Caseridge Capital Corporation

Caseridge TechSys DealBook May 25, 2010

Caseridge Capital Corporation

1 First Canadian Place,

100 King Street West, Suite 5700
Toronto, Ontario M5X 1C7
T 416-915-4142 F 416-915-3177

www.caseridge.com

TECHNOLOGY & SPECIAL SITUATIONS REVIEW: MAY 25, 2010

 Caseridge Capital Corporation
Caseridge TechSys DealBook May 25, 2010

Contents
PERFORMANCE UPDATE: CASERIDGE TOP PICKS LIST 2010: .................................................................... 2
CASERIDGE TOP PICKS LIST 2010 ..................................................................................................................................................... 2
THE CASERIDGE TECHSYS DEALBOOK NETWORK.................................................................................... 3
CASERIDGE TECHSYS INDEX COMPONENT SUMMARY AS AT MAY 21, 2010 ........................................................................................................... 4
M ARKET S ENTIMENT C ASERIDGE T ECH S YS U NIVERSE ......................................................................................................... 5
BULLISH SENTIMENT IN THE CASERIDGE TECHSYS INDEX DECLINED TO 18% OF THE COMPANIES IN OUR 250 COMPANY INDEX – THE LOWEST LEVEL SINCE
MARCH 2009. .......................................................................................................................................................................................................... 5
CASERIDGE GMM TRACKING AND GP GROWTH TRENDS ............................................................................................................. 6
THE GROSS MARGIN MULTIPLE (IN PURPLE) (“GMM”) DECLINED FROM 1.28 TO 1.22 IN THE PREVIOUS WEEK AS REPORTED GROSS PROFIT RESULTS CONTINUE
TO DISAPPOINT. THE NQA GMM, WHICH IS BASED ON ANALYST CONSENSUS ESTIMATES FOR GROSS PROFITS IN THE “NEXT QUARTER”, DECLINED TO 1.11
FROM 1.13 IN THE PREVIOUS WEEK .......................................................................................................................................................................... 6

CASERIDGE CANADIAN TECHSYS CAPITAL MARKET SUMMARY (LAST 3 MONTHS) ............................ 7

WEEKLY EVENTS CALENDAR FOR THE WEEK ENDING MAY 28, 2010 ..................................................... 10
MDC PARTNERS INC. (TSX:MDZ.A) .................................................................................................................................................................... 10
LAB RESEARCH, INC. (TSX:LRI) .......................................................................................................................................................................... 10
JITE TECHNOLOGIES INC. (TSXV:JTI) ................................................................................................................................................................. 10
RADIANT COMMUNICATIONS CORP. (TSXV:RCN) ................................................................................................................................................ 10
HOSTED DATA TRANSACTION SOLUTIONS INC. (TSX:HDX) ................................................................................................................................. 10
HAMMOND POWER SOLUTIONS INC. (TSX:HPS.A) .............................................................................................................................................. 10
POINTS INTERNATIONAL LTD. (TSX:PTS) ............................................................................................................................................................. 10
CYBERPLEX INC. (TSX:CX) .................................................................................................................................................................................. 10
BRIDGEWATER SYSTEMS CORPORATION (TSX:BWC) ......................................................................................................................................... 10
H. PAULIN & CO. LTD. (TSX:PAP.A).................................................................................................................................................................... 10
MCVICAR INDUSTRIES INC. (TSXV:MCV) ............................................................................................................................................................ 10
EXFO INC (TSX:EXF).......................................................................................................................................................................................... 10
PNI DIGITAL MEDIA INC. (TSXV:PN) .................................................................................................................................................................... 10
MAXIM POWER CORP. (TSX:MXG) ...................................................................................................................................................................... 10
STANTEC INC. (TSX:STN) .................................................................................................................................................................................... 10
SIERRA W IRELESS INC. (TSX:SW) ....................................................................................................................................................................... 10
BELZBERG TECHNOLOGIES INC. (TSX:BLZ) ......................................................................................................................................................... 10
RADIANT COMMUNICATIONS CORP. (TSXV:RCN) ................................................................................................................................................ 10
May 25, 2010

