Caseridge Capital Corporation

Caseridge Capital Corporation
Caseridge TechSys DealBook March 9, 2010
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: MARCH 2, 2010

Caseridge TechSys DealBook March 9, 2010
Contents
CASERIDGE TECHSYS COMMENTARY.......................................................................................................... 3
THE CASERIDGE TECHSYS DEALBOOK NETWORK.................................................................................... 5
PERFORMANCE UPDATE: CASERIDGE TOP PICKS LIST 2010: .................................................................... 6
CASERIDGE TOP PICKS LIST 2010 ..................................................................................................................................................... 6
RECENT ANALYST ESTIMATE CHANGES (TOP PICKS LIST: 2010) .................................................................................................... 7
DOWNWARD REVISION ............................................................................................................................................................................................ 7
MOSAID TECHNOLOGIES INC. (TSX:MSD) ........................................................................................................................................................... 7
UPWARD REVISION .................................................................................................................................................................................................. 7
MOSAID TECHNOLOGIES INC. (TSX:MSD) ........................................................................................................................................................... 7
INITIATION OF COVERAGE ........................................................................................................................................................................................ 7
W I-LAN INC. (TSX:WIN) ......................................................................................................................................................................................... 7
HEMISPHERE GPS INC (TSX:HEM) ....................................................................................................................................................................... 7
UPWARD REVISION .................................................................................................................................................................................................. 7
HEMISPHERE GPS INC (TSX:HEM) ....................................................................................................................................................................... 7
INTERMAP TECHNOLOGIES CORP. (TSX:IMP) ........................................................................................................................................................ 7
MARCH NETWORKS CORPORATION (TSX:MN) ....................................................................................................................................................... 7
UPWARD REVISION .................................................................................................................................................................................................. 7
EXFO ELECTRO OPTICAL ENGINEERING INC. (TSX:EXF) ..................................................................................................................................... 7
MIRANDA TECHNOLOGIES INC. (TSX:MT) ............................................................................................................................................................... 7
UPWARD REVISION .................................................................................................................................................................................................. 7
CASERIDGE TECHSYS INDEX COMPONENT SUMMARY AS AT MARCH 5, 2010 ......................................................................................................... 8
M ARKET S ENTIMENT C ASERIDGE T ECH S YS U NIVERSE ......................................................................................................... 9
BULLISH SENTIMENT CONTINUED ITS DECLINE DROPPING TO 32%, THE LOWEST LEVEL SINCE MID-DECEMBER. ..................................................... 9
CASERIDGE GMM TRACKING AND GP GROWTH TRENDS ........................................................................................................... 10
March 9, 2010
THE GROSS MARGIN MULTIPLE (IN PURPLE) (“GMM”) STAYED FLAT AT 1.31 IN THE LAST WEEK. THE HIGH VALUE OF THIS MULTIPLE CONTINUES TO BE A
CONCERN. ............................................................................................................................................................................................................. 10
CASERIDGE CANADIAN TECHSYS CAPITAL MARKET SUMMARY (LAST 3 MONTHS) .......................... 11

WEEKLY EVENTS CALENDAR FOR THE WEEK ENDING MARCH 5, 2010.................................................. 14
BENNETT ENVIRONMENTAL INC. (TSX:BEV) ........................................................................................................................................................ 14
CANGENE CORP. (TSX:CNJ) ............................................................................................................................................................................... 14
ENGHOUSE SYSTEMS LTD. (TSX:ESL) ................................................................................................................................................................ 14
Caseridge TechSys DealBook
VECTOR AEROSPACE CORPORATION (TSX:RNO)................................................................................................................................................ 14

