China Integrated Energy (PINK:CBEH)

Rodman and Renshaw on CBEH                                        5/2/2011

CBEH: Terminating Coverage

Terminating Coverage: Effective immediately, we are terminating coverage on China Integrated Energy Inc. (Nasdaq: CBEH) to better allocate resources within our coverage universe. Our last rating for CBEH was Under Review / Speculative Risk. Investors should not rely on our previously published financial projections.

Recent Developments: On April 27, 2011, CBEH issued an 8-K form announcing the resignation of Larry Goldman, the Board member and Chairman of Audit Committee due to the resignation of the team of special independent investigators, including Pillsbury Winthrop Shaw Pittman LLP, Deloitte Financial Advisory, and King and Wood. The 8-K filing also disclosed the electronic resignation letters of Larry Goldman and the investigators, indicating that the company’s failure to provide requested documents obstructed independent investigation. Prior to the resignations, on March 29, 2011, we put our rating Under Review after the company announced the independent investigation regarding the allegations, and removed our financial projections. Trading in the stock has been halted since market close on April 20, 2011.

On April 20, 2011, the company announced a lease termination of 4 gas stations in Shaanxi province by the lesser, Shaanxi Highway Service Co., Ltd. This brings the total number of gas stations operated by CBEH to 9 from 13.

4Q10 Results: CBEH reported 4Q10 revenue, net income and EPS of $118.0 MM, $15.3 MM and $0.39, largely in line with our expectations of $118.0 MM, $15.5 MM, and $0.35, respectively. By business segments, Wholesale distribution, bio-diesel, and retail gas stations accounted for 58%, 18%, and 24% of total revenue, generating $68.6 MM, $21.2 MM, and $28.2 MM, respectively.

Notice Regarding Privacy and Confidentiality:


This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman and Renshaw on CBEH                                     3/29/2011

CBEH: Rating Under Review

Rating Under Review: We are putting our rating on CBEH Under Review from Market Outperform. Our rating change is driven by the company’s announcement to undertake an independent third party investigation surrounding recently published allegations. We will continue to monitor developments and revisit our rating on the completion of the third party review.

Stock Performance: CBEH has dropped over 50% in the last two weeks as management has publicly sparred with short interests over various allegations. The outcome has created confusion in the market about the company’s business and M&A driven growth strategy. We are removing our financial projections on CBEH while we have the company Under Review.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman and Renshaw on CBEH                                              3/15/2011

Expecting 2010 10-K Filing By March 16, 2011

Expecting 10-K Filing On March 16, 2011 - We would like to rectify that we are expecting CBEH's 2010 10-K filing to happen by March 16, 2010 and not March 15, 2010 as published in our last note.

Valuation: At current levels CBEH is trading at a P/E multiple of ~4.0x to our FY11 earnings estimates. We maintain our Market Outperform rating and highlight CBEH as a vehicle to participate in China's increasing energy consumption. At our PT of $12.50, CBEH will be trading at ~8.9x FY11 earnings, still significantly lower than its peer group.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman and Renshaw on CBEH                                                 3/14/2011

CBEH: Expecting Timely 10K Filing To Be A Catalyst; 4Q & FY10 Earnings Update

4Q10 Results: CBEH reported 4Q10 revenue, net income and EPS of $118.0 MM, $15.3 MM and $0.39, largely in line with our expectations of $118.0 MM, $15.5 MM, and $0.35, respectively.

Overall Gross Margin Continues to Improve: 4Q10 gross margin was 15.5%, a moderate improvement from 14.4% in 4Q09 and 15.0% in 3Q10. This was mainly driven by a 240 bps margin expansion in its retail gas business, which generated 14.9% gross margin compared to 12.5% in 3Q10, thanks to a favorable pricing adjustment done by NDRC during the quarter.

2^ndGeneration Bio-diesel Capacity to Ramp Gradually:Currently the company is running at 150,000 tons of bio-diesel capacity, and expects the new 2^ndgeneration facility with 50,000 tons capacity in Tongchuan to come in place by the end of March. Management indicates that the 50,000 tons should be utilized gradually throughout this year, with 20%~30% of utilization rate in 2Q, ~70% in 3Q, and eventually 100% utilized in 4Q and reach 200,000 tons of capacity by the year end.

