SPP, page-36

In the micro-cap world, it's rare to see a management team genuinely put shareholders best interests first, despite what they often say.

The pecking order is management/founders etc first with their free options, share based incentives, performance bonuses and big salaries followed by the brokers and their affiliates (i.e. SI's) who raise capital.

Unfortunately, the 'loyal shareholder' is almost always last in line and usually the one getting screwed the most! This is because the vast majority of shareholders have the least to offer in terms of ongoing capital and usually complain the most.

In hindsight, this CR & SPP was well played by the brokers. Looking at the chart, the SP was pumped in early October from 38 to 50 to justify the raise at 38.5. Classic head & shoulders pattern has formed with a target range of around 28c.

Long term, HZR might go okay but in the near term I think 38.5 is overpriced.