Water Tower Research LLC (“WTR”), a wholly owned subsidiary of alphaDIRECT Group LLC, is an issuer-sponsored equity research firm, not a licensed broker, broker-dealer, market maker, investment bank, or underwriter. The articles, research reports and interviews (the “Sponsored Materials”) are published solely for informational purpose and are not to be construed as offers to sell or the solicitation of an offer to buy any security in any jurisdiction. The content on this website is not a complete analysis of every material fact regarding any company, industry or security.

WTR relies upon the “publishers’ exclusion” from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, WTR does not offer or provide personal advice. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. 

A fee of up to $15,000/month has been paid for the issuer-sponsored material on this website (the “Sponsored Materials”), by WTR’s client (the “Company”). 

Additionally, WTR’s affiliate may receive compensation from covered Companies for non-report-related services, which may include charges for presenting at investor conferences that WTR’s affiliate sponsors, management webcasts, strategic advisory, investor relations services, and performing certain other ancillary services. The Companies WTR covers in its research reports are not required to purchase or use non-report products or services WTR’s affiliates provides to clients.  WTR or its affiliate will likely seek incremental additional compensation from its clients to provide for separate strategic consulting and investor advisory services and/or additional research related services, as the case may be. 

The Sponsored Materials are not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in the Sponsored Materials should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. WTR makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness of the Sponsored Materials.

In addition, WTR assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided. Furthermore, WTR assumes no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within the Sponsored Materials. WTR may distribute its reports through other organizations or companies.