The Case For MicroCaps

•

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A short presentation on my back background, the investment premise for microcaps, and what MicroCapClub is about. The MicroCapClub (mc2) is an exclusive micro cap forum focused on micro cap companies (sub $300m market cap). The MicroCapClub was created and founded by Ian Cassel as a way to share ideas and to learn from other seasoned like-minded micro cap investors. Our goal at MicroCapClub.com is quality membership and quality stock ideas. If you are an experienced micro cap investor, feel free to Apply today.

Economy & Finance

My
Background

•  Started
inves8ng
when
I
was
a
teenager.

•  Worked
for
a
broker/investment
advisor
full
8me
while
I

aCended
Millersville
University
for
Economics.
Graduated

2003.

•  Villanova
University
while
working
on
my
MBA,
Graduated

2005.

•  Founded
Ian
Cassel
LLC:
Advised
several
microcap
companies

(2005
–
2008).

•  Full
8me
investor
(2009
–
Present)

•  Founded
MicroCapClub.com
(2011
–
Present)

Investment
Philosophy

•  Invest
where
ineﬃciency
is
greatest

•  Exploit
informa8on
advantages

•  Perform
original
fundamental
research

•  Invest
in
growth
with
deﬁnable
catalysts

•  Keep
management
teams
on
a
short
leash

Small
Cap
Opportunity
Set

•  Small
cap
universe
is
8x

the
size
of
large
caps
Large

Investors
are

Cap

(>$5B)

over-‐exposed
to

600
stocks

large
caps

Mid
Cap

Market
efCiciency

is
greatest

($500M
-‐
$5B)

1800
stocks

Small
Cap
I
aim
to
exploit

the
many

(<$500M)
inef=iciencies
of

this
under-‐
5000+
stocks
exposed
segment

Market
Correla8ons

•  Small
and
Micro
Cap
Equi8es
historically
exhibit
low
correla8on
to
the
S&P
500

•  Correla8ons
are
lower
in
downmarket
periods,
implying
capital
preserva8on

opportuni8es

•  Adding
Small
and
Micro
Cap
Equity
exposure
may
oﬀer
por_olio
diversiﬁca8on

beneﬁts
to
investor
por_olios

Find
The
Trend

•  I
try
to
ﬁnd
emerging
consumer
trends,

ﬁnancial
trends,
industry
trends.

•  Once
I
ﬁnd
a
trend
I’m
conﬁdent
in,
I

ﬁnd
the
microcap
companies
that
are

the
benefactors
of
that
trend.

Find
the
Company…..

Products
or
Services
are
the
best
in
peer
group

Highly
incentivized
management
teams
with
proper
alignment
of
interests

Low
institutional
ownership
(undiscovered
by
larger
investors)

Self-‐Cinancing
growth
and
clean
capital
structure

Due
Diligence

Analyze
public
If
I
can,
try
Conference

ﬁlings
the
product
Call
with

or
service
Management

Try
to
speak
to

one
or
more
Company
Visit

customers

(Channel
Checks)

What
Is
MicroCapClub?

•  Launched
July
2011:
Quality
Members,
Quality

Stocks,
Quality
Content

–  Members
Forum:
Exclusive
club
for
experienced

microcap
investors
to
share
and
discuss
ideas.

•  Currently
over
140
members
discussing
about
80+

microcap
companies.

–  Public
Blog:
Unmet
need
in
the
market
place
to

educate
investors
about
the
MicroCap
space.

•  Educa8onal
ar8cles
on
microcaps

•  Interviews
with
opinion
leaders

More from Ian Cassel

Xplore Technologies (XPLR) manufactures two forms of tablet computers: Ultra rugged, which has been their core business for many years, and rugged, which is a new growth driver that expands their previously addressable market by a factor of 10. Their legacy, ultra-rugged product has customers on record such as AT&T (T) and the US Military. This highly differentiated product is waterproof, can withstand a 7 foot drop, and can function in a temperature range of -40 to 167 degrees. One of the key reasons we became involved with the stock is their new rugged line of tablets, called Ranger X. In July of this past year, they unveiled the Ranger X, which the company just recently announced its first multi million dollar purchase order from a major U.S. telecom provider. We expect the Ranger X to be a major growth catalyst in 2014. Phil Sassower, Chairman and CEO, owns 33% of the company through his private equity vehicle, and has successfully led the company to the inflection point on which it stands today.

MicroCapClub Invitational: Xplore Technologies (XPLR)

Ian Cassel

The cure for cancer still eludes us. The next best thing to a cure is the early detection of cancer. In most cases if you detect cancer early enough it can be treated successfully. The holy grail of cancer diagnostics would be a simple blood test with high specificity and sensitivity. VolitionRx (VNRX) is a clinical stage cancer diagnostic company working on a series of blood-based tests for a range of cancers, beginning with Colorectal Cancer (CRC). The company is starting a lucrative 11,000 patient clinical trial in early 2014 to validate their CRC test. The company expects to have multiple data points throughout 2014 and 2015. If early results prove successful, Volition’s current $25 million valuation will likely expand closer to comparables such as Exact Sciences (EXAS) $950 million valuation.

MicroCapClub Invitational: VolitionRx (VNRX)

Ian Cassel

FitLife Brands (FTLF) is a profitable and fast growing nutritional supplements company that is the #1 vendor in the GNC franchise system. The company has showcased a 39% CAGR over the last three years, and expects to grow at a double digit CAGR over the next 3-5 years. John Wilson, CEO of FitLife, and his management team have successfully turned the company around since he joined the company in 2009. In September of 2013, the company completed a recapitalization, which cleaned up the share structure and balance sheet. We feel the perceived customer concentration risk with GNC isn’t well understood by the market, and creates an interesting value proposition for investors.

MicroCapClub Invitational: FitLife Brands (FTLF)

Ian Cassel

Vertex Energy (VTNR) is a vertically integrated hydrocarbon recovery company that has profitably grown revenues from $38m in 2009 to $110m in 2011. The company owns and operates a network of used motor oil collectors and aggregators, and then refines this feedstock using the company’s proprietary TCEP technology into higher value end products. The company has been expanding organically and by way of strategic acquisitions to broaden its footprint. Recovering, recycling and reusing hydrocarbons, plastics, and chemicals, has been a very hot area for investors the last couple of years. Several mergers and acquisitions in the space have made Vertex Energy a potential target. Heckmann (HEK) acquired Thermal Fluids in 2011, followed by Clean Harbor’s (CLH) acquisition of Safety-Kleen a few months ago. Heritage-Crystal Clean (HCCI), an industry comparable trades at over 20x 2013 EPS estimates. Vertex Energy has flown under the radar even while producing a more impressive growth curve then its larger peers. While the peer group trades at 20x 2013 analyst estimates, Vertex trades at 5x 2013 estimates, and that's the opportunity. Listen to CEO Ben Cowart as he tells the story.

MicroCapClub Invitational: Vertex Energy (VTNR)

Ian Cassel

BioSyent (RX.V or BIOYF) is a rapidly growing pharmaceutical company that acquires or in-licenses proven drugs and markets them in Canada. Their business model is to build and sell a portfolio of products that have a peak penetration potential that is too small for major pharmaceutical companies. What has fascinated us about BioSyent is their ability to consistently grow revenue and earnings. In fact, their pharmaceutical sales have grown sequentially for the past 12 quarters, which is very rare in the microcap space. In 2012 they announced several new products that they have added to their portfolio plus they have a nice pipeline of additional products that we expect to further fuel their growth. In the most recent quarter they grew revenues 60% and net income 79% year/year. Listen to CEO Rene Goehrum as he tells the story.

MicroCapClub Invitational: BioSyent (RX.V)

Ian Cassel

Digital Out-Of-Home (DOOH) is currently the third fastest growing advertising medium in the world. The US DOOH market place has grown rapidly and almost in spite of itself. There are approximately 1.7 million screens in the US growing about 10% per year. These screens are owned and operated by over 200 different operators. Currently if a brand wants to advertise it takes several weeks to several months just to plan the campaign, flying around to each individual operator etc. Similarly to what Google Adwords did for internet advertising, rVue (RVUE) is trying to do for DOOH advertising. rVue’s ad buying software platform connects over 740,000 screens from 180 network operators, and a brand can plan and deploy a campaign in minutes (not months). Over the last couple of years rVue has had its issues monetizing this potentially game changing platform. Last fall, Michael Mullarkey took over as CEO while rVue’s largest shareholder provided a $1.2 million cash infusion. We are hopeful that under Michael’s leadership rVue will become a successful turnaround story in 2013. Listen to CEO Michael Mullarkey as he tells the story.

MicroCapClub Invitational: rVue (RVUE)

Ian Cassel

A few months ago I wrote an article entitled: 8 Habits Of Highly Effective MicroCap CEO’s. Greystone Logistics (GLGI) CEO Warren Kruger is one of the few CEO’s I’ve met recently that meets all 8 criteria. Warren Kruger owns 30% of the company, takes an average salary, buys stock in the open market every quarter, and has invested over $10 million of his own money to turn the company around. I would also add that there has been little to no share dilution for several years. With the turnaround complete, the stage is set for a growth story to emerge. Greystone Logistics is the only public company focused on manufacturing and leasing plastic pallets, the fastest growing segment of the $9.5 billion pallet industry. The company is currently trading at 4x TTM EPS. This is the first time the company has presented anywhere, so listen to CEO Warren Kruger as he tells the story.

MicroCapClub Invitational: Greystone Logistics (GLGI)

Ian Cassel

The U.S. medical device industry continues to grow at a brisk pace, thanks to an aging Baby Boomer population, high unmet medical needs and increased incidence of lifestyle diseases (including cardiovascular diseases, diabetes, hypertension and obesity). The global medical device market is expected to reach $300 billion by 2017 with a CAGR of 6.1% over the next several years (2011-2017). Misonix (MSON) is aggressively pursuing a $3 billion+ piece of the market with their ultrasonic medical devices. Last quarter the company grew revenues 42%, with the highest growth occurring internationally. Misonix’s three core products grew at an impressive 220% (BoneScalpel), 97% (SonicOne), and 21% (SonaStar) year over year respectively. More importantly we expect profitable growth in 2013 and beyond. Listen to CEO Michael McManus as he tells the story.

MicroCapClub Invitational: Misonix (MSON)

Ian Cassel

Welcome to the first ever MicroCapClub Invitational where our membership is showcasing several companies we are discussing in our members forum. Oil and gas companies spend tens of billions of dollars every year on exploration trying to discover the next big oil field. With the evolution of 2d, 3d, and now 4d seismic, technology is playing a greater and greater role in reducing the time and money spent discovering oil reservoirs. NXT Energy’s (SFD.V) Stress Field Protection technology is just starting to get adopted by large oil/gas companies such as PEMEX, Pacific Rubiales (PRE.TO), and others. The technology can identify the best oil and gas prospects 10 times faster, and at up to 1/20th the cost of seismic. NXT’s survey technology has already been associated with the finding over 1 billion barrels of OOIP in Colombia in the few short years since the technology has been commercialized. We expect adoption of this technology to increase throughout 2013 and beyond. Listen to CEO George Liszicasc as he tells the story.

MicroCapClub Invitational: NXT Energy (SFD.V)

Ian Cassel

Over the years I’ve found that restaurant roll out stories can capture more momentum and trade at higher multiples then even tech stocks. Buffalo Wild Wings (BWLD) and Chipotle (CMG) are prime examples of such companies that have captured the attention of Wall Street over the last few years. Noble Roman’s (NROM) is an undiscovered food franchising-licensing company with 35%+ operating margins at an inflection point of growth. The company is targeting the fastest growing segment of the pizza industry, the take-n-bake arena. Since 2010, the company has signed take-n-bake supply agreements with over 1300 grocery stores. In mid-2012, Noble Roman’s entered the standalone take-n-bake market place with their own franchise concept. In a few short months the company has signed agreements for 9 locations, 3 of which have already been opened. Listen to CEO Paul Mobley as he tells the story.

MicroCapClub Invitational: Noble Roman's (NROM)

Ian Cassel

Welcome to the first ever MicroCapClub Invitational where our membership is showcasing several companies we are discussing in our members forum. Over the last ten years there have been huge technological leaps, and the most apparent ones are the ones you can literally see like HD television, displays on computers or smart phones, or even 3D movies in theatres. The crystal clear, pixel-rich, brilliant displays are breathtaking, but the sound emanating from them hasn’t changed in twenty years. Where is the technological leap in sound? Parametric Sound (PAMT) delivers sound to its intended listener in a rich three dimensional method that results in a feeling of being fully immersed in sound. The technology is something you need to hear to believe, and once you hear it just seems so obvious. There are numerous end markets for the technology like digital signage, home entertainment, video gaming, healthcare, etc. Parametric is pursing them all, with their first major licensing deals expected in the next few months. Listen to Executive Chairman Ken Potashner as he tells the story.

MicroCapClub Invitational: Parametric Sound (PAMT)

Ian Cassel

The EPA estimates that 40-60% of contamination pouring into oceans, streams, and rivers is caused by storm water runoff. For the first time ever, the EPA is now forcing municipalities to do something about it. EPA consent decrees have created $30+ billion in mandated municipal spending of storm water/sewer overflow improvements. Abtech’s (ABHD) Smart Sponge technology is the first antimicrobial application for storm water registered with the EPA for outdoor use. Waste Management (WM) has partnered with Abtech to market and sell a stormwater runoff solution directly to municipalities. The company announced they have 80+ municipal proposals in various stages of progress. Listen to CEO Glenn Rink and VP Bjurnolf White as they talk about the municipal opportunity as well as many other applications for the technology.

MicroCapClub Invitational: Abtech Holdings (ABHD)

Ian Cassel

Welcome to the first ever MicroCapClub Invitational where our membership is showcasing several companies we are discussing in our members forum. The government is mandating the switch to electronic health records (EHR) over the next few years, which is also propelling physician’s use of e-prescriptions. E-prescriptions are expected to grow from 570 million in 2011 to 2 billion by 2016. So who is the microcap benefactor of this trend? Enter, OptimizeRx (OPRX) and their SampleMD e- coupon software that is currently embedded in over 300 EHR’s/e-prescribe software providers including the largest ones such as Allscripts (MDRX), NewCrop, and Dr. First. OptimizeRX gets paid $4-5 each e-coupon distribution. The operating leverage in the business is quite extraordinary as more and more pharmaceutical companies partner with SampleMD for e-coupons. Listen to Chairman and Founder Dave Harrell and CEO David Lester as they tell the story.

MicroCapClub Invitational: OptimizeRx (OPRX)

Ian Cassel

Food safety, food transparency, and food verification are expected to be some of the top consumer trends of the next decade. A powerful dynamic occurs when there are several large emerging consumer trends and the best way to play it is a microcap stock. Plenty of investors are aware of Whole Foods (WFM), The Fresh Market (TFM), Annie’s (BNNY), Natural Grocers (NGVC), but few have heard of a 17 year old company called Where Food Comes From (WFCF). You ever wonder who actually verifies food labels? WFCF does, and they have a 50%+ market share in verifying beef and are now expanding into other food groups. They are now launching their own food label called Where Food Comes From. Listen to CEO John Saunders as he tells the story.

MicroCapClub Invitational: Where Food Comes From (WFCF)

Ian Cassel

Acorn Energy, Inc (ACFN), the digital energy company is a holding company focused on making energy better by providing digital solutions for energy infrastructure asset management. The four businesses in which we have controlling interests, improve the world's energy infrastructure by making it: more secure - providing security solutions for underwater energy infrastructure (DSIT); more reliable - providing condition-based monitoring to critical assets on the electric grid (GridSense, OmniMetrix) and more productive and efficient - increasing oil and gas production while lowering costs through use of permanent ultra-high sensitive seismic tools that allow for a more precise picture of reservoirs (US Seismic). This is the first ever MicroCapClub company presentation featuring Acorn Energy (ACFN). Investors Neil Cataldi and DavidS join me while we listen and provide feedback to John Moore CEO of Acorn Energy. We hope you enjoy this medium, and we look forward to doing more interactive company presentations in the future with companies we find interesting. Disclosures: ACFN is a sponsor of MicroCapClub. Ian Cassel, Neil Cataldi, and DavidS do not own shares of ACFN. The MicroCapClub (mc2) is an exclusive micro cap forum focused on micro cap companies (sub $300m market cap). The MicroCapClub was created and founded by Ian Cassel as a way to share ideas and to learn from other seasoned like-minded micro cap investors. Our goal at MicroCapClub.com is quality membership and quality stock ideas. If you are an experienced micro cap investor, feel free to Apply today.

