accumulate, page-5

re: accumulate /careful Don't get too excited. All of QRS's contracts to date are virtually revenue free, yet market expectations are high and it already has a big market cap to sustain. My advice would be to wait until the company is in a position to give firm guidance re licensing revenue before accumulating. If the market gets the sense that no licensing revenue will be forthcoming in the medium term, the SP could easily fall by 50%.

The Jan 20c options will also put downwards pressure on the SP in the short term.