Titan Trading Analytics Inc. (TSXV: TTA) Initiating Coverage; Transitioning from research and development to commercialization
|
|
- Wesley White
- 8 years ago
- Views:
Transcription
1 z Siddhh Rjv, B.Tch, MBA Anly Rndll Hu, BBA Rch Aci Invmn Anlyi f Inllign Inv Mch 3, 2010 Tin Tding Anlyic Inc. (TSXV: TTA) Iniiing Cvg; Tniining fm ch nd dvlpmn cmmcilizin Induy: Applicin Sfw (Cpil Mk) Mk D ( f Mch 1, 2010) Cun Pic C$0.17 Fi Vlu N/A Ring* N/A Rik* 5 (Highly Spc) 52 Wk Rng C$ C$0.39 Sh O/S mm Mk Cp C$9.91 mm Cun Yild N/A P/E (fwd) N/A P/B N/A YY Run -45.2% YY TSXV 77.7% * bck f p f ing nd ik dfiniin 800, , , , Fb Jun Oc Fb-10 $0.80 $0.60 $0.40 $0.20 $0.00 Invmn Highligh Tin' flghip pduc, TickAnly, h h cpbiliy um h ni pc f ding, fm iniil mdling nd ing, xcuin nd p-d nlyic. TickAnly h h biliy xcu 1,000+ d cnd, nd d c mulipl mk nd cl fm cumizbl plfm. Tin h dvlpd v dzn ppiy mdl, d v h p 20 y. Accding Tin, i ppiy mdl hv bn xmly ffciv in h p, wih high pbbiliy f ucc f ch d. Th cmpny ld h fi vin f TickAnly in w h b y f h cmpny chivd vl miln - ) ld h cnd vin f TickAnly (TAX2), b) ignd i fi cmmcil clin in Nvmb 2009, nd c) hid py plcd US$5 millin in n ccun b mngd by Tin pduc. W bliv h nx 12 mnh impn h cmpny niin fm h ch nd dvlpmn ph cmmcilizin. Alhugh w hv clculd ng f pnil fi vlu n pg f hi p, w bliv i i ly ign fi vlu nd ing hi im. Rik Th Aumd Tding Sym (ATS) mk i highly cmpiiv. Th cmpny h y gning vnu. Th cmpny will b dvly ffcd if i i n bl cp wih chng in chnlgy. I i likly h cmpny will hv puu quiy finncing ging fwd unil i un ch flw piiv. Finncil Summy (YE Oc 31) (C$) (9 m) Rvnu - - N Incm (3,075,985) (2,619,650) EPS (bic) (0.07) (0.05) Ch, Ch Equiv. nd ST Inv. 424, ,097 A 1,528, ,670 LT Db Cpil - - Tin Tding Anlyic Inc. h dvlpd n lcnic ding plfm llwing u d in diffn mk nd mulipl cl. Th flghip pduc, TickAnly, h h biliy um h ni pc f ding, fm iniil mdling nd ing, high-pfmnc xcuin nd p-d nlyic. Th cmpny ignd i fi cmmcil clin in Nvmb Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
2 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 2 Cmpny Ovviw Tin Tding Anlyic Inc., hdqud in Edmnn (Alb, Cnd), dvlp invmn nlyi, invmn mngmn, nd umd ding luin. Tin' flghip pduc, TickAnly, h h cpbiliy um h ni pc f ding, fm iniil mdling nd ing, xcuin nd p-d nlyic. Aumd Tding Sym (ATS) hv ignificn bnfi v humn d, cmpu c m pidly mpy mipicing hn humn. Aumd ding ym cn n nly d 10, ,000 im f hn humn d, bu l k min u f ding ( cmmn mik md by humn d), nd ignificnly lw h pbbiliy f. A ul, cpil mk hv n ug in h gwh f umd ding, pcilly v h p dcd. Alhugh h ATS mk i highly cmpiiv, Tin diffni ilf fm i cmpi hugh i ppiy mdl, nd i biliy ff n nd--nd luin um h ni ding pc. Th cmpny bliv h i ppiy mdl, cmbind wih h biliy f i Cmplx Evn Pcing (CEP) chnlgy nlyz d (l-im nd hiic d) igh dwn h ick lvl, llw i pduc idnify nd xpli mk nd lng bf hy iv n h cn f h m. Th cmpny bgn dvlping i umd ding ym in In 2008, h cmpny ld h fi vin f TickAnly. Th y 2009 w h b y f h cmpny chivd vl miln ) ld h cnd vin f TickAnly (TAX2), b) ignd i fi cmmcil clin, G-2 Tding LLC f Nw Yk (G-2 Tding, fmly Ryl Bnk f Cnd Pfinl Td Gup; h 130 ppiy d), nd c) hid py plcd US$5 milin in n ccun b mngd by Tin pduc. Th l w vn, w bliv, hug v f cnfidnc f h ffcivn f Tin' pduc. W bliv h nx 12 mnh pmi impn h cmpny niin fm h ch nd dvlpmn ph cmmcilizin. W bliv h cmpny will b gd cquiiin g if i i bl pv h cmmcil vibiliy f i ppiy mdl, nd h TickAnly plfm. Aumd Tding Aumd ding (l knwn lgihmic ding blck-bx ding) f h u f cmpu pgm f xcuing ding d ypiclly wihu humn invnin. In umd ding, cmpu pgm dcid n h viu pc f n d uch h iming, pic, quniy. Aumd ding i pimily ud by iniuinl d f pliing up d, in d xcu hi d b pic. Thy l ud f pculin, cmpu c m pidly mpy mipicing hn humn, nd hv h cpbiliy mni h pic f hund f ck/cmmdii/cunci ding n mulipl mk. Th ky dvng f umd ding illud by h fllwing ch Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
3 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 3 Suc: Tin Tding Anlyic A hwn in h ch, fully umd cmpu cn d 10, ,000 im f, nd mni 100-1,000 im m ymbl hn humn d. Th pw f umd ding ignificnly duc h nd f humn d. Aumd ding i pimily bd n chnicl nlyi - n invmn philphy, widly ud by dy d nd mk mk, bd lly n pn/nd n in hiic pic/vlum, whil igning h fundmnl f cmpny. Th fllwing bl highligh h min dvng nd didvng f umd ding: Advng Didvng Cn d 10, ,000 im f hn humn d Idnify nd c ppunii quick H h cpbiliy ck hund f ck/cmmdii/cunci ding n mulipl mk Tk min u f ding Lw pbbiliy f Inc ding diciplin Significnly duc h nd f humn d Lg l cn ccu vy quickly if h ym i n pply pgmmd d I i n pibl incp ll h ul (idnifid pn nd) in cd ll h im A umd ding i pimily bd n chnicl nlyi, uddn chng fm hiic pn/nd culd ul in hug l Lik h ding chniqu, un n gund Rpid gwh in umd ding: Th induy h xpincd pid gwh in h 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
4 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 4 u f umd ding by finncil iniuin. Accding h TABB gup ( ch nd gic dviy fim), umd ding ccun f v 25% f ll h dd h by buy id fim. In ddiin, high-fquncy ding (buy/ll h bd n nd idnifid in millicnd) ccund f m hn 70% f h U.S. quiy ding vlum in Uing DJIA (Dw Jn Induil Avg) mnhly vlum d n illuin ( blw), h fllwing ch hw mj nfmin in mk civiy lvl, pcilly v h p dcd. W bliv h chnlgicl dvncmn in lgihm ding w f h ky cnibu hi mndu gwh. DJIA Indx nd Vlum 20, Indx Vlu 16,000 12,000 8,000 4, Numb f Sh (bilin) DJIA Indx Vlum Suc: Yh Finnc Aumd Tding Sym (ATS) An incing numb f finncil iniuin ih ing dp, ying impv hi cun umd ding ym bcu f - ) h ignificn dvng ffd by umd ding, nd b) fim h d n cunly u umd ding n quippd cmp wih h h dply umd ding. Hwv, implmning umd ding qui cc cuing dg chnlgy, incd I.T. ff, infucu, nd cpil invmn. Innlly funding nd building n ATS fm cch culd c fim US$15 - US$50 millin. F xmpl, h Lndn Sck Exchng pn bu 40 millin (US$65 millin) dvlp ding plfm. Such high cpil invmn i phibiiv m fim, nd y, m hdg fund, nd mngmn fim, d n wn cmpmi n hi gwh by n dping umd ding. Thi ppuniy ld h mgnc f ATS vnd wh licn hi umd ding luin finncil iniuin. A h vnd hndl ll h ch nd dvlpmn, 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
5 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 5 nd IT infucu, finncil iniuin d n hv build hi ATS fm cch, minin lg IT dpmn, nd, m impnly, cn f up hi uc fcu n hi c buin gl. Highly cmpiiv ATS mk nd cnlidin in h induy: A ul f h ignificn inc in dmnd f umd ding ym, h ATS induy xpincd pid gwh in h p dcd. Th mk, which i highly cmpiiv, i filld wih cmpni ffing viu yp f luin ld umd ding. M f h cmpni in hi pc livly mll, pivly hld cmpni. Exmpl f m public cmpni includ, Invmn Tchnlgy Gup (NYSE: ITG), Nn (STO: NEO), nd Oc Sfw (STO: ORC). Th induy h n numb f cquiiin by mj finncil iniuin v h p dcd. Th fllwing bl hw li f m f h mj cquiiin inc Th cquiiin ngd bwn US$25 millin nd US$680 millin. Y Fim Acquid Acqui Pic (US$, mm) 2000 CybCp Schwb $ PTd Inin $ Lv Tding Ciigup $ Inin Silv Lk Pn $ McGg ITG $ Apm Pg Sfw $ QuTd/CnTch Amid $ Aumd Tding Dk Ciigup $ Typ GFI $ MillniumIT Lndn Sck Exchng $30 Suc: Tin Tding nd FRC Bid uing cquiiin gy f finncil iniuin gin cc umd ding plfm, puching ff-h-hlf luin h bn nd in h induy, bcu, w mnind li, dvlping ppiy ding plfm fm cch cn b phibiiv f mll mid iz fim. Cmpni uch Oc Sfw nd Nn, h pvid dy u plfm, hv n dubl-digi nnul vnu gwh in h p 10 y. Th vnu f Oc Sfw (mk cpilizin - US$342 millin) gw cmpundd nnul gwh (CAGR) f 24% in h p 10 y, whil vnu f Nn (mk cpilizin - US$165 millin) gw CAGR f 18%. In Jnuy 2010, Oc nnuncd i pln cqui Nn f US$166 millin - which i nh ign f cnlidin in h induy. In ummy, finncil iniuin, in d min cmpiiv, mu lwy hv cc h l umd ding chnlgy y cmpiiv in h mk. Th nging dvlpmn f ATS umiclly ld n incing dmnd f high pd hdw, fw, umd funcin, nd lgihm implmn cmplx ding gi, nd pc,, nd nlyz billin f ick f mk d. Bf w pn Tin' pduc, i i nil hv n undnding n h c f Tin' chnlgy, 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
6 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 6 which incp Cmplx Evn Pcing (CEP). Cmplx Evn Pcing CEP i mhd f pcing mulipl vn in l-im, nd nlyzing h pnil impc f uch vn ccuing imulnuly. I i pimily ud build ym h cn nlyz nd c n l-im ming d. CEP biclly incp cmpu ihmicl pw dc indic, uch cmplx pn, vn clin, nd vn culiy, f innnu dciin-mking. A l-im ming d i ud in vl diffn pplicin, n incing numb f gnizin dping CEP ngin pc nd nlyz miv d m, nd mng ym h cn b ily buil nd mdifid. A fw mj cmmcil pplicin f CEP includ umd ding, cdi cd fud dcin, cuiy mniing, buin invny mngmn, nd l-im ncin mniing f -Buin. CEP h bcm n impn l f lgihmic ding nd i bing dpd in h finncil induy. Th fllwing ch hw h CEP i in n infncy g, nd gining mmnum; mj induy ply lik IBM (NYSE: IBM), Ocl Cpin (NASDAQ: ORCL), nd Micf Cpin (NASDAQ: MSFT) hv cnly md ignificn invmn in hi pc. Suc: TIBCO Sfw IBM cquid Apf in 2008 Ali cquid Cl8 in 2008 Cl8 w lcd jin h Micf Sup Accl Pgm in 2008 Accding h Ai Gup, lhugh CEP vnd vnu w ju US$50 millin in 2006, h pnil mk ppuniy i cl US$1 billin by 2010, pimily du xpnding d, nd incing linc n l-im nd vn-divn 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
7 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 7 luin c h cpil mk pc. Tin Tchnlgy Tin w iginlly fcuing n h pplicin f ificil inllignc (uing nul nwk) ding. A nul nwk i fw/hdw ud cgniz pn. Onc nul nwk h bn ind n mpl f d, i cn mk pdicin by idnifying imil pn in fuu d. Th cmpny h inc hn vlvd in cmpny wih h cpbiliy ff n nd-nd lcnic ding nd finncil nlyi fw plfm h cn biclly um h ni pc f ding, ing fm gy dvlpmn, ching, quniiv ch, gning ding ignl, nd xcuing d, p nd p d nlyic. Tin' chnlgy mply high pd CEP ngin (which cn nlyz v 200,000 ick p cnd p v) which nbl i pduc pc miv mun f ming d, nd idnify pn gn ding ignl. Th cmpny h f pn v US$12 millin in dvlping i infucu, which pimily cni f: A db hing 15 by f d fm h NYSE nd h NASDAQ inc Tin mng nd h h chnlgicl infucu 5,000 qu f d cn lcd i hdqu in Edmnn, AB. Di ik i miigd by 100kw dil pwd lcicl gn bckup fciliy, n i cndiining ym, nd n in g fi uppin ym minin h pimum nvinmn. Cmpiiv Advng - Tin' Ppiy Mdl In ddiin h chnlgicl cpbilii f plfm, ffciv ding gi (lgihm) ply ky l in umd ding. Typiclly, umd ding plfm pc nd nlyz l-im d, nd if h igh cmbinin f vn ccu ( pcifid by n lgihm/mdl), ding ignl i gnd, nd n d i n b xcud. M cmmcilly vilbl pduc ld umd ding, uch Elcnic Tding Plfm, Evn Pcing Engin, nd Blck Bx ffing, invi nd-u c hi wn mdl f ding. Thi i bcu m nd u pf u hi wn mdl nd gi, h hn u mdl buil by hid pi. Tin' pduc, hwv, cm wih ppiy mdl, in ddiin llwing u c hi wn mdl. Tin cnid hi b n f hi ky ngh, nd diffniing fc, i bliv h i ppiy mdl hv bn xmly ffciv in h p, wih high pbbiliy f ucc f ch d. Tin' ppiy mdl bd n clic chnicl nlyi. Tchnicl nlyi invlv h pdicin f fuu pic bd n hiicl mk d, pimily pic nd vlum. Tchnicl nly u vl yp f indic (dvlpd bd n pic, vlum nd im) pdic h likly dicin f fuu pic. Th fllwing i impl xmpl f hw indic, uch MACD (Mving Avg Cnvgnc / Divgnc) 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
8 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 8 nd MA (Mving Avg), ud in chnicl nlyi: In h fllwing ch, h cicl n h lf indic BUY ignl, whil h cicl n h igh indic SELL ignl. Signl bd n MACD: I i gnlly inpd BUY ignl whn h MACD (which i h diffnc bwn h mving vg f w im hizn) c up hugh h ignl lin, nd SELL ignl whn MACD c dwn hugh h ignl lin. Th w cicl in h bm hlf f h ch indic ignl bd n MACD. Signl bd n MA: A BUY ignl i gnd whn h MA c up hugh lng MA, nd SELL ignl i gnd whn h MA c dwn hugh lng MA. Th w cicl in h p hlf f h img indic ignl bd n MA. Tin h dvlpd v dzn nn-cld nd divifid mdl (incping mulipl indic). Th cmpny bliv h i ppiy mdl, cmbind wih h biliy f i CEP chnlgy nlyz d (l-im nd hiic d) igh dwn h ick lvl, llw i pduc idnify nd xpli mk nd lng bf hy iv n h cn f h m. On f h h min fu f Tin' fw i h i llw f lm infini cumizin nd clbiliy, which llw i mdl (nd ugnd md) b wkd nd d vn fuh. Th nly wy vlu h ffcivn f Tin' mdl i by vifying hiic un chivd hugh h mdl. A Tin h y dicl ny pfmnc figu, w hv wi f Tin dicl i lng-m un bf w cn pply vlu h ffcivn f hi mdl Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
9 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 9 TickAnly - Pduc Fu Tin' TickAnly ui i n nd nd fw pplicin cmpiing blck-bx, umd d ny nd mngmn, ching, nd p nd p-d nlyic (which includ hiicl nlyi nd bck-ing funcinliy). I ky cmpnn includ: 1. Signu, l knwn blck-bx - ud gn ding ignl 2. Tin Od Mngmn Sfw (TOMS) - ud xcu nd mng d 3. QuickTick Ching - ud f ching d 4. TdViw - ud diply ul 5. TpViw nd TpViwClin - ud diibu l-im nd hiicl ding ignl Tin pln cmbin h ky cmpnn nd licn hm l luin, licn ch cmpnn ply pvid cumizd ppch. Tin h pviinl pn in plc f cin cmpnn. Th cmpny innd minin h h f i chnlgy d c. Th fllwing ch illu h pc invlvd wihin h TickAnly: Suc: Tin Tding Anlyic Th ym mni d iving fm l-im d fd nd lk f p-dfind pn f mvmn in pic, vlum, im. If nd whn picul pn i idnifid, ding ignl i gnd. Th umic d xcuin fw pc h ding ignl, nd cnv hm in nlin ding d, which n v h inn d xcuin ngin. Tin cunly u RdiPlu (wnd by Gldmn Sch; NYSE: GS) Dic Mk Acc (DMA) xcuin fw. Alhugh vl h d xcuin ngin (uch RlTick, FIX, ODL, nd ChicFX) cn b uppd, hy 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
10 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 10 n cunly ud by Tin. Accding Tin, TickAnly h ul high-pd nlyicl cpbilii dignd xcu hund f d p cnd n ingl plfm wih high pbbiliy f ucc f ch d. Th cmpny h ldy dtickanly funcinliy, biliy, nd clbiliy wih bh l im nd hiicl mk d. Th fllwing cin dicu h ky cmpnn in dil. Th Blck-Bx biclly gn ding ignl bd n Tin ppiy mdl u-gnd mdl. Cum cn uiliz Tin' mdl c,, nd dply cum mdl quickly nd fficinly. I i md blck-bx bcu u cn viw h inpu nd upu wihu ny knwldg f i innl wking. Suc: Tin Tding Anlyic Clin cn u viin f Tin mdl in fully-umd blck-bx md, miumd gy-bx md (in hi c, h mdl ud ing pin in dciinmking), nd piv md (bcking/ch). QuickTick Ching i n pplicin h h ub-cnd ch lding pd. Ch updd n l-im, ick by ick bi, nd cn b viwd n viu im fm, nging fm n minu n wk. Ppiy udi vlid n h ch v viul cu (n h d, gn nd whi p in h fllwing img) f nd-u. Unlik vl h plfm, QuickTick Ching h n limi n h numb f ymbl llwbl in windw Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
11 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 11 Suc: Tin Tding Anlyic TpViw i fw l h diply gnd ignl in chnlgicl d hy ccu duing h dy. Thi llw h u mni h ignl in l-im hy ccu. Suc: Tin Tding Anlyic If mulipl cmpu unning numu mdl imulnuly, Tin' TpViw Clin civ ignl fm ch cmpu, cmbin hm, nd diply hm in windw vy imil TpViw. Tin Od Mngmn Sym (TOMS) TOMS k h ding ignl gnd by h ignl gn, nd un hm in nlin ding d, which n v h inn d xcuin ngin. Ech ymbl cn b dd n mulipl imfm imulnuly. Lik h d mngmn ym, TOMS hndl ny nd xi d, hm in db, nd kp ck f ll h piin in bkg ccun. TOMS 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
12 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 12 l nu h mulipl d n xcud, nd h d n plcd gin nu piin. Suc: Tin Tding Anlyic TdViw (P Td Anlyic) gn n-dmnd, in-dph iic (uch quiy cuv, l n pfi, winning pcng, c.) n Tin mdl ( u gnd mdl), which cn b ud by u nlyz hi ding pfmnc. TdViw cn l b ud imul hw pfmnc wuld hv diffd bd n vying mun f cpil nd piin izing. Suc: Tin Tding Anlyic 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
13 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 13 Cmpiiv dvng A mnind li, h ATS mk i highly cmpiiv mk filld wih vl mll mdium iz (mly piv) cmpni. In d uccd in hi pc, cmpny h diffni ilf fm h. M umd ding ym hv idnicl fu, uch h biliy xcu d quick, mni nd d hund f ck n mulipl xchng, h wih which mdl cn b incpd in plfm, bck ing, ching, p nd p-d nlyic, nd l-im d mngmn ym. Tin' ky cmpiiv dvng li in h ffcivn f i ppiy mdl, nd i biliy ff n nd--nd luin um h ni ding pc. M cmpi d n ff h gnl funcinliy in Dic Mk Acc (DMA) chnlgy, whil l ffing h biliy quickly nd fficinly build, nd dply fully-umd cum mdl in full pducin nvinmn. W bliv h fu, cmbind wih h fllwing fu, giv Tin cmpiiv dvng in h induy: 1. N Symbl limiin in GUI n 3 m imfm imulnuly. 3. Th Cmplx Evn Pcing (CEP) ngin cn pc mdl fil up 200,000 ick p cnd. 2. Mdl Edg - ly f 3 m imfm. 4. Aumd d xcuin i pibl d p cnd. 5. Ov dzn p-buil mdl, wih mulipl viin nd flxibl cnfiguin. Suc: Tin Tding Anlyic 6. Hiicl ing 1000x l-im. Fin un mdl in fcin f h im. Th fllwing bl highligh h ky diffnc bwn Tin nd cmping pduc fu Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
14 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 14 Cmpin Ch Mdl Plfm Vnu Tin Pvid Tin' ppiy mdl nd llw nd u build ddiinl mdl Pvid plfm h cn pfm cmplx clculin wih ddd hdw dju d iz nd dmin xcuin pd Pvid cc hund f cuii n mulipl glbl xchng nd c cl Cmpi Invi nd u / hid pi build mdl M cmpi clim hv hi fu. Accding Tin, cmping chnlgi hv limiin n h numb nd dph f clculin nd ymbl. Thi i cmmn fu in h induy. F xmpl, Nn nd Oc ff c-bd d c viu cl Lncy Ching Numb f d Tin Fcu n lph ding (lng hlding pid); ul-lw lncy i n quid Off ching l (ub cnd ld pd) ingd wih i ding plfm Ov 1,000 d p cnd Cmpi Sm cmpi hv ul-lw lncy ding ging high fquncy ding M cmpi ypiclly d n ff ching l wih hi luin, bu hi plfm cn b ingd wih ching l fw uch Signl Cmpni uch Millnnium IT (cquid by LSE in 2009) h cl fm 1,000 d p cnd, 500,000+ d p cnd Cumizd Od Slicing nd Pvnin f Tding Mdl Fgmnin Infmin Lkg Tin Off u h pin cumiz xiing Tin mdl dp chnging mk cndiin Rduc pic impc hugh xcuin f lg d in mll clip v pcific pid f im Dc ding infmin lkg, nd hlp u y cmpiiv Cmpi Cmpi (uch SmB nd Invmn Tchnlgy Gup) ff flxibl nd cumizd infc wll. M cmpi (g: TdingScn) l hv hi funcin f m d xcuin M cmpi (g: EdgTd) l hv hi fu pc hi clin Fcu n lph ding - I i impn n h Tin i n fcuing n High Fquncy Tding (HFT) h i imd cpu big ppunii in milli-cnd. Lw lncy i ky f HFT fim cpu mk big ppunii bf h. F xmpl, i will k ppximly 39 millicnd f d ignl vl in fib 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
15 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 15 pic cbl fm Sn Fncic, Nw Yk, nd immdily bck Sn Fncic. Hwv, HFT qui 1 millicnd ccucy b. A ul, HFT fim mu b lcd n n Exchng d v, nd hv fw h i cpbl f xcuing d vy high pd. In cmpin, lph ding nd lw fquncy ding qui ppximly 100 millicnd ccucy. Tin pduc will cmp pimily in h lph ding pc wh ul-lw lncy i n quimn. Hiy nd Pduc Dvlpmn Tin Tding w incpd in 1993 finncil fw dvlp nd inn wb i publih (pviding indpndn ck cning ch vic, dily ck mk indic, nd dily mk cmmni). Tin' h cmmncd ding n h TSX Vnu Exchng (pviuly knwn Cndin Vnu Exchng) in Subidii: Tin Tding h fu whlly wnd ubidii, Tin Tding USA, LLC, Tin Hlding USA LLC, Tin Tding GP Inc., nd Tin Tding Cp. Tin Tding GP Inc nd Tin Tding Cp pnly inciv. Tin Tding USA LLC v ppiy ding m nd cpil mngmn diviin f Tin Tding Anlyic Inc. I w nly in 2003 h h cmpny d dvlping n ATS, ubqun h cquiiin f igh cin umd ding nd nlyic fw fm Cignl Tchnlgi, LLC, which w wnd M. Philip Czz, Tin' cun Pidn nd Dic. Highligh f h cmpny' pduc dvlpmn hiy fllw: 2003 Acquid igh cin umd ding nd nlyic fw fm Cignl Tchnlgi, LLC Tin bgn b ing nd ding in hid py ccun. In ddiin, M. Philip Czz (puun pnl ngmn) bgn ding in n ccun f h m hid py. Tding ul w n dicld Rld h fi vin f i umd ding plfm knwn TOMS. Tin Tding Limid Pnhip 1 (TTLP1) w cd d fund uing Tin' fw. Tin GP w h gnl pn, nd h limid pn w ccdid inv. Tin GP civd 50% f h pfi (h limid pn civd h mining 50%), nd n nnul dminiiv f qul 2% f h n vlu f TTLP1. Th pnhip w dilvd f i w y m in Fbuy 2007, nd h pincipl plu in w und inv. Tding ul w n dicld. Rind h vic f Clwd Tchnlgi f Edmnn, Alb, Cnd, i in dvlping ppiy d nlyi plfm Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
16 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg Th min fcu in 2006/07 w dvlp TickAnly. Tin Tding Limid Pnhip 2 (TTLP2) w cd in Jnuy Hwv, hi pnhip h y b civd. End in fw nf gmn wih M. Phillip Czz, Cignl, nd M. Michl Glnd (Fund, Dic nd CTO f Tin) wih pc h nf f cin ding mdl f ck/fuu nd fw-bd fmul. Accding h gmn, Tin w uppd gn 4.50 millin h, nd 2 millin pfmnc wn (iud in 2006; xcibl $0.50 p h upn Tin chiving l $1.2 millin f g vnu f h n-y pid ndd My 31, 2010). Th 4.50 millin h will b iud in nch f 1.50 millin upn Tin chiving cumuliv g vnu fm TOMS f ch f $0.40 millin, $0.80 millin, nd $1.20 millin in y n h cmmncing Jun Th gmn w ubqunly mndd xnd h miln cmplinc d My 31, Cmpld dvlpmn f h blck-bx fw Cmpld dvlpmn f TickAnly. Rcivd ix-figu cpil invmn fm n ccdid hid-py inv d in cunci. Rul y b dicld. Cmpld i ing ph in cunci. In h l qu f 2008, Tin w fcud n ing h TickAnly ui f pduc In Fbuy 2009, Tin ld vin 2.0 f i TickAnly fw plfm (TAX2). In Apil 20009, h cmpny nnuncd h Cmp Invmn Pn LP f Nw Yk plcd US$5 millin in n iniuinl FOREX Tding ccun b mngd by Tin' whlly wnd ubidiy, Tin Hlding USA LLC (THU). Cmp Invmn i n incub fund. Cmp i un by M. Rn Sh, Wll S vn nd fund f Clin Finncil Gup. THU nd Cmp will qully h h pfi. Tding ul y b dicld. On Jun 5, 2009, Tin nnuncd i h cmpld dvlpmn nd ing f TAX2. In Nvmb 2009, h cmpny nnuncd i h cmmncd inllin f i TickAnly fw plfm wih G-2 Tding LLC f Nw Yk. G-2, fmly RBC Pfinl Td Gup, wih 130 ppiy d i h fi cmmcil clin f Tin ppiy ding plfm. Tin will civ mnhly licn f, nd cin incniv bd n G-2' ug f h TAX2 plfm. Ou dicuin wih mngmn indicd h h mnhly licn f will b pcng f ding 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
17 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 17 vnu gnd by h plfm. Th cmpny i xpcing civ f ing Mch In Jnuy 2010, h cmpny nnuncd h i TAX2 h bn licnd by vn Cndin quii d - h fi il nd-u n in licning gmn wih Tin. Th u will py mnhly licn f Tin. In Fbuy 2010, h cmpny nnuncd i h pnd n iniuinl ppiy ding dk, cmpiing fu d, in Nw Yk. In ummy, lhugh Tin h bn und inc 1993, i w nly in 2003 h h cmpny d dvlping i umd ding ym. Alhugh i i cncn h h cmpny h n bn bl licn i pduc n, w d n bliv i huld b mj cncn h fi vin f TickAnly w nly cmpld in W bliv dvlpmn in h nx 12 mnh will pv whh n h cmpny h vibl buin mdl h cmpny niin fm h ch nd dvlpmn ph cmmcilizin. Cun Su: Th cmpny i cunly dvlping TAX3 (h hid vin f h TickAnly) wih h inn f dding ddiinl mk nlyi, indic, finncil mdl nd xcuin im h xiing vin. TAX3 i chduld f ing nd pducin in ly Th cmpny xpc pnd ppximly $0.25 millin n h dvlpmn, nd bu $0.35 millin - $0.45 millin n h dminiin nd ing f TAX3. Buin Mdl Th cmpny' g cum b ng fm mll ppiy ding dk lg hdg fund nd finncil iniuin. A Tin' fw i clbl, h cmpny bliv i cn ignificnly xpnd i pduc cpbilii wih livly lw cpil invmn. Th cmpny pln gn vnu fm w uc: 1. Licn i pduc iniuin, ding fim nd/ high n-wh individul uiliz i fw f ding - Tin cn gn vnu fm hing h pfi wih hi clin, nd/ hugh fixd nnul licning f. Th cnly ignd licning gmn wih G2 Tding i n xmpl f hi mdl. 2. In-hu ppiy ding nd mngmn - Tin xpc cnduc ding pin n i wn bhlf nd/ jinly wih hid pi. Th $5 millin plcd by Cmp Invmn Pn i n xmpl f hi mdl. Mngmn Dic & Offic cllcivly wn ppximly 35% f h iud nd unding h f Tin Tding Anlyic Inc. Bif bigphi f h mngmn m, pvidd by h cmpny, fllw Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
18 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 18 D. Knnh Pwll, DDS - Fund, Chimn, CEO/CFO. Duing hi nu h CEO f Tin Tding, D. Knnh Pwll h vn h cmpny' piiv nfmin fm ly g dvlpmn mk dy innvin. Und hi guidnc, Tin i fging gic buin pnhip wih vl ding gup, wh ind in h ning pnil f Tin' ding ym. Duing h l wny y, D. Pwll h bn invlvd in vnu cpil pjc nd publicly dd cmpni, bh n inv nd dic, cmplimning h in wih cmmcil l dvlpmn nd hughbd c h. Philip Czz, Rg. Bk, Any - Fund nd Pidn Philip Czz i h Dic f US Tding Opin nd h 16 y f xpinc d. H i h igin bhind Tin' cnly licnd ding nd umic d xcuin plfm. M. Czz i pnibl f mnging ccun nd cnducing Tin' US ck nd fuu ding pin. Wih hi xniv cnc in h Nw Yk nd Flid ding cmmuniy, h i bl pvid Tin wih nw buin ppunii nd gic pnhip. M. Czz cquid hi pfinl bk' licn in 1987, nd h wkd wih vl mj ding fim in Nw Yk nd h Bhm. H i l n ny nd mmb f h Mchu B. Michl Glnd, MSc, P.Eng - Fund, Dic, Scy nd CTO. Michl Glnd i h Dic f Sfw Dvlpmn nd n f h iginl fund f h cmpny. H h v 17 y f xpinc in cmpu chnlgy, pnding h l 12 y fcuing n finncil d nlyi, fw ding l, nd l-im ding ym. H i n xp in viy f cmpu lngug nd pgmming chniqu, nd i gid EyLngug Spcili wih TdSin Scuii. M. Glnd gdud fm h Univiy f Skchwn wih M f Scinc dg in Phyic in 1978 nd i gid Pfinl Engin in h Pvinc f Biih Clumbi. Dvid Tk, BSc, CPA - Dic nd Hd f Glbl Symic Tding. Dvid Tk hld Cifid Public Accunn licn in h S f Nw Yk, nd Bchl f Scinc in Accuning fm Th Univiy f Mylnd. Af h y in h fild f public ccuning, M. Tk dcidd n h quiy ding induy. In 1997 M. Tk fmd h piv quiy ding fim Vlkyi Mngmn Cpin, wh h civly dd quii unil In 1998 M. Tk w p f Livd.cm / Alx M Inc. Livd.cm bcm n f h fi cmpni bing dic cc Lvl 2 ding h Inn. I w h M. Tk nd hi i 27 licn nd vd h cmpni Finncil Opin Pincipl unil In Jnuy 2006 M. Tk w hid by Tin Tding USA v CFO, nd Dic f h cuncy nd cmmdiy ding diviin. M. Tk bing lvn y f ding xpinc, nd fun y f ccuning & finncil pin xpinc Tin. Rb Rddick, QC - Dic nd Hd f Audi Cmmi Rb Rddick i pn f h fim Rddick Sc nd Jhnn. M Rddick i hd f h Tin Audi Cmmi Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
19 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 19 D. Hld Elk, DDS - Dic nd mmb f h Audi Cmmi D. Hld Elk h bn n indpndn buinmn f v wny-fiv y nd h xniv buin xpinc in bh Eup nd Ai, nd in cmmcil l in Cnd. H i nn-xcuiv Dic nd mmb f h Audi Cmmi. Jph Fnc - Dic nd mmb f h Audi Cmmi M. Fnc i Chif Invmn Offic (CIO) f PROFORMA Cpil Inc. nd lng wih hi pn, mng w ppiy high incm fund f Iniuinl nd High N Wh inv. A CIO, J chi h invmn cmmi nd i pnibl f nlyzing nd mniing xiing nd ppciv invmn, wll dvlping invmn gi. Pi hi l CIO, J cm wih 15 y f xpinc wking wih high n wh inv cnuling n v $100 millin f inv duing hi dviy c. M. Fnc v nd dvi vl lcl chibl gup nd i Chd Finncil Anly (CFA) Chhld. Finncil Anlyi Tin h bn in h ch nd dvlpmn ph inc 2002, nd h y gning vnu. Fm Ocb 2001 (incpin f dvlpmn g), July 2009, h cmpny cdd l l f $12.63 millin. N ch pn n ping nd inving civii w $9.78 millin, nd $1.04 millin, pcivly. All h xpn w fundd hugh xnl finncing (pimily quiy finncing). Ch flw fm finncing civii duing h pid w $10.99 millin. Th fllwing bl hw h cmpny' ch nd liquidiy piin h nd f Q (nd f July 2009). in C$ (9 m) Ch, Ch Equiv. nd ST Inv. 424, ,097 Wking Cpil (199,946) (469,928) A 1,528, ,670 LT Db Cpil - - Mnhly Bun R (incl. inving) (284,369) (206,940) Ch flw fm finncing civii 3,751,118 1,220,343 A h nd f July 2009, h cmpny hd ch, ch quivln nd h-m invmn f $0.14 millin. Wking cpil dfici w $0.47 millin. Subqunly, h cmpny id $0.75 millin fm piv plcmn. A p f $1.39 millin finncing (f which $0.64 millin w id pi h nd f July 31, 2009), h cmpny iud 5.56 millin uni uni pic f $0.25. Ech uni cnid f n cmmn h nd n hlf f n h puch wn (xci pic - $0.375 in h fi y, nd $0.50 p h in h cnd y). W im h bun (ch pn n ping nd inving civii) w $0.21 millin p mnh in h fi nin mnh f FY2009, vu $0.28 millin p mnh in FY2008 (12 mnh pid). Sck pin nd wn: A h nd f July 2009, h cmpny hd 9.18 millin ck pin unding wih wighd vg xci pic f $0.34 p h. W im 2010 Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
20 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 20 h cmpny cunly h bu 9.91 millin wn unding wih wighd vg xci pic f $0.44. All wn cunly u-f-h-mny. Accding mngmn, h cmpny cunly h w mnh f ch n hnd. Th cmpny wuld nd i bu $1.5 millin hi y huld h b n ch flw fm pin. Vluin Alhugh h cmpny h md ignificn pg, nd w bl c n iniuinl clin in h p 12 mnh, h cmpny i ill in i ly g, nd i y dmn h ffcivn f i ppiy mdl in h public dmin. Thf, w bliv, i i ly hi im im h cmpny' fi vlu bd n dicund ch flw (DCF) mdl. Hwv, w imd ng f pibl vluin bd n cmpbl nlyi. Th fllwing bl hw li f cmpbl lng wih hi vluin mic. Th f h fu cmpni in h li w cquid in h p w y. Cmpbl Oc Sfw Nn Gnlin Finncil Tchnlgi GL TRADE S.A. Y Fundd Y Acquid (in US$, mm) FY2009 FY2009 FY2008 FY2008 Implid EV $ $ $42.00 $ Rvnu $98.69 $63.07 $5.85 $ y nnul vnu gwh (CAGR) 23.73% 18.05% N/A 20.30% EBITDA $33.87 $2.34 $1.86 $65.84 EBITDA Mgin % 34.32% 3.71% 31.79% 22.45% EBIT $30.80 ($3.36) $1.64 $51.06 EBIT Mgin % 31.21% -5.33% 28.03% 17.41% N Incm $21.06 ($2.48) $1.03 $32.40 N Mgin % 21.34% -3.93% 17.61% 11.05% Avg Applicin Sfw Induy Avg Implid EV/Rvnu Implid EV/EBITDA 8.54 N/A Implid EV/EBIT 9.39 N/A Implid EV/NI N/A Suc: Cpil IQ nd FRC Th vg i f npi vlu (EV) vnu, nd EV/n incm, f h cmpbl 3.75x, nd 23.99x, pcivly. Th pplicin fw induy vg i 2.70x, nd 46.55x, pcivly. Bd n h bv figu, w imd ng f pibl vluin f Tin, uming h cmpny will b bl in pcng f Oc Sfw' (n f h blihd ply in h pc) cun vnu (f $ millin) in h nx fiv y Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
21 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 21 Ou nlyi hwd h Tin' vluin culd ng bwn $0.24, nd $0.33 p h, nd bwn $0.48, nd $0.67 p h, if i mng in 5%, nd 10%, pcivly, f Oc' vnu in h nx fiv y, h bl blw hw. Aumpin (% f Oc' Rvnu) Rvnu (in h nx fiv y) Vlu p h EV/S x EV/S x 1% $1,036,200 $0.05 $0.07 5% $5,181,000 $0.24 $ % $10,362,000 $0.48 $ % $25,905,000 $1.20 $ % $51,810,000 $2.40 $ % $103,620,000 $4.80 $6.66 Ring Rik Du h ly g nu f i pduc, w iniiing cvg n TTA wih n Ring Fi Vlu. W innd ign vlu nd ing n w hv ufficin infmin h ffcivn f i pduc. Tin xpc civing licning f fm G-2 Tding in Mch A h licning f in hi c i clculd pcng f ding vnu, w bliv, i will b gd indic f h ffcivn f Tin' TickAnly fw plfm, fm which w cn mk fc which w wuld hv m cmf in. Th fllwing ik, hugh n xhuiv, my cu u im diff fm cul ul: Th Aumd Tding Sym (ATS) mk i highly cmpiiv. Th cmpny h y gning vnu. Th cmpny will b dvly ffcd if i i n bl cp wih chng in chnlgy. I i likly h cmpny will hv puu quiy finncing ging fwd unil i un ch flw piiv. W hv d h h ik 5 (Highly Spculiv) Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
22 Tin Tding Anlyic Inc. (TTA-V) Iniiing Cvg Pg 22 Fundmnl Rch Cp. Equiy Ring Scl: Buy Annul xpcd f un xcd 12% h xpcd un i cmmnu wih ik Hld Annul xpcd f un i bwn 5% nd 12% Sll Annul xpcd f un i blw 5% h xpcd un i n cmmnu wih ik Supndd Ring N/A Cvg nd ing upndd unil m infmin cn b bind fm h cmpny gding cn vn. Fundmnl Rch Cp. Rik Ring Scl: 1 (Lw Rik) - Th cmpny p in n induy wh i h ng piin (f xmpl mnply, high mk h c.) p in guld induy. Th fuu ulk i bl piiv f h induy. Th cmpny gn piiv f ch flw nd h hiy f pfibiliy. Th cpil ucu i cnviv wih lil n db. 2 (Blw Avg Rik) - Th cmpny p in n induy wh h fundmnl nd ulk piiv. Th induy nd cmpny livly l niiv ymic ik hn cmpni wih Rik Ring f 3. Th cmpny h hiy f pfibiliy nd h dmnd i biliy gn piiv f ch flw (hugh cun f ch flw my b ngi v du c pi li nv m n ).Thc mp ny c pi l uc u i c n v i v wi hl i l m d u fd b. 3 (Avg Rik) - Th cmpny p in n induy h h vg niiviy ymic ik. Th induy my b cyclicl. Pfi nd ch flw niiv cnmic fc lhugh h cmpny h dmnd i biliy gn piiv ning nd ch flw. Db u i in lin wih induy vg, nd cvg i ufficin. 4 (Spculiv) - Th cmpny h lil n hiy f gning ning ch flw. Db u i high. Th cmpni my b in -up md in unund iuin. Th cmpni huld b cnidd pculiv. 