Management Delivers on New Facility: Last week we hosted a group of investors to visit CBEH’s bio-diesel facility located in Tongchuan City, Shaanxi province. Investors were given a tour of both the current and the newly finished 2^ndgeneration plant. The new plant is under test runs and should be ready to start production by the end of the month. We must give management credit for delivering the new 50,000 ton facility on time. We were at the facility in October 2010 when the new plant’s buildings were under construction compared to our recent visit where all the equipment has been installed and facility is being prepped for production.

Stock Under Pressure We believe the stock’s recent weakness is in sympathy with other small cap China names that are under auditor and 10K / 10Q filing related scrutiny. We believe pressure should abate once the company files its 2010 10K with the SEC. We expect this to happen by March 15, 2011.

FY11 Guidance: Management is now guiding for revenue and earnings of $588.1 MM and $72.2 MM for full year 2011, representing 34% growth in both top-line and bottom-line.

Revising 1Q11 Estimates: We are now expecting CBEH to generate top-line, bottom-line, and diluted EPS of $124.5 MM, $15.0 MM, and $0.29, respectively. For the full year numbers, our projections are in line with the company’s guidance, with $587.5 MM in revenue, $72.9 MM in earnings, and $1.41 in diluted EPS.

Valuation: At current levels CBEH is trading at a P/E multiple of ~4.0x to our FY11 earnings estimates. We maintain our Market Outperform rating and highlight CBEH as a vehicle to participate in China’s increasing energy consumption. At our PT of $12.50, CBEH will be trading at ~8.9x FY11 earnings, still significantly lower than its peer group.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman and Renshaw on CBEH                    01/28/2011

CBEH: Updates On Capex And Expansion 
 

Two Acquisitions in 4Q10: CBEH provided another update on its recent developments. During 4Q10, the company finished two acquisitions: (1) a Shenmu retail gas station for $9.2 MM cash, and (2) Chongqing Tianrun Bio-diesel plant with 50,000 tons/yr of capacity for $16.5 MM cash. The two acquisitions are expected to generate revenue of 12.3 MM and $32 MM for 2011, respectively.

New LOI Signed to Acquire a Marine Fuel Distributor: CBEH also announced that it has signed a LOI to acquire 51% of Chongqing Feng Dou Keyu Trade Co., Ltd, a marine fuel distributor located in Chongqing city for $8.2 MM. CBEH is expected to sell 50,000 tons of products to Chongqing Feng Dou for ~$45.0 MM in 2011. We believe this move could provide an additional revenue stream and help CBEH capture some downstream profit margin.

Tongchuan Phase II Facility In Place This Month: the 50,000 tons/yr phase II facility is about to come on line by the end of this month. $18.3 MM out of a total cost of $19.3 MM has already been paid, with the remaining $1 MM to be paid by the end of the quarter. CBEH projects this new facility to contribute $21 MM in revenue in 2011.

Higher Phase One Capacity at Lin Gao: the company revised its original capacity design of 100,000 tons/yr to 200,000 tons/yr for Lin Gao phase one project. CBEH expects to spend ~$37 MM on the build-out for phase one, which should be completed within 14 months once the deal is closed by the end of 1Q11. Lin Gao phase one facility is expected generate approximately $140 MM in annual revenue.

CapEx and Working Capital: CBEH expects its working capital needs to range between $45.0 and $50.0 MM for 2011, while the CapEx for Lin Gao Chemical is estimated at $37.0 MM.

Key Takeways: Management’s proactive stance on providing visibility into expansion plans should be received positively. It is clear that growth initiatives for 2012 are already underway. We believe these efforts are coming on the back of an optimistic outlook on domestic energy consumption trends.

Valuation: At current levels CBEH is trading at P/E multiples of ~5.0x and ~4.6x to our FY10 and FY11 earnings estimates. These multiples are significantly below the peer group averages of ~21.7x and ~21.5x (includes China and US operating companies). Our $12.50 price target is predicated on a P/E multiple of ~9x to our 2011 EPS estimate. We believe this multiple is in line with the range currently being assigned by the market to small cap US listed Chinese companies. We maintain our Market Outperform rating and highlight CBEH as a vehicle to participate in China’s increasing energy consumption. We believe the stock is available at a very reasonable multiple for a company that has substantial growth opportunities ahead, a strong market position and a healthy balance sheet. Historically energy distribution companies have traded within a range of 8x to 30x on a P/E basis.


Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman & Renshaw on CBEH               1/14/2011

CBEH: Catering To An Energy Hungry Market 

Summarizing Recent Developments: CBEH stock has pulled back from the ~$7.50 levels to ~$6.50 levels driven by newly raised capital. The company expects the proceeds to be directed towards biodiesel capacity expansion and working capital for wholesale distribution of finished oil and heavy oil products. In line with this the company announced an LOI to acquire 100% of assets of Hainan Lin Gao Chemical Co., Ltd for $9 MM in cash. CBEH plans to build a new 2^nd generation bio-diesel plant with 300,000 tons of capacity at this facility (we are not yet modeling for any revenues from this initiative in 2011). The company also signed a contract with an existing wholesale petroleum distribution customer that allows for a 25% increase (40K tons) in sales for 2011 to that customer. On the corporate governance side the company completed its SOX 404 Compliance program and announced signing KPMG as its new auditor.

Attractive Entry Point: CBEH’s recent strategic developments have created, in our opinion, a relatively attractive entry point for investors. We believe the company continues to be favorably positioned to benefit from growing energy consumption in China. This macro trend is now fundamentally supported by 1) a stronger balance sheet 2) improvements in corporate governance as demonstrated by engaging KPMG 3) indications of healthy customer demand and 4) visibility into growth initiatives. Outside of any news flow, the key near term catalyst for the stock should be the company’s upcoming quarterly conference call where management should provide color on cap-ex plans and business pipeline for 2011.

Financial Projections: We are revising our EPS estimates for 2011 to account for shares issued. We are now expecting 2011 EPS of $1.36 compared to $1.60 earlier. We are using a fully diluted share count of 52.8 MM, which includes warrants issued.

Valuation: At current levels CBEH is trading at P/E multiples of ~5.3x and ~4.8x to our FY10 and FY11 earnings estimates. These multiples are significantly below the peer group averages of ~20.7x and ~20.1x (includes China and US operating companies). Our $12.50 price target is predicated on a P/E multiple of ~9x to our 2011 EPS estimate. We believe this multiple is in line with the range currently being assigned by the market to small cap US listed Chinese companies. We maintain our Market Outperform rating and highlight CBEH as a vehicle to participate in China’s increasing energy consumption. We believe the stock is available at a very reasonable multiple for a company that has substantial growth opportunities ahead, a strong market position and a healthy balance sheet. Historically energy distribution companies have traded within a range of 8x to 30x on a P/E basis.


Notice Regarding Privacy and Confidentiality:


This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman & Renshaw on CBEH                        12/13/2010

CBEH: Recent Volatility Is Long Term Positive 

Recapping Recent Volatility On December 1, 2010, a short seller published an article challenging the strength in CBEH’s bio-diesel business and generally raising questions on the company’s financial / operational performance. CBEH in turn responded quickly through a press release that provided investors with counter arguments supporting their business model. These developments provided additional volatility to a stock, which is in a space that has tested investor patience in 2010.

Our Take We take a slightly optimistic view of last week’s developments from the perspective of the attention being focused on CBEH by the market. Investors cannot be blamed for becoming cautious as a result of these developments. However, management’s prompt and professional rebuttal indicates a sense of responsibility they have towards all stake holders. Short sellers have essentially compared CBEH to two other US listed Chinese companies, GU (Not Rated) and CCGY.OB (Not Rated), that operate in the bio-diesel business with the implicit assumption that all bio-diesel business models are equal. We believe variances in product quality, pricing, taxes, capacity, licenses, transportation costs, raw material costs, geographic location, customers and contracts can provide for a wide margin of difference between companies who may be operating within the same industry. GU generated gross margins of 43% and 35% in 2007 and 2008 when the business was operating without disruptions and was comparatively less geographically dispersed. In CCGY.OB’s most recent quarter bio-diesel accounted for 14% of 3Q10 sales of ~$16 MM @ ASP of $682 per ton (or 3.2 K tons) vs. CBEH that sold 24K tons of bio-diesel @ ASP of $845 per ton. Clearly, operational circumstances vary for all three companies. However, investors have to decide whether they should reward or punish CBEH for demonstrating operational consistency. We believe that decision will be aided by the company’s move to a big four auditor, which is imminent. In addition the growth in bio-diesel capacity from 50K tons to 200K tons should test management’s ability to maintain margin consistency. We believe the company should see a multiple expansion in its valuation if it comes through on these two fronts.

Maintain Market Outperform: At current levels CBEH is trading at P/E multiples of ~6.1x and ~4.7x to our FY10 and FY11 earnings estimates. These multiples are significantly below the peer group averages of ~19.3x and ~16.4x (includes China and US operating companies). We maintain our Market Outperform rating and highlight CBEH as a vehicle to participate in China’s increasing energy consumption. We believe the stock is available at a very reasonable multiple for a company that has substantial growth opportunities ahead, a strong market position and a healthy balance sheet. Historically energy distribution companies have traded within a range of 8x to 30x on a P/E basis.

Risks 

(1) Supplier Concentration (2) Commodity Price Risk (3) Competition (4) Limited Market for Biodiesel (5) Government 

Regulation.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman & Renshaw on CBEH

Overview: CBEH reported 3Q10 revenue, net income and EPS of $106.8 MM, $13.7 MM and $0.32, largely in line with our expectations of $107.2 MM, $14.0 MM, and $0.32, respectively. These numbers were also in line with street consensus estimates of $105.9 MM, $13.6 MM, and $0.32 (from FactSet). By business segments, Wholesale distribution, bio-diesel, and retail gas stations accounted for 60%, 19%, and 21% of total revenue, generating $64.0 MM, $20.3 MM, and $22.5 MM, respectively.

Stock Performance: CBEH rallied strongly into earnings gaining almost 11% the day prior. We had raised our estimates for CBEH after our visit to the company last week and the company’s results came in line with our expectations. We believe drivers for the rally may have included expectations of a strong quarter leading to some short covering. In addition, recent developments in relation to going private proposals coming from small cap china companies may have added to the momentum in the stock. The stock should play catch up to recent news flow around acquisition of a new retail gas station and a new bio-diesel facility that provide good visibility into growth drivers for 2011. We expect the stock to trend higher from here as management’s guidance for 2010 may be viewed as conservative by the street. In addition, the company should also be viewed favorably for its cash generation abilities.

Y-o-Y Increase in ASP & Sales Volume: CBEH’s strong top-line growth for 3Q10 was driven by an increase in ASP and sales volume in all the three business segments.

New Bio-diesel Technology Should Aid Margin Improvements For FY11: CBEH management indicated that the new bio-diesel production facility located in Tongchuan City with additional 50,000 tons/year capacity will use the second generation bio-diesel production technology, which is expected to utilize lower cost feedstock and generate same quality bio-diesel product, potentially enabling higher gross margin.

Lowering Tax Rate Assumption: Management indicated a ~0.5% of overall effective tax rate for 4Q10 and ~0.75% for FY11. We lowered our tax rate assumption to ~3.0% from 15% earlier for FY11 (being slightly conservative).

4Q10 & FY11 Estimates: For 4Q10, we are projecting revenue and net income of $118.0 MM, $15.5 MM, with diluted EPS of $0.35. This implies full year estimates of $438.7 MM, $54.0 MM, and $1.24, respectively. For FY11, our revenue, net income and EPS estimates are now $553.4 MM, $70.5 MM, and $1.60 compared to $553.4 MM, $62.0 MM and $1.41 earlier, given a lower tax rate assumption of ~3% for FY11.

Valuation: At current levels CBEH is trading at P/E multiples of ~7.6x and ~5.9x to our FY10 and FY11 earnings estimates, below the peer group averages of ~17.6x and ~18.9x. We maintain our Market Outperform rating and highlight CBEH as a vehicle to participate in China’s increasing energy consumption.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.

Rodman & Renshaw, LLC and/or its officers or employees may have positions in any of the securities of this (these) issuer(s).

Member FINRA.
Member SIPC.

Rodman & Renshaw on China Integrated Energy

Tongchuan Bio-diesel Production Facility: We visited CBEH’s bio-diesel facility and the company’s largest retail gas station on October 19, 2010. The bio-diesel production facility, located in Tongchuan City, Shaanxi province, is currently in the process of adding its Phase 2 bio-diesel production, including feedstock warehouse, main reaction/production line, and a new R&D center. Mr. Zhao, manager of Tongchuan facility, indicated that compared to the current bio-diesel production process, the Phase 2 will potentially be utilizing lower cost feedstock including wood chips, and other non-edible plants, possibly generating higher gross profit margin. Phase 2 is expected to bring in additional 50,000 tons of capacity. 

Jinzheng Retail Gas Station: Jinzheng Branch, located in Xianyang City, Shaanxi province, is currently the company’s largest retail gas station, with monthly sales volume of ~800 tons. This branch was acquired by CBEH in November 2009 and opened in December 2009. Manager of Jinzheng Branch told us that this station is the only gas station within the radius of 3km, and the average selling price is 0.01~0.02 RMB cheaper than PetroChina (PTR, Not Rated)’s gas/diesel. 

Key Takeaways: We believe these developments and the near completion of the new bio-diesel facility should provide investors with comfort around growth drivers for 2011. Investors will also be monitoring how management can take advantage of the company’s vertically integrated distribution strategy in regards to the governments moves towards a market based pricing mechanism for energy consumption. We maintain that the company’s bio-diesel segment should be a beneficiary of China’s efforts to diversify its reliance on traditional energy sources. Growth in western China and the associated spur in demand for vehicles in China should continue providing support to CBEH’s business model. 

Raising Estimates: We are increasing our projections for 3Q10 revenue, net income and diluted EPS to $107.2 MM, $14.0 MM, and $0.32 from $97.7 MM and $13.0 MM, and $0.30, respectively. For the full year FY10, our estimates are raised to $439.1 MM, $54.3 MM, and $1.24 from $425.7 MM, $52.3 MM, and $1.20, respectively. Management also reaffirmed its full year FY10 revenue and net income guidance of $425 MM ~ $430 MM, and $52 MM ~ $52.5 MM. 

We are now introducing our FY11 estimates. We are projecting revenue, net income, and EPS of $553.4 MM, $61.9 MM, and $1.41, respectively. This implies a 26.0% Y-o-Y growth in top-line and a 15.1% gross margin.

Valuation: At current levels CBEH is trading at P/E multiples of ~6.7x and ~5.9x to our FY10 and FY11 earnings estimates. These multiples are significantly below the peer group. We are comfortable maintaining a $12.50 price target on CBEH, which translates into P/E multiple of ~10.1x and ~8.9x to our estimates for FY10 and FY11.

Notice Regarding Privacy and Confidentiality:

This material has been prepared for informational purposes only. While it is based on information generally available to the public from sources we believe to be reliable, no representation is made that the subject information is accurate or complete. Past performance is not a guarantee nor does it necessarily serve as an indicator of future results. Price and availability are subject to change without notice. Additional information is available upon request.

Since Rodman & Renshaw, LLC is not a tax advisor, transactions requiring tax consideration should be reviewed carefully with your tax advisor. Similarly, Rodman & Renshaw, LLC is not a law firm and provides no legal opinions or legal advice.

Rodman & Renshaw, LLC may make a market in the securities being discussed.