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Our Ratings
Strong Buy
The current price of the company reflects a substantial discount from the market and from the valuation compared to its peer group. The analyst believes that financial risk is minimal. The stock at current levels represents a compelling opportunity for capital gains over the time period to its target price.
Buy
The current price reflects a discount from the market and from its peers, and the company posses few financial risks. The analyst believes the stock at current levels will provide an opportunity for capital gains over the period of its target price.
Speculative Buy
The current price reflects a discount from the market, and from its peers, but the company does posses some financial risk. The analyst believes the stock at current levels will provide an opportunity for capital gains over the period of its target price. "Speculative" means that the company does have significant financial or other risks compared to a “Strong buy” or “Buy” rating.
Neutral
The analyst believes that the stock is fairly valued relative to its peers and the market. The company must take positive action before being considered for raising the investment rating.
Sell
We believe that the Company is overvalued based on its current price, and that an investment in the company may produce a lower than average return.
MEXORO MINERALS LTD (MXOM)    

Initiating Coverage: mxom.ob
  Initiating coverage with a speculative buy rating

MXOM is an exploration-stage precious metals mining company with four projects in Chihuahua State, Mexico. The company’s properties are located on the prolific Sierra Madre gold belt and are surrounded by a number of successful mines bearing millions of ounces of gold. MXOM has performed sampling and mapping on its properties and preliminary results indicate economic viability of exploiting these sites..... 
Immune Response Corp. (OTC BB : OCHT)    

Initiating Coverage: OCHT.PK
  Initiating coverage of IMNR, with a Speculative buy, price target $0.059

The Immune Response Corporation is an immuno-pharmaceutical company focusing on developing products to treat autoimmune and infectious diseases. The company’s lead immune-based therapeutic product candidates are NeuroVax™ for the treatment of Multiple Sclerosis (MS) and IR103 for the treatment of HIV infection. Both of these therapies are in Phase II clinical development and are designed to stimulate pathogen-specific immune responses aimed at slowing or halting the rate of disease progression. 
UpSNAP Inc. (OTC BB : UPSN)    

Initiating Coverage: upsn.ob
  Initiating coverage of UPSN, with a Speculative buy, price target $3.35

UPSN is an innovative company operating in the rapidly growing mobile search and entertainment sector. The company has been first to mobile search market and pay-per-call advertising and benefits from the potential of an important new advertising driven market for search on mobile phones.  
AMERICAN GOLDFIELDS (OTC BB : AGFL)    

Initiating Coverage: AGFL.OB
  Initiating coverage on AGFL with Specualtive Buy, $1 Target

We are initiating coverage of American Goldfields Inc. (“AGFL”) with a Speculative Buy rating. We also assign a price target of $1 per share of AGFL and plan to revisit the target after the company will publish information on its mineral reserves and operating results for the coming quarter 
NAYNA NETWORKS INC (OTC BB : NAYN)    

Update: NAYN.PK
  NAYN: Maintaining Speculative Buy, $1 Target

Since our initiation of coverage of NAYN, several important events have taken place. Most importantly, the company has commenced commercial operations 
More on NAYNA NETWORKS INC:

Initiating Coverage: NAYN.PK
  We Initiate Coverage of NAYN with a Speculative Buy and 12-month target of $1.00
CARDIOVASCULAR BIOTH (OTC BB : CVBT)    

Initiating Coverage: CVBT.OB
  Initiating coverage on CVBT with a Buy and $26.30 target

We have initiated coverage with a Buy rating on "CVBT", and assigned a target price of 26.3, determined as the sum of the estimated net present values (NPV) for each potential uses of Cardio Vascu-Grow™, weighted with the estimated chance for Cardio Vascu-Grow™ to be eventually approved for each potential use. 
Electric Aquagenics Unlimited Inc (OTC BB : EAUI)    

Update: EAUI.OB
  We maintain the Speculative Buy rating on EAQU

We beleive EAQU is poised to witness strong growth in the coming quarters through multiple strategic partnerships, including the recent: (1) license agreement with Water Sciences, LLC ; (2) distribution agreement with Hydration Performance Recovery Ltd; (3) business partnership with Robby Gordon Motorsports. 
More on Electric Aquagenics Unlimited Inc:

Initiating Coverage: EAUI.OB
  RE-INITIATION OF COVERAGE: We are initiating coverage of Electric Aquagenics Unlimited, Inc. with a Speculative Buy rating.

Initiating Coverage: EAUI.OB
  We are initiating coverage of Electric Aquagenics Unlimited, Inc. (OTC BB: EAQU.OB) with a Speculative Buy rating.
New Life Scientific Inc. (OTC BB : AWLL)    

Update: AWLL.PK
  Since our initiation report dated December 6, 2005, NWLF announced the following developments

1.Completion of acquisition of the non-domestic business of Pharma Trials International LLC for $1,500,000 in common stock;2,Agreement with InvaPharm LLC to develop four additional pharmaceutical products;3.Strategic alliance agreement with Telomolecular Corp to develop products that treat aging and age-related diseases;4. A 1.1 to 1 forward stock split of NWLF’s common stock.  
More on New Life Scientific Inc.:

Initiating Coverage: AWLL.PK
  Initiating coverage of New Life Scientific, inc. with a Speculative Buy rating
Computer Horizons Corp (NasdaqNM : CHRZ)    

Update: CHRZ.PK
  Reitarating Speculative Buy , new $4. 7 target

Even with the big losses it incurred, CHRZ remains poised to break even and the recent reorganization initiatives should restore the company’s equilibrium and ultimately increase its profitability. 
More on Computer Horizons Corp:

Update: CHRZ.PK
  We maintain our Speculative Buy rating on CHRZ

Update: CHRZ.PK
  UPDATE: We are reiterating our Speculative Buy rating on COMPUTER HORIZONS CORP. (CHRZ)

Update: CHRZ.PK
  UPDATE: We are maintaining our rating on Computer Horizons Corp (Nasdaq: CHRZ) at Speculative Buy rating.

Update: CHRZ.PK
  UPDATE: We are maintaining our Speculative Buy rating on Computer Horizons Corp (Nasdaq: CHRZ)

Update: CHRZ.PK
  We maintain our Speculative Buy rating on Computer Horizons Corp (Nasdaq: CHRZ)

Initiating Coverage: CHRZ.PK
  We are initiating coverage of Computer Horizons Corp. (NASDAQ NM:CHRZ) with a Buy rating.
Farmstead Telephone Group Inc (AMEX : OIVO)    

Update: OIVO.PK
  We have changed our rating on FTG to “not rated”

The company reported strong revenue and gross margins for Q3FY05, but we are concerned about the following developments which can negatively affect FTG’s stock price and liquidity in the short to medium run....... 
More on Farmstead Telephone Group Inc:

Note: OIVO.PK
  recent announcement of the completion of the Build Out of the One IP Voice platform

Update: OIVO.PK
  We are maintaining our Speculative Buy Rating on Farmstead Telephone Group Inc. (FTG) and we are raising the price target to $12.25.

Initiating Coverage: OIVO.PK
  We are initiating coverage of FARMSTEAD TELEPHONE GROUP INC. (AMEX: FTG) with a Speculative Buy rating.
Omni Energy Services (NasdaqNM : OMNI)    

Update: OMNI
  Reiterating our Speculative Buy

Given the materially adverse business conditions that severely damaged OMNI's third quarter revenue base as they related to Hurricanes Katrina and Rita, which dealt a significant business interruption blow, the third quarter results (3QFY05) were better than expected 
More on Omni Energy Services:

Update: OMNI
  We reiterate our Speculative Buy rating on OMNI ENERGY SERVICES CORP. (NASDAQ: OMNI)

Update: OMNI
  Reiterating Speculative Buy on OMNI ENERGY SERVICES CORP. (NASDAQ: OMNI)

Update: OMNI
  We reiterate Speculative Buy rating on Omni Energy Services Corp. (NASDAQ: OMNI)

Update: OMNI
  We reaffirm the Speculative Buy rating on OMNI ENERGY SERVICES CORP. (OMNI: NASDAQ)

Update: OMNI
  We maintain our Speculative Buy rating on Omni Energy Services Corp ( NASDAQ:OMNI)

Update: OMNI
  We maintain our Speculative buy rating on Omni Energy Services Corp. (NASDAQ:OMNI)

Update: OMNI
  We downgrade our rating for OMNI Energy Services Corp. (NASDAQ:OMNI)to Speculative Buy

Note: OMNI
  Omni (NASDAQ: OMNI)) secures $100 Million senior credit commitment.

Note: OMNI
  OMNI (OMNI: NASDAQ) amends redemption terms of debentures.

