(COMTEX) B: Research Works Spots Don't Change; Receives $50K in Restricted Stock For Hawk ( financialwire.net ) B: Research Works Spots Don't Change; Receives $50K in Restricted Stock For Hawk ( financialwire.net )
Feb 17, 2005 (financialwire.net via COMTEX) -- February 17, 2005 (FinancialWire) The Research Works, whose website indicates it has written reports on 38 bulletin board and pink sheets companies such as China World Trade (OTCBB: CWTD), The World Golf League (OTCBB: WGFL) and Monarch Gulf Exploration (OTC: GMXX), is under some pressure by new policies enacted jointly by the National Investor Relations Institute and the CFA Institute to change its business model.
However, its latest research, on Hawk Protection Systems (OTC: HWPR), discloses that it has not. The provider continues to receive its fees in restricted common stock, which the CFAI-NIRI new "Issuer / Analyst Guidelines" says should not be permitted due to the inherent conflict.
Indeed, The Research Works received 25,500 restricted shares currently worth over $50,000, for its report on Hawk, which suggests a "near-term price target" of $5.
If achieved, The Research Work's compensation would rise to over $100,000.
The Research Works' target price would bring the company's value to some $75 million. The report notes that the company had working capital of $82.502 on Dec. 31, 2004, has no revenues, and its principals have been working "without salary or compensation."
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