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Yujin International - Final Results

RNS Number : 8381W
Yujin International Ltd
29 April 2016
 

29 April 2016

 

YUJIN INTERNATIONAL LTD.

("Yujin" or the "Company")

Final results Release

 

Yujin, announces herewith its audited final results in respect of the year ended 31 December 2015.

 

The notes to this announcement contain additional information that has been extracted from the Annual Report. This announcement should be read in conjunction with, and not as a substitute for, reading the full Annual Report.

 

Summary

 

v As at 14 March 2016, the High Court of the Republic of Singapore has sanctioned the proposed scheme to restructure the business of the Company and its subsidiaries of which the Order of Court being effective and binding upon all members of the Company (the "Restructuring"). This was presented to and approved by shareholders at an EGM on 15 January 2016.

 

v As at 30 March 2016, the Company had divested all its subsidiaries pursuant to the extraordinary general meeting held on 15 January 2016 with no operating business.   The financial report reflects the status of the Group prior to the Restructuring, among which:

the consolidated net revenue for financial year ending December 2015 was  USD 9.1 million (2014: USD 7.2 million);

the consolidated profit before tax amounted to USD1.9 million (2014: -USD148.9K); and

net Tangible Assets of USD4.2 million (2014: USD7.3 mil).

 

v The Directors do not recommend a dividend be paid for the year ended 31 December 2015.

 

v On 30 March 2016, the Company was categorised as an AIM Rule 15 cash shell, whereby the Company will be required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14.

 

For further information please contact:

 

Yujin International Ltd.                                                     Tel: 00 (65) 6226 2963

Keen Whye LEE 

Or visit www.yujininternational.com

 

Cantor Fitzgerald Europe                                                 Tel: 020 7894 7000

Rick Thompson/David Foreman/Michael Reynolds

 

NB: The currency used in this announcement is US Dollars unless otherwise indicated.

CHAIRMAN'S STATEMENT

 

Yujin announces herewith its audited non-statutory annual results in respect of the year ended 31 December 2015 for the purpose of reporting to its shareholders.

 

As at 14 March 2016, the High Court of the Republic of Singapore has sanctioned the proposed scheme to restructure the business of the Company and its subsidiaries of which the Order of Court being effective and binding upon all members of the Company (the "Restructuring").  This was presented to and approved by shareholders at an EGM on 15 January 2016.  Further details are provided in note 2 (b) to the financial statements.  

 

As at 30 March 2016, the Company has divested all its subsidiaries pursuant to the extraordinary general meeting held on 15 January 2016 and has no operating business.  

 

The financial report reflects the status of the Group prior to the Restructuring, among which:

 

·      the consolidated net revenue for the financial year ending December 2015 was USD 9.1 million (2014: USD 7.2 million).

·      the consolidated profit before tax amounted to USD1.9 million (2014: -USD148.9K); and

·      net Tangible Assets of USD4.2 million (2014: USD7.3 mil).

 

The Directors do not recommend a dividend be paid for the year ended 31 December 2015.

 

With the Restructuring, the Company was categorised as an AIM Rule 15 cash shell on 30 March 2016, whereby the Company will be required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14.

 

Further details on the expected timetable and the notice of AGM will be despatched to Shareholders in due course.

 

 

Lee Keen Whye

Chairman

Yujin International Ltd.

27 April 2016

 

 



Yujin International Ltd.

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2015

 

 

 

 

 

 

 

 

 

 

 

Yujin International Ltd.

Consolidated Statement of Financial Position

as at 31 December 2015

 

 

ASSETS



USD


USD








Non-current assets







Property, plant and equipment

5


7,611,433


11,529,025


Deferred tax

11


-


-





7,611,433


11,529,025

Current assets







Trade and other receivables

6


677,466


825,349


Cash and cash equivalents

7


694,165


313,748





1,371,631


1,139,097

Total assets



8,983,064


12,668,122








EQUITY AND LIABILITIES













Equity attributable to equity holders of the Company






Share capital

8


3,317,897


3,317,897


Retained earnings

8


1,026,738


(717,267)


Currency translation reserve



(527,372)


1,938,491


Revaluation reserve



747,394


3,003,083





4,564,657


7,542,204

Non-controlling interests



(403,094)