5 (Highly Spculiv) - Th cmpny h n hiy f gning ning ch flw. Thy my p in nw induy wih nw, nd unpvn pduc. Pduc my b h dvlpmn g, ing, king guly ppvl. Th cmpni my un in liquidiy iu, nd my ly n xnl funding. Th ck cnidd highly pculiv. Diclim nd Diclu Th pi ni n x p di n hi p h u pi ni n f h n l y b u hi c mp ny ndi ndu y. Any f w dl ki ng m n ub im nd pinin bd upn infmin h i publicly vilbl nd h w bliv b cc, bu w hv n indpndnly vifid wih pc uh ccn. Th i n gun h u fc will miliz. Acul ul wi l ll i k l yv y. Th n l y ndfund m n lr c hc p. FRC d n wn ny h f h ubjc cmpny, d n mk mk ff h f l f h ubjc cmpny, nd d n hv ny invmn bnking buin wih h ubjc cmpny. F f l hn $30,000 hv bn pid by TTA FRC. Th pup f h f i ubidiz h high c f ch nd mniing. FRC k p nu indpndnc including ing f in dvnc nd uilizing nly wh mu bid by CFA Iniu Cd f Ehic nd Sndd f Pfinl Cnduc. Addiinlly, nly my n d in ny cuiy und cvg. Ou full diil cnl f ll ch, iming f l f h p, nd l f libiliy f ngiv p pcd cncully. T fuh nu indpndnc, TTA h gd minimum cvg m including n iniil p nd h upd. Cvg cn n b unillly mind. Diibuin pcdu: u p diibud fi u wb-bd ub c i b n hd h wn n hi p h nm d v i l bl d l y d c c u h ug hv i u h c h nn l f l i mi d i m.thp f m nc ffrc ch i nkd by Inv. Full nking nd vilbl Thdi i bu i n ffrc ing fllw: BUY (70%), HOLD (9%), SELL (4%), SUSPEND (17%). T ubcib f l-im cc ch, vii hp:// f ubcipin pin. Thi p cnin "fwd lking" mn. Fwd-l ki ng m n g di ng hc mp ny nd/ c k p f m nc i nh nly invlv ik nd uncini h culd cu cul ul diff fm uch fwd-lking mn. Fc h wuld cu cnibu uch diffnc includ, bu n limid, cninud ccpnc f h Cmpny' pduc/vic in h mkplc; ccpnc in h mkplc f h Cmpny' nw pduc lin/vic; cmpiiv fc; nw pduc/vic inducin by h; chnlgicl chng; dpndnc n uppli; ymic mk ik nd h ik dicud in h Cmpny' pidic p filing, including inim p, nnul p, nd nnul infmin fm fild wih h viu cuii gul. By mking h fwd lking mn, Fundmnl Rch Cp. nd h nly/uh f hi p undk n bligin upd h mn f viin chng f h d f hi p. A p iniiing cvg will m fn b updd quly whil p iuing ing my hv n fuh l fqun upd bcu h ubjc cmpny i likly b in li g wh nhing mil my ccu qu qu. Fundmnl Rch Cp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE SRI SK TOLERANCE,OBJ ECTI VES,SI TUATI ON,RETURN ON OTHERASSETS,ETC. ONLYYOURI NVESTMENTADVI SORWHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. Thi REPORT i lly f infmiv pup nd i n liciin n ff buy ll ny cuiy. I i n inndd bing cmpl dcipin f h cmpny, induy, cuii dvlpmn fd in h mil. Any fc cnind in hi p w indpndnly ppd unl hwi d, nd HAVE NOT BEEN ndd by h Mngmn f h cmpny which i h ubjc f hi p. Addiinl infmin i vilbl upn qu. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Pl giv pp cdi, including ciing Fundmnl Rch Cp nd/ h nly, whn quing infmin fm hi p. Th infmin cnind in hi p i inndd b viwd nly in juidicin wh i my b lglly viwd nd i n inndd f u by ny pn niy in ny juidicin wh uch u wuld b cny lcl gulin which wuld qui ny giin quimn wihin uch juidicin Fundmnl Rch Cp. Siddhh Rjv, B.Tch, MBA
Welcome to the workshop Occupational science as a theoreticalfoundation for practice in the social arena
Wlm h wkhp Oupinl in hilfundin f pi in h il n - diu h pnil f OS in nw n - db limiin nd pibl hming Pvniv hlh Cmmuniy bd Fu n upin: Mning Enggmn Piipin Inn mhnim: Mul ngh Rng f min Cgniin S i l H l h Oupinl
More informationCruisin with Carina Motorcycle and Car Tour Guide
Ifi Tchlgy Slui Wh Swdih hpiliy V, ully. Cuii wih Ci Mcycl d C Tu Guid Ikp: Ci Th 290 Ru 100 W Dv, V 05356 800-745-3615 802-464-2474 L h g ll! Th d i ck, c, i d l x. My 17h, 18h, & 19h W ivi yu c cui h
More informationDirector s Statement
" b f u gh Th ngb h f h h y ung h h n f h n y p h ChGu m nwh nh d' T u n b nd n ' " A W k, h, ThC Pu p O F F C A L S E L E C T O N S u F mf 2 9 P C n : m z @m y b f nk m m 415 5 48 6 4 MAY BE FRANK Fnk
More informationEXECUTIVE SUMMARY. Survey Objective. How to Use This Report. Methodology
O M N NA ONAL AL N N MA K NG C OMP ANYW B C M OF WA AL O GAN Z A ON D C AL F O C NON D C AL F O C D B U O 2 0 1 2 l dm k g P c c u y F d g f d p h u yp d gp MM d m mb w hc mp h d l dm k g g z l u c u d
More informationPreflighting for Newspaper
Pflighing f Nwspp PS PDF EPS TIFF JPG Cifid Ghn pflighing* Lyd PDF pfligh ps Fixs ppss isss: ich blck x, hilins, vpins, c. Cn psv nspncis Cs nlizd p Pxy Csizbl pfligh nd p-fix pins Cn wch UNC nd FTP flds
More informationKnowledge as a Service
Kwdg v Bg dym kwdg y m mx WD, A Xx Cmpy pvd m-h kwdg mgm, m d y hp bd dv m ffv m v xp. WD Kwdg v dp y m h p wh zd, dym d p f kwdg pvd ffv d pp f y m h mx. Why gd m kwdg mp? A gz f g m, mvg mh ff pb w-
More informationOakland Accelerated College Experience 2014-2015
Oklnd Accld Cllg Exinc 2014-2015 Oklnd ACE Sdn Alicin nd Inin Ls N Fis N Middl n iniil H Addss Ci Zi Cd Bs Eil Addss Bs Phn Nb Cll Alniv Nb Cll Cll H Cll H D Bih (/dd/) Ening Gd s 09/2014 Ovll Cliv GPA/4.0
More informationChild Care Resource Kit celebrate relationships!
K u R C d C b d k f Fu w y Pd by p! u R Cd C g d g b u d yu g p m d fu g f pg m g w Tk yu C g p D Ng kd pg u bk! T y g b fm dy m d md g g p By pvdg ud d ug yu u f D Ng Cg v, yu b pg up g u d g v bf W v
More informationMonitoring Call Center Applications with Application Response
Mg App wh App p U Hh App p m mg h pfm f pp, h kp pp by pv b pp h hy f g m. Wh App p, y f pp pmz p m fy bh pfm pbm bf hy mp pvy. App p m h - p m f h pp whh y pv y wh pg m q: h kp pp, m b pp, h. I pv --
More informationBudgeting. Here are five easy ways to keep your budget. Keeping up with all the INS and OUTS POSITIVE. Budget Quick Start. Go Green!
Bgig K lif G h igh l f chl Mbil, li, v g bkig h w chck cc c i blc M bk l ff li bkig, which i g w k ll f ic i chck Lk f chckig vig cc h icl li bkig l v bil bkig, c k chck bg i G G! G f l li lik li bill
More informationTAKING YOUR BUSINESS NEW HEIGHTS. With Hitachi Private Cloud
TAKING YOUR BUSINESS NEW TO HEIGHTS Wih Hichi Piv Clu 2 FORECAST WHAT IS PRIVATE CLOUD? Th i ub h m viuliz, um, ffici ifucu i ky lizig h c vig puciviy gi bui i ucc i y highly cmpiiv mk. Dmyifyig Piv Clu.
More informationCompare the clothing in the Renaissance to the clothing now. Look up Renaissance architecture on the Internet and in books.
Ld d Vc A Sudy d Pu L f Gd O Th W d Iud by V Tmbch Fc A d Auh f Chd d A Iuc Sk, SK Submd by V Tmbch. Pd wh pm. A Ccp, Sk d Objcv Sud w: L bu h Ld d Vc. L bu h m fmu p h hy f. L h pu g. L h p w pd fm v
More informationClick prefect Enroll Digital
Clc pfc Ell Dl T 48 Hu Avc Sch E Opmz Ell Dl HELPLINE +91 9015011011 PH. 011 45620832 OB. +91 9873388286 EAIL f@clcpfc.cm Iuc Th y, h l ply hf fm lu l. Ppl cum m m l c ly b mbl ph, lpp, p cmpu, m cmp h
More informationBERGEN COMMUNITY COLLEGE DIVISION OF BUSINESS, PERFORMING ARTS AND SOCIAL SCIENCES BUSINESS DEPARTMENT
BERGEN COMMUNITY COLLEGE DIVISION OF BUSINESS, PERFORMING ARTS AND SOCIAL SCIENCES BUSINESS DEPARTMENT BUS 207 Pcpl f Mg S, Y Syllbu Dl Cu Nub/Sc: Mg Dy & T: Iuc: Offc Lc: Ph: R Nub: Offc Hu: E-l : C u
More informationName Class Date TYPES OF ORGANISMS. Type Description Examples. Autotrophs Organisms that make their own food Plants
Nm Cl D C 8 Py Sc 8 1 Egy d Lf (g 201 203) T c xl w l g gy y d duc fd. I l dcb l f cmcl cmud ATP cllul cv. Au d H (g 201) 1. W d gy f fd glly cm fm? Egy m fd cm fm u. 2. Cml bl f y f gm. TYPES OF ORGANISMS
More information> Success in a New Age of Teaching > Seasonal Safety Tips. Steve Monahan President and CEO INSIDE. Meemic Insurance Company.
I ip & f p xlivl vi dil i v 64 Fll 2014 Sv M Pid d CEO di f i d d i fll k-i i bi pp d k A f i l l, f, i lik i bk ld i i, i i. I M i fil. S. v M ll f bi p f, l p k C i, l Mi I i i d l, l di d f i O k i
More informationBuilding a High Performance Environment for RDF Publishing. Pascal Christoph
Bud H Pfm Evm f RDF Pu P Cp T d d p md y u d k fm p://pp./ ddd pu dm : p://vmm./u/0. A mk md my dmk d dmk f pv w. Rd u f T m f Edwd Mu p://.wkpd./wk/f:t_sm.jp Lk Op D ud dm, y Rd Cyk d Aj Jz. p://d-ud./
More informationDare To Divide Division Word Problems
D T Dvd Dv Wd Pbl 1. Gg 25 k f ubwy. H u k c wk. Hw y wk c u ubwy bf buy k? 2. Cl 32 vlp d w dlv 3 vlp c cl. Hw y cl wll v? 3. K buy 18 k f d 3. If c f g qul ub f k, w y k wll b lf v? 4. Slly d fu fd w
More informationPINPOINT: What and Where?
604.879.4280 if@i.cm 2014 Mi ki- B.C. Ki Ly Ifm Smb 2009 BRITISH COLUMBIA EDITION Fb S BRITI H y 2010 PINPOINT:? Ii i I: Ti m v mmiz ci b fiv m ii c fm BCCA i A. A i f c, A i m f im icki, v b c i. ITION
More informationSCO TT G LEA SO N D EM O Z G EB R E-
SCO TT G LEA SO N D EM O Z G EB R E- EG Z IA B H ER e d it o r s N ) LICA TIO N S A N D M ETH O D S t DVD N CLUDED C o n t e n Ls Pr e fa c e x v G l o b a l N a v i g a t i o n Sa t e llit e S y s t e
More informationAnalysis of Stock Price Return Using Textual Data and Numerical Data Through Text Mining
Ali f Sck Pic Uig Txl D Nmicl D Thgh Tx Miig S Tkhhi 1,, Mkz Tkhhi 3, Hihi Tkhhi 4, Kzhik T 1 Mii A T Bkig C., L., 331 Shib, Mik, Tk, Jp S_1_Tkhhi@miifg.c.jp G Schl f Sm Mgm, Th Uivi f Tkb, 391 Ok, Bkk,
More informationCanada for Kids. You're unbearable! You're a LOONIE!
