Transcript American Stock Exchange Presentation Template

American Stock The
Exchange
Leading Exchange for Small &
Mid-Cap Companies
The Semi Annual Economic Conference
Tel Aviv, Israel
Equities Department
November 2006
Amex: The Most Diversified US Marketplace
The American Stock Exchange is the only primary exchange
offering trading across three distinct business lines:
 Equities
– Capable, supportive ally to small and mid-cap companies seeking increased visibility
and institutional ownership
– Listed companies range from innovative start-ups to those in the S&P 500
– Centralized trading routed through a single specialist firm ensures a fair and orderly
market with enhanced depth and liquidity
 Options
– One of the largest exchanges in the world for equity options trading
 Exchange Traded Funds (ETFs)
– Created by the American Stock Exchange in 1993, ETFs are among the highest
demand investment categories in the world
– Of the approximately 320 ETFs in existence, 187 trade on the Amex,
representing over $235 billion in assets
Source: American Stock Exchange; FactSet
Data as of 7/12/06
American Stock Exchange
Visit us at www.Amex.com
2
Amex Sectors
% Based on Total Number of Listed Companies
Consum er
Discretionary
13%
Utilities
1%
Other 74%
Consum er
Staples
5%
Telecom m unication
Services
2%
Energy
11%
Materials
13%
Information
Technology
13%
Health Care
15%
Financials
13%
Inform ation
Technology
13%
Health Care
15%
28% of all Listed Companies on
the Amex represent
Information Technology and
Health Care Sector
Industrials
14%
Source: American Stock Exchange; S&P; FactSet Research Systems
Based on S&P GICS Classification System
Data as of 08 /31/06
{
}
American Stock Exchange
Visit us at www.Amex.com
3
Amex Listed Healthcare Companies
 91 Healthcare companies currently listed on Amex.
 15% of Amex companies are in the Healthcare sector.
 IVAX Corp / TEVA Merger
– IVAX Amex has been listed since 1987, grew to 8 billion dollar market capitalization.
– Largest ever Israeli M&A, created the worlds largest generic pharmaceutical company.
Healthcare Compaines Relative Spread (%)
4.20%
American Stock Exchange
1.60%
1.60%
Amex
Nasdaq GM
Visit us at www.Amex.com
Nasdaq CM
4
Amex Listed Healthcare Companies *
As of August 31, 2006
{
Symbol
ANX
AKN
KAD
BIO
BVX
CPD
CNU
COR
DIL
ESC
FVE
HTI
HEB
HH
DMX
ISV
ILI
IMA
ILE
JAV
LCI
MCU
MDV
MDF
BUF
NHC
PRZ
PTN
DDD
SVA
YMI
{
}
}
Company Name
ADVENTRX Pharmaceuticals Inc.
Akorn Inc.
Mojave Southern Inc.
Bio-Rad Laboratories Inc.
Bovie Medical Corp.
Caraco Pharmaceutical Laboratories Inc.
Continucare Corp.
Cortex Pharmaceuticals Inc.
Dyadic International Inc.
Emeritus Corp.
Five Star Quality Care Inc.
Halozyme Therapeutics Inc.
Hemispherx Biopharma Inc.
Hooper Holmes Inc.
I-Trax Inc.
InSite Vision Inc.
Interleukin Genetics Inc.
Inverness Medical Innovations Inc.
Isolagen Inc.
Javelin Pharmaceuticals Inc.
Lannett Co. Inc.
Medicure Inc.
Medivation Inc.
Metropolitan Health Networks Inc.
Minrad International Inc.
National Healthcare Corp.
PainCare Holdings Inc.
Palatin Technologies Inc.
SCOLR Pharma Inc.
Sinovac Biotech Ltd.
YM BioSciences Inc.
{
}
Symbol
AIS
BSM
CVM
CMD
GTF
DXR
ELI
EAR
HEM
IDP
IMM
INO
IPA
LRP
MHA
MRY
MII
NVD
PME
PMD
QD
QSC
RGX
RGN
RVP
LIV
SGN
SSY
TTP
TTG
REX
{
}
Company Name
Antares Pharma Inc.