MicroCapClub Company Presentation: Acorn Energy (ACFN)

Ian Cassel

More from Ian Cassel (15)

MicroCapClub Invitational: Xplore Technologies (XPLR)

MicroCapClub Invitational: VolitionRx (VNRX)

MicroCapClub Invitational: FitLife Brands (FTLF)

MicroCapClub Invitational: Vertex Energy (VTNR)

MicroCapClub Invitational: BioSyent (RX.V)

MicroCapClub Invitational: rVue (RVUE)

MicroCapClub Invitational: Greystone Logistics (GLGI)

MicroCapClub Invitational: Misonix (MSON)

MicroCapClub Invitational: NXT Energy (SFD.V)

MicroCapClub Invitational: Noble Roman's (NROM)

MicroCapClub Invitational: Parametric Sound (PAMT)

MicroCapClub Invitational: Abtech Holdings (ABHD)

MicroCapClub Invitational: OptimizeRx (OPRX)

MicroCapClub Invitational: Where Food Comes From (WFCF)

MicroCapClub Company Presentation: Acorn Energy (ACFN)

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The Case For MicroCaps

1. The Case For MicroCaps By Ian Cassel

2. My Background •  Started inves8ng when I was a teenager. •  Worked for a broker/investment advisor full 8me while I aCended Millersville University for Economics. Graduated 2003. •  Villanova University while working on my MBA, Graduated 2005. •  Founded Ian Cassel LLC: Advised several microcap companies (2005 – 2008). •  Full 8me investor (2009 – Present) •  Founded MicroCapClub.com (2011 – Present)

3. Investment Philosophy •  Invest where ineﬃciency is greatest •  Exploit informa8on advantages •  Perform original fundamental research •  Invest in growth with deﬁnable catalysts •  Keep management teams on a short leash

4. Small Cap Opportunity Set •  Small cap universe is 8x the size of large caps Large Investors are Cap (>$5B) over-‐exposed to 600 stocks large caps Mid Cap Market efCiciency is greatest ($500M -‐ $5B) 1800 stocks Small Cap I aim to exploit the many (<$500M) inef=iciencies of this under-‐ 5000+ stocks exposed segment

5. Small Cap Outperformance

6. Small Cap Outperformance

7. Market Correla8ons •  Small and Micro Cap Equi8es historically exhibit low correla8on to the S&P 500 •  Correla8ons are lower in downmarket periods, implying capital preserva8on opportuni8es •  Adding Small and Micro Cap Equity exposure may offer por_olio diversifica8on benefits to investor por_olios

8. Find The Trend •  I try to find emerging consumer trends, financial trends, industry trends. •  Once I find a trend I’m confident in, I find the microcap companies that are the benefactors of that trend.

9. Find the Company….. Products or Services are the best in peer group Highly incentivized management teams with proper alignment of interests Low institutional ownership (undiscovered by larger investors) Self-‐Cinancing growth and clean capital structure

10. Due Diligence Analyze public If I can, try Conference ﬁlings the product Call with or service Management Try to speak to one or more Company Visit customers (Channel Checks)

11. MicroCap Isn’t Easy

12. What Is MicroCapClub? •  Launched July 2011: Quality Members, Quality Stocks, Quality Content –  Members Forum: Exclusive club for experienced microcap investors to share and discuss ideas. •  Currently over 140 members discussing about 80+ microcap companies. –  Public Blog: Unmet need in the market place to educate investors about the MicroCap space. •  Educa8onal ar8cles on microcaps •  Interviews with opinion leaders

The Case For MicroCaps

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The Case For MicroCaps