Update: OMNI
  Reiterate BUY rating on Omni (NASDAQ: OMNI) but lower price target. to $6

Update: OMNI
  We affirm our Buy rating on Omni Energy (NASDAQ: OMNI)

Update: OMNI
  UPDATE :OMNI Buy Rating & Price Target Affirmed

Initiating Coverage: OMNI
  Initiating Coverage on Omni Energy (NASDAQ NM:OMNI) with a Buy rating
ESPRE SOLUTIONS INC (Other OTC : EPRT)    

Update: EPRT.OB
  Reafirm Speculative Buy, $1.5 price target

Having invested heavily in product development over the last two years, now comes the time for EPRT to reap the rewards. According to management, during the fourth quarter of 2005, the company will report the first revenue from the sales of its solutions, expecting that in 2006 and 2007 it will generate total sales of about $35 - $40 million. 
More on ESPRE SOLUTIONS INC:

Note: EPRT.OB
  3-for-1 FORWARD STOCK SPLIT AND INCREASE IN AUTHORIZED SHARES

Initiating Coverage: EPRT.OB
  Initiating coverage of ESPRE Solutions with a Speculative Buy rating
IWT TESORO CORPORATION (OTC BB : IWTT)    

Update: IWTT.PK
  We reaffirm our Buy rating and price target on IWTT

We reaffirm our Buy rating and price target on IWTT following Q2FY05 results. We consider that IWTT’s financial performance was marked by favorable developments, among which are: 
More on IWT TESORO CORPORATION:

Update: IWTT.PK
  UPDATE: We upgrade IWT Tesoro Corporation (OTC.BB: IWTT) to a Buy rating.

Initiating Coverage: IWTT.PK
  We are Initiating Coverage of IWT Tesoro Corporation (OTC.BB: IWTT.OB) with a Speculative Buy rating.
FORTUNE DIVERSF INDS (OTC BB : FFI)    

Update: FFI
  FY06 guidance is slightly above our estimates

We maintain our Buy Rating and price target following management forecast of revenue and earnings for the fiscal years 2005 and 2006. While management projections for FY05 were generally in line with our expectations, the FY06 projections are slightly above our estimates 
More on FORTUNE DIVERSF INDS:

Update: FFI
  UPDATE: We reiterate our price target of $17 on FORTUNE DIVERSIFIED INDUSTRIES, INC. (AMEX: FFI) but upgrade our rating to Buy from Speculative Buy due to several recent developments.

Note: FFI
  We reiterate our Speculative Buy Rating on FFI based on strong outlook provided by the Company and the acquisitions-oriented strategy

Update: FFI
  On June 2, FDVF announced the completion of a 1:10 reverse stock split, which should decrease the number of shares outstanding from approximately 105 million to 10.5 million.

Update: FFI
  We have downgrade Fortune Diversified Industries, Inc. (OTCBB: “FDVI”) to a Speculative Buy rating.

Update: FFI
  UPDATE: We maintain our Buy rating on Fortune Diversified Industries, Inc.(OTCBB: “FDVI”)

Update: FFI
  We maintain our Buy Rating on Fortune Diversified Industries, Inc. (OTCBB:FDVI)

Initiating Coverage: FFI
  We are Initiating Coverage of Fortune Diversified Industries, Inc. (OTCBB:FDVI) with a Buy rating.
PUBLIC COMPANY MGMT (OTC BB : PCMC)    

Note: PCMC.OB
  PUBC continues to sign up new client companies

PUBC continues to sign up new client companies.Between December 2004 and July 2005, PUBC signed 16 contracts with new clients and is currently working to bring 23 companies to the public markets. 
More on PUBLIC COMPANY MGMT:

Update: PCMC.OB
  Reiterating Speculative Buy PUBLIC COMPANY MANAGEMENT CORP. (OTC BB: PUBC)

Update: PCMC.OB
  Maintain our Speculative Buy rating on PUBLIC COMPANY MANAGEMENT (OTC BB: PUBC)

Note: PCMC.OB
  We maintain Speculative Buy rating on Public Company Management (OTC BB: PUBC)

Note: PCMC.OB
  PUBC keeps proving that its strategy and business model seems to be effective and fruitful

Initiating Coverage: PCMC.OB
  Initiating Coverage on PUBLIC COMPANY MANAGEMENT CORP. (OTC BB: PUBC) with a Speculative Buy rating
We are initiating coverage of China’s Wireless Value-Added Services with an OUTPERFORM RATING.    

Sector Research:
  We are initiating coverage of China’s Wireless Value-Added Services with an OUTPERFORM RATING.

The sector experienced a double-digit growth close to 40% during 2003 and 2004, powered by the growing number of wireless subscribers, enhanced telecommunications capacities, and significant demand for value-added services. Moreover, the strong growth should continue through... 
Satelinx International, Inc. (Other OTC : AFFN)    

Update: AFFN.PK
  UPDATE: We are reiterating our Speculative Buy rating on Satelinx International, Inc. (Pink Sheets: SLXI.PK)

We maintain our Speculative Buy rating on SLXI but revise the price target down from $1.83 to $1.24 mainly due to ... 
More on Satelinx International, Inc.:

Note: AFFN.PK
  UPDATE: We are reiterating our Speculative Buy rating on Satelinx International, Inc. (Pink Sheets: SLXI.PK)

Update: AFFN.PK
  UPDATE: We maintain our Speculative Buy Rating on Satelinx International, Inc. (SLXI.PK)

Initiating Coverage: AFFN.PK
  We are initiating coverage of Satelinx International Inc (SLXI.PK) with a Speculative Buy rating
GWIN INC (OTC BB : WTCG)    

Update: WTCG.OB
  UPDATE: We reiterate our Speculative Buy rating on Gwin, Inc. (NASDAQ OTC BB: “GWNI.OB”)

The company is recovering after a less favorable Q1FY05. Both Q2 and Q3FY05 results were significantly above the respective FY04 results, suggesting that the negative influence of the database theft has dissipated and as a result GWNI has restored and even expanded its customer base... 
More on GWIN INC :

Update: WTCG.OB
  UPDATE: We reiterate our Speculative Buy rating on Gwin, Inc. (NASDAQ OTC BB: “GWNI.OB”)

Note: WTCG.OB
  Gwin, Inc. announces record sales for December and January 2005.

Update: WTCG.OB
  UPDATE: We are reiterating Speculative rating on GWIN, INC. (NASDAQ OTC BB:GWNI.OB)

Update: WTCG.OB
  UPDATE: We are reiterating our Speculative Buy rating on GWIN, INC. (NASDAQ OTC BB: GWNI.OB)

Update: WTCG.OB
  UPDATE: We are reiterating our Speculative Buy rating on GWIN, INC. (NASDAQ OTC BB:GWNI.OB)

Note: WTCG.OB
  GWIN, INC. (NASDAQ OTC BB: GWNI.OB) enters into co-production agreement with players network to launch a slate of gaming and sports media content

Initiating Coverage: WTCG.OB
  We are Initiating Coverage of GWIN, Inc. (OTC BB:GWNI.OB) with a Speculative Buy and assign a 28-month $0.32 per share price target.
Weida Communications Inc (OTC BB : WDACQ)    

Update: WDACQ.PK
  We are downgrading Weida Communications, Inc. to Neutral rating

A number of recent adverse events triggered the downgrade: first, the resignation of Deloitte Touché Tohmatsu as WDAC’s independent auditor on May 31, 2005; second, the OTC BB delisting due to WDAC’s failure to submit with the SEC their quarterly reports; and third, WDAC’s major shareholder... 
More on Weida Communications Inc:

Initiating Coverage: WDACQ.PK
  We are initiating coverage of Weida Communications, Inc. (OTC BB:WDAC.OB) with a Speculative Buy rating
VOIP Inc. (OTC BB : VOIC)    

Update: VOIC.PK
  We are maintaining our Speculative Buy Rating on VOIP Inc.(OTC BB “VOII.OB”)

The number of virtual services providers that adhered to VOII’s services platform is continually increasing, while VOII’s international presence is rising. As a result of these developments, we expect VOII to breakeven during... 
More on VOIP Inc.:

Update: VOIC.PK
  UPDATE: UPDATE: We are maintaining our Speculative Buy Rating on VOIP Inc.(OTC BB “VOII.OB”)

Update: VOIC.PK
  UPDATE: We are maintaining our Speculative Buy rating on VOIP, Inc. (OTC BB:VOII.OB)

Initiating Coverage: VOIC.PK
  Initiating coverage on VOIP Inc. (OTCBB: VOII) with a Speculative Buy rating
Yak Communications (NasdaqSC : YAKC)    

Update: YAKC
  We maintain the Strong Buy rating on YAKC following the recent release of Q3FY05 data.

Despite a number of recent developments that negatively affected its share price, including the delay of required filings with the SEC and an accounting restatement, we believe that the company remains well positioned to... 
More on Yak Communications:

Note: YAKC
  We believe the delay in filing with the SEC will not have a material impact on YAKCE’s earnings.

Note: YAKC
  On March 3, 2005, Yak Communications ( NASDAQ “YAKCE”) modified the terms of existing agreements with its partners

Note: YAKC
  Yak Communications, Inc. received approval for listing its common stock on the NASDAQNM.

Note: YAKC
  Yak Communications( NASDAQ:YAKC) announced that it has signed a Strategic Technology Agreement with Kayote Networks, Inc. that will provide YAKC with advanced Voice over Internet Protocol

Update: YAKC
  UPDATE: We are maintaining our Strong Buy rating on Yak Communications (NASDAQ:YAKC)

Update: YAKC
  We are reiterating our strong buy rating on YAKC following the release of 10-K for FY04 ended 6/30/2004

Update: YAKC
  We are reiterating our strong buy rating on Yak Communications(Nasdaq:YAKC)

Initiating Coverage: YAKC
  Initiating coverage on Yak Communications (NASDAQ"YAKC") with a Strong Buy
VIPER NETWORKS I (Other OTC : VPER)    

Update: VPER.PK
  UPDATE: We maintain our neutral rating on VIPER NETWORKS, Inc.: (OTC BB: VPER.PK)

We maintain our neutral rating on VPER following the release of Q1FY05 results. VPER failed to meet our estimates in Q1FY05, falling behind in... 
More on VIPER NETWORKS I:

Update: VPER.PK
  UPDATE: We are maintaining our Neutral Rating on VIPER NETWORKS, Inc.(OTC BB:VPER.PK)

Note: VPER.PK
  On March 2, 2005, Viper Networks, Inc. filed SEC form 10KSB

Update: VPER.PK
  We are downgrading Viper Networks,Inc. ( OTHER OTC:VPER) to Neutral rating.

Note: VPER.PK
  Viper Networks,Inc (OTC:VPER.PK) announced increased marketing efforts to develop its customer base

Initiating Coverage: VPER.PK
  We are initiating coverage of VIPER NETWORKS, Inc (OTC:VPER.PK) with a Speculative Buy Rating.
Millennium Biotechnologies Group, Inc. (OTC BB : MBTG)    

Note: MBTG.OB
  After yet another quarter of losses, we are maintaining the Neutral rating on Millennium Biotechnologies Group, Inc.

After yet another quarter of losses, we are maintaining the Neutral rating on MBTG. With decreasing profitability in Q1FY05 compared to Q1FY04 and an increasing... 
More on Millennium Biotechnologies Group, Inc. :

Update: MBTG.OB
  UPDATE: We downgrade Millennium Biotechnologies Group, Inc. (NASDAQ OTC BB: “MBTG.OB”) to a Neutral rating.

Update: MBTG.OB
  UPDATE: We reiterate our Speculative Buy rating on Millennium Biotechnologies Group, Inc (NASDAQ OTC BB:MBTG.OB)

Update: MBTG.OB
  UPDATE: We are reiterating our Speculative Buy rating on Millenium Biotechnologies Group, Inc (NASDAQ OTC BB: MBTG.OB)

Initiating Coverage: MBTG.OB
  Initiating coverage on Millennium Biotechnologies Group, Inc.(MBTG.OB) with a Speculative Buy rating
Oak Ridge Micro-Energy, Inc. (OTC BB : OKME)    

Update: OKME.OB
  UPDATE: We are maintaining our Speculative Buy Rating Oak Ridge Micro-Energy, Inc. (OTC.BB: OKME)

We are maintaining our Speculative Buy Rating and the price target of $2.81/share following the Q1FY05 results. OKME’s management’s...  
More on Oak Ridge Micro-Energy, Inc. :

Update: OKME.OB
  UPDATE: We are maintaining our Speculative Buy Rating Oak Ridge Micro-Energy, Inc. (OTC.BB: “OKME”)

Note: OKME.OB
  The major initiatives of OKME’s management undertaken during 2004 were directed toward further developing its technology.

Note: OKME.OB
  Oak Ridge Micro-Energy (OTC.BB:OKME) Announces Patent Award, Company Updates

Update: OKME.OB
  UPDATE: We are reiterating our Speculative Buy rating on Oak Ridge Micro-Energy, Inc. (OTC.BB:OKME)

Initiating Coverage: OKME.OB
  Initiating coverage of Oak Ridge Micro-Energy (OKME.OB) with a speculative buy rating.
International Fuel Technology (OTC BB : IFUE)    

Update: IFUE.OB
  We reiterate our Speculative Buy rating on INTERNATIONAL FUEL TECHNOLOGIES, INC (OTC BB: IFUE.OB)

We reiterate our Speculative Buy rating on IFUE. We remain confident in the long-run success of IFUE’s shares and investors should use...  
More on International Fuel Technology :

Note: IFUE.OB
  We believe the addition of two executives of such high caliber will be an invaluable asset in supporting International Fuel Technology, Inc.(OTC BB: IFUE.OB)

Update: IFUE.OB
  UPDATE: We reiterate our Speculative Buy rating on International Fuel Technologies, Inc. (OTCBB:IFUE)

Note: IFUE.OB
  Philippines department of energy begin pilot programming using International Fuel Technology Products (OTC BB: IFUE.OB)

Note: IFUE.OB
  International Fuel Technology signs distribution agreement with European consultants S.A. for Greece, Bulgaris, Serbia, Macedonia

Note: IFUE.OB
  International Fuel Technology entered into a distribution contract with Soliton R&D

Update: IFUE.OB
  UPDATE: Maintaining our Speculative Buy rating on International Fuel Technologies (OTC BB: IFUE.OB).

Update: IFUE.OB
  Reiterate Speculative Buy rating on IFUE, Raise price target

Initiating Coverage: IFUE.OB
  Initiating Coverage of International Fuel Technology, Inc. (OTCBB: "IFUE") with a Speculative Buy rating
China Expert Technology (OTC BB : CXTI)    

Update: CXTI.PK
  UPDATE: We maintain our Speculative Buy rating on China Expert Technology, Inc. (OTC BB: CXTI)

Subsequent to CXTI’s release of the Q1FY05 results, we are maintaining our Speculative Buy rating with a...  
More on China Expert Technology:

Update: CXTI.PK
  UPDATE: We are reiterating our Speculative Buy rating on China Expert Technology, Inc. (OTC BB “CXTI.OB”)

Update: CXTI.PK
  We are reiterating our speculative buy rating on China Expert Technology, Inc. (OTC BB:CXTI.OB)

Update: CXTI.PK
  UPDATE:We are reiterating our speculative buy rating on China Expert Technology Inc. (OTCBB:CXTI.OB)

Update: CXTI.PK
  Maintaining at speculative buy rating on CXTI (OTC BB:CXTI.OB)

Update: CXTI.PK
  Raising Price target on CXTI

Initiating Coverage: CXTI.PK
  Initiating coverage on China Expert (OTCBB:CXTI) with a Speculative Buy rating
Mediabay, Inc. (NasdaqNM : MBAY)    

Update: MBAY.PK
  UPDATE: We are Dropping Coverage on Mediabay, Inc. (NASDAQ: MBAY)

Spelman Research discontinues equity coverage on MediaBay, Inc (“MBAY”). The latest...  
More on Mediabay, Inc.:

Update: MBAY.PK
  UPDATE: We reaffirm our Neutral rating on MediaBay, Inc. (NASDAQ: MBAY)

Note: MBAY.PK
  ‘de facto’ recapitalization will lead to significant increase dilution

Note: MBAY.PK
  We maintain our Neutral rating on MediaBay, Inc. (NASDAQ: MBAY)

Note: MBAY.PK
  Media Bay and Loudeye join forces in Audiobook distribution agreement

Note: MBAY.PK
  MSN and Mediabay (NASDAQ: MBAY) join forces to offer titles from the worls's largest publishers through newly launched MSN music service.

Note: MBAY.PK
  Mediabay fails to meet Nasdaq's minimum bid price rule.

Update: MBAY.PK
  RESEARCH NOTE: Mediabay announces digital media distribution strategy.

Update: MBAY.PK
  Reiterate Neutral Rating on MBAY

Update: MBAY.PK
  Maintaining Neutral rating on Mediabay (NASDAQ:

Initiating Coverage: MBAY.PK
  Initiating coverage on Mediabay, Inc. (NASDAQ NM: MBAY) with a Neutral rating
Consortium Service Management Group, Inc. (OTC BB : CTUME)    

Update: CTUME.OB
  We are maintaining our Speculative Buy rating on CSMG Technologies, Inc. (OTCBB: CTUM)

We are maintaining our Speculative Buy rating on CTUM following a review of the recently submitted form 
More on Consortium Service Management Group, Inc. :

Update: CTUME.OB
  UPDATE: We maintain the Speculative Buy rating on CSMG Technologies, Inc (OTCBB: “CTUM.OB”)

Note: CTUME.OB
  Exclusive product licensing and marketing agreement with Conmed.

Note: CTUME.OB
  On March 3, 2005 Consortium Service Management Group, Inc. announced that it has received approval for its "CO2 Separator Method

Note: CTUME.OB
  On February 3, 2005 CSMG Technologies, Inc. announced that it has received Court ruling on Chastang Landfill and Waste Management Agreement

Note: CTUME.OB
  Consortium Service Management Group, Inc (OTCBB:CTUM.OB) announces agreement to launch Landfill Gas Production operation.

Update: CTUME.OB
  UPDATE: We are maintaining our Speculative Buy on Consortium Service Management Group, Inc.(OTCBB:CTUM.OB)

Note: CTUME.OB
  Consortium Service Management Group, Inc. (OTCBB:CTUM.OB)releases tissue bonding technology primer for investors.

Initiating Coverage: CTUME.OB
  We are initiating coverage of Consortium Service Management Group, Inc.(OTCBB:CTUM) with a Speculative Buy rating.
Raike Financial Group, Inc. (OTC BB : WSFL)    

Update: WSFL.OB
  UPDATE: We maintain our Speculative Buy rating on Raike Financial Group, Inc. (OTCBB: RKFG)

Following RKFG’s Q1FY05 earnings release, we reaffirm the Speculative Buy rating. However, we are reducing...  
More on Raike Financial Group, Inc.:

Update: WSFL.OB
  We maintain our Speculative Buy rating on Raike Financial Group, Inc.

