TapSlide Inc.

Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

11/13/08

TSLI daily

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Phone: (778) 552-4267

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Website: www.tapslide.com MARKET DATA

Symbol TSLI Exchanges OTCBB Current Price $0.35 Price Target $1.55 Rating Speculative Buy Outstanding Shares 43.52 Million Market Cap. $15.23 Million Average 50-day Volume 68,448 Source: Yahoo Finance, Analyst Estimates

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TapSlide Inc. 8731 Cambie Road Richmond, BC V6X 1K2 Canada

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Company Introduction TapSlide Inc. (TSLI) provides private labeled mobile applications and games and publishing services applications. The Company is building complete mobile technology solutions for the next generation of touch screen mobile phones and is emerging as a leading publisher of iPhone, Android and Symbian mobile applications.

The Company employs industry-leading mobile application developers with in-depth technical knowledge of touch-screen application development and a design team skilled in creating applications for advertising and promotions. TSLI’s mobile applications are characterized by ease-of-navigation, user-friendly interfaces and suitability for multiple user groups.

The Company’s technology experts provide mobile application development, custom mobile and mobile game development for all major platforms. TSLI’s senior executives have provided white-label technology solutions for Fortune 1000 companies such as HP, Dell, Tmobile, Sprint, Verizon, iRobot, Nokia, Samsung, Archos, Volvo, Mini Cooper, Thule and Nalgene and promotional campaigns for Maxim Magazine, Blender Magazine, Tiger Beat & Bop Magazines, Sobe Beverages, Americas Top Model TV Show, Best Buy, RadioShack and Blockbuster.

TapSlide Inc. (OTCBB: TSLI)

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Investment Highlights Robust smartphone market outlook Apple has sold more than more than 10 million iPhones in the first nine months of 2008, according to market research firm NPD Group. Since Apple began offering downloadable applications for the iPhone in July 2008, more than 3,000 applications have been created, resulting in more than 100 million downloads in just 60 days1 . The most popular downloads are games, online shopping, music and weather. As of October 11, there were 4,093 applications (974 free, 3,119 paid) and about 700 games available through the App Store. Analysts expect the Apple App Store to host at least 10,000 applications by year-end 2008.

Explosive growth in shipments of touch screen smartphones has created a strong opportunity for TSLI others to create new channels for distributing and monetizing brands through mobile applications and content. IPhone are changing mobile consumer behavior. Statistics indicate that 85% of iPhone owners use their smartphones to browse the Internet for news, 74% download and play music, and 70% download and play games.

Business model tapping opportunities in the touch screen smartphone market TSLI builds branded mobile applications for Apple iPhone, Google Android, and Symbian platforms and is becoming a world leader in publishing iPhone, Android and Symbian mobile applications. The Company’s mobile application developers work with a design team specializing in advertising and promotions campaigns. TSLI’s games and mobile applications are characterized by ease-of-navigation, user-friendly interfaces and suitability for multiple user groups.

TSLI is one of a handful of licensed Apple mobile applications software developers TSLI’s mobile applications are built using Apple and Google Android software development kits and are sold through Apple App Store and Google’s Android Market. The Company is one of only a few licensed Apple mobile applications software developers and uniquely positioned to benefit from growing smartphone shipments.

Through the iPhone Developer program, TSLI has access to technical resources and support from Apple and a complete, integrated process for developing, debugging and distributing applications for iPhones, iPod Touch and the new iPhone 3G. An innovative mobile marketing solution TSLI has developed a Mobile Promotion Program - MOPON™ that integrates mobile advertising, value-added services, and mobile electronic commerce into a turnkey mobile marketing solution that delivers mobile promotions to users. Through this program,

1. www.brandrepublic.com/News/847845/Google-enters-mobile-market-iPhoneval/

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

brands can extend the reach of their marketing and advertising campaigns by offering “free” or paid mobile applications to customers in exchange for captured market data.

Multiple revenue streams To leverage its growing portfolio of games and software, TSLI plans to offer a subscription-based service for iPhone, Google and Symbian phone customers. For a monthly fee of around $10, mobile customers will have access to unlimited game and software downloads.

TSLI also plans to generate revenues by making “Widgets” for touch screen phone companies, contracting with Fortune 1000 companies for exclusive licensing agreements, and providing mobile marketing services and products for international brands.

Management leadership TSLI’s founder and CEO Mike Stemple has identified business opportunities developing software applications for the new generation of touch screen smartphones. Mr. Stemple has a proven record of guiding start-up companies to profitability. His prior experience building business relationships with Fortune 1000 companies helped TSLI secure one of the first Apple mobile applications and software developer licenses.

During his career, Mr. Stemple has negotiated licenses and joint ventures with an impressive list of organizations and companies, including the NCAA, the NBA, the NHL, Star Wars, The Simpsons, Apple, HP, the U.S military, iRobot and Dell, among others.

Partnerships with leaders in business mobility space TSLI has partnered with leaders in enterprise-level mobility, as well as with businesses contributing exceptional domain expertise in key horizontal and vertical markets. TSLI is licensing and partnering with industry leaders from the advertising, outdoor recreation, food/restaurant, music, sports and entertainment segments.

The Company is a member of all the leading mobile development associations, including Apple Developer Connection, The Open Handset Alliance, Symbian Developer Network, Nokia Developer Program, Motorola Developer Network and others.

TapSlide Inc. (OTCBB: TSLI)

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Business Model The Company is building branded mobile applications/games for the Apple iPhone, Google Android and Symbian platforms, and is developing complete mobile marketing solutions for its clients. Rapidly expanding sales of touch screen smartphones creates an opportunity for the Company to generate revenues by distributing and monetizing brands for customers through mobile applications and content.

TSLI’s mobile applications are built using Apple and Google Android software development kits and sold through the Apple App Store and Google’s Android Market. Through the iPhone Developer program, TSLI has access to Apple engineering expertise and a complete, integrated process for developing, debugging, and distributing applications for the iPhone, iPod Touch and iPhone 3G. The Company supports the full software development cycle from system analysis to development, through device installation, carrier testing, hosting and maintenance of the mobile applications. TSLI also offers development services to transform customer brands into “widgets” that consumers can download to their computer desktop or social networking pages. These services allow customers to present their brand and content across multiple mediums such as mobile, desktop and social networking sites.

TSLI has developed a Mobile Promotion Program - MOPON™ - that integrates mobile advertising, value-added services, and mobile electronic commerce into a turnkey mobile marketing solution that delivers mobile promotions to users. Through this program, companies can extend the reach of their marketing and advertising campaigns by offering “free” or low-cost mobile application downloads in exchange for customer marketing data.

In addition, TSLI plans to develop new mobile applications and games that will be published by the Company directly or private labeled for use by one of its advertising/brand partners. Because of the numerous applications it has created for and with its advertising/brand partners, TSLI has deep distribution channels and the ability to plug third-party applications into its publishing system.

Strategy The Company attracts users by developing engaging content specifically designed for the new technologies incorporated in touch screen mobile phones. By leveraging the marketing resources and distribution infrastructure of its content partners, TSLI is able to focus more resources on developing and publishing high-quality mobile applications/game.

The Company’s goal is to become a leading publisher of iPhone, Android and Symbian mobile applications.

Touch screen technology is likely to become mainstream and leave few consumer electronics devices untouched, and TSLI is uniquely positioned to capitalize on growing demand for new mobile applications in this rapidly expanding niche.

TapSlide Inc. (OTCBB: TSLI)

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Services The Company offers a variety of customized application development services to its clients.

Mobile software development TSLI’s iPhone application developers deliver a premium iPhone experience by integrating their applications with the phone’s native features. Some of these applications include: • • • • • • •

Multimedia applications; Games / entertainment applications; Web applications; Corporate business applications; E-commerce applications; Utility applications; and Others.

Web application development The Company creates Web 2.0 applications that look and behave identically to the applications built into the iPhone or Android, and also provide seamless integration with other services such as phone and email. These applications are built to Web 2.0 standards and deployed through the iPhone’s revolutionary Safari mobile Web browser.

Mobile-specific web sites TSLI offers mobile-specific Web sites which extend the reach of its partners’ brands and attract new online customers. By hosting, managing and supporting branded content portals, the Company opens an entirely new channel for brands which can be used to generate additional sales revenues without any staffing costs. The mobile-specific Web sites may be integrated with current e-Commerce systems or operated as stand-alone modules. The mobilespecific Web site accepts payment through major credit cards, PayPal and prepaid PIN cards.

Prepaid cards The prepaid cards are intended for impulse, gift or credit-challenged purchases. The cards may be used through the MOPONTM application and the mobile-specific Web sites and can be purchased at participating store locations and redeemed for mobile phone content.

The Mobile Application Vending Machine™ The Mobile Application Vending Machine is a self-contained countertop or freestanding kiosk where retailers can download digital content and services to mobile phones. The Mobile Application Vending Machine is delivered as a self-contained unit, requiring only electricity and an Internet connection to be operational. It accepts payment through cash, major credit cards and the prepaid PIN cards. It can be programmed for free downloads of MOPON mobile applications at the point of sale.

TapSlide Inc. (OTCBB: TSLI)

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Mobile Applications Development Partnerships The Company has partnered with market leaders in the enterprise mobility space and partners who can contribute exceptional domain expertise in key horizontal and vertical markets. TSLI is licensing and partnering with industry leaders for the creation of mobile applications in advertising, outdoor recreation, food/restaurant, music, sports and entertainment.

TSLI is a member of the following mobile development associations: Apple Developer Connection Apple Developer Connection members gain access to technical resources and support from Apple engineers and assistance in designing, developing and deploying the latest Apple technologies.

Google Android Developer - The Open Handset Alliance A multinational alliance of technology and mobile industry leaders, the Open Handset Alliance fosters innovations in mobile devices and bringing new mobile experiences to consumers. The first product of the Alliance was the Google Android, a truly open and comprehensive platform for mobile devices. Through Android, developers, wireless operators and handset manufacturers are able to bring new products to market faster and at a much lower cost.

Symbian Developer Network Symbian is a software licensing company that develops and licenses Symbian OS, the market-leading open operating system for advanced, data-enabled mobile phones known as smartphones. Symbian licenses Symbian OS to leading handset manufacturers and has built close cooperative business relationships with leading companies across the mobile industry. More than 165 million Symbian smartphones have been shipped.

Nokia Developer Program Forum Nokia Launchpad is Nokia’s mobile development resource for developers. The program gives member companies access to Nokia’s developer platform technologies and accelerate mobile application development.

Motorola Developer Network Motorola’s developer network is designed to make it easier and faster to create and deliver new technology solutions. Through MOTODEV, developers have access to everything needed to develop Motorola -compatible products, from handsets to set-tops.

Sony Ericsson Developer Program Sony Ericsson Developer World provides technical support and resources to its key partners.

AT&T Developer Program AT&T`s DevCentral program facilitates wireless application development.

TapSlide Inc. (OTCBB: TSLI)

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Industry Outlook Mobile applications segment The mobile applications market is enriched by a steady flow of new gaming and media applications. This market is extremely fragmented. Small third-party application developers are emerging that focus on specific business activities. Successfully developing and implementing a new mobile application requires expertise in mobile devices, data carriage, and system integration and the services of device manufacturers, software developers, network carriers and professional services firms. All of these players must work together to seamlessly align new devices and their capabilities with business processes.

According to Compass Intelligence, U.S. businesses are likely to spend around $3.8 billion on mobile applications in 2008. That includes spending on productivity tools, enterprise custom-coded wireless packages, resource planning tools, e-mail and security applications. Government and professional services businesses will be the top spenders, accounting for 59% of U.S. spending on mobile applications this year. Compass also predicted doubledigit annual growth for business mobile applications ranging between 20% and 37% through 2011.

Mobile gaming According to iSuppli Corp, the global market for mobile phone premium content, which includes music, gaming and video, is expected to expand 42.5% annually to more than $43 billion in 2010 from $5.2 billion in 20042.

Video games in their original format on PCs or consoles have become a mainstream source of entertainment while portable consoles have laid the groundwork for gaming on mobile devices. Worldwide mobile gaming revenues are forecast to increase 16.1% to $4.5 billion in 2008 from $3.9 billion in 2007, according to Gartner Inc. Gartner also predicts 10.2% compound annual growth in mobile gaming revenues between 2007 and 2011, and worldwide end-user spending reaching $6.3 billion in 2011. Historically, Asia has been the largest market in terms of mobile gaming revenues with over 37% market share in 2007, but Screen Digest predicts North America will become the largest market by 2009. The North American market is projected to grow from $845 million currently to approximately $1.2 billion in 2011.

Mobile Gaming Revenue, $ billions

Source: www.gartner.com/it/page.jsp?id=706407

2. www.cellular-news.com/story/16425.php

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

iPhone and other touch screens devices may revolutionize the mobile gaming market. The Screen Digest report discusses the impact touch screen handsets may have on mobile gaming from the perspective of both games developers and mobile users. Retail sales figures indicate that 10 million applications were downloaded from the Apple online store in the three days following the iPhone 3G launch on July 11. Screen Digest expects the iPhone to be the main growth driver for the North American market next year3.

Smart mobile device market With the ongoing development of new Internet services such as YouTube, Facebook, MySpace, Google Maps, Skype, Chat and Gmail, the future of mobile computing rests with devices that are truly portable and always connected. According to ABI Research, the market for mobile Internet devices such as ultra-mobile PCs (UMPCs) and netbooks will expand 167% annually over the next five years. ABI expects mobile device sales to increase from $3.5 billion in 2008 to nearly $27 billion in 20134.

Smartphones represented around 10% of the global mobile phone market by units in 2007, with annual growth rates approaching 60%. Historically, the Asia Pacific region has been the largest market in terms of converged device shipments5. The North American market also grew quickly with shipments doubling to 20.9 million units in 2007 from 10.3 million units in 2006.

Around 118 million smartphones were sold worldwide in 2007. Nokia shipped more than 60 million of the total 118 million, and represented just over half of the market. BlackBerry’s Research In Motion (RIM) was in second place with 12 million units sold6. In the first half of 2008, global smart phone sales to end-users rose 22% yearover-year to 64 million units. Despite a soft economy, global shipments of smart phones hit a new peak of just under 40 million units in the third quarter of 2008, according to research firm Canalys. The introduction of the iPhone 3G in July and Apple’s expansion into new markets propelled this vendor to second place globally in this year’s third quarter. IPhone sales exceeded sales of all the Microsoft-based smart phones combined.

The top five smart phone manufacturers behind Nokia and Apple were BlackBerry (15% share) and HTC and Motorola (5.8% of the market each). With T-Mobile’s G1 launched in October 2008 and shipping to the U.S. and UK markets, Android sales will be reflected in fourth quarter smart phone shipments. Smart phones are expected to represent around 13% of the total mobile phone market by year end 2008, up from 11% in the second quarter of this year7. Smartphone sales are expected to increase 72% year-over-year and some experts predict 200 million smartphones will be sold in 2008.

Ranked by OS provider, Symbian was the leader by a wide margin in 2007 with 68% market share. Windows Mobile was in second place, ahead of Linux-based smartphones. RIM had an 11% share and the newly introduced iPhone had a 3% share. One year later, Symbian’s share has declined to 46% while Apple has captured 17% of the market thanks to the 3G iPhone. RIM was in third place with 15% share despite 80% year-over-year sales growth. Windows CE is widely deployed in Asia and enjoys great popularity because of low barrier to entry for third-party developers; it had a 14% market share. Symbian is expected to remain on top in 2009 but its lead will be challenged by Apple and other smart phone operating systems.

3. www.fiercewireless.com/press-releases/iphone-breathes-new-life-mobile-gaming-market-london 4. www.computerweekly.com/Articles/2008/10/13/232636/ultra-mobile-device-market-set-for-rapid-evolution.htm 5. http://ce.tekrati.com/research/10050/ 6. www.allaboutsymbian.com/news/item/6671_The_State_of_the_Smartphone_Ma.php 7. www.canalys.com/pr/2008/r2008112.htm

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Operating Systems Used in Smartphones, Q3 2008

Smart phone market share, Q3 2008

Source: www.canalys.com/pr/2008/r2008112.htm

iPhone focus With the introduction of iPhone 3G, Apple has surpassed its goal of selling more than 10 million iPhones in 2008. iPhone 3G was the top-selling smartphone in the U.S. from June through August of this year, capturing 24% of the market, according to NPD Group. The iPhone 3G Report indicates that 30% of U.S. consumers who purchased the iPhone 3G between June and August 2008 switched from other mobile carriers to join AT&T, the exclusive U.S. iPhone mobile carrier.

iPhone OS Cumulative Units (in millions)

Source:www.eweek.com/c/a/Mobile-and-Wireless/Did-We-Mention-the-Apple-iPhone-Market-Opportunity-Is-Big

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Since Apple began offering downloadable applications for the iPhone, more than 3,000 applications has been created and 100 million downloads have been done in just 60 days8. Games, online shopping, music and weather are the most popular downloads. As of October 11, there were 4,093 applications (974 free, 3,119 paid) and 700 games in the App Store. By year-end 2008, the Apple App Store will likely host at least 10,000 applications.

The iPhone is changing consumer behavior. Statistics show that 85% of iPhone owners use their smartphone to browse the Internet for news, 74% download and play music and 70% download and play games. iPhone Utilization (% of U.S. mobile subscribers)

Source: www.eweek.com/c/a/Mobile-and-Wireless/Did-We-Mention-the-Apple-iPhone-Market-Opportunity-Is-Big/

Financial Outlook TSLI is emerging as an important developer of mobile phone applications and plans to generate revenues from developing and commercializing new mobile applications for the latest touch screen phones, including the Apple iPhone. The Company is capitalizing on expanding sales of touch screen smartphones and provides a new channel for distributing and monetizing brands through mobile applications and content.

The increasing adoption of the Apple iPhone 3G and rising downloads of mobile applications suggests the enormous revenue potential of TSLI’s applications development business. The Company also plans to provide mobile applications for Google’s Android and new Nokia and Samsung touch screen smartphones.

TSLI may also offer a subscription-based service for iPhone, Google and Symbian phone customers. We expect the Company to charge a $10 monthly fee for unlimited game and software downloads. TSLI is favorably positioned as one of only a few licensed Apple mobile applications software developers and one of the first companies to benefit from rising smartphone shipments.

In addition to its software and games subscription model, TSLI plans to generate revenues by making “widgets” for touch screen phone companies, contracting with Fortune 1000 companies for exclusive licensing agreements and providing mobile marketing services and products for international brands.

8. www.brandrepublic.com/News/847845/Google-enters-mobile-market-iPhone-rival/

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

The Company’s revenue growth will be directly impacted by sales of Apple’s iPhone and other touch screen smartphones. During the first nine months of 2008, Apple sold more than 13 million iPhones, exceeding its original 2008 goal of 10 million iPhone sold. Analysts expect Apple to report approximately 18 million iPhones sold in 2008 and at least 27 million units sold in 2009.

Our 2009 revenue forecast for TSLI are based on the following assumptions: • A market of 30 million touch screen smartphones in 2009; • A revenue subscription model with a $10 monthly fee.

Market penetration and revenue forecast Projected Market Share

Number of subscriptions, Million

Gross subscription revenue, $ Million

5% 4% 3% 2% 1%

1.5 1.2 0.9 0.6 0.3

180 144 108 72 36

Source: Analyst estimates

Assuming 2% market share, TSLI could generate subscription revenues of $72 million in 2009. Going forward, we expect the Company to report strong revenue gains from an expanding base of touch screen smartphones and increasing market penetration.

We also expect the Company to issue additional equity to fund its development programs, which will increase share outstanding to approximately 70 million by year-end 2009.

Valuation The market TSLI serves is relatively new; as a result, there are no publicly traded peers with similar business models. For valuation purposes, we compared TSLI to companies that develop, publish and distribute interactive entertainment software for various game systems, including mobile phones. The peer group companies currently trade at a median 1.3 times forward Price/Sales multiple and 10.9 times forward Price/Earnings multiple.

We believe TSLI warrants an above average Price/Sales multiple due to its unique positioning in the ultra high growth smartphone marketplace.

TapSlide Inc. (OTCBB: TSLI)

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Company 11-Nov-08 THQ Inc. Take-Two Interactive Software SYBASE Inc. Citrix Systems Inc. Quest Software Inc. Lawson Software Inc.

Ticker

Stock Price

Mkt Cap

2008

THQI TTWO SY CTXS QSFT LWSN

4.51 12.1 25.33 24.28 13.22 4.55

307.8 939 2,010 4,410 1,400 741

Median

P/E

P/S

2009

2008

2009

n/m 5.71 12.48 15.18 13.49 13.00

8.20 8.83 11.67 12.32 12.13 10.11

0.32 0.61 1.78 2.72 1.95 0.87

0.29 0.66 1.70 2.32 1.79 0.82

13.00

10.89

1.32

1.26

Source: Reuters

We value the Company at a 1.5 times forward Price/Sales multiple and multiply this by our $72 million 2009 revenue forecast to obtain a $23.8 million market capitalization target. Assuming approximately 70 million fully diluted shares outstanding, we derive a $1.55 share price target. We are initiating coverage of TSLI with a Speculative Buy rating and a $1.55 price target. However, we strongly advise investors to consider the risk factors mentioned below since the Company faces many challenges in achieving our revenue target.

Risk Early development stage TSLI has a limited operating history. Efforts to-date focus on product research and development. While the Company is preparing to deploy its offering by year-end 2008, TSLI has yet to generate any revenues from sales.

The failure to successfully develop and commercialize its mobile applications could result in continued losses and the failure of its business.

Industry’s changing technology The industry in which the Company operates is subject to rapid technological changes, which may quickly render its services less desirable or even obsolete. The introduction of new technologies, as well as new alternatives for the delivery of services, could have a significant effect on competitive conditions. If TSLI is unsuccessful in responding to technological changes or evolving industry standards on a timely basis, the Company’s revenue and operating results could suffer.

Changes in customer preferences The Company’s success will depend on customer software preferences. It is difficult to predict which services consumers will prefer; however, the Company’s inability to accurately predict changing consumer preferences could adversely affect sales, operating results, profits, business or financial condition. Moreover, if the Company fails to adapt to changes in customer preferences, it may lose customers.

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Market competition The mobile application market is highly competitive. Many existing competitors have substantially greater financial, technical, marketing and distribution resources, larger customer bases, and longer operating and product development histories than TSLI. There can be no assurance that the Company can successfully compete against new products and technologies introduced by competitors.

Deterioration of the Company’s partnerships The Company’s revenue growth depends, in part, on adding new partners who can expand its sales channels and leveraging relationships with existing partners. If the Company’s relationships with resellers, strategic and technology partners and system integrators deteriorate or end, TSLI could lose significant sales and marketing opportunities. In addition, these relationships are subject to periodic renewal. Failure to renew or early termination of these relationships could adversely impact the Company’s business.