W I-LAN INC. (TSX:WIN) ....................................................................................................................................................................................... 10

SIR ROYALTY INCOME FUND (TSX:SRV.UN) ....................................................................................................................................................... 10
GENIVAR INCOME FUND (TSX:GNV.UN) .......................................................................................................................................................... 10
TEKMIRA PHARMACEUTICALS CORP. (TSX:TKM) ................................................................................................................................................. 10
RUGGEDCOM INC. (TSX:RCM) ............................................................................................................................................................................ 10
SXC HEALTH SOLUTIONS, CORP. (TSX:SXC) ..................................................................................................................................................... 10
DRAGONW AVE INC. (TSX:DWI) ........................................................................................................................................................................... 10
Caseridge TechSys DealBook

BV! MEDIA INC. (TSXV:BVM) .............................................................................................................................................................................. 10

GENIVAR INCOME FUND (TSX:GNV.UN) .......................................................................................................................................................... 10
MAXIM POWER CORP. (TSX:MXG) ...................................................................................................................................................................... 10
ZARLINK SEMICONDUCTOR INC. (TSX:ZL) ............................................................................................................................................................ 10
IROC ENERGY SERVICES CORP. (TSXV:ISC) ..................................................................................................................................................... 10
ZARLINK SEMICONDUCTOR INC. (TSX:ZL) ............................................................................................................................................................ 10
UNIQUE BROADBAND SYSTEMS INC. (TSXV:UBS) ............................................................................................................................................... 10
GUESTLOGIX INC. (TSX:GXI) ............................................................................................................................................................................... 10
OSI GEOSPATIAL INC. (TSX:OSI) ........................................................................................................................................................................ 10
DDS W IRELESS INTERNATIONAL INC. (TSX:DD) .................................................................................................................................................. 10

Caseridge Capital Corporation 100 King Street West, Suite 5700, Toronto, M5X 1C7
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Performance Update: Caseridge Top Picks List 2010:
In the comprehensive list, the Caseridge Top Picks declined by 2.7% (on an equal weighted basis) and is
now down by 6.10% on a YTD basis. Street Analysts downgraded RCN, VCM, SW and IMP while
upgrading HEM and RNO. Our GMM Targets remain unchanged on the week.

Caseridge Top Picks List 2010

Recent “Consensus” % Change % Change

Company Name Ticker Price GMM Target Target** [1-Week] [YTD]
Icron Technologies Corp. † TSXV:IT $ 0.40 $1.00► NA 11.11 25.00
Serenic Corp. † TSXV:SER $ 0.39 $ 1.20► NA 10.00 (16.30)
Wireless Matrix Corp. † TSX:WRX $ 0.82 $ 1.50► $1.21► 2.50 (19.61)
Constellation Software Inc. TSX:CSU $ 42.00 $50.00► $45.41► 0.71 15.37
Enghouse Systems Ltd. † TSX:ESL $ 8.50 $14.00► $10.50► 0.00 (1.16)
$ 2.00► $2.00►
TSXV:RCN
Radiant Communications Corp. $ 0.90 0.00 (10.00)

www.caseridge.com
Miranda Technologies Inc. TSX:MT $ 4.70 $10.00► $6.07► (0.42) (12.41)
Descartes Systems Group Inc. † TSX:DSG $ 5.80 $7.50► $7.27► (0.99) (5.22)
RuggedCom Inc. TSX:RCM $ 19.55 $ 25.00► $ 23.48▼ (1.25) 9.97
20-20 Technologies Inc. TSX:TWT $ 2.95 $ 5.00► $3.36► (1.67) (3.28)
March Networks Corporation † TSX:MN $ 3.35 $ 9.00► $5.50► (1.69) (12.75)
Vecima Networks Inc. TSX:VCM $ 4.75 $7.50► $7.20▼ (2.06) (18.10)
Hemisphere GPS Inc. † TSX:HEM $ 0.82 $1.40► $1.40▲ (2.41) (4.71)
Vector Aerospace Corporation TSX:RNO $ 6.06 $10.00► $9.50▲ (2.83) 1.15
Sierra Wireless Inc. † TSX:SW $ 7.65 $15.00► $11.74▼ (3.16) (28.80)
C-Com Satellite Systems Inc. TSXV:CMI $ 0.32 $0.70 ► NA (3.33) (10.77)
MOSAID Technologies Inc. † TSX:MSD $ 19.12 $ 35.00► $27.20► (3.84) 18.22
Computer Modelling Group Ltd. TSX:CMG $ 17.65 $20.00► $18.43► (3.87) 3.31

F: 416-915-3177
Absolute Software Corporation† TSX:ABT $ 4.09 $ 7.00► $ 6.05► (3.98) (21.90)
EXFO Inc. † TSX:EXF $ 5.29 $9.00► $7.01► (4.59) 34.24
Carmanah Technologies Corp. † TSX:CMH $ 0.62 $1.00► $1.14► (4.76) (27.71)
CriticalControl Solutions Corp. † TSX:CCZ $ 0.61 $ 1.50► $1.30► (6.15) (25.61)
Wi-Lan Inc. TSX:WIN $ 2.91 $3.00► $4.61► (6.52) 14.45
Intermap Technologies Corp. † TSX:IMP $ 0.99 $2.50► $2.10▼ (6.96) (41.21)
Glentel Inc. † TSX:GLN $ 14.75 $25.00► 19.33► (7.24) 12.76
BIOREM Inc. TSXV:BRM $ 0.64 $2.00► NA (8.57) 20.75
Cangene Corp. † TSX:CNJ $ 3.90 $7.00► $7.31► (9.37) (29.80)
Aastra Technologies Ltd. † TSX:AAH $ 21.14 $50.00► $36.71► (13.95) (36.80)

P: 416-915-4142
AVERAGE (2.69%) (6.10%)
UR Under
*As of previous week’s stock market close NA = Not Any Review ** ACQUIRED
† Indicates that Caseridge employees or members of their family own or beneficially control shares in the specified companies.
These consensus target prices are based on the target prices of a sample of analysts that we track and we do not necessarily track all of the analysts in the coverage universe

On a value weighted basis the Top Picks are down by 9.97% over the last month versus a loss of 8.59% for
the full TechSys universe. The SPX declined by 1.55% while the Russell 2000 gave back 3.93% on the
month. The Caseridge TechSys Top Picks and the Caseridge TechSys Universe are up by 36% and 48%
Caseridge Capital Corporation |

over the last twelve months:

Market View Last Month Return (%) Relative Performance LTM Return (%) Relative Performance
vs. the Top Picks
Caseridge 2010 Top Picks (9.97) NA 35.58 NA
Canadian TechSys Universe (8.59) +1.38% 47.93 +12.35%
BENCHMARKS
S&P/TSX Composite Index (1.55) +8.42% 21.99 -13.59%
Russell 2000 Index (3.93) +6.04% 44.37 +8.79%

adamou@caseridge.com P: 416-915-4142 F: 416-915-3177 2

 The Caseridge TechSys DealBook Network

Caseridge has expanded the TechSys DealBook via the Caseridge TechSys DealBook
Network on LinkedIn. Since going “live” the Caseridge TechSys DealBook Network has grown to one of
the largest targeted network of industry professionals in Canada. If you are looking for connections with
those that are connected, this is the perfect venue for you.

Caseridge is also active on twitter with real time updates on changes to the
market, news releases and changes in target recommendations. You can follow our feed on twitter at
http://twitter.com/caseridge.
May 25, 2010
Caseridge TechSys DealBook

Caseridge Capital Corporation 100 King Street West, Suite 5700, Toronto, M5X 1C7
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Caseridge TechSys Index Component Summary as at May 21, 2010
Caseridge TechSys Universe Summary of Component Companies

Companies in Universe: 250

(Equal Weighted) Figures are LTM on a Rolling Basis (except as noted)
Avg. Market Cap: $137,587 ▼ (3.91%)
Average Date of the Trailing Financials February 5, 2010 ▲(18 days)
Avg. Cash: 25,061▲ (1.96%)
Avg. Debt: 50,316 ▲ (9.04%)
Avg. Enterprise Value: 161,770▼ (1.16%)
Avg. Revenue: 122,570 ▲ (0.13%)
Avg. Gross Profit 39,849 ▲ (0.52%)
Avg. Cash Flow: 7,290▲ (0.68%)
Gross Margin %: 44.64% ▲ (1.64%)

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Gross Profit Growth Rate 1.79% ▲ (54.4%)
VALUATION
EV/Revenue 1.74▼
EV/Gross Profit 4.15▼
Gross Margin Multiple (LQA) 1.24▼
Price/Cash Flow: 13.17▼
Notes: 1 All figures are based on value weighted averages, excluding the high/low
outliers.
2 Percentages and Multiples are based on the averages of the individual
components and not on the averages of the global numbers.
3 Note that the universe is not static and changes over time.

F: 416-915-3177
4 “Cash Flow” is CGBO before working capital changes.
5 Individual GMM figures are capped at 3X for the purposes of calculating the
global GMM.
6 All dollar figures are in Canadian dollars and in thousands.

P: 416-915-4142
Caseridge Capital Corporation |

adamou@caseridge.com P: 416-915-4142 F: 416-915-3177 4

 M ARKET S ENTIMENT C ASERIDGE T ECH S YS U NIVERSE

58%
57% 57%
55%

50%
52% 50% 52%
50%
49%

46%
47%
43%

38% 38% 40% 38%

36%
35%
34%
33% 36%
31% 30%
29%

17%
18%
17%
15%

14% 13%
May 25, 2010

11% 11% 11%

9%
10%
7%
Caseridge TechSys DealBook

Bullish sentiment in the Caseridge TechSys Index declined to 18% of the companies in our 250 company
Index – the lowest level since March 2009. Neutral sentiment was flat at 52% as investors remain on the
sidelines. Bearish sentiment popped 30%, once again the highest level since March 2009. The 24-week dashed
trend lines show an increasing level of Bearish sentiment combined with declining Bullish and flat Neutral levels.

Caseridge Capital Corporation 100 King Street West, Suite 5700, Toronto, M5X 1C7
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Caseridge GMM Tracking and GP Growth Trends

0.15 1.40

1.31 1.31
1.28

1.26
1.26 1.29 1.24
1.20
1.24 1.20
1.22 1.23
0.1 1.14

1.13
1.11
1.10 1.13
1.02 1.08

www.caseridge.com
1.05 1.00
1.04
0.96
0.99
0.05
5.44%
3.89%

3.82%
0.80

F: 416-915-3177
0.60

-3.17% -3.11%

-0.05
-5.66%
LQA/LTM
0.40

-6.43% NQA GMM

P: 416-915-4142
-7.85% GMM
-8.08%
-0.1
0.20

Caseridge Capital Corporation |

-0.15 0.00

The Gross Margin Multiple (in purple) (“GMM”) declined from 1.28 to 1.22 in the previous week as reported gross profit
results continue to disappoint. The NQA GMM, which is based on analyst consensus estimates for gross profits in the “next
quarter”, declined to 1.11 from 1.13 in the previous week. The annualized Gross Profit Growth rate (in yellow) remains
negative at -3.11%. This indicator is based on a “run rate” measured as LQA gross profits / LTM gross profits. This implies an
annualized decline in gross profits of about 13% per year vs. an implied growth rate of about 15% priced in to the market
(according to our model). We remain very cautious and remain nervous about the negative gross profit growth rate.

adamou@caseridge.com P: 416-915-4142 F: 416-915-3177 6

 Caseridge Canadian TechSys Capital Market Summary (Last 3 Months)
Recent Transaction Statistics
Announced Deals by Sector in the Past Year (LTM) Announced Transactions by Region in the Past Year
(LTM)

Merger/Acquisition Transactions (Last 3 Months)