XENOS GROUP INC. (TSX:XNS) ........................................................................................................................................................................... 14
ARISE TECHNOLOGIES CORP. (TSX:APV).......................................................................................................................................................... 14
INSCAPE CORP. (TSX:INQ) ............................................................................................................................................................................... 14
STANTEC INC. (TSX:STN) .................................................................................................................................................................................... 14
SXC HEALTH SOLUTIONS, CORP. (TSX:SXC) ..................................................................................................................................................... 14
BRIDGEWATER SYSTEMS CORPORATION (TSX:BWC) ......................................................................................................................................... 14
TRANSITION THERAPEUTICS INC. (TSX:TTH) ....................................................................................................................................................... 14
MDC PARTNERS INC. (TSX:MDZ.A) .................................................................................................................................................................... 14
W ESTAIM CORP. (TSX:WED)............................................................................................................................................................................... 14
Caseridge Capital Corporation 100 King Street West, Suite 5700, Toronto, M5X 1C7
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ROCKY MOUNTAIN DEALERSHIPS, INC. (TSX:RME) ............................................................................................................................................. 14
LABOPHARM INC. (TSX:DDS) ............................................................................................................................................................................... 14
EASYHOME LTD. (TSX:EH) ................................................................................................................................................................................... 14
ENW AVE CORP. (TSXV:ENW) ............................................................................................................................................................................ 14
ROCKY MOUNTAIN DEALERSHIPS, INC. (TSX:RME) ............................................................................................................................................. 14
BALLARD POWER SYSTEMS INC. (TSX:BLD) ........................................................................................................................................................ 14
CARMANAH TECHNOLOGIES CORP. (TSX:CMH) .................................................................................................................................................. 14
DESCARTES SYSTEMS GROUP INC. (TSX:DSG) .................................................................................................................................................. 14
REDKNEE SOLUTIONS, INC. (TSX:RKN) ............................................................................................................................................................... 14
EASYHOME LTD. (TSX:EH) ................................................................................................................................................................................... 14
TOTAL ENERGY SERVICES INC. (TSX:TOT) ......................................................................................................................................................... 14
PNI DIGITAL MEDIA INC. (TSXV:PN) .................................................................................................................................................................... 14
HAMMOND POWER SOLUTIONS INC. (TSX:HPS.A) .............................................................................................................................................. 14
ACTIVE CONTROL TECHNOLOGY, INC. (TSXV:ACT) ............................................................................................................................................ 14
PETHEALTH INC. (TSX:PTZ) ................................................................................................................................................................................. 14
POINTS INTERNATIONAL LTD. (TSX:PTS) ............................................................................................................................................................. 14
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POINTS INTERNATIONAL LTD. (TSX:PTS) ............................................................................................................................................................. 14
SMTC CORP. (NASDAQGM:SMTX) ..................................................................................................................................................................... 14
W ATERFURNACE RENEWABLE ENERGY, INC. (TSX:WFI) .................................................................................................................................... 14
COM DEV INTERNATIONAL LTD. (TSX:CDV) ...................................................................................................................................................... 14
COM DEV INTERNATIONAL LTD. (TSX:CDV) ...................................................................................................................................................... 14
IW EB GROUP INC. (TSXV:IWB) ........................................................................................................................................................................... 14
NORSAT INTERNATIONAL INC. (TSX:NII) ............................................................................................................................................................... 15
PROSEP INC. (TSX:PRP) ..................................................................................................................................................................................... 15
PROSEP INC. (TSX:PRP) ..................................................................................................................................................................................... 15
AG GROWTH INTERNATIONAL INC. (TSX:AFN) ..................................................................................................................................................... 15
ZCL COMPOSITES INC. (TSX:ZCL) ...................................................................................................................................................................... 15
F: 416-915-3177
BALLARD POWER SYSTEMS INC. (TSX:BLD) ........................................................................................................................................................ 15
PETHEALTH INC. (TSX:PTZ) ................................................................................................................................................................................. 15
ZCL COMPOSITES INC. (TSX:ZCL) ...................................................................................................................................................................... 15
NORSAT INTERNATIONAL INC. (TSX:NII) ............................................................................................................................................................... 15
AG GROWTH INTERNATIONAL INC. (TSX:AFN) ..................................................................................................................................................... 15
W ATERFURNACE RENEWABLE ENERGY, INC. (TSX:WFI) .................................................................................................................................... 15
PULSE SEISMIC INC. (TSX:PSD) .......................................................................................................................................................................... 15
MCCOY CORP. (TSX:MCB) ................................................................................................................................................................................. 15
P: 416-915-4142
COMMERCIAL SOLUTIONS INC. (TSX:CSA) .......................................................................................................................................................... 15
MCCOY CORP. (TSX:MCB) ................................................................................................................................................................................. 15
Caseridge Capital Corporation |
adamou@caseridge.com P: 416-915-4142 F: 416-915-3177 2

Caseridge TechSys Commentary
How Research in Motion Did It:
I was fortunate enough to have a copy of Rod McQueen’s biographic account of the development of
Research In Motion, Blackberry: The Inside Story of Research in Motion delivered to me recently. I
congratulate McQueen on his diligence and his behind the scenes access. The events that conspired to
make RIM a success are well worth reading and I’m surprised that it took this long for a book on one of
the greatest Canadian success stories of all time to be published. Having read through the book the
bottom line is that this is a book that should be picked up and devoured by C-level executives in small
and medium sized technology companies across the country. It’s the kind of book that should be leafed
over, full of post-it notes, scribbles in the corners and bent over pages with notes in the margins once
your finished with it, at least if you take your success seriously. In fact, you should pick up a second and
third copy and hand them to some of your division heads as well.
Some of the initial reviews of the book have focused on what the book is not, and that’s unfortunate. This
is not a book for people looking for dirt or for scandles or who have other negative agendas. It is a story
about a bunch of guys who did what they needed to do to succeed, and they succeeded beyond
anybodies’ expectations, except perhaps their own. It focuses on the actions taken that eventually led to
their success and how they overcame their challenges. If you want to focus on the negative, this book is
not for you.
For small companies this book is important because it is the most accurate behind the scenes account of
the struggles that RIM faced at the early stages of development within the Canadian financing
environment. RIM raised money through founders shares, they raised money through the hiring process
(there’s a great story in the book about what happened to Jim Balsillie’s initial investment), they raised
money through their employees, they raised money from strategic partners, they borrowed against
working capital lines and against their mortgages – and all of this before they completed their first
venture round of financing. Their perserverence, and their “do what needs to be done” attitude, which
can be described fearless, should prove comforting and inspirational to every entrepreneur and CEO in
this country.
Second, this book highlights the hybrid nature of the Canadian venture capital industry; RIM is the
March 9, 2010
perfect example of the value that the public markets can bring to smart, prepared and persistant
entrepreneurs. Venture capitalists and portfolio managers should take note that the traditional rules of
venture capital were broken to accommodate RIM’s needs. RIM was just weeks away from a bank forced
shut down of their business through a liquidation of their inventory. They talked to traditional VC’s
about raising private equity without luck. They survived only because they landed in the hands of the
right investment banking boutique partnered with the right venture capitalist combined with a group of
public equity mutual funds and an adequate system of securities rules. I don’t believe that there was any
doubt that RIM was onto something at the time, unfortunately the traditional VCs were looking to the
deal – in particular they were looking to juice their returns by taking advantage of RIMs financial
difficulties by putting together complicated, and one sided, agreements. GMP and the group of investors
that took eventually took the leap into the RIM realized that there wasn’t going to be anything for any of
us if we allowed this opportunity to get away because of we didn’t negotiate a proper “put-call”
provision. In the end, I truly believe that it was the freedom to operate without fear that set the stage for
RIM’s initial success.
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Finally, RIM established a culture that was based on a very strong work ethic coupled with a hiring
practice that consisted of bringing on younger, highly intelligent people, giving them the space they
needed to find their own answers. Because of this, they were able to hire some of the best and smartest
people in the country even within a limited budget by selling them on the future of the company and the
payoff from their combined success. Thus was born “millionaires row”. They also stayed very active in
the community and on the college campuses while remaining trade associations, corporate activism and
industry events.
I can’t say enough about the importance of getting an inside look of this company. The book is a must
read. Pick it up.
We hope that you enjoy this weeks’ Caseridge TechSys DealBook.
www.caseridge.com
Adam E. Adamou
adamou@caseridge.com
F: 416-915-3177
P: 416-915-4142

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.
March 9, 2010
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Performance Update: Caseridge Top Picks List 2010:
In the comprehensive list, the Caseridge Top Picks was flat on the week gaining just 0.03% on an equal
weighted basis with a YTD gain of 6.14%. Street Analysts sharpened their pencils to downgrade their
targets on MN and MT. We revised our GMM target prices for ABT and IMP.
Caseridge Top Picks List 2010
Recent “Consensus” % Change [1-

Company Name Ticker Price GMM Target Target** Week % Change [YTD]
†
C-Com Satellite Systems Inc. TSXV:CMI $ 0.32 $0.70 ► NA 6.67 (1.54)
MOSAID Technologies Inc. TSX:MSD $ 23.28 $ 30.00► $25.95► 5.63 29.29
Hemisphere GPS Inc. † TSX:HEM $ 0.91 $1.40► $1.23► 4.60 7.06
Wi-Lan Inc. TSX:WIN $ 3.01 $3.00► $4.18► 4.51 14.45
Constellation Software Inc. TSX:CSU $ 41.70 $50.00► $38.24► 4.25 13.47
EXFO Inc. TSX:EXF $ 6.00 $8.00► $4.99► 3.81 48.88
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$ 1.20►
TSXV:SER NA
Serenic Corp. $ 0.40 2.56 (13.04)
Sierra Wireless Inc. † TSX:SW $ 8.68 $15.00► 11.68► 1.39 (21.47)
BIOREM Inc. TSXV:BRM $ 0.81 $2.00► NA 1.25 52.83
Glentel Inc. TSX:GLN $ 15.65 $25.00► 18.00► 1.23 16.79
Vecima Networks Inc. TSX:VCM $ 6.88 $7.00► $9.13► 1.18 18.62
Computer Modelling Group Ltd. † TSX:CMG $ 16.85 $20.00► $17.20► 0.60 12.03
RuggedCom Inc. TSX:RCM $ 20.71 $ 25.00► $ 23.51► 0.53 15.31
Cangene Corp. † TSX:CNJ $ 5.25 $9.00► $10.00► 0.00 2.94
Vector Aerospace Corporation TSX:RNO $ 6.34 $10.00► $8.68► 0.00 3.93
Aastra Technologies Ltd. † TSX:AAH $ 33.00 $50.00► $41.61► (0.24) (4.76)
March Networks Corporation † TSX:MN $ 3.88 $ 9.00► $5.63▼ (0.51) (3.00)
Icron Technologies Corp. TSXV:IT $ 0.42 $1.00► NA (1.18) 31.25
F: 416-915-3177
Carmanah Technologies Corp. † TSX:CMH $ 0.70 $1.20► $1.23► (1.41) (15.66)
Absolute Software Corporation† TSX:ABT $ 6.20 $ 7.00▲ $ 6.82► (1.74) 18.10
Miranda Technologies Inc. † TSX:MT $ 4.65 $10.00► $6.26▼ (1.90) (13.89)
Wireless Matrix Corp. † TSX:WRX $ 0.97 $ 2.00► $1.54► (2.02) (4.90)
Enghouse Systems Ltd. † TSX:ESL $ 7.93 $12.00► $8.00► (2.10) (7.79)
Descartes Systems Group Inc. † TSX:DSG $ 6.33 $7.50► $6.27► (3.06) 0.16
Intermap Technologies Corp. † TSX:IMP $ 1.55 $2.90▼ $4.18► (3.13) (14.84)
20-20 Technologies Inc. TSX:TWT $ 3.00 $ 5.00► $2.94► (6.25) (1.64)
CriticalControl Solutions Corp. † TSX:CCZ $ 0.75 $ 1.50► NA (6.25) (8.54)
Radiant Communications Corp. † TSXV:RCN $ 1.05 $ 3.00► $1.58► (8.70) 5.00
P: 416-915-4142
AVERAGE 0.03% 6.39%
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 gained 3.89% over the last month versus a gain of 4.54% for the
full TechSys universe and gains of about 1% to 2% for the broader benchmarks. The Caseridge TechSys
Top Picks and the Caseridge Techsys Universe are up by 108% and 126% ver the last twelve months:
Market View Last Month Return (%) Relative Performance LTM Return (%) Relative Performance
vs. the Top Picks
Caseridge 2010 Top Picks 3.89 NA 108.01 NA
BENCHMARKS
Canadian TechSys Universe 4.54 +0.65% 125.81 +17.80%
S&P/TSX Composite Index 1.27 -2.62% 56.97 -51.04%
Russell 2000 Index 2.08 -1.81% 90.59 -17.42%

Recent Analyst Estimate Changes (Top Picks List: 2010)
Recent Estimate Changes

Prior Current
Confirm Date Company Name Broker Data Point Period Consensus Consensus
Mar-04-2010 Downward MOSAID Technologies Inc. (TSX:MSD) Cormark Securities Revenue FQ4 18.93 18.33
Revision Inc. 2010
Mar-04-2010 Upward MOSAID Technologies Inc. (TSX:MSD) Cormark Securities Revenue FY 2010 69.30 69.44
Revision Inc.
Mar-03-2010 Downward MOSAID Technologies Inc. (TSX:MSD) CIBC World Markets Revenue FQ4 18.93 18.33
Revision Inc. 2010
Mar-03-2010 Downward MOSAID Technologies Inc. (TSX:MSD) CIBC World Markets Revenue FY 2010 69.30 69.44
Revision Inc.
Mar-03-2010 Upward MOSAID Technologies Inc. (TSX:MSD) BMO Capital Markets, Revenue FY 2010 69.30 69.44
Revision Canadian Equity
Research
Feb-28-2010 Initiation of Wi-Lan Inc. (TSX:WIN) CIBC World Markets Revenue FQ1 11.50 10.00
Coverage Inc. 2010
Feb-28-2010 Initiation of Wi-Lan Inc. (TSX:WIN) CIBC World Markets Revenue FY 2010 47.11 46.33
Coverage Inc.
Feb-26-2010 Downward Hemisphere GPS Inc (TSX:HEM) Paradigm Capital, Inc. Revenue FQ4 10.62 10.44
Revision 2009
Feb-26-2010 Downward Hemisphere GPS Inc (TSX:HEM) Paradigm Capital, Inc. Revenue FY 2009 52.01 51.84
Revision
Feb-26-2010 Upward Hemisphere GPS Inc (TSX:HEM) Fraser Mackenzie Revenue FQ4 10.62 10.44
Revision Limited 2009
Feb-26-2010 Downward Intermap Technologies Corp. (TSX:IMP) Canaccord Adams Revenue FY 2010 36.70 35.08
Revision
Feb-26-2010 Downward March Networks Corporation (TSX:MN) RBC Capital Markets Revenue FQ4 22.90 21.47
Revision 2010
Feb-26-2010 Downward March Networks Corporation (TSX:MN) RBC Capital Markets Revenue FY 2010 88.57 86.60
Revision
Feb-26-2010 Downward March Networks Corporation (TSX:MN) CIBC World Markets Revenue FQ4 22.90 21.47
Revision Inc. 2010
Feb-26-2010 Downward March Networks Corporation (TSX:MN) CIBC World Markets Revenue FY 2010 88.57 86.60
Revision Inc.
Feb-25-2010 Downward March Networks Corporation (TSX:MN) BMO Capital Markets, Revenue FQ4 22.90 21.47
Revision Canadian Equity 2010
Research
Feb-25-2010 Downward March Networks Corporation (TSX:MN) BMO Capital Markets, Revenue FY 2010 88.57 86.60
March 9, 2010
Revision Canadian Equity

Research
Feb-25-2010 Downward March Networks Corporation (TSX:MN) Salman Partners Inc. Revenue FY 2010 88.57 86.60
Revision
Feb-25-2010 Upward EXFO Electro Optical Engineering Inc. GMP Securities, Ltd. Revenue FQ2 49.66 49.84
Revision (TSX:EXF) 2010
Feb-25-2010 Upward EXFO Electro Optical Engineering Inc. GMP Securities, Ltd. Revenue FY 2010 198.07 199.42
Revision (TSX:EXF)
Feb-25-2010 Downward Miranda Technologies Inc. (TSX:MT) Genuity Capital Revenue FQ1 32.75 32.25
Revision Markets 2010
Feb-25-2010 Upward Miranda Technologies Inc. (TSX:MT) Genuity Capital Revenue FY 2010 141.68 141.79
Revision Markets
Feb-25-2010 Upward Miranda Technologies Inc. (TSX:MT) Scotia Capital Revenue FQ1 32.75 32.25
Revision 2010
Feb-25-2010 Upward Miranda Technologies Inc. (TSX:MT) Scotia Capital Revenue FY 2010 141.68 141.79
Revision
Feb-25-2010 Downward Miranda Technologies Inc. (TSX:MT) Cormark Securities Revenue FQ1 32.75 32.25
Revision Inc. 2010
Feb-25-2010 Downward Miranda Technologies Inc. (TSX:MT) Cormark Securities Revenue FY 2010 141.68 141.79
Revision Inc.
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Caseridge TechSys Index Component Summary as at March 5, 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: $141,272 ▲ (1.37%)
Average Date of the Trailing Financials October 25, 2009 ▲(4 days)
Avg. Cash: 22,941 ▲ (0.37%)
Avg. Debt: 44,915▼ (3.62%)
Avg. Enterprise Value: 161,951 ▲ (0.09%)
Avg. Revenue: 119,480 ▼ (0.23%)
Avg. Gross Profit 38,983 ▼ (0.33%)
Avg. Cash Flow: 3,891▲ (1.22%)
Gross Margin %: 44.17 ▼ (0.05%)
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Gross Profit Growth Rate 2.41% ▼ (10.26%)
VALUATION
EV/Revenue 1.86▲
EV/Gross Profit 4.26▲
Gross Margin Multiple (LQA) 1.31▼
Price/Cash Flow: 14.15▼
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

M ARKET S ENTIMENT C ASERIDGE T ECH S YS U NIVERSE
59%
58%
57% 57%
56% 55%
52% 50%
50%
50%
49%
48% 49%
43%
42%
38% 38% 40%

36%
35%
34%
33%
32%
31%
29%
20%
20%
18%
15%
March 9, 2010
14% 13%
11% 11% 11%
10% 9%
9% 10%
7%
1-Mar-09 1-Apr-09 1-May-09 1-Jun-09 1-Jul-09 1-Aug-09 1-Sep-09 1-Oct-09 1-Nov-09 1-Dec-09 1-Jan-10 1-Feb-10 1-Mar-10
Bullish sentiment continued its decline dropping to 32%, the lowest level since mid-December. Neutral
sentiment bumped up to 50% at the 24-week average while Bearish sentiment continues to grow hitting 18%, a
level last seen in March of 2009.
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Caseridge GMM Tracking and GP Growth Trends
0.1 1.4
0.08 1.31
7.19% 1.3
1.28
1.26
0.06 1.26
1.22
1.24
1.21 1.23
1.22
4.37% 4.53% 1.2
0.04
3.21%
1.14 1.13 3.05%
1.13
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1.12
0.02
1.10 1.1
1.09
1.06 1.08
0 1.05
1.02
0.99 1
0.98
-0.02 0.96 0.96
-2.64%
0.90
-3.17%
F: 416-915-3177
0.90 0.90 0.9
-0.04
0.87 -4.71%
LQA/LTM 0.88
-5.57% -5.66%
-0.06 GMM
0.8
-7.46%
NQA GMM
-0.08
-8.05%
P: 416-915-4142
0.7
-0.1 -10.09%
-0.12 0.6
The Gross Margin Multiple (in purple) (“GMM”) stayed flat at 1.31 in the last week. The high value of this multiple
continues to be a concern. The NQA GMM which is based on analyst consensus estimates for gross profits in the “next quarter”
increased to 1.09 from 1.08 last week. The annualized Gross Profit Growth rates (in yellow) continues to grow increasing to
3.21% as at an average date of the trailing financials of October 25, 2009 versus a loss of 3.17% as at September 25 th. This
indicator is based on a “run rate” measured as LQA gross profits / LTM gross profits. We are hopeful that greater gross profit
growth rates will lead to a decline in GMM multiples over the next month.

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)

Size
Announced Date Closed Date Target Buyer/Investors ($mm)
Mar-3-2010 Mar-3-2010 Eli Lilly & Co., Rights to Series of Transition Therapeutics Inc. (TSX:TTH) 1.00
Preclinical Compounds
Mar-2-2010 - Actiontop Electronics (ShenZhen) Co., Cantronic Systems, Inc. (TSXV:CTS) 3.71
Ltd.
Mar-2-2010 Mar-2-2010 Gladstone plc (AIM:GLD) Constellation Software Inc. (TSX:CSU) 3.24
Mar-2-2010 - Gladstone plc (AIM:GLD) 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
Feb-22-2010 - Nstein Technologies Inc. (TSXV:EIN) Open Text Corp. (NasdaqGS:OTEX) 33.04
Feb-12-2010 Feb-12-2010 Network Utility Services Prestige Telecom, Inc. (TSXV:PR) -
Feb-12-2010 Mar-2-2010 Roydale New Holland Inc. Rocky Mountain Dealerships, Inc. -
(TSX:RME)
Feb-11-2010 - Aastra Networks GmbH KEYMILE GmbH -
Feb-10-2010 - Agilent Technologies Inc., Network JDS Uniphase Corp. 165.00
Solutions Test Business (NasdaqGS:JDSU)
March 9, 2010
Feb-10-2010 Feb-10-2010 Feterl Manufacturing Corp. Buhler Industries Inc. (TSX:BUI) -

Feb-8-2010 - Ballard Power Systems Inc., Head Madison Pacific Properties Inc. 19.44
Office Building Site in Burnaby, British (TSX:MPC)
Columbia
Feb-3-2010 Feb-3-2010 Concord Elevator (London) Ltd. Savaria Corp. (TSX:SIS) 4.44
Feb-1-2010 Feb-1-2010 V. B. Cook Co. Limited GENIVAR Income Fund -
(TSX:GNV.UN)
Jan-29-2010 Jan-29-2010 Mint Inc. and Mint Capital Corp., and DirectCash Income Fund 0.70
Mint Shared Services Inc. (TSX:DCI.UN)
Jan-25-2010 - JEVCO Insurance Company Westaim Corp. (TSX:WED) 248.30
Jan-20-2010 - Posera, Inc. Hosted Data Transaction Solutions Inc. -
(TSX:HDX)
Jan-19-2010 - Overland Realty Limited (TSXV:OVL) Cominar REIT (TSX:CUF.UN) 70.91
Jan-18-2010 - Kansas City Board of Trade Clearing Urbana Corp. (TSX:URB) 0.31
Corporation
Jan-18-2010 Jan-18-2010 Minneapolis Grain Exchange Urbana Corp. (TSX:URB) 0.09
Jan-13-2010 Mar-5-2010 SIRIT Inc. (TSX:SI) Federal Signal Corp. (NYSE:FSS) 73.35
Jan-12-2010 - Kansas City Board of Trade Clearing Urbana Corp. (TSX:URB) 0.33
11l
Merger/Acquisition Transactions (Last 3 Months)
Size
Corporation
Jan-10-2010 - Norex Exploration Services Inc. Tesla Exploration Ltd. -
(TSX:NRX)
Jan-7-2010 Jan-7-2010 Vecima Networks Inc., Wireless 2.22
Spectrum Asset
Jan-4-2010 - Dualam Plastics Inc. ZCL Composites Inc. (TSX:ZCL) 25.51
Jan-1-2010 Jan-1-2010 Direct Sales Force Inc. Pareto Corp. (TSX:PTO) 5.51
Dec-21-2009 Dec-21-2009 Auto Fuel Cell Cooperation Corp. 41.95
Dec-18-2009 - AlarmForce Industries Inc. (TSX:AF) Callisto Capital (US) III LP,Callisto 10.52
Capital Fund III, L.P.,Callisto Capital LP
Dec-17-2009 Dec-22-2009 Carbon Capital Management Inc. HTC Purenergy Inc. (TSXV:HTC) 0.15
Dec-14-2009 - Porthus N.V. (ENXTBR:ALPTH) Descartes Systems Group Inc. 43.66
(TSX:DSG)
www.caseridge.com
Dec-8-2009 - Cash N Go Ltd. Hosted Data Transaction Solutions Inc. -
(TSX:HDX)
Dec-8-2009 - Communifx Corporation MDC Partners Inc. (TSX:MDZ.A) -
Dec-8-2009 Feb-1-2010 Xenos Group Inc. (TSX:XNS) Actuate Corporation 33.04
(NasdaqGS:ACTU)
Dec-7-2009 Jan-15-2010 DC Energy Services Inc. Total Energy Services Inc. (TSX:TOT) 42.30
Private Placement Transactions (Last 3 Months)

Size
Mar-3-2010 Mar-3-2010 SpePharm Holding B.V. Paladin Labs Inc. (TSX:PLB) 5.49
F: 416-915-3177
Feb-26-2010 Feb-26-2010 Route1 Inc. (TSXV:ROI) 1.80
Feb-18-2010 Feb-18-2010 D-Box Technologies Inc. Caisse de Depot et Placement du 6.94
(TSXV:DBO.A) Quebec,Societe d'Investissements en
Participations Inc.
Feb-16-2010 - Hosted Data Transaction Solutions Inc. 14.39
(TSX:HDX)
Feb-16-2010 - Timminco Limited (TSX:TIM) Strokkur Energy ehf 1.00
Jan-28-2010 Feb-12-2010 Opsens Inc. (TSXV:OPS) 3.45
Jan-25-2010 Feb-19-2010 Westaim Corp. (TSX:WED) Alberta Investment Management 263.36
P: 416-915-4142
Corporation,Goodwood Inc.
Jan-18-2010 Jan-18-2010 01 Communique Laboratory Inc. 1.07
(TSX:ONE)
Jan-18-2010 - Dantherm Power A/S Ballard Power Systems Inc. 7.73
(TSX:BLD),Danfoss Ventures
A/S,Dantherm A/S (CPSE:DANTH)
Jan-13-2010 - SmartCool Systems Inc. (TSXV:SSC) 0.58
Jan-7-2010 Jan-22-2010 BioteQ Environmental Technologies Newalta Corporation (TSX:NAL) 3.79
Inc. (TSX:BQE)
Dec-23-2009 Dec-23-2009 One Earth Farms Corp. Ag Growth International Inc. 14.28
(TSX:AFN),Alliance Grain Traders Inc.
(TSX:AGT),CAPE Fund Management
Inc.,Capital for Aboriginal Prosperity
and Entrepreneurship
Dec-23-2009 Dec-23-2009 TransGaming, Inc. (TSXV:TNG) 8.48
Dec-17-2009 Jan-19-2010 EnWave Corp. (TSXV:ENW) 3.39
Dec-17-2009 Mar-3-2010 Spectral Diagnostics Inc. (TSX:SDI) BioMS Medical Corp. (TSX:MS),Matrix 18.97
Asset Management Inc. (TSX:MTA)
Dec-16-2009 Jan-13-2010 Mint Technology Corp. (TSXV:MIT) 0.22
Dec-15-2009 Dec-15-2009 CO2 Solution Inc. (TSXV:CST) Codexis, Inc. 1.88

