIT) 0.22

Dec-15-2009 Dec-15-2009 CO2 Solution Inc. (TSXV:CST) Codexis, Inc. 1.88

Dec-10-2009 - Migao Corporation (TSX:MGO) 10.71

Dec-1-2009 Dec-1-2009 QHR Technologies Inc. (TSXV:QHR) Pender Growth Fund (VCC) Inc.,PenderFund Capital Management Ltd.

0.72

Nov-24-2009 - Labopharm Inc. (TSX:DDS) Yorkville Advisors LLC 23.58

Nov-23-2009 Dec-29-2009 Versatile Systems Inc. (TSXV:VV) 3.93

Nov-18-2009 Nov-20-2009 Timminco Limited (TSX:TIM) Amg Advanced Metallurgical Group N.V. (ENXTAM:AMG)

4.89


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Private Placement Transactions (Last 3 Months)


Nov-17-2009 - Cantronic Systems, Inc. (TSXV:CTS) 7.55

Nov-16-2009 Nov-20-2009 AeroMechanical Services Ltd. (TSXV:AMA)

7.47

Nov-16-2009 Nov-16-2009 Divestco Inc. (TSX:DVT) 3.59

Nov-12-2009 - Empower Technologies Corp. (TSXV:EPT)

2.85

Nov-11-2009 Nov-26-2009 Fluid Music Canada, Inc. (TSX:FMN) 15.29

Nov-2-2009 Dec-29-2009 Call Genie Inc. (TSX:GNE) 3.83

Oct-30-2009 Nov-20-2009 Opmedic Group Inc. (TSX:OMG) 1.96

Oct-28-2009 Oct-28-2009 Overland Realty Limited (TSXV:OVL) Clarke Inc. (TSX:CKI) 4.17

Oct-27-2009 Dec-14-2009 HTC Purenergy Inc. (TSXV:HTC) 0.09

Oct-26-2009 Nov-16-2009 Quizam Media Corp. (TSXV:QQ) 0.43

Buyback Transactions (Last 3 Months)

Announced Date Closed Date Target Size ($mm)

Jan-11-2010 - COM DEV International Ltd. (TSX:CDV) 17.43

Dec-23-2009 - Canadian Helicopters Income Fund (TSX:CHL.UN) -

Dec-22-2009 - IROC Energy Services Corp. (TSXV:ISC) -

Dec-21-2009 - Glentel Inc. (TSX:GLN) -

Dec-18-2009 - Vicwest Income Fund (TSX:VIC.UN) -

Dec-16-2009 - DEQ Systems Corporation (TSXV:DEQ) -

Dec-16-2009 - Vecima Networks Inc. (TSX:VCM) -

Dec-9-2009 - 20-20 Technologies Inc. (TSX:TWT) -

Dec-9-2009 - Tucows Inc. (AMEX:TCX) -

Dec-8-2009 - Ag Growth International Inc. (TSX:AFN) -

Dec-4-2009 - Belzberg Technologies Inc. (TSX:BLZ) -

Dec-2-2009 - Descartes Systems Group Inc. (TSX:DSG) -

Dec-2-2009 - March Networks Corporation (TSX:MN) -

Dec-1-2009 - Savaria Corp. (TSX:SIS) -

Nov-27-2009 - Pulse Seismic Inc. (TSX:PSD) -

Nov-19-2009 - Calian Technologies Ltd. (TSX:CTY) -

Nov-6-2009 - EXFO Electro Optical Engineering Inc. (TSX:EXF) -

Nov-4-2009 - Absolute Software Corporation (TSX:ABT) -

Oct-27-2009 - Open Text Corp. (NasdaqGS:OTEX) -

Note: Canceled transactions are not included in the results. Market View constituent companies that are listed as the seller company are included in the results.


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Weekly Events Calendar for the Week ending January 29, 2010

Date/Time Company Name / Subject Event

Jan-25-2010 1:00 PM Radiant Communications Corp. (TSXV:RCN) Special/M&A Call

Jan-26-2010 10:00 AM Corel Corporation (TSX:CRE) Annual General Meeting

Jan-26-2010 1:45 PM SXC Health Solutions, Corp. (NasdaqGS:SXCI) Conference Presentation Call

Jan-27-2010 Ag Growth International Inc. (TSX:AFN) Ex-Div Date (Regular)

Jan-27-2010 AlarmForce Industries Inc. (TSX:AF) Expected Earnings Release Date

Jan-27-2010 Electrovaya Inc. (TSX:EFL) Conference Presentation Call

Jan-27-2010 9:00 AM 20-20 Technologies Inc. (TSX:TWT) Expected Earnings Release Date

Jan-27-2010 9:00 AM CGI Group, Inc. (TSX:GIB.A) Expected Earnings Release Date

Jan-27-2010 9:30 AM CGI Group, Inc. (TSX:GIB.A) Earnings Call

Jan-27-2010 11:00 AM CGI Group, Inc. (TSX:GIB.A) Shareholder/Analyst Call

Jan-27-2010 11:00 AM CGI Group, Inc. (TSX:GIB.A) Annual General Meeting

Jan-27-2010 2:00 PM 20-20 Technologies Inc. (TSX:TWT) Earnings Call

Jan-28-2010 11:00 AM SENSIO Technologies, Inc. (TSXV:SIO) Annual General Meeting

Jan-28-2010 12:00 PM Zarlink Semiconductor Inc. (TSX:ZL) Expected Earnings Release Date

Jan-28-2010 4:00 PM DALSA Corp. (TSX:DSA) Expected Earnings Release Date

Jan-28-2010 5:00 PM DALSA Corp. (TSX:DSA) Earnings Call

Jan-28-2010 5:00 PM Zarlink Semiconductor Inc. (TSX:ZL) Earnings Call

* Future Events are subject to change.


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Historical Equity Pricing Data supplied by Capital IQ is licensed by FTSE International Limited to publish the FTSE Note that the opinions in this report are solely those of the author. The information in this report is gathered from various information provides that we believe to be reliable. Material errors or omissions are unintentional, and corrections may be forwarded to the author for correction in a subsequent report. This report is intended only for sophisticated and accredited investors, the recommendations made should not be acted upon by investors without proper advice and consultation with their investment advisor. Caseridge is not a member of the Investment Industry Regulatory Organization of Canada (IIROC) or of the Toronto Stock Exchange. Caseridge is registered as an Exempt Market Dealer in Ontario.

This message and any attached or linked material, is for information purposes only, and does not constitute an opinion, advice or a recommendation regarding any securities referred to therein. Information in this message or any attached or linked material relating to an offering of securities should be read in conjunction with the prospectus or other offering document for those securities. Caseridge Capital provides corporate finance advisory services in the areas of new issues, private placements, mergers, acquisitions, valuations and strategic advisory services. Caseridge does not directly or indirectly own shares in the companies named in this report, however independently managed mutual funds or other investment vehicles that may be owned by the author or by Caseridge employees may take positions in companies named in this report.

caseridge techsys dealbook january 26 2010

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