Announced Size
Date Closed Date Target Buyer/Investors ($mm)
May-20-2010 - Big Stick Media Corporation (TSXV:BSM) 3.88
May-18-2010 - Tsavo Media, Inc. Cyberplex Inc. (TSX:CX) 75.33
May-17-2010 May-17-2010 Zarlink Semiconductor Inc., Optical Products Tyco Electronics, Ltd. (NYSE:TEL) 15.00
Group Assets
May-13-2010 - Matrikon Inc. (TSX:MTK) Honeywell International Inc. (NYSE:HON) 138.98
May-13-2010 May-13-2010 Q Group PLC Lingo Media Corporation (TSXV:LM) 0.61
May-12-2010 May-12-2010 Bombay Stock Exchange Limited Urbana Corp. (TSX:URB) 2.72
May-7-2010 - CCS-Adplus, LLC MDC Partners Inc. (TSX:MDZ.A) -
May-6-2010 May-6-2010 Integrated Media Solutions, LLC MDC Partners Inc. (TSX:MDZ.A) 32.67
May-6-2010 - Stanley, Inc. (NYSE:SXE) CGI Group, Inc. (TSX:GIB.A) 1,078.67
May-5-2010 - Mood Media S.A. Fluid Music Canada, Inc. (TSX:FMN) 205.91
May-4-2010 May-4-2010 Allison & Partners MDC Partners Inc. (TSX:MDZ.A) -
May-3-2010 May-3-2010 BEARDEN Engineering Consultants Ltd. and GENIVAR Income Fund (TSX:GNV.UN) -
Beaubien Glover Maskell Engineering
May-3-2010 May-13-2010 Botanutric de Mexico SA de CV, Certain Assets Immunotec Inc. (TSXV:IMM) 0.70
May-3-2010 - Chicago Board Options Exchange, Inc. Urbana Corp. (TSX:URB) 2.43
Apr-30-2010 Apr-30-2010 BioMS Medical Corp. (TSX:MS) -
Apr-30-2010 - ExelTech Aerospace Inc., Hangar at 1200 Pitfield -
May 25, 2010

Boulevard, Ville Saint-Laurent

Apr-30-2010 Apr-30-2010 Exeltech Canada Inc. Pemco World Air Services, Inc. 1.18
Apr-30-2010 Apr-30-2010 TetrES Consultants Inc. Stantec Inc. (TSX:STN) -
Apr-29-2010 Apr-29-2010 Mepu Oy Ag Growth International Inc. (TSX:AFN) 11.63
Apr-26-2010 - ACI ecotec Gmbh & Co. KG Day4 Energy Inc. (TSX:DFE) 7.56
Apr-26-2010 - Burntsand Inc. (TSX:BRT) Open Text Corp. (NasdaqGS:OTEX) 10.96
Apr-20-2010 Apr-20-2010 Imanet Descartes Systems Group Inc. (TSX:DSG) 6.01
Caseridge TechSys DealBook

Apr-15-2010 Apr-15-2010 Routes AstroEngineering Ltd. COM DEV International Ltd. (TSX:CDV) 1.50
Apr-15-2010 - Teledata Networks Ltd. Enablence Technologies Inc. (TSXV:ENA) 50.00
Apr-8-2010 - Sure-Gro Inc. Premier Tech Ltd. -
Apr-7-2010 Apr-7-2010 Phoenix Technologies Ltd., FailSafe and Freeze Absolute Software Corporation (TSX:ABT) 6.88
Anti-Theft Assets
Apr-1-2010 - AlarmForce Industries Inc. (TSX:AF) Investmentaktiengesellschaft für langfristige 13.09
Investoren TGV
Apr-1-2010 Apr-1-2010 Mettoni Limited Enghouse Systems Ltd. (TSX:ESL) 22.81
Mar-31-2010 Apr-16-2010 Aperto Networks, Inc. Tranzeo Wireless Technologies Inc. (TSX:TZT) -
Mar-31-2010 Mar-31-2010 Sloane & Company LLC MDC Partners Inc. (TSX:MDZ.A) -
Mar-26-2010 May-6-2010 Craig Wireless Systems Ltd., Canadian Spectrum Inukshuk Wireless Inc. 77.77
Assets

Caseridge Capital Corporation 100 King Street West, Suite 5700, Toronto, M5X 1C7
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Merger/Acquisition Transactions (Last 3 Months)
Announced Size
Date Closed Date Target Buyer/Investors ($mm)
Mar-26-2010 Mar-26-2010 ZT Plus Inc. BSST LLC -
Mar-25-2010 - sortimat Technology GmbH & Co. ATS Automation Tooling Systems Inc. 60.01
(TSX:ATA)
Mar-22-2010 Apr-7-2010 Haemacure Corp., Substantially All Assets Angiotech Pharmaceuticals Inc. (TSX:ANP) -
Mar-18-2010 Mar-18-2010 Via NET.WORKS USA Peer 1 Network Enterprises, Inc. (TSX:PIX) -
Mar-15-2010 Mar-15-2010 Beijing Advanced VideoInfo Technology Co., Ltd. Cantronic Systems, Inc. (TSXV:CTS) 0.53
Mar-12-2010 Mar-12-2010 NetHawk Oyj EXFO Inc (TSX:EXF) 62.74
Mar-9-2010 Apr-5-2010 Majetel Canada Inc. Prestige Telecom, Inc. (TSXV:PR) 2.93
Mar-5-2010 Mar-5-2010 Team Enterprises, Inc. MDC Partners Inc. (TSX:MDZ.A) 19.00
Mar-2-2010 - Actiontop Electronics (ShenZhen) Co., Ltd. Cantronic Systems, Inc. (TSXV:CTS) 3.66
Mar-2-2010 Mar-2-2010 Gladstone plc Constellation Software Inc. (TSX:CSU) 3.24
Mar-2-2010 May-11-2010 Gladstone plc Constellation Software Inc. (TSX:CSU) 13.45
Mar-2-2010 Mar-2-2010 Thompson Rosemount Group Inc. GENIVAR Income Fund (TSX:GNV.UN) -
Mar-1-2010 Mar-1-2010 GCCL Contracting Limited Aecon Group Inc. (TSX:ARE) 4.21

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Mar-1-2010 Mar-1-2010 Project Control Group Inc. Stantec Inc. (TSX:STN) -
Feb-25-2010 Mar-3-2010 Eli Lilly & Co., Rights to Series of Preclinical Transition Therapeutics Inc. (TSX:TTH) 1.00
Compounds
Feb-24-2010 Mar-3-2010 The Responsive Marketing Group Inc. Xentel DM Inc. (TSXV:XDM) 2.12
Feb-24-2010 Mar-3-2010 Xentel DM Inc. (TSXV:XDM) Argosy Partners Ltd.,Shotgun Fund II, 1.46
L.P.,Shotgun Fund III, L.P.

Private Placement Transactions (Last 3 Months)

Announced Size
Date Closed Date Target Buyer/Investors ($mm)
May-21-2010 - SmartCool Systems Inc. (TSXV:SSC) 0.47

F: 416-915-3177
May-18-2010 - Cyberplex Inc. (TSX:CX) 29.35
May-18-2010 May-18-2010 Medipattern Corporation (TSXV:MKI) 1.75
May-17-2010 May-17-2010 ARISE Technologies Corp. (TSX:APV) 1.79
May-10-2010 - MDC Partners Inc. (TSX:MDZ.A) 67.60
May-6-2010 May-18-2010 ProSep Inc. (TSX:PRP) Cycle Capital Fund I, LP,Cycle Capital 3.59
Management,Fondaction
May-6-2010 - Timminco Limited (TSX:TIM) AMG Advanced Metallurgical Group, N.V., 13.09
Investment Arm
May-5-2010 May-10-2010 Fluid Music Canada, Inc. (TSX:FMN) 58.45
Apr-29-2010 - Angelini Labopharm Angelini Group,Labopharm Inc. (TSX:DDS) 28.00