Update: WSFL.OB
  UPDATE: We reiterate our Speculative Buy rating on Raike Financial Group, Inc. (OTC.BB: RKFG)

Update: WSFL.OB
  We are maintaining our Speculative Buy rating on RKFG (OTC.BB: “RKFG”)

Initiating Coverage: WSFL.OB
  Initiating coverage on Raike Financial, Inc. (OTC BB: RKFG) with a Speculative Buy rating
DOBI Medical International, Inc. (OTC BB : DBMI)    

Update: DBMI.PK
  UPDATE: We reiterate our Speculative Buy rating on DOBI Medical International Inc. (OTC BB: DBMI)

We reiterate our Speculative Buy rating on DBMI. At the end of 2004, DMBI started reporting international sales, and since then has continued adding...  
More on DOBI Medical International, Inc.:

Update: DBMI.PK
  UPDATE: We are reiterating our Speculative Buy rating on DOBI Medical International Inc.(OTC BB:DBMI.OB)

Initiating Coverage: DBMI.PK
  Initiating coverage on DOBI Medical International, Inc(OTCBB: DBMI.OB) with a Speculative Buy rating
Time America, Inc. (OTC BB : NTMS)    

Update: NTMS.OB
  UPDATE: We reaffirm the Speculative Buy rating for Time America, Inc. (OTC.BB: “TMAM.OB”)

After reviewing the Q3FY05 developments, we reaffirm the Speculative Buy rating for TMAM. While...  
More on Time America, Inc.:

Update: NTMS.OB
  UPDATE: We are reiterating our Speculative Buy rating on Time America, Inc.(OTCBB:TMAM)

Update: NTMS.OB
  UPDATE: We are reiterating our Speculative Buy rating on Time America, Inc. (OTC.BB:TMAM.OB)

Note: NTMS.OB
  Arizona customers Select TMAM solutions

Initiating Coverage: NTMS.OB
  Initiating coverage on Time America, Inc (TMAM.OB) with a Speculative Buy rating
Hydroflo, Inc (OTC BB : SWPC)    

Update: SWPC.PK
  UPDATE: We reaffirm our Speculative BUY rating on Hydroflo, Inc. (OTC BB: HYRF.OB)

We reaffirm our Speculative BUY rating on HYRF but revise our price target to $0.42 from...  
More on Hydroflo, Inc:

Update: SWPC.PK
  UPDATE: We maintain our Speculative Buy rating on Hydroflo, Inc. (OTC BB: HYRF.OB)

Note: SWPC.PK
  Hydroflo, Inc.: (OTC BB: HYRF.OB) appointed a new Chief Financial Officer.

Note: SWPC.PK
  Hydroflo, Inc.(OTC BB:HYRF.OB)signs letter of intent to acquire major interest of HERC products.

Update: SWPC.PK
  UPDATE: We reaffirm our Speculative Buy rating for Hydroflo, Inc (OTCBB:HYRF.OB)

Update: SWPC.PK
  UPDATE: We reaffirm our Speculative Buy rating for HYDROFLO, Inc. (OTC BB: HYRF.OB)

Note: SWPC.PK
  Hydroflo to assist municipalities to access millions in homeland security and technology grants.

Initiating Coverage: SWPC.PK
  We are Initiating Coverage on HydroFlo, Inc (OTC BB:HYRF.OB) with a Speculative Buy rating.
Neoprobe Corporation (OTC BB : NEOP)    

Update: NEOP.OB
  UPDATE: We are reiterating our Speculative Buy rating Neoprobe Corporation (OTC BB “NEOP.OB”)

We are reiterating our Speculative Buy rating after reviewing...  
More on Neoprobe Corporation:

Update: NEOP.OB
  UPDATE: We maintain our Speculative Buy rating on Neoprobe Corporation (OTCBB “NEOP.OB”)

Note: NEOP.OB
  Neoprobe completes $8.1 Million in financing.

Note: NEOP.OB
  Neoprobe Corporation (OTC BB:NEOP.OB) provides clinical research update for Lymphoseek.

Update: NEOP.OB
  UPDATE:We are reiterating our speculative buy rating on Neoprobe Corporation(OTC BB:NEOP.OB)

Update: NEOP.OB
  We are reiterating our speculative buy rating on Neoprobe Corporation ( OTC BB: NEOP.OB)

Initiating Coverage: NEOP.OB
  Initiating coverage on Neoprobe Corpration (OTC BB: NEOP) with a Speculative Buy rating
WWA Group, Inc (OTC BB : WWAG)    

Update: WWAG.OB
  UPDATE: We are reiterating our Speculative Buy rating on WWA Group, Inc. (OTC BB "WWAG.OB")

We are reiterating our Speculative Buy rating on WWA Group (WWAG) subsequent to the FY04 10-K report...  
More on WWA Group, Inc:

Note: WWAG.OB
  WWA Group, Inc.(OTCBB:WWAG.OB) announced the successful conclusion of three separate auctions

Update: WWAG.OB
  UPDATE: We reaffirm our Speculative Buy rating for WWA Group, Inc. (OTC BB:WWAG.OB)

Note: WWAG.OB
  Volatility offers buying opportunity

Update: WWAG.OB
  Maintaining Speculative Buy on WWA Group Inc (OTC BB:WWG.OB)

Initiating Coverage: WWAG.OB
  Initiating coverage on WWA Group, Inc (OTCBB: WWAG.OB) with a Speculative Buy rating
Acceris Communications Inc (OTC BB : COBT)    

Update: COBT.OB
  UPDATE: We are downgrading Acceris Communications, Inc. (OTC.BB: "ACRS")

We are downgrading ACRS to neutral as a result of the recent announcements by the... 
More on Acceris Communications Inc:

Initiating Coverage: COBT.OB
  We are initiating coverage of Acceris Communications, Inc.(OTC.BB: ACRS) with a Speculative Buy rating.
Ruby Mining (OTC BB : ADMH)    

Update: ADMH.PK
  We are reiterating our Speculative Buy rating on Ruby Mining, Inc. (OTCBB:RUBM

RUBM continues executing its business plan with the construction of Restoration Laboratory and development of its proprietary detection technology – ATLIS. We expect that during the next month RUBM will complete these projects and will proceed with ground truthing and wrecks identification. Consecutively, the recovery process will be initiated during the second half of 2005. 
More on Ruby Mining:

Note: ADMH.PK
  Ruby Mining, Inc.(OTC BB:RUBM) Company raises over $600K in Private Placement.

Update: ADMH.PK
  UPDATE: We are reiterating our Speculative Buy rating on Ruby Mining, Inc.(OTCBB:RUBM)

Initiating Coverage: ADMH.PK
  Initiating coverage on Ruby Mining (OTCBB: RUBM) with a Speculative Buy rating
Xfone, Inc. (OTC BB : XFN)    

Update: XFN
  UPDATE: We maintain our Buy rating on Xfone, Inc. (OTC BB “XFNE.OB”)

After reviewing the FY04 performance, we are reaffirming our Buy rating on the Xfone, Inc. (XFNE) stock. 2004 was... 
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Note: XFN
  We are maintaining our Buy rating on Xfone, Inc. (OTC BB:XFNE.OB)

Note: XFN
  Xfone, Inc.(OTC BB:XFNE.OB)appointed two new independent board members

Update: XFN
  We are reiterating our Buy rating on Xfone Inc (OTC BB XFNE.OB)

Initiating Coverage: XFN
  Initiating coverage on Xfone (OTCBB: XFNE) with a Buy rating
Esim, Ltd. (OTC BB : ESIMF)    

Update: ESIMF.PK
  UPDATE: We reiterate our Buy rating on E-Sim, Ltd (OTC BB “ESIMF.OB”)

During fiscal year 2004 (ended January 31, 2005) ESIM reported strong double-digit...  
More on Esim, Ltd.:

Note: ESIMF.PK
  RESEARCH NOTES: E-Sim signs agreement with the NEC Group to roll-out its MMI Technology

Update: ESIMF.PK
  We are reiterating our Buy rating on E-Sim Ltd (OTC BB: ESIM.OB)

Initiating Coverage: ESIMF.PK
  Initiating coverage on ESIM (OTCBB:ESIM) with a Buy rating
UPDATE: We maintain our Neutral rating on Diversified Corporate Resources Inc. (HIRD.PK)    

Update:
  UPDATE: We maintain our Neutral rating on Diversified Corporate Resources Inc. (HIRD.PK)

Despite of positive expectations from the sale of Datatek... 
Dyntek (NasdaqSC : DYNK)    

Update: DYNK.PK
  UPDATE: We reiterate our Buy rating on Dyntek, Inc. ( OTCBB:DYTK)

The strong revenue growth, gross margin improvement, robust customer... 
More on Dyntek:

Note: DYNK.PK
  DYTK receives more than $1 MIllion in the contract's portfolio by gaining new orders in the western region.

Update: DYNK.PK
  UPDATE: We are maintaining our Buy rating on DYNTEK, INC. (NASDAQSC: DYTK)

Note: DYNK.PK
  Acquisition of Integration Technology

Initiating Coverage: DYNK.PK
  Initiating coverage on Dyntek (NASDAQ:DYTK) with a Buy rating