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Our research and reports express solely our opinions, which we have based upon generally available information, field research, inferences and deductions through our due diligence and analytical process. To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stock covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind, whether express or implied. Snowcap makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. All expressions of opinion are subject to change without notice, and Snowcap does not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them.

Use of Snowcap’s (“Snowcap”, “we”, “us” or “our”) research or any of the information contained herein is at your own risk. In no event should Snowcap or any affiliate be liable for any direct or indirect trading losses caused by any information on this site. The purpose of this website is solely to share and discuss public companies for journalistic and informational purposes only and should not be considered an individualized recommendation of any particular security, strategy, or investment product. You further agree to do your own research and due diligence, consult your own financial, legal, and tax advisors before making any investment decision with respect to transacting in any securities covered herein. This research is not an offer to sell or a solicitation of an offer to buy any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer would be unlawful under the securities laws of such jurisdiction. Such an offer or solicitation can only be made by the confidential private placement memoranda relating to applicable investment vehicles which will only be provided to qualified offerees.

You should assume that as of the publication date of any short-biased report or letter, Snowcap (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position in all securities covered herein, and therefore stands to realize significant gains in the event that the price of any stock covered herein declines. Following publication of any long or short report or letter, we intend to continue transacting in the securities covered herein, and we may be long, short, or neutral at any time hereafter regardless of our initial recommendation, conclusions, or opinions.

See additional important disclaimers on page 2.