P: 416-915-4142
Apr-29-2010 - Critical Outcome Technologies Inc. (TSXV:COT) 3.48
Apr-27-2010 - Zoommed Inc. (TSXV:ZMD) 2.66
Apr-26-2010 Apr-26-2010 Wavefront Technology Solutions Inc. 21.91
(TSXV:WEE)
Apr-26-2010 - Zaio Corp. (TSXV:ZAO) 2.50
Apr-21-2010 Apr-21-2010 Healthscreen Solutions Inc. (TSXV:MDU) 1.30
Apr-7-2010 Apr-16-2010 Radiant Communications Corp. (TSXV:RCN) Maxam Capital Corp.,Maxam Opportunities Fund 4.14
(International) Limited Partnership,Maxam
Opportunities Fund Limited Partnership,Pender
Caseridge Capital Corporation |

Growth Fund (VCC) Inc.,PenderFund Capital

Management Ltd.
Apr-6-2010 Apr-21-2010 Nightingale Informatix Corporation (TSXV:NGH) 3.32
Apr-5-2010 - Mint Technology Corp. (TSXV:MIT) 0.75
Mar-31-2010 - Hosted Data Transaction Solutions Inc. 9.83
(TSX:HDX)
Mar-24-2010 Apr-1-2010 Webtech Wireless Inc. (TSX:WEW) 0.50
Mar-22-2010 - Extenway Solutions Inc. (TSXV:EY) 7.85
Mar-18-2010 Mar-31-2010 GLV, Inc. (TSX:GLV.A) Societe Generale de Financement du Quebec 42.86
Mar-17-2010 Apr-12-2010 Yangaroo Inc (TSXV:YOO) 0.82
Mar-16-2010 Mar-16-2010 Pharmaplan (Pty) Ltd. Paladin Labs Inc. (TSX:PLB) -
Mar-10-2010 Mar-17-2010 QHR Technologies Inc. (TSXV:QHR) 1.03

adamou@caseridge.com P: 416-915-4142 F: 416-915-3177 8

 Private Placement Transactions (Last 3 Months)
Announced Size
Date Closed Date Target Buyer/Investors ($mm)
Mar-8-2010 Mar-8-2010 Mint Technology Corp. (TSXV:MIT) Cristomel Inc.,Glocap Management, Inc. 0.63
Mar-3-2010 Mar-3-2010 SpePharm Holding B.V. Paladin Labs Inc. (TSX:PLB) 5.49
Feb-26-2010 Feb-26-2010 Route1 Inc. (TSXV:ROI) 1.80

Buyback Transactions (Last 3 Months)

Closed Size
Announced Date Date Target ($mm)
May-13-2010 - Airboss of America Corp. (TSX:BOS) -
May-13-2010 - Omni-Lite Industries Canada Inc. (TSXV:OML) -
Apr-19-2010 - Chartwell Technology Inc. (TSX:CWH) -
Apr-15-2010 - PNI Digital Media Inc. (TSXV:PN) -
Apr-13-2010 - Peer 1 Network Enterprises, Inc. (TSX:PIX) -
Apr-9-2010 - Enghouse Systems Ltd. (TSX:ESL) -
Mar-31-2010 - Cyberplex Inc. (TSX:CX) -
Mar-22-2010 - Pason Systems Inc. (TSX:PSI) -
Mar-19-2010 - Computer Modelling Group Ltd. (TSX:CMG) -
Mar-15-2010 - DragonWave Inc. (TSX:DWI) -
Mar-5-2010 - Clarke Inc. (TSX:CKI) -
Mar-5-2010 - Zedi, Inc. (TSXV:ZED) -
Mar-3-2010 - Mediagrif Interactive Technologies Inc. (TSX:MDF) -
Mar-1-2010 - Paladin Labs Inc. (TSX:PLB) -

Note: Canceled transactions are not included in the results. Market View constituent companies that are listed as the seller company are included in the
results.
May 25, 2010
Caseridge TechSys DealBook

Caseridge Capital Corporation 100 King Street West, Suite 5700, Toronto, M5X 1C7
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Weekly Events Calendar for the Week ending May 28, 2010
Date/Time Company Name / Subject Event
May-24-2010 2:50 PM MDC Partners Inc. (TSX:MDZ.A) Conference Presentation Call
May-25-2010 10:00 AM LAB Research, Inc. (TSX:LRI) Annual General Meeting
May-25-2010 11:00 AM JITE Technologies Inc. (TSXV:JTI) Annual General Meeting
May-25-2010 12:00 PM Radiant Communications Corp. (TSXV:RCN) Expected Earnings Release Date
May-25-2010 2:00 PM Hosted Data Transaction Solutions Inc. (TSX:HDX) Annual General Meeting
May-25-2010 3:00 PM Hammond Power Solutions Inc. (TSX:HPS.A) Annual General Meeting
May-25-2010 5:00 PM Points International Ltd. (TSX:PTS) Conference Presentation Call
May-26-2010 Cyberplex Inc. (TSX:CX) Annual General Meeting
May-26-2010 9:00 AM Bridgewater Systems Corporation (TSX:BWC) Shareholder/Analyst Call
May-26-2010 9:00 AM Bridgewater Systems Corporation (TSX:BWC) Annual General Meeting
May-26-2010 11:00 AM H. Paulin & Co. Ltd. (TSX:PAP.A) Annual General Meeting
May-26-2010 11:00 AM McVicar Industries Inc. (TSXV:MCV) Annual General Meeting

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May-26-2010 11:30 AM EXFO Inc (TSX:EXF) Conference Presentation Call
May-26-2010 11:30 AM PNI Digital Media Inc. (TSXV:PN) Conference Presentation Call
May-26-2010 12:00 PM Maxim Power Corp. (TSX:MXG) Earnings Call
May-26-2010 1:30 PM Stantec Inc. (TSX:STN) Conference Presentation Call
May-26-2010 1:45 PM Sierra Wireless Inc. (TSX:SW) Conference Presentation Call
May-26-2010 2:00 PM Belzberg Technologies Inc. (TSX:BLZ) Annual General Meeting
May-26-2010 2:00 PM Radiant Communications Corp. (TSXV:RCN) Earnings Call
May-26-2010 2:30 PM Wi-Lan Inc. (TSX:WIN) Conference Presentation Call
May-26-2010 4:00 PM Sir Royalty Income Fund (TSX:SRV.UN) Annual General Meeting
May-26-2010 4:30 PM GENIVAR Income Fund (TSX:GNV.UN) Conference Presentation Call

F: 416-915-3177
May-27-2010 Tekmira Pharmaceuticals Corp. (TSX:TKM) Expected Earnings Release Date
May-27-2010 8:30 AM RuggedCom Inc. (TSX:RCM) Earnings Call
May-27-2010 9:00 AM RuggedCom Inc. (TSX:RCM) Expected Earnings Release Date
May-27-2010 9:00 AM SXC Health Solutions, Corp. (TSX:SXC) Conference Presentation Call
May-27-2010 9:45 AM DragonWave Inc. (TSX:DWI) Conference Presentation Call
May-27-2010 10:00 AM BV! Media Inc. (TSXV:BVM) Annual General Meeting
May-27-2010 10:00 AM GENIVAR Income Fund (TSX:GNV.UN) Annual General Meeting
May-27-2010 11:00 AM Maxim Power Corp. (TSX:MXG) Annual General Meeting

P: 416-915-4142
May-27-2010 4:00 PM Zarlink Semiconductor Inc. (TSX:ZL) Expected Earnings Release Date
May-27-2010 4:30 PM IROC Energy Services Corp. (TSXV:ISC) Annual General Meeting
May-27-2010 5:00 PM Zarlink Semiconductor Inc. (TSX:ZL) Earnings Call
May-28-2010 Unique Broadband Systems Inc. (TSXV:UBS) Special/Extraordinary Shareholders Meeting
May-28-2010 10:00 AM GuestLogix Inc. (TSX:GXI) Annual General Meeting
May-28-2010 10:00 AM OSI Geospatial Inc. (TSX:OSI) Annual General Meeting
May-28-2010 5:30 PM DDS Wireless International Inc. (TSX:DD) Annual General Meeting
Caseridge Capital Corporation |

adamou@caseridge.com P: 416-915-4142 F: 416-915-3177 10

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Note that the opinions in this report are solely those of the author. The information in this report is gathered from various information
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report.
May 25, 2010
Caseridge TechSys DealBook

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