Additional financing required TSLI expects to generate sufficient revenues in the future to satisfy its operating needs. In the near-term, however, the Company will likely need to raise additional funds by issuing new debt and/or equity. Debt increases financial risks while equity sales cause dilution to existing shareholders. In addition, if TSLI is not able to raise sufficient funds, implementation of its business plan could stall.

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

Management Team Michael Stemple President and CEO

Mr. Stemple brings to TSLI more than 15 years of high-tech and entrepreneurial experience. Prior to joining TSLI, Mr. Stemple served as CEO of Trend Ventures Inc., a technology creator and incubator in Lakewood, Colorado. Mr. Stemple previously founded and served as president of SkinIt, Original Wraps, and Bottle Wraps Inc. where he formed the initial infrastructure; developed the products and manufacturing processes; oversaw the distribution of multiple products into automotive, consumer electronic, and outdoor retail/wholesale channels; established a management team; and raised the necessary venture capital. Mr. Stemples also served as founder, chairman and CEO of nReach Inc. which was purchased by SmartServ Inc., a leading provider of Mobile Virtual Network Operator infrastructure services and TRIPDA/ Nomad Labs Inc., a developer of wireless technologies for the retail market. Mr. Stemple graduated from Metropolitan State College with a degree in biology/chemistry and is a veteran of the United States Army Medical Corp.

Steven M. Grubner CFO/Chief Accounting Officer

Mr. Grubner joined the Company in August 2008. He also serves as CFO and COO for Mach One Corp., a public company that markets and sells colostrum replacement products for the dairy industry. From June 2004 to June 2006, Mr. Grubner served as CFO of GeneThera Inc., a publicly traded biotech company. Prior to joining GeneThera, Mr. Grubner was president of NVO Solutions Inc., a systems integrator. Mr. Grubner holds a Bachelor of Arts in economics from the University of Michigan and received a Juris Doctorate from the John Marshall Law School.

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Analyst: Victor Sula, Ph.D. Initial Report November 17th, 2008

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We are committed to providing factual information on the companies that are profiled. However, we do not provide any assurance as to the accuracy or completeness of the information provided, including information regarding a profiled company’s plans or ability to effect any planned or proposed actions. We have no first-hand knowledge of any profiled company’s operations and therefore cannot comment on their capabilities, intent, resources, nor experience and we make no attempt to do so. Statistical information, dollar amounts, and market size data was provided by the subject company and related sources which we believe to be reliable.

To the fullest extent of the law, we will not be liable to any person or entity for the quality, accuracy, completeness, reliability, or timeliness of the information provided in the report, or for any direct, indirect, consequential, incidental, special or punitive damages that may arise out of the use of information we provide to any person or entity (including, but not limited to, lost profits, loss of opportunities, trading losses, and damages that may result from any inaccuracy or incompleteness of this information).

We encourage you to invest carefully and read investment information available at the websites of the SEC at http://www.sec.gov and FINRA at http://www. finra.org.

All decisions are made solely by the analyst and independent of outside parties or influence.

I, Victor Sula, Ph.D, the author of this report, certify that the material and views presented herein represent my personal opinion regarding the content and securities included in this report. In no way has my opinion been influenced by outside parties, nor has my compensation been either directly or indirectly tied to the performance of any security listed. I certify that I do not currently own, nor will own and shares or securities in any of the companies featured in this report.

Victor Sula, Ph.D. - Senior Analyst Victor Sula, Ph.D. has held the position of Senior Analyst with several independent investment research firms since 2004. Prior to 2004, Mr. Sula held Senior Financial Consultant positions within the World Bank sponsored Agency for Restructuring and Enterprise Assistance and TACIS sponsored Center for Productivity and Competitiveness of Moldova, where he was involved in corporate reorganization and liquidation. He is also employed as Associate Professor at the Academy of Economic Studies of Moldova. Mr. Sula earned his Ph.D. degree in 2001 and bachelor’s degree in Finance in 1997 from the Academy of Economic Studies of Moldova. Mr. Sula is currently a level III candidate in the CFA program.

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