(260,197)

Total equity



4,161,563


7,282,007








Non-current liabilities







Term loan (secured)

9


301,562


1,006,562


Deferred tax

11


1,071,825


1,476,853





1,373,387


2,483,415

Current liabilities







Trade and other payables

12


1,814,939


1,444,948


Amount payable from a related company

12


490,589


167,105


Amount payable to directors

12


395,732


-


Term loan (secured)

9


705,000


705,000


Provisions

10


41,854


60,158


Income tax payable

13


-


525,492





3,448,114


2,902,703








Total liabilities



4,821,501


5,386,118








Total equity and liabilities



8,983,064


12,668,125

 

 

 


Yujin International Ltd.

Consolidated Statement of Changes in Equity

for the year ended 31 December 2015

 

 



Share

Translation

Revaluation

Retained

Total attributable to equity holders

Non-controlling

Total



capital

reserve

reserve

earnings

of the Company

 interests

equity



USD

USD

USD

USD

USD

USD

USD










Balance at 31 December 2013

3,317,897

2,604,010

1,744,296

(501,180)

7,165,023

(505,814)

6,659,209

Total comprehensive income/(loss) for the year







Profit/(Loss) for the year

-

-

-

(216,087)

(216,087)

135,141

(80,946)

Other comprehensive income :









Revaluation of property, plant and equiptment

-

-

1,258,787

-

1,258,787

110,476

1,369,263


Currency translation differences

-

(665,519)

-

-

(665,519)

-

(665,519)

Total comprehensive income/(loss)

-

(665,519)

1,258,787

(216,087)

377,181

245,617

622,798

Balance at 31 December 2014

3,317,897

1,938,491

3,003,083

(717,267)

7,542,204

(260,197)

7,282,007

Total comprehensive income/(loss) for the year







Profit / (Loss) for the year

-

-

-

1,744,005

1,744,005

(32,421)

1,711,584

Other comprehensive income :





-




Revaluation of property, plant and equiptment

-

-

(2,255,689)

-

(2,255,689)

(110,476)

(2,366,165)


Currency translation differences

-

(798,585)

-

-

(798,585)

-

(798,585)

Total comprehensive income/(loss)

-

(798,585)

(2,255,689)

1,744,005

(1,310,269)

(142,897)

(1,453,166)

Effect on disposal of subsidiaries

-

(1,667,278)

-

-

(1,667,278)

-

(1,667,278)

Balance at 31 December 2015

3,317,897

(527,372)

747,394

1,026,738

4,564,657

(403,094)

4,161,563


Yujin International Ltd.

Consolidated Statement of Cash flow

for the year ended 31 December 2015

 

 

 



Note


2015


2014





USD


USD

Cash flows from operating activities







Loss before taxation



1,306,556


(148,867)








Adjustments for:







Bank loan interest



60,563


40,273


Bad debts written off



54,618


50,000


Provision for impairment loss on receivable (trade)

6


16,010


34,419


Impairment loss on property, plant and equipment

5


1,029,319


-


Depreciation

5


906,411


1,089,676


Loss on disposal of property, plant and equipment

5


(1,447,683)


-





619,238


1,214,368

Operating profit before working capital changes



1,925,794


1,065,501









Decrease in trade and other receivables



77,255


345,060


Decrease in trade and other payables



(659,676)


(1,073,829)


Provisions



(18,304)


(20,658)





(600,725)


(749,427)

Cash generated from operations



1,325,069


316,074


Income tax paid

13


(497,722)


(28,621)

Net cash flows from operating activities



827,347


287,453

Cash flows from investing activities







Purchase of property, plant and equipment

5


(385,783)


(1,862)


Proceeds from disposal of property, plant and equipment



-


-

Net cash flows from/(used in) investing activities



(385,783)


(1,862)

Cash flows from financing activities







Payment of term loan interest



(27,074)


(40,273)


Payment of term loan financing



(705,000)


(705,000)


Advance from directors



395,732




Advance from related party



299,095


-


Amount payable to a related company



24,393


52,612

Net cash flows used in financing activities



(12,854)


(692,661)








Net increase in cash and cash equivalents



428,710


(407,070)

Cash and cash equivalents at beginning of year

7


313,748


744,195

Effect of exchange rate changes



(48,293)


(23,377)

Cash and cash equivalents at end of year

7


694,165


313,748



Yujin International Ltd.

Notes to the financial information

for the year ended 31 December 2015

 

 

1.   Basis of preparation

                                   

The financial information has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS's") and using accounting policies which are consistent with those adopted in the non-statutory financial statements for the year ended 31 December 2015.

 

The financial information set out in this announcement does not constitute the Company's non-statutory financial statements for the year ended 31 December 2015, but it is derived from those non-statutory financial statements.

 

The financial information is prepared in US Dollars (USD) except where otherwise stated.

 

Whilst the financial information included in these full year results has been prepared in accordance with IFRS, this announcement itself does not contain sufficient information to comply with IFRS. A copy of the non-statutory financial statements prepared under IFRS for the year ended 31 December 2015 will be issued prior to the Company's Annual General Meeting. The announcement was approved on 27 April 2016.

 

The company's current auditor has reported on the non-statutory financial statement for the year ended 31 December 2015, their report was unqualified.

 

The directors do not propose a dividend in respect of the year ended 31 December 2015 (2014: Nil).

 

 

Going concern

 

The non-statutory financial statements have been prepared on the going concern basis of accounting which assumes adequate financial resources will be available to the Group for a period of at least twelve months from the date of approval of these non-statutory financial statements. In support of this assumption, the Directors have prepared detailed budgets and cash flow projections based on continuing operations and the Group's currently available cash and cash projected to be generated from its operations. Those budgets and cash flow projections include future estimated cash flows generated from operating activities from the ongoing Group trade as well as, where and if required, other source of funding such as those generated from investing or financing activities. These budgets and cash flow projections have been reviewed and approved by the Board of Directors.

 

On 2 December 2015 the Company announced a proposed scheme to restructure the business and distribute all its subsidiaries to shareholders.  This scheme was approved by shareholders on 15 January 2016 and as of 30 March 2016, the Company had distributed all its subsidiaries.  The non-statutory financial statements for the year ended 31 December 2015 represent those of the whole group as of that date and the performance of the subsidiaries has not been shown as discontinued. This presentation reflects management's assessment that the Group's operations did not meet the definition of a disposal group held for distribution as defined in IFRS 5 - Non Current Assets Held for Sale and Discontinued Operations at 31 December 2015 as the operations were not available for immediate distribution at that time. Subsequent to year end, and following shareholder approval, all of the operations of the Company's subsidiaries became discontinued operations and materially all of the group's assets and liabilities became classified as held for distribution to owners.

 

Following the distribution to owners of the group's subsidiaries, the Company's principal activity is that of an investment company. The company has sought and obtained financial support to support the working capital requirements of the company to enable it to pursue its investment strategy, including its operating expenses as an investment company

2.   Fixed Assets

 


Office

Office

Office

Computer



Group - 2015

Equipment

Furniture

Renovation

Software

Vessels

Total


USD

USD

USD

USD

USD

USD

Cost or Valuation







Balance at beginning of year:






   At cost

          8,916

    31,970

         51,016

      52,876

                    -  

          144,778

   At valuation

                -  

            -  

                -  

              -  

     11,500,000

     11,500,000


          8,916

    31,970

         51,016

      52,876

     11,500,000

     11,644,778

 - Additions

                -  

            -  

                -  

              -  

          385,783

          385,783

 - Disposals

                -  

            -  

                -  

       (2,943)

                    -  

             (2,943)

 - Adjustments

                -  

            -  

                -  

              -  

                    -  

                    -  

 - Revaluation surplus

                -  

            -  

                -  

              -  

      (2,366,165)

      (2,366,165)

 - Elimination on revaluation

                -  

            -  

                -  

              -  

         (890,299)

         (890,299)

Balance at end of year

          8,916

    31,970

         51,016

      49,933

       8,629,319

       8,771,154








Accumulated depreciation






   and impairment







Balance at beginning of year:

          8,915

    31,035

         49,643

      26,160

                    -  

          115,753

 - Charge for current year

                -  

      1,107

           1,601

      13,405

          890,299

          906,412

 - Impairment loss

                -  

            -  

                -  

              -  

       1,029,319

       1,029,319

 - Disposals

                -  

            -  

                -  

       (2,822)

                    -  

             (2,822)

 - Elimination on revaluation

                -  

            -  

                -  

              -  

         (890,299)

         (890,299)

 - Net exchange difference

                -  

        (172)

            (228)

        1,758

                    -  

              1,358

Balance at end of year

          8,915

    31,970

         51,016

      38,501

       1,029,319

       1,159,721








Net Book Value







At end of year

                 1

            -  

                -  

      11,432

       7,600,000

       7,611,433

At beginning of year

                 1

         935

           1,373

      26,716

     11,500,000

     11,529,025








 


Office

Office

Office

Computer


Vessels under


Group - 2014

Equipment

Furniture

Renovation

Software

Vessels

Construction

Total


USD

USD

USD

USD

USD

USD

USD

Cost or Valuation








Balance at beginning of year:

 







   At cost

9,286

31,970

51,016

99,556

-

-

191,828

 

  At valuation

-

-

-

-

11,200,000

-

11,200,000

 

 

9,286

31,970

51,016

99,556

11,200,000

-

11,391,828

 

- Additions

-

-

-

1,862

-

-

1,862

 

- Disposals

(370)

-

-

(48,542)

-

-

(48,912)

 

- Adjustments

-

-

-

-

-

-

-

 

- Revaluation surplus

-

-

-

-

1,369,263

-

1,369,263

 

- Elimination on   revaluation

-

-

-

-

(1,069,263)

-

(1,069,263)

 

- Net exchange difference

-

-

-

-

-

-

-

 

Balance at end of year

8,916

31,970

51,016

52,876

11,500,000

-

11,644,778

 

 








Accumulated depreciation







and impairment








Balance at beginning of year:

9,285

27,210

47,168

59,296

-

-

142,959

- Charge for current year

-

3,555

2,106

14,755

1,069,263

-

1,089,679

 

- Impairment loss

-

-

-

-

-

-

-

 

- Disposals

(370)

-

-

(48,539)

-

-

(48,909)

 

- Elimination on revaluation

-

-

-

-

(1,069,263)

-

(1,069,263)

 

- Net exchange difference

-

270

648

-

-

1,287

 

Balance at end of year

8,915

31,035

49,643

26,160

-

-

115,753









Net Book Value








At end of year

1

935

1,373

26,716

11,500,000

-

11,529,025

At beginning of year

1

4,760

3,848

40,260

11,200,000

-

11,248,869









 

During the year, the Group acquired property, plant and equipment with an aggregate cost of USD 385,783 (2014: USD acquired 1,862) of which USD NIL (2014: USD NIL) was acquired by means of term loan facilities. Cash payments of USD 385,783 (2014: USD 1,862) were made for purchase of property, plant and equipment.

 

During the year, the Group had revalued the two (2014: two) operating vessels based on the valuation reports verified by a firm of independent professional valuers, on an open market basis.  The carrying value of these vessels at 1 January 2015 was USD11,500,000.  The fair value less costs to sell based on the professional valuers report was USD7,600,000.  The total impairment loss after additions was USD3,395,484, of which USD2,366,165 was reflected as a reversal against a cumulative valuation surplus through other comprehensive income (see note 8) and USD1,029,319 through profit or loss as an impairment loss. 

 

The carrying amount of the vessels would have been USD 7,289,577 (2014: USD 9,209,195) had the vessel been carried at cost less accumulated depreciation and impairment loss.  

 

The Group's vessels are mortgaged to the bank to obtain term loan facility (note 10).

 

 

3.      Cash and cash equivalents

        

Cash and cash equivalents consist of cash on hand and with banks as follows:

 


Group

Group


2015

2014


USD

USD

Cash on hand

3,888

7,099

Cash at bank

690,277

306,649

Balance per Statement of Financial Position

694,165

313,748

Balance as per Statement of Cash Flows

694,165

313,748

 

        

4.      Taxation on profit from ordinary activities

 


Note

2015

2014



USD

USD





Balance at the beginning of year


525,492

700,740

Add: Current year provision

19

-

-

Add:(Over)/Under-provision in prior year

19

-

(121,957)

Less: Translation difference


(33,770)

(24,670)



491,722

554,113

Less: Payments


(491,722)

(28,621)

Add: Tax refund


-

-

Balance at the end of year


-

525,492

 

The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17% (2014: 17%) to estimated chargeable income as a result of the following differences:

 




2015

2014




USD

USD

Profit/(loss) for the year


1,711,584

(80,946)

Total income tax income


(405,028)

(67,921)

Profit/(loss) before tax


1,306,556

(148,867)






Income tax expenses at statutory rate


222,114

(25,307)

Translation differences


-

-

Non-deductible items


47,658

177,180

Non-taxable items


(555,356)

(108,965)

Effect on utilisation of tax losses


(46,494)

-

Effect utilisation of capital allowance


(132,617)

(210,004)

Effect on partial tax exemption


-

-

Effect on tax incentives


(819)

(3,886)

Under/(over) provision in prior year


-

(121,958)

Current year losses for which no deferred





 tax asset was recognised


60,486

225,019

Total income tax income


(405,028)

(67,921)

 

 

5.      Term Loan           

        



Group



2015


2014


USD


USD

Within one year

705,000


705,000





Due within 2 to 5 years

301,562


1,006,562

Due after 5 years

-


-


301,562


1,006,562


1,006,562


1,711,562

Term loans




- Secured

1,006,562


1,711,562

- Unsecured

-


-


1,006,562


1,711,562

 

(i)      The term loans are secured by:

         -  A first priority legal mortgage on the Group's vessels (note 5);

         -  An assignment of all rights, earnings and benefits of the vessel (on a notification basis) in a form acceptable to the bank;

         -  The assignment of insurance policies covering Hull and Machinery, War Risks, Mortgagee Interest and Protection and Indemnity in respect of the vessel, in a form acceptable to the bank;      

         -  Joint and several guarantee from the Company's directors; and

         -  Corporate guarantee from the holding company and certain subsidiaries.

 

(ii)      The loans are repayable in 60 monthly installments from the date of last draw down after the completed vessel has been delivered.   Effective interest varies from 1.90% to 1.98% (2014: 1.90% to 1.92% per annum). Interests are charged and paid monthly.

 

 

6.      Deferred Tax

 


Note

2015

2014



USD

USD

Deferred tax liabilities:




Opening balance


1,476,853

1,623,238

Translation difference


-

-

Temporary differences movement

19

(405,028)

(146,385)

Closing balance


1,071,825

1,476,853





Deferred tax assets:




Opening balance


-

200,421

Translation difference


-

-

Temporary differences movement

19

-

(200,421)

Closing balance


-

-

 

 

Deferred tax liability refers to the difference between the net book value of the vessels and their tax written down values. Deferred tax asset relates to excess capital allowances claimed for the vessels and has been recognised to the extent that it is probable that the unused capital allowances claimed will be subsequently utilised.  

.  

 

7.      Earnings per share

        

The calculation of basic earnings per share and diluted earnings per share at 31 December 2015 was based on the profit attributable to ordinary shareholders of USD2,287,852 (2014: USD 216,087 loss) and a weighted average number of ordinary shares, calculated as follows:

 


2015


2014


No. of shares


No. of shares





Issued ordinary shares at beginning of the year

30,000,010


30,000,010

Weighted number of shares issued during the year

-


-

Weighted average number of ordinary shares




 in issue during the year

30,000,010


30,000,010

 

 

         Basic profit/ (loss) per share             : USD 0.076      2014: USD (0.007)

         Diluted profit/(loss) per share             : USD 0.076      2014: USD (0.007)

 

 

8.      Share capital

           


Group and Company


2014


2013


USD


USD

Fully paid ordinary shares with no par value:




Balance at beginning of year

        

30,000,010


    30,000,010

Issued during year

                 -  


                -  

Balance at end of year

30,000,010


30,000,010





Number of shares

30,000,010


30,000,010

 

The Company had 30,000,010 ordinary shares in issue as at 31 December 2015

(2014: 30,000,010).

 

(a)  The Companies Act Chapter 50 of Singapore abolished the concept of authorized share capital and the Company is not constrained by an authorized share capital in the memorandum of association of the Company.

 

(b)  The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.  All shares rank equally with regard to the Company's residual assets.

 

               At 31 December 2015, the Company has no Share Option Scheme.

 

 

9.      Segmental reporting

 

For management purposes, the Group is organised into operating segments based on the type of customers served and has three segments plus a non-core activity which is being done on an ad-hoc basis as follows:

 

(a)     Regional tankers: Yujin's customers are manufacturers and traders of chemicals, including bitumen and vegetable oils, mainly palm oils. Yujin provides logistics support to these customers by transporting their products mainly within the Asia Pacific region.

 

(b)     Ship management and other related activities: The Group, through its ship management company JR Orion Services Pte. Ltd, provides crew and technical management as well as ancillary services to ship owners.

 

(c)     Bunker trade: Yujin is allocated an amount of bunker fuel by suppliers for its own use. Yujin occasionally sells off any excess over its own requirements. This non-core activity is being done at the request of customers on ad hoc basis.  

.  


Revenue


Operating profit


2015

2014


2015

2014

External customers

USD '000

USD '000


USD '000

USD '000







Regional tankers

6,814

5,778


1,607

559

Ship management and other income

2,253

1,464


1,333

(667)

Continuing operations

9,067

7,242


2,940

(108)

Bunker trade (non core activity)

-

-


-

-


9,067

7,242


2,940

(108)

        

Property, plant and equipment (In USD ' 000)






At cost



1-Jan-15

Additions

Disposals

Adjustments

Revaluation

31-Dec-14








Bunker tankers

-

-

-

-

-

-

Regional tankers

11,500

385

-

(890)

(2,366)

8,629

Ship management and others

145

-

(3)


-

142

Total

11,645

385

(3)

(890)

(2,366)

8,771









Accumulated depreciation



1-Jan-15

Additions

Disposals

Adjustments

Impairment loss

31-Dec-2015








Bunker tankers

-

-

-

-

-

-

Regional tankers

-

890

-

(890)

1,029

1,029

Ship management and others

116

16

(2)

1

-

131

Total

116

906

(2)

(889)

1,029

1,160









Net book value



1-Jan-15

Additions

Disposals

Adjustments

Revaluation

31-Dec-15








Bunker tankers

-

-

-

-

-

-

Regional tankers

11,500

(505)

-

-

(3,395)

7,600

Ship management and others

29

(16)

(1)

(1)

-

11

Total

11,529

(521)

(1)

(1)

(3,395)

7,611

 

Property, plant and equipment (In USD ' 000)





 


At cost


 


1-Jan-14

Additions

Disposals

Adjustments

Revaluation

31-Dec-14








 

Bunker tankers

-

-

-

-

-

-

 

Regional tankers

11,200

-

-

(1,069)

1,369

11,500

 

Ship management and others

192

2

(49)


-

145

 

Total

11,392

2

(49)

(1,069)

1,369

11,645

 








 


Accumulated depreciation


 


1-Jan-14

Additions

Disposals

Adjustments

Impairment loss

31-Dec-14

 








 

Bunker tankers

-

-

-

-

-

-

 

Regional tankers

-

1,069

-

(1,069)

-

-

 

Ship management and others

143

20

(47)


-

116

 

Total

143

1,089

(47)

(1,069)

-

116

 








 


Net book value


 


1-Jan-14

Additions

Disposals

Adjustments

Revaluation

31-Dec-14

 








 

Bunker tankers

-

-

-

-

-

-

 

Regional tankers

11,200

(1,069)

-

-

1,369

11,500

 

Ship management and others

49

(18)

(2)

-

-

29

 

Total

11,249

(1,087)

(2)

-

1,369

11,529

 

 

 

10.     Availability of this announcement

 

Copies of this announcement will be available from the Company's registered office, at 400 Orchard Road, #20-05 Orchard Towers, Singapore 238875 and on the Company's website, www.yujininternational.com. The Report & Accounts for the year ended 31 December 2015 have been posted to shareholders.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR AKCDBKBKDNQB

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Market: AIM
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