BSD Medical Corp.
CEL-SCI Corp.
Criticare Systems Inc.
Cytomedix Inc.
Daxor Corp.
Elite Pharmaceuticals Inc.
HearUSA Inc.
HemoSense Inc.
Idera Pharmaceuticals Inc.
Immtech Pharmaceuticals Inc.
Inovio Biomedical Corp.
Interpharm Holdings Inc.
Lorus Therapeutics Inc.
Manhattan Pharmaceuticals Inc.
Memry Corp.
ALD Services Inc.
NovaDel Pharma Inc.
PreMD Inc.
Psychemedics Corp.
QuadraMed Corp.
Questcor Pharmaceuticals Inc.
Radiologix Inc.
RegeneRX Biopharmaceuticals Inc.
Retractable Technologies Inc.
Samaritan Pharmaceuticals
Signalife Inc.
SunLink Health Systems Inc.
Titan Pharmaceuticals Inc.
Tutogen Medical Inc.
ViRexx Medical Corp.
{
{
}
Company Name
Accelr8 Technology Corp.
Adherex Technologies Inc.
Alteon Inc.
AMDL Inc.
AMERICAN SHARED HOSPITAL SV COM
Arrhythmia Research Technology Inc.
Aspyra Inc.
BioSante Pharmaceuticals Inc.
Callisto Pharmaceuticals Inc.
Cardiotech International Inc.
Celsion Corp.
Chad Therapeutics Inc.
Diomed Holdings Inc.
Encision Inc.
Implant Sciences Corp.
Iomed Inc.
IVAX Diagnostics Inc.
LMS Medical Systems Inc.
Matritech Inc.
MTS Medication Technologies Inc.
Nephros Inc.
Oragenics Inc.
Orion HealthCorp Inc.
PLC Systems Inc.
Pro-Pharmaceuticals Inc.
Prospect Medical Holdings Inc.
Senesco Technologies Inc.
Uroplasty Inc.
Viragen Inc.
{
}
}
Includes all Amex Listed HealthCare Companies.
Source: American Stock Exchange; FactSet Research Systems.
American Stock Exchange
Symbol
AXK
ADH
ALT
ADL
AMS
HRT
APY
BPA
KAL
CTE
CLN
CTU
DIO
ECI
IMX
IOX
IVD
LMZ
MZT
MPP
NEP
ONI
ONH
PLC
PRW
PZZ
SNT
UPI
VRA
Visit us at www.Amex.com
5
Amex Listed Technology Companies*
Symbol
Company Name
AEY
ADDvantage Technologies Group Inc.
ATA
Apogee Technology Inc.
API
Advanced Photonix Inc.
CVV
CVD Equipment Corp.
AMK
American Technical Ceramics Corp.
TRT
Trio-Tech International
TES
American Telecom Services Inc.
NLX
Analex Inc.
AFT
Axesstel Inc.
ASB
Ascendia Brands Inc.
BI
Bell Industries Inc.
AXO
AXS-One Inc.
BDR
Blonder Tongue Laboratories Inc.
CVN
Conversion Services International Inc.
TQ
Cash Technologies Inc.
GTE
GlobeTel Communications Corp.
CSN
City Network Inc.
GEX
Globix Corp.
CGN
Cognitronics Corp.
GVP
GSE Systems Inc.
JCS
Communications Systems Inc.
HX
Halifax Corp.
DOC
Digital Angel Corp.
EAG
Eagle Broadband Inc.
ILC
iLinc Communications Inc.
ASY
Elecsys Corp.
IW
ImageWare Systems Inc.
EMA
eMagin Corp.
IIG
Imergent Inc.
HCO
HyperSpace Communications Inc.
INS
Intelligent Systems Corp.
IDN
Intelli-Check Inc.
MGT
MedicSight Inc.
IIN
IntriCon Corp.
ONT
ON2 Technologies Inc.