Private Placement Transactions (Last 3 Months)
Size
Dec-10-2009 - Migao Corporation (TSX:MGO) 10.71
Buyback Transactions (Last 3 Months)

Announced Date Closed Date Target Size ($mm)
Mar-3-2010 - Mediagrif Interactive Technologies Inc. (TSX:MDF) -
Mar-1-2010 - Paladin Labs Inc. (TSX:PLB) -
Feb-17-2010 - Logibec Groupe Informatique Ltee (TSX:LGI) -
Feb-16-2010 - Tucows Inc. (AMEX:TCX) 10.00
Feb-11-2010 - PNI Digital Media Inc. (TSXV:PN) -
Feb-1-2010 - Northfield Capital Corp. (TSXV:NFD.A) -
Jan-27-2010 - CGI Group, Inc. (TSX:GIB.A) -
Jan-11-2010 - COM DEV International Ltd. (TSX:CDV) 17.43
Dec-23-2009 - Canadian Helicopters Income Fund (TSX:CHL.UN) -
Dec-22-2009 - IROC Energy Services Corp. (TSXV:ISC) -
Dec-21-2009 - Glentel Inc. (TSX:GLN) -
Dec-18-2009 - Vicwest Income Fund (TSX:VIC.UN) -
Dec-16-2009 - DEQ Systems Corporation (TSXV:DEQ) -
Dec-16-2009 - Vecima Networks Inc. (TSX:VCM) -
Dec-9-2009 - 20-20 Technologies Inc. (TSX:TWT) -
Dec-9-2009 - Tucows Inc. (AMEX:TCX) -
Dec-8-2009 - Ag Growth International Inc. (TSX:AFN) -
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.
March 9, 2010
13l
Weekly Events Calendar for the Week ending March 5, 2010
Date/Time Company Name / Subject Event
Mar-08-2010 Bennett Environmental Inc. (TSX:BEV) Expected Earnings Release Date (CIQ
Expected)
Mar-08-2010 Cangene Corp. (TSX:CNJ) Expected Earnings Release Date (CIQ
Expected)
Mar-08-2010 Enghouse Systems Ltd. (TSX:ESL) Annual General Meeting
Mar-08-2010 Vector Aerospace Corporation (TSX:RNO) Expected Earnings Release Date (CIQ
Expected)
Mar-08-2010 Xenos Group Inc. (TSX:XNS) Expected Earnings Release Date (CIQ
Expected)
Mar-08-2010 5:00 AM ARISE Technologies Corp. (TSX:APV) Conference Presentation Call
Mar-08-2010 8:30 AM INSCAPE Corp. (TSX:INQ) Earnings Call
Mar-08-2010 8:40 AM Stantec Inc. (TSX:STN) Conference Presentation Call
Mar-08-2010 1:05 PM SXC Health Solutions, Corp. (TSX:SXC) Conference Presentation Call
www.caseridge.com
Mar-08-2010 3:30 PM Bridgewater Systems Corporation (TSX:BWC) Conference Presentation Call
Mar-08-2010 4:00 PM Transition Therapeutics Inc. (TSX:TTH) Conference Presentation Call
Mar-08-2010 4:15 PM MDC Partners Inc. (TSX:MDZ.A) Conference Presentation Call
Mar-08-2010 5:00 PM Enghouse Systems Ltd. (TSX:ESL) Expected Earnings Release Date
Mar-09-2010 Westaim Corp. (TSX:WED) Expected Earnings Release Date (CIQ
Expected)
Mar-09-2010 8:45 AM Enghouse Systems Ltd. (TSX:ESL) Earnings Call
Mar-09-2010 11:00 AM Rocky Mountain Dealerships, Inc. (TSX:RME) Earnings Call
Mar-09-2010 1:30 PM Labopharm Inc. (TSX:DDS) Conference Presentation Call
F: 416-915-3177
Mar-09-2010 5:00 PM easyhome Ltd. (TSX:EH) Expected Earnings Release Date
Mar-09-2010 5:00 PM EnWave Corp. (TSXV:ENW) Annual General Meeting
Mar-09-2010 7:00 PM Rocky Mountain Dealerships, Inc. (TSX:RME) Expected Earnings Release Date
Mar-10-2010 Ballard Power Systems Inc. (TSX:BLD) Expected Earnings Release Date
Mar-10-2010 Carmanah Technologies Corp. (TSX:CMH) Expected Earnings Release Date (CIQ
Expected)
Mar-10-2010 8:00 AM Descartes Systems Group Inc. (TSX:DSG) Earnings Call
Mar-10-2010 9:00 AM Descartes Systems Group Inc. (TSX:DSG) Expected Earnings Release Date
P: 416-915-4142
Mar-10-2010 9:30 AM Redknee Solutions, Inc. (TSX:RKN) Annual General Meeting
Mar-10-2010 11:00 AM easyhome Ltd. (TSX:EH) Earnings Call
Mar-10-2010 11:30 AM Descartes Systems Group Inc. (TSX:DSG) Conference Presentation Call
Mar-10-2010 1:35 PM Total Energy Services Inc. (TSX:TOT) Conference Presentation Call
Mar-10-2010 3:00 PM PNI Digital Media Inc. (TSXV:PN) Annual General Meeting
Mar-10-2010 4:00 PM Hammond Power Solutions Inc. (TSX:HPS.A) Earnings Call
Mar-10-2010 4:30 PM Active Control Technology, Inc. (TSXV:ACT) Annual General Meeting
Mar-10-2010 5:00 PM Pethealth Inc. (TSX:PTZ) Expected Earnings Release Date
Mar-10-2010 5:00 PM Points International Ltd. (TSX:PTS) Earnings Call
Mar-10-2010 5:00 PM Points International Ltd. (TSX:PTS) Expected Earnings Release Date
Mar-10-2010 5:00 PM SMTC Corp. (NasdaqGM:SMTX) Earnings Call
Mar-10-2010 5:00 PM WaterFurnace Renewable Energy, Inc. (TSX:WFI) Expected Earnings Release Date
Mar-11-2010 COM DEV International Ltd. (TSX:CDV) Earnings Call
Mar-11-2010 COM DEV International Ltd. (TSX:CDV) Expected Earnings Release Date (CIQ
Expected)
Mar-11-2010 iWeb Group Inc. (TSXV:IWB) Annual General Meeting

Date/Time Company Name / Subject Event
Mar-11-2010 Norsat International Inc. (TSX:NII) Expected Earnings Release Date
Mar-11-2010 7:00 AM ProSep Inc. (TSX:PRP) Expected Earnings Release Date
Mar-11-2010 8:30 AM ProSep Inc. (TSX:PRP) Earnings Call
Mar-11-2010 9:00 AM Ag Growth International Inc. (TSX:AFN) Expected Earnings Release Date
Mar-11-2010 9:00 AM ZCL Composites Inc. (TSX:ZCL) Expected Earnings Release Date
Mar-11-2010 11:00 AM Ballard Power Systems Inc. (TSX:BLD) Earnings Call
Mar-11-2010 11:30 AM Pethealth Inc. (TSX:PTZ) Earnings Call
Mar-11-2010 11:30 AM ZCL Composites Inc. (TSX:ZCL) Earnings Call
Mar-11-2010 12:00 PM Norsat International Inc. (TSX:NII) Earnings Call
Mar-11-2010 12:30 PM Descartes Systems Group Inc. (TSX:DSG) Conference Presentation Call
Mar-11-2010 2:00 PM Ag Growth International Inc. (TSX:AFN) Earnings Call
Mar-11-2010 4:00 PM WaterFurnace Renewable Energy, Inc. (TSX:WFI) Earnings Call
Mar-12-2010 Pulse Seismic Inc. (TSX:PSD) Expected Earnings Release Date
Mar-12-2010 9:00 AM McCoy Corp. (TSX:MCB) Expected Earnings Release Date
Mar-12-2010 11:00 AM Commercial Solutions Inc. (TSX:CSA) Annual General Meeting
Mar-12-2010 11:00 AM McCoy Corp. (TSX:MCB) Earnings Call
Historical Equity Pricing Data supplied by Capital IQ is licensed by FTSE International Limited to publish the FTSE
Note that the opinions in this report are solely those of the author. The information in this report is gathered from various information
provides that we believe to be reliable. Material errors or omissions are unintentional, and corrections may be forwarded to the author for
correction in a subsequent report. This report is intended only for sophisticated and accredited investors, the recommendations made should
not be acted upon by investors without proper advice and consultation with their investment advisor. Caseridge is not a member of the
Investment Industry Regulatory Organization of Canada (IIROC) or of the Toronto Stock Exchange. Caseridge is registered as an Exempt
Market Dealer in Ontario.
This message and any attached or linked material, is for information purposes only, and does not constitute an opinion, advice or a
recommendation regarding any securities referred to therein. Information in this message or any attached or linked material relating to an
offering of securities should be read in conjunction with the prospectus or other offering document for those securities. Caseridge Capital
provides corporate finance advisory services in the areas of new issues, private placements, mergers, acquisitions, valuations and strategic
advisory services.
Caseridge does not directly or indirectly own shares in the companies named in this report, however independently managed mutual funds or
other investment vehicles that may be owned by the author or by Caseridge employees may take positions in companies named in this
report.
March 9, 2010
15l

Caseridge Capital Corporation

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Caseridge TechSys DealBook March 9, 2010

Caseridge Capital Corporation

1 First Canadian Place,

TECHNOLOGY & SPECIAL SITUATIONS REVIEW: MARCH 2, 2010

CASERIDGE CANADIAN TECHSYS CAPITAL MARKET SUMMARY (LAST 3 MONTHS) .......................... 11

VECTOR AEROSPACE CORPORATION (TSX:RNO)................................................................................................................................................ 14

Caseridge Capital Corporation |

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

We hope that you enjoy this weeks’ Caseridge TechSys DealBook.

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

Caseridge Top Picks List 2010

Recent “Consensus” % Change [1-

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

Recent Estimate Changes

Revision Canadian Equity

Companies in Universe: 250

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

38% 38% 40%

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

Recent Transaction Statistics

Merger/Acquisition Transactions (Last 3 Months)

Feb-10-2010 Feb-10-2010 Feterl Manufacturing Corp. Buhler Industries Inc. (TSX:BUI) -

Private Placement Transactions (Last 3 Months)

adamou@caseridge.com P: 416-915-4142 F: 416-915-3177 12

Buyback Transactions (Last 3 Months)

adamou@caseridge.com P: 416-915-4142 F: 416-915-3177 14

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