C f K Yu' ubearbl! Yu' LOONIE! D yu kw C 10 pvc 3. C 5 g: Alc C (Nwful, PEI, Nv Sc, Nw Buwck) Cl C (Qubc, O) T P (Mb, Skcw) W C (Alb, B.C.) T N (Yuk, NW T, Nuvu) C c l l g b wl c ff Al A c, cc Pcf. I c
More information1.- L a m e j o r o p c ió n e s c l o na r e l d i s co ( s e e x p li c a r á d es p u é s ).
PROCEDIMIENTO DE RECUPERACION Y COPIAS DE SEGURIDAD DEL CORTAFUEGOS LINUX P ar a p od e r re c u p e ra r nu e s t r o c o rt a f u e go s an t e un d es a s t r e ( r ot u r a d e l di s c o o d e l a
More informationJesus Performed Miracles
F Jonl P Ju Pr Mircl ch f lo Al n fri r b f Li blo n of ick li on Po k r u yi li br o n o y o on y r v y o r b f ch rfriror n -ll cr r p r o y k li Tor n of o ll y r u o kn on r ch n L ch p Ju Hl Officil
More informationPROVIDER APPLICATION FOR MEDICAL LIEN PORTFOLIO PURCHASE
G CA HNOW F OYOUM D CA N C F d g f d gp fm d ( OP ) g p y w U W b p d gf g f p f f 10y W yb q dbyp b mp y d b p b Y dw gf y d k f py m by gy m d f d g p yf mp Wp d d w p ya p f f mub dm d p d W pf p z
More informationNeighborhood Evaluation in Acquiring Stock Trading Strategy Using Genetic Algorithms
Il Jul Cpu I S Iul M Appl. ISSN 215-7988 Vlu 4 (212) pp. 366 373 MIR Lb, www.lb./j/x.hl Nhbh Elu Aqu Sk S U G Alh Kzuh Mu Hu S p Cpu S, Cll E, Nh U, 1 Nkw, ku, u-h, K, 963-8642, Jp u@..h-u..jp Ab: W pp
More informationenglish parliament of finland
gh f fd 2012 P cvd f h f y f h g Mdy, 6 Fby 2012. A h d MP, K T hd h ch h c f h S. E H (Sc Dcc Py) w -cd S, P Rv (N C Py) F Dy S d A Jh (F Py) Scd Dy S. Th g c c Tdy, 7 Fby, whch Pd f h Rbc Tj H d P f
More informationImplementation Date Fall 2008. Communications & Transportation
Implmi D ROGRAM CONCENTRATION: CAREER ATHWAY: Ahiu, Cui, Cmmuii & Tpi Cui Thi hw i ig pp u wih fuil kwlg kill f ui i f fu pibl ui f. I l i g phw f u pp f vi f ppuii i ii h f, uh Ahiu, Cui Egiig Cui Mgm.
More informationImplementation Date Fall 2008. Communications & Transportation
Implmi D ROGRAM CONCENTRATION: CAREER ATHWAY: Ahiu, Cui, Cmmuii & Tpi Cui Thi hw i ig pp u wih fuil kwlg kill f ui i f fu pibl ui f. I l i g phw f u pp f vi f ppuii i ii h f, uh Ahiu, Cui Egiig Cui Mgm.
More informationMove on! aki a. customers. refer your brand. abildiniz. Would you like be in an interactive communicationrtawith your customers?
Mv! ö l z A. l uuz p uuz? B u l blbg plu ugu b lc cva v? z fllw b u ulw Au ç l?? l l f hgl z cu f h pw l z ç? S b uzluhw ull lgl u l g h z u ç çl? p v 4001 vb. cl S? 1 cl O IS, 1 O 900 ç ç l f u b GMP,
More informationTransient Voltage Suppressor SMBJ5.0 - SMBJ440CA
Features: Glass passivated junction Low incremental surge resistance, excellent clamping capability 600W peak pulse power capability with a 10/1,000μs waveform, repetition rate (duty cycle): 0.01% Very
More informationIssue 1, Volume 1 January 2010. news for the residents of alamo heights SAN ANTONIO STOCK SHOW & RODEO. T h e S a n Antonio Stock Show & Rodeo
Al Hi 09 ER I 1 Vl 1 Jy 2010 i i Al Hi 09'ER SAN ANTONIO STOCK SHOW & RODEO V PRCA L I R O T Y F Fi Cciv Y T S Ai Sc S & R i ill c i ill ly ily i AT&T C i Pi R Cy Acii (PRCA) L I R Y. T S Ai Sc S & R cii
More informationenglish parliament of finland
gh f fd 213 P cvd f h f y f h g 4 Fby 213. E H (Sc Dcc Py) w -cd S, P Rv (N C Py) F Dy S d A Jh (Th F Py) Scd Dy S. Th g c c 5 Fby, wh Pd f h Rbc S Nö d P f h f fwg h c 212. P g dc c 12 Fby h b f P M c.
More informationBook of Plans. Application for Development Consent. Thames Tideway Tunnel Thames Water Utilities Limited. Application Reference Number: WWO10001
h w u h U Appc f vp Appc fc ub: B f c f:. Bc Swg AF gu : gu ()(), () H cp vb Bx F Ju h pg f b Appc f vp : B f f Vu Bx Vu Sc c wg p c jc-w wg p c jc-w wg cqu p jc-w wg p 4 jc-w wg w pc cg p S wg Ac S S
More informationWeb Content Management System: Page Type Reference Guide
Wb Cnn Mnn : P T Rnc Gu Auu 2012 CM P T Rnc Gu CM P T Rnc Gu...3 W D I Cnc F H?...3 Gnc P...3 Nw H P...7 T Nw R H C P...7 Nw R P...8 Evn H P...10 Invu Evn P...11 H...13 I D P...14 D P...18 Qun n Anw H
More informationA Place to Choose Quality, Affordable Health Insurance
MI O A ʼ H A L HI U R A C X C H A G mp w n gm n n af a m ma k a h a b u h a m a M nn ha h n u an x hangw mp v mp nbyn u ag ng n u andha h a p v d p a g a unqua yanda dab y M nn a am w avv $1b nbyu ng hx
More informationSpecial Advertising Section
S Ad S Nw Yk H F S B R, f d -kd f kwd wkf, h G Rh, Nw Yk R d k d b. By S H. B Th d f h -y G Rh, Nw Yk R f: 18 d d, xy j k, f h w hh- d 7% f h wd y f fh w. By y, h wh h d f b. Y h f y f, y d b k d h I Dy
More informationEnglish Language Program
Egh Lgug Pgm Wm Mu Ry Uvy Fu-m Egh Lgug Pgm Ou V: Cg xp g xp f wd f pb Th fu fu-m pgm Mu Ry Uvy: Egh Fud (EF), Egh f Adm Pup (EAP), Egh f Advd Cmmu (EAC) d Thg Egh Fg Lgug (TEFL) Mu Ry w bhd 191 d dy h
More informationChapter 4: Thinking Like a Programmer
Cha 4: Thnkng Lk a Pga Pag 53 Cha 4: Thnkng Lk a Pga On f h had hng lan hw hnk lk a ga. A ga n cad by l bk cla b gw f whn an ndvdal. T bc a "gd" ga ak an f chnlgy, lf lanng, bac nllgnc, and a dv ca and
More informationCell Structure and Function
Nm C D Chp 7 C Suu d Fu S 7 1 Lf I Cu (pg 169 172) Th xp wh h hy. I db h h f w g f, pky d uky. Idu (pg 169) 1. Wh h uu h mk up vy vg hg? Th Th C Thy (pg 169 170) 2. Wh w A v Luwhk h f h 1600? H w h f p
More informationCampus Sustainability Assessment and Related Literature
Campus Sustainability Assessment and Related Literature An Annotated Bibliography and Resource Guide Andrew Nixon February 2002 Campus Sustainability Assessment Review Project Telephone: (616) 387-5626
More informationRain Sensor "AWS" TYPE CHART and INSTALLATION INSTRUCTION
Typ:.N. 9.N. 9 / /g / / / / / up P X 0/0/0, 9/9 0/9 y pug, 09/90/0 / / / / ( L/U 0 ) /g / / P X /09/0, fm P p, 09/9 0/00 / / / / ( D ) /p / /y P X 9/09/0, fm B / E p, p //0, 09/90/0 / / / / (C / B ) /p
More informationGeotechnical engineering education and practice in Croatia
Gh du d p C V Szv-N d M S Kvv Fu f Cv E, Uv f Zb, Zb, C ABSTRACT: Th N p Gh du d p C pd A h vvw udd Th ph h h h ud h hh du d h B p Gh u ffd fu C Uv d Ph d bh h d d h w uu I hw h h du h d C, d ud u du f
More informationFrequently Asked Questions Registrant Site Testing. Q: How do I access the testing and what is my login?
Frquly Akd Qui Rgir Si Tig Q: Hw d I cc h ig d wh i my lgi? A: T r dmiird hrugh crl i hp://rgir.qflippr.cm/ Yu mu b rgird wih h i fr cc. Fr m ud, cc i grd hrugh rgiri lik mild wih yur cur mril. Hwvr, m
More informationSummary. emam is a media asset management platform with powerful tools for the use and management of digital content.
D A M de y W HI TE PAPER MA M B d R A d b A y w www mp m m m m m @ mp m m m C Su mm y B k u d Ad b P m P Ad b A y w 5 R MAMSy m Ad b A y w E v m 6 MAM 6 T D B w MAMP j, dad b P j, d A y w P d u 7 C mb
More informationScholarship Help for Technology Students
i NOVEMBER 2014 Sli Hl f Tl S S i il ili l j i il i v f $150000 i li VN l f li Pl Tl N f xl i ii f v Pi Oli i N fi f i f vl i v f f li f i v f Viii Sli f vill f flli j: Pl Tl Mi Alli Hl li A Ifi Tl li
More informationPC Problems HelpDesk Service Agreement
Enn SS 7 b aw f Un Sa & anaa an b nnana a I IS ILLEGL ND SRILY ROHIIED O DISRIUE, ULISH, OFFER FOR SLE, LIENSE OR SULIENSE, GIVE OR DISLOSE O NY OHER RY, HIS RODU IN HRD OY OR DIGIL FORM LL OFFENDERS WILL
More informationWith content marketing, you can move beyond measuring success in terms of impressions, awareness, or perception.
L k m k?j SHSMD y! A m k b mm y SHSMD b y k w y y m. Byj 4 000 mm y SHSMDm mb y w x b y y j bm y : F w b m y x A w m m w b b T w m Am H A R b w S b B b m k A m m m! V www. m. /b. Sy H Sy Mk Dm P Mk P V
More informationDevOps & WebSphere: Experiences in Chef enabling the IBM WebSphere Liberty Profile
Jm h WbSh S d dm 5 h h 4 DO & WbSh: Ex Chf b h IB WbSh Lb f 4 IB C 4 IB C L Dm IB C 4 Rh Rd h fm d h b dd f fm Wh ff w md f h m d f h fm d h b, dd S IS wh w f kd, x md I dd, h fm bd IB d d, whh b h b IB
More informationJourney to Zero. The Safety Concept at ArcelorMittal Bremen
Juy Z Th Sfy Ccp AclMil Bm 1 C Sfy i f u c vlu. W w yu b bl wk i f d hlh-cciu vim. P Sch 2 Fwd 4 Scuidd, Sfy, Güvlik F u, fy i uivl lgug 7 Wh, wh, wh Hw w mg hlh d fy 8 Tim f fy W lk bu i mg ulv 10 A dg
More informationC o a t i a n P u b l i c D e b tm a n a g e m e n t a n d C h a l l e n g e s o f M a k e t D e v e l o p m e n t Z a g e bo 8 t h A p i l 2 0 1 1 h t t pdd w w wp i j fp h D p u b l i c2 d e b td S t
More informationCODES FOR PHARMACY ONLINE CLAIMS PROCESSING
S FOR PHARMACY ONLINE CLAIMS PROCESSING The following is a list of error and warning codes that may appear when processing claims on the online system. The error codes are bolded. CODE AA AB AI AR CB CD
More informationNEGLIGENT INFLICTION OF EMOTIONAL DISTRESS IS STILL ALIVE IN TEXAS
NEGLIGENT INFLICTION OF EMOTIONAL DISTRESS IS STILL ALIVE IN TEXAS (I H Oy B Sy W) By F A. Sp 1 G W. (W) Hz 2 M Tx wy w p v w w Sp C Tx b 1993 By v. K. 3 Hwv, b Tx k k. T y b pp, b vb, y. I Tx p b by jy
More informationVictims Compensation Claim Status of All Pending Claims and Claims Decided Within the Last Three Years
Claim#:021914-174 Initials: J.T. Last4SSN: 6996 DOB: 5/3/1970 Crime Date: 4/30/2013 Status: Claim is currently under review. Decision expected within 7 days Claim#:041715-334 Initials: M.S. Last4SSN: 2957
More informationForward. Warm regards,
4 QU I CK ST RI ART GH S TA TE W PS AY TO!! TA KE k g Lgl M Advg F LwyRp : T h L wy Gu d Ch g SE OCOMP ANY H w v ds E O p f f 7c l ym c c p b u S E O 4 c mm d 6m k v dwh c h g S E Oc mp y 7q u k S E O
More informationImplementation Date Fall 2008. Communications & Transportation
Implmi D ROGRAM CONCENTRATION: CAREER ATHWAY: Ahiu, Cui, Cmmuii & Tpi Cui Thi hw i ig pp u wih fuil kwlg kill f ui i f fu pibl ui f. I l i g phw f u pp f vi f ppuii i ii h f, uh Ahiu, Cui Egiig Cui Mgm.
More informationMissing and Exploited Children
U.. D f J ff f J P ff f Jv J Dqy Pv F R M Ex h A Dy f Lw Ef h Pb Pv A F Ay Tk F f M Ex h xh E U.. D f J ff f J P 810 vh NW. Wh, D 20531 E H. H, J. U.. Ay G L. Rb A Ay G Jff wkwk A A ff f Jv J Dqy Pv ff
More informationIMPROVING PRODUCTIVITY OF MANUFACTURING DIVISION USING LEAN CONCEPTS AND DEVELOPMENT OF MATERIAL GRAVITY FEEDER A CASE STUDY
T m3 D T g jmpg: www. g.m/ j MPONG PODUCTTY OF MNUFCTUNG DON UNG N CONCPT ND DOPMNT OF MT GTY FD C TUDY K.Hmd Dpm M gg PG Cg TgyC 64 4 d. D.mv Dpm M gg PG Cg TgyC 64 4 d..cd j* G.dj Dpm M gg PG Cg TgyC
More informationWorking Paper Series Department of Economics Alfred Lerner College of Business & Economics University of Delaware
Wk p Dp f Af L C f B & Uv f Dw Wk p N. 2005-21 Rf H : Mv B T Jff M 1 I. I vv, Ab - G, R Bv, H, f Cbv H ;. I f b v K Kf M. T. K w f f w-fv Uv f Dw. W wk v pj, pp p wk pj B. K w f f pp f b. H f Uv Fb fwp
More informationRegensensor "AWS" TYPENÜBERSICHT UND EINBAUANLEITUNG Rain Sensor "AWS" TYPE CHART and INSTALLATION INSTRUCTION
Typ/Typ:.N. 9.N. 9 dpkb " X ".N. 90 dpkb " M ".N. 90 / /g / / / / / Dm P X 0.0.0, 9/9 0/9 dk kb/dy pg, 09/90/0 / / / / ( L/U 0 ) /g / / P X.09.0, b P k Eb mög / p, 09/9 0/00 / / / / ( D / B ) / / w/g P
More informationAuburn University Style Guide & Identification Standards Manual
y E k H PM 28 C 9 C MY M y K v B 10 k 0% : 60 64 % % x 11 C M MY Y K v 6 97 1% : % P PM 17 C 2 M MY Y K v 6 88 6% : % P PM 15 8 PM 17 2 B R G ID E & PM ID P E 15 8 T IC IF T IO PM 17 2 D T R D M L 0 0
More informationCaNoRock. Canadian Norwegian Student Exchange & Sounding Rocket Program. Kolbjørn Blix Dahle Head of Marketing Andøya Rocket Range Norway
CNRc Cd Nw Sud Exch & Sud Rc P Klbjø Blx Dhl Hd f M Adøy Rc R Nwy Bcud Tlc Scc W 2008 Ow: Cd Spc Acy qu Adøy Rc R (ARR) d ud c duc ARR pd Dc. 2008 Bcud Whp 2009 ARR d Uvy f Ol (UO) whp Uv. f Schw d Uv.
More informationSPIS Tramways in Skåne. ELENA Workshop, 14 April 2011 Malena Möller, City of Malmö
I Twy kå ELENA Wk Al Ml Möll Cy f Mlö I Twy kå : T R f kå f Mlö L Hlb w. T I v f l l f w wy wk w f Mlö Hlb L. N ll lvl + w vlbl ll lvl T I v vy b I-ELENA w ELENA j Dvl v wl b ll b l f vll v. I l f xl x
More informationwww.akcp.com Virtual Sensors
www.akcp.cm Irduci: Virual Ssrs Virual ssrs ca b a vry pwrful l i yur mirig sysm. O h scuriyprb yu ca hav up 80 f hs virual ssrs ad hy allw fr a muliud f applicais. Igrai wih MODBUS wrks wih h scuriyprb
More informationFuture Trends in Airline Pricing, Yield. March 13, 2013
Future Trends in Airline Pricing, Yield Management, &AncillaryFees March 13, 2013 THE OPPORTUNITY IS NOW FOR CORPORATE TRAVEL MANAGEMENT BUT FIRST: YOU HAVE TO KNOCK DOWN BARRIERS! but it won t hurt much!
More informationHow To Get A Pension In Chile
Bc Accou fo A cocul m bw lo d d l h h v h h l h h h o o u u cfc oy, owd by by h h lo, fo fo cfd od m m u fo fo uld, d d lly odc, ch ch ym ().. Ch 21 Coc m m Rl Rl ym Excuoy Co Co Rco cclbl Ely Ely mo Dful
More information[3350089. csak. csak2. csak1 NYERŐÁR. csak3
ó d m Mu W h m ó F m ó um u uh h m m j m m 3 w m3 3 d 3 3 óqum mm d d m ó Hó ó h mű m u ü 8 3 w m d qum ó mm ó h ü h m h u 8 3 IZ FÉF h W Mu + d IZ Ő h W Mu + d h 8 3 h 8 J Á D É O Z Z Z I M O Z Á Ö ÖM
More informationBig Data. Internet Research Group April, 2012. Peter Christy pchristy@irg-intl.com John Katsaros jkatsaros@irg-intl.com
Bg D I Rsch Gup Ap, 2012 P Chsy pchsy@g-.cm Jh Kss jkss@g-.cm 1 I 2011 gzs z h hy w sg fm gm. Rh h scg ss whch sm csy yz, hy hv ch h p wh busss c ffby yz vs mus f fm uck vub sghs. 2 A w usy ws uch Bg D
More informationFORT WAYNE COMMUNITY SCHOOLS 12 00 SOUTH CLINTON STREET FORT WAYNE, IN 468 02 6:02 p.m. Ma r c h 2 3, 2 015 OFFICIAL P ROCEED ING S Ro l l Ca l l e a r d o f h o o l u e e o f t h e r t y m m u t y h o
More informationEarthquake Hazard Zones: The relative risk of damage to Canadian buildings
Earthquake Hazard Zones: The relative risk of damage to Canadian buildings by Paul Kovacs Executive Director, Institute for Catastrophic Loss Reduction Adjunct Research Professor, Economics, Univ. of Western
More informationFor Creative Minds. Endangered Giant Pandas
Fr Criv Mi T Fr Criv Mi ci ci my b pcpi r pri frm r wbi by wr f i bk fr ci, -cmmrci. Cr-crricr ci civii, irciv qizz, mr r vib i. G www.arbrpbii.cm cick bk cvr fi ik. Er Gi P Gi p (Airp mc) r r. T m y r
More informationProject Management 101
P Wh is i? Th pli, ii d dii f ll sps f p d h ivi f ll hs ivlvd i d hiv dsid suls. Why shuld I h i? P skills hihly dsibl i h wkpl. Shl ps pvid xll ppuiis f suds fi hi pli d i skills d qui xuiv hiki skills
More informationNORTH JERSEY SECTION
Chipon Rob Luc, PE Chi-lc Anglo Pn, FAIChE, Ph Tu Jffy Fnkl Scy Bob Roi ico Gy Pg, FAIChE Wyn Fildhou, PE Al Anofky, FAIChE Hold Bib, FAIChE, ChE P Sibilki, FAIChE, PE Advioy Commi Ly Ro, FAIChE, PE Gog
More informationProduction Supervision Incorporated With Network Technology-A Solution For Controlling In-Process Inventory
T m4 2 T g mpg: www. g.cm/ Pc pv cp W Nw Tcgy-A F Cg -Pc vy v* DEPARTMENT Egg FM NDA PVT TD Amb E-m:y9@gm.cm ABTRACT cx mcg mgm mm c pc w--pc WP mgm pc vy c vb pc pc bcm v pc p. D gwg pc qm p cmc b mcg
More informationUniversitat Politècnica de València HERE. TODAY. TOMORROW.