ISO
ISCO International Inc.
PNS
Pinnacle Data Systems Inc.
ITI
Iteris Inc.
DLK
Semotus Solutions Inc.
RAE
RAE Systems Inc.
SLP
Simulations Plus Inc.
RWC
RELM Wireless Corp.
SBN
SoftBrands Inc.
SNR
Sunair Electronics Inc.
LOV
Spark Networks PLC
TKO
Telkonet Inc.
TWW
Terremark Worldwide Inc.
TLX
Trans-Lux Corp.
THK
Think Partnership Inc.
VNX
VendingData Corp.
TCX
Tucows Inc.
VII
Vicon Industries Inc.
UDW
US Dataworks Inc.
WEX
Winland Electronics Inc.
WYY
Widepoint Corp.
WTT
Wireless Telecom Group Inc.
XWG
Wireless Xcessories Group Inc.
American Stock Exchange
Visit us at www.Amex.com
6
Outperforming Major Markets & Indices
Since October 2003 the Amex Composite Index has outpaced
both the NYSE Composite Index and the Nasdaq Composite
Index, as well as the major financial indices.
{
AMEX Composite Index
NASDAQ Composite Index
Dow Jones Wilshire 5000 (Full cap)
}
NYSE Composite Index
S&P 500 Index (Reported Basis)
Russell 2000
220
200
180
160
140
120
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Amex Composite (92.5%)
{
}
NYSE Composite ( 50.1%)
{
}
Nasdaq Composite ( 26.4%)
{
}
S&P 500 ( 34.1%)
{
}
Wilshire 5000 ( 38.3%)
{
}
Russell 2000 ( 48.8%)
{
}
100
80
Sep-03 Dec-03 Mar-04 Jun-04 Oct-04 Jan-05 Apr-05 Jul-05 Nov-05 Feb-06 May-06 Aug-06
Source: American Stock Exchange
Indexed price to 100 as of 9/30/03
{
American Stock Exchange
}
Visit us at www.Amex.com
7
Advantages for Israeli Companies to List on Amex
 Blue Sky Exempt – When a company is listed on Amex a National Exchange, it is exempt
from registering its stock in each of the US states its securities are being offered in. This
is a great advantage, as such a process can be costly and lengthy, and can be avoided
by listing on Amex (unlike the NASDAQ Capital Market).
 AEMI Platform – Will offer market participants a greatly expanded range of automated
transaction services for equities and ETFs and will combine the speed of an electronic
market with the dedicated liquidity of a specialist-auction market.
 Real market intelligence - Specialist will make a point of proactively providing intelligence
on the forces affecting your stock, breaking down trading into institutional, arbitrage and
retail categories. They are in regular communication with their listings, giving those
companies greater knowledge and therefore control over their trading profiles.
 Specialist – The Company chooses the AMEX specialist, that will act as a long-term
partner with the company, providing the best possible execution and price discovery. The
market maker has no obligation to the company and can step away from trading the
company’s stock at any time, which can cause trading imbalances and volatility.
 Increased US Shareholder Ownership – Institutions and retail investors representing the
majority of total equity investment in the US will only buy US listed, SEC-registered
equities. The Company therefore has the opportunity to significantly increase US
investor demand for its shares beyond direct investment by US international funds in the
Home market.
American Stock Exchange
Visit us at www.Amex.com
8
Great Technology. Renewed Commitment.
AEMI (Auction & Electronic Market Integration) combines the best features of the auction
market with new capabilities only possible in an automated trading environment.
With AEMI you can expect:
–
 Reg NMS Compliance
Under Reg NMS, Amex will qualify as an automated trading center and will
publish “automated” quotes by default. Incoming orders will be executed within a fraction of a second
without human intervention, maintaining our competitiveness in a fast-paced trading environment.
–
 Choice of execution method
Investors can choose to have their orders executed automatically
against published bids or offers with turnaround times measured in milliseconds, or handled by floor
brokers with point of sale privileges.
