The Friendly Bear

Short Research

Terms of Service

These Terms of Service govern current reports and any older reports of Friendly Bear Research which you may view or download from the Friendly Bear Research or SeekingAlpha.com website.

By downloading from or viewing material on this website, you agree to the following Terms of Service. You agree that use of the research on this website is at your own risk. In no event will you hold Friendly Bear or any affiliated party, including officers, directors, employees and agents of Friendly Bear or any companies affiliated with them, liable for any direct or indirect losses caused by any your use of information on this site. You further agree to do your own research and due diligence before making any investment decision with respect to securities covered herein. You represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion on this site. You further agree that you will not communicate the contents of reports and other materials on this site to any other person unless that person has agreed to be bound by these same terms of service. If you download or receive the contents of reports or other materials on this site as an agent for any other person, you are binding your principal to these same Terms of Service.

You should assume that as of the publication date of reports and research, Friendly Bear and possibly any companies affiliated with them and their members, partners, employees, consultants, clients and/or investors (the “Friendly Bear Affiliates”) have a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds of companies covered in such reports and research. They therefore stand to realize significant gains in the event that the prices of either equity or debt securities of the subject companies decline. Friendly Bear and the Friendly Bear Affiliates intend to continue transactions in the securities of issuers covered on this site for an indefinite period after his first report on a subject company, and they may be short, neutral, or long at any time hereafter regardless of initial position and the views stated in Friendly Bear’s research. Friendly Bear will not update any report or information on this website to reflect such positions or changes in such positions.

This is not an offer to sell or a solicitation of an offer to buy any security, nor shall Friendly Bear offer, sell or buy any security to or from any person through this site or reports on this site. Friendly Bear and the Friendly Bear Affiliates do not render investment advice to anyone unless he/she/it has an investment adviser-client relationship with that person evidenced in writing. You understand and agree that Friendly Bear does not have any investment advisory relationship with you or fiduciary duties to you. Giving investment advice requires knowledge of your financial situation, investment objectives, and risk tolerance, and Friendly Bear has no such knowledge about you.

If you are in the United Kingdom, you confirm that you are accessing research and materials as or on behalf of: (a) an investment professional falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”); or (b) high net worth entity falling within Article 49 of the FPO. Friendly Bear’s research and reports express their opinions, which are based upon generally available information, field and online research, and inferences and deductions through due diligence and the analytical process. To the best of their ability and belief, all information contained in their reports is accurate and reliable, and has been obtained from public sources they believe to be accurate and reliable, and they have not obtained information from persons who are insiders or connected persons of the stock covered or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. However, such information is presented “as is,” without warranty of any kind, whether express or implied. Friendly Bear makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information or with regard to the results to be obtained from its use. Further, any report on this site contains a very large measure of analysis and opinion. All expressions of opinion and conclusions are subject to change without notice, and Friendly Bear does not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them.

You agree that the expressions of information on this website are copyrighted and owned by Friendly Bear, and you therefore agree not to distribute this report or any excerpts from it (whether the downloaded file, copies / images / reproductions, or the link to these files) in any manner other than by providing the following link: www.friendlybearresearch.com. If you have obtained Friendly Bear’s research in any manner other than by downloading from that link, you may not read such research without going to that link and agreeing to the Terms of Service. You further agree that any dispute between you and Friendly Bear and their affiliates arising from or related to the material on his website shall be governed by the laws of the State of California, without regard to any conflict of law provisions. You knowingly and independently agree to submit to the personal and exclusive jurisdiction of the state and federal courts located in California and waive your right to any other jurisdiction or applicable law. The failure of Friendly Bear to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of this right or provision. If any provision of these Terms of Service is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision and rule that the other provisions of these Terms of Service remain in full force and effect, in particular as to this governing law and jurisdiction provision. You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to this website or the material on this website must be filed within one (1) year after such claim or cause of action arose or be forever barred.