S www.v. l f l l f S h S h F B F v l l h, h B v B l l G P l G l h P G b l x V lh H H S H S G S SS l l l f P S f S f l l h k l w l, F, P, S ll l l h fw S f l l b k w l bl U: US U l S H l vl l B v v f h
More informationVom Prototyp zum MVP. Peter Spisak Senior Lead Architect Online and VAS Development. Public Nicht vertraulich
V Py z VP P Sk S Achc O VAS Dv Pbc Nch vch Py DSCOVER, DSRUPT, DEVER Pbc Nch vch x C DSCOVER, DSRUPT, DEVER 3 Pbc Nch vch DSCOVER, DSRUPT, DEVER 4 C - Dvb C C Pbc Nch vch DSCOVER, DSRUPT, DEVER 5 Dcb wh
More informationDesign Manual 2013. Plastic Lined Pipe and Fittings. www.cranechempharma.com www.craneenergy.com RESISTOFLEX PLASTIC LINED PIPE AND FITTINGS
OX G c d p d pyh hh & y wwwcchphc wwwcyc c b f fcd ch k h ppxy, py wk h fv b c c, d f $ b, hh b whh h d d U f h pcd pp pdc pp h wd, wh fc d c h OX UUG O, U, UOU,, GO, b c h v h cpcy c c cq Gb ch dwd p
More informationCatalogue 4. Arctic Arctique. Nautical Charts and Publications Cartes et publications nautiques
Hphc vc vc hph c h Pbc pbc cc c www.ch.c.c www.c.c.c 3 H ÉP Wh p 3-3- H / -Q m m p & h --3 P m -9-9 c.. f m -3- hch H P mp --3 W W / V W c Hb h Ww -- pp Hb -9-9 c vc w wc -3- Wm -- Hm Hw -- P / mch Whb
More informationCiascuncorsoincludeunacombinazionedigitescolastiche;duegiorni. interieduemezzegiornateselezionatetraleseguentidestinazioni:
Ognann 4 000g v an udn p v n n da70pa v ngna a B S c hp ud a I ng Ec c 8bun ag np c g B L c annab amacc 70d v naz na ànn c,chdannunapp un àd a nuvam c z da u mnddu an c vabb am magg num d a unz dgnnaz
More informationB I N G O B I N G O. Hf Cd Na Nb Lr. I Fl Fr Mo Si. Ho Bi Ce Eu Ac. Md Co P Pa Tc. Uut Rh K N. Sb At Md H. Bh Cm H Bi Es. Mo Uus Lu P F.
Hf Cd Na Nb Lr Ho Bi Ce u Ac I Fl Fr Mo i Md Co P Pa Tc Uut Rh K N Dy Cl N Am b At Md H Y Bh Cm H Bi s Mo Uus Lu P F Cu Ar Ag Mg K Thomas Jefferson National Accelerator Facility - Office of cience ducation
More informationBLADE 12th Generation. Rafał Olszewski. Łukasz Matras
BLADE 12th Generation Rafał Olszewski Łukasz Matras Jugowice, 15-11-2012 Gl o b a l M a r k e t i n g Dell PowerEdge M-Series Blade Server Portfolio M-Series Blades couple powerful computing capabilities
More informationGarment Manufacturing Through Lean Initiative-An Empirical Study On WIP Fluctuation In T-Shirt Production Unit
m D g jmpg: www. g.m/ j Gm Mg g v- mp dy O WP F - Pd U B. Km * Cpdg :.p Gdgm Uvy Gdgmd..b98@gm.m D. V.. mp Cpd: Pp Nd Cg ggdd BC KYWOD D g mg Gm pd g v pd mx d Gb M. pp w Cmzd mpm mmzg p w W pg WP g m
More informationSticky News. sticky rice cooking school newsletter
S R C S V A T 3 HS SA 2009 S Nw w #05 m 2010 j v T L & S O I M T Ow C F... S C Nw C C A Smb 2010 M C S R C S BEST FOOD EXPERIENCE 2009 N F C w S R C S w w b Aw T 6 B F Ex A. A N F A Tv Tm Aw, w b M Ex
More informationYour Touchstone Energy Cooperative. Mountrail-Williams Electric Cooperative
NOVEMBER 2015 Y T Egy Cv Y T Egy Cv Y T Egy Cv Y T Egy Cv M-Wm E Cv Y T Egy Cv Y T Egy Cv WHITE WHITE WILLISTON 577-3765 STANLEY 628-2242 NEW TOWN 627-3550 Hy y! Hy Tkgvg fm M-Wm E Cv b ff.m.m MOUNTRAIL-WILLIAMS
More informationNew Oral Anticoagulants and Other Updates. Tracy Minichiello, M.D. Associate Professor of Medicine Chief, SF VA Anticoagulation & Thrombosis Service
Nw O Agu Oh U Ty Mh, M.D. A P M Ch, SF VA Agu & Thmb Sv I hv Du C 65 y m wh HTN u u xm b AFIB. H m u ASA, m, ACE. H h m u. Wh gm w yu ugg k v? 1. ASA 2. ASA u g 3. W 4. Dbg 5. Rvxb NEW CHEST GUIDELINES
More information7th WSEAS Int. Conf. on TELECOMMUNICATIONS and INFORMATICS (TELE-INFO '08), Istanbul, Turkey, May 27-30, 2008.
An ncypion chm fo JPEG2000 codm bd on pck hd infomion nd d ncypion fo confidnnil mdicl img nmiion Zhi BRAHIMI *, Hmid BESSALAH *, A. TARABET *, M. K. KHOLLADI ** * Cn d Dévloppmn d Tchnologi Avncé, BP
More informationOPENBARE ZITTING 1. U ni f o r m e a l g e m e ne p o l i t i e v e r o r d e ni ng e n p u nc t u e l e i m p l e m e nt a t i e GAS ( g e m e e nt e l i j k e a d m i ni s t r a t i e v e s a nc t i
More informationPlane Waves, Polarization and the Poynting Vector
Plan Wavs, Plaiain and h Pning Vc H = - h h + - Unifm Plan Wav in F Spac W hav pviusl sablishd h fllwing ppis f plan wavs in f spac: lcic and magnic fild cmpnns in ppagain dicin a. lcic and magnic filds
More informationNew for 2015. Edexcel GCSE (9-1) English Language. Resources Guide
Nw f Excl CSE (9-1) El Lu Ruc u m w f f c u! u W c u Excl CSE (9 1) El Lu c l vc? c Bul cfc El Wlcm u b w c l vc cfcll f Excl CSE (9-1) El Lu cfc. lu c f l A LW AY S L E A R N I N f B w Rv u Wkbk w cfcll
More informationFrederikshavn kommunale skolevæsen
Frederikshavn kommunale skolevæsen Skoleåret 1969-70 V e d K: Hillers-Andersen k. s k o l e d i r e k t ø r o g Aage Christensen f u l d m æ g t i g ( Fr e d e rik sh av n E k sp r e s- T ry k k e rie
More informationSYSTEMS & SERVICES VENDOR PROGRAMS SPECIALTY MARKET PROGRAMS BE A SPECIALIST OR REFER A SPECIALIST
SYSS & SVICS CNUY 21 is th xclusiv sponso in th l stt ctgoy, nd is th only l stt ogniztion tht cn off I ILS wd ils. Poud suppot of st Sls sinc 1979. In 2008, CNUY 21 Cnd ctd th Kids to Cp pog wh vy $2,100
More informationtis, cis cunc - cunc - tis, cis tis, cis cunc - tis, func - def - def - tis, U func - def - func - tis, pa - tri pa - tri pa - tri tu - per - tu -
1 B Ihsu dulcs cuncts [Supr 1] [Supr 2] Tnr B B B B - B - B - Ih - Ih - Ih - su su su cs cs cs cunc - cunc - cunc - Amns, Bblthèqu Cntl L Agn, ms 162 D, ff 2v-10 ts, ts, ts, E-tr - E-tr - E-tr - n p n
More informationAn E mpir ical Analysis of Stock and B ond M ar ket Liquidity
A p r il 2 2, 2 0 0 2 An E mpir ical Analysis of Stock and B ond M ar ket Liquidity Ta r u n Ch o r d ia, A s a n i S a r ka r, a n d A va n id h a r S u b r a h m a n ya m Go iz u e t a B u s in e s s
More informationAppendix B Intervention Codes
Appendix B Intervention Codes Intervention/Exception Codes The Intervention and Exception Codes field (in the ZCD segment of PharmaNet) provides additional information that may be used by PharmaNet to
More informationUsing a Balanced Scorecard to Tie the Results Act to Your Day-to-Day Operational Priorities
Using a Balanced Scorecard to Tie the Results Act to Your Day-to-Day Operational Priorities September 2004 Institute for the Study of Public Policy Implementation Overview Background Behind the Results
More informationWikipedia Survey First Results
Wikipedia Survey First Results Working Draft Current Version: 0.3 Date: 9 April 2009 Ruediger Glott (UNU-MERIT), glott@merit.unu.ed Philipp Schmidt (UNU-MERIT), schmidt@merit.unu.edu Rishab Ghosh (UNU-MERIT)
More informationT c k D E GR EN S. R a p p o r t M o d u le Aa n g e m a a k t o p 19 /09 /2007 o m 09 :29 u u r BJB 06 013-0009 0 M /V. ja a r.
D a t a b a n k m r in g R a p p o r t M Aa n g e m a a k t o p 19 /09 /2007 o m 09 :29 u u r I d e n t if ic a t ie v a n d e m S e c t o r BJB V o lg n r. 06 013-0009 0 V o o r z ie n in g N ie u w la
More informationi n g S e c u r it y 3 1B# ; u r w e b a p p li c a tio n s f r o m ha c ke r s w ith t his å ] í d : L : g u id e Scanned by CamScanner
í d : r ' " B o m m 1 E x p e r i e n c e L : i i n g S e c u r it y. 1-1B# ; u r w e b a p p li c a tio n s f r o m ha c ke r s w ith t his g u id e å ] - ew i c h P e t e r M u la e n PACKT ' TAÞ$Æo
More informationHouston Community College. 2007 Legislative Priorities. 80th. Texas Legislative Session
Hun Cmmuny C 8h Tx Sn 8h Tx Sn Tb f Cnn Inducn... Summy f...3 Apppn Nw Cmpc...4 Empy Bnf...5 Nw Cmpu Fundn...6 fn Nun Sh Rducn... Oh...8 Cnc Infmn...9 HOUSTON COMMUNITY COEGE 1 8h Tx Sn INTRODUCTION Hun
More informationUsing Predictive Modeling to Reduce Claims Losses in Auto Physical Damage
Using Predictive Modeling to Reduce Claims Losses in Auto Physical Damage CAS Loss Reserve Seminar 23 Session 3 Private Passenger Automobile Insurance Frank Cacchione Carlos Ariza September 8, 23 Today
More information