–
 Immediate quote updates
Quotes will be published automatically in response to order flow,
removing the need for manual updates by specialists and allowing continuous automated trading.
–
 Automated price improvement
Incoming orders may receive superior execution by interacting
with orders already programmed to offer price improvement in the electronic environment.
–
 Price discovery in the auction market
The specialist auction market will continue to bring added
liquidity, dampen volatility and enhance the stability of the market place
–
 Enhanced surveillance capabilities
Automated trading rules and flexible access to trading activity
will allow sophisticated surveillance and assured integrity across the market.
AEMI brings together the best qualities of the electronic market and the
auction market, to deliver the highest quality marketplace.
American Stock Exchange
Visit us at www.Amex.com
9
Hybrid Market Structure: Best of Both Marketplaces
AUTOMATED
 Orders trade automatically with electronic
AUCTION
 Auto-ex is disabled in limited
interest in the book
circumstances
 Price improvement and added liquidity
available
 Routed away if the best price is not
matched or improved
 Handled in the auction market if not auto-
 “Auction” quote published
 Orders may still enter the book or be
cancelled
 Specialist gaps the quote for large
imbalances
executable
American Stock Exchange
Visit us at www.Amex.com
10
Amex Investment Banks Support
Over the last few years a number of leading investment banks have been advising their
clients from a wide variety of industries, geographies, sizes and structures that the
American Stock Exchanges is the best market to meet their needs.
Leading Global Investment Banks that have underwritten offerings on the Amex:
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American Stock Exchange
BB&T Capital Markets
Broadband Capital Management LLC
CIBC World Markets
Citigroup
Credit Suisse
CRT Capital Group LLC
Deutsche Bank Securities Inc.
EarlyBirdCapital, Inc.
Ferris, Baker Watts, Inc.
I-Bank Securities
Lazard Capital Markets
Ladenburg Thalmann & Co, Inc.
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Visit us at www.Amex.com
Lehman Brothers
Maxim Group, LLC
Merrill Lynch & Co.
Merriman Curhan Ford & Co.
Morgan Joseph & Co, Inc.
Oppenheimer & Co. Inc.
RBC Capital Markets
Rodman & Renshaw, LLC
ThinkEquity Partners LLC
UBS Investment Bank
Wedbush Morgan Securities
WR Hambrecht + Co
11
American Stock Exchange IR AllianceSM (AIRA)
Amex AIRA is a proprietary and complimentary investor relations program that offers:
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Dedicated Issuer Services Director
“New on the Amex” updates
AIRA “communications audit”
Conferences and Shareholder Meetings
Institutional Investor Meetings
World Investor Link
Educational Conferences/Seminars
Online Investor Relations Resources
– Amex Online
– Amex.com
American Stock Exchange
Visit us at www.Amex.com
12
Amex Dual Listing Initiative
Amex Management intends to file a rule proposal with the SEC, whereas
all Amex Initial listings fees will be waived
for companies whose securities are trading on the NASDAQ or those
participating in the NASDAQ Dual Listing program.
The Amex believes its…
specialist-auction market structure,
full service investor relations support,
dedicated Issuer Services director,
Amex Online investor database,
lower fees,
blue sky exemption,
and our state-of-the-art hybrid market trading system
...will make a big difference in the success of smaller
companies.
American Stock Exchange
Visit us at www.Amex.com
13
Financial Guidelines for Listing
Guidelines
Listing Guidelines
Pretax income*
Standard 1
Standard 2
Standard 3
Standard 4
Maintenance
Standards 4
$750,000
N/A
N/A
N/A
N/A
$75 million
OR
$75 million
AND
$75 million
N/A
$50 million
Market Capitalization
N/A
Total Assets*
N/A
Total Revenue*
$3 million
$15 million
$15 million
$20 million
$1 million
Minimum price
$3
$3
$2
$3
N/A
N/A
2 years
N/A
N/A
N/A
$2,000,000
Stockholders equity 1
$4,000,000
$4,000,000
$4,000,000
N/A
applicable requirement must be
satisfied in either the last fiