Bristol examines various financial considerations affecting the value of an existing operation and its prospects and arrives at an estimation of fair value for a given entity. Various methodologies are utilized including market valuation, break-up valuation and discounted cash flow analysis. Valuations may be required in conjunction with raising capital, as part of representing an acquisition candidate or acquiror when an exchange of securities are involved, or in a fairness opinion for shareholders of a publicly-held company.

The services that Bristol provides as part of rendering a fairness opinion typically involve completing an extensive due diligence process regarding your company. The due diligence process that Bristol undertakes includes:

• collecting historical company financial statement information and legal documents;
  
• reviewing the economic and industry environment;
  
• analyzing and adjusting your company's historical financial statements;
  
• comparing its financial performance to industry peers;
  
• analyzing prospective financial statements;
  
• identifying and selecting appropriate valuation approaches (market approach, income approach, and/or asset-based approach);
  
• performing the selected valuation methods (e.g., comparable transactions, discounted cash flow, adjusted net assets, etc.);
  
• preparing a value conclusion; and
• preparing a fairness opinion letter.

Additionally, Bristol would deliver a presentation to the Independent Director Committee, during which we would (1) present the valuation methods used to appraise the company, and (2) explain the fairness opinion being rendered.

We look forward to hearing from you.

Alan P. Donenfeld
President
Bristol Investment Group, Inc.
110 East 59th Street. 29th fl.
New York, NY 10022
Tel: (212) 593-3157
Fax: (212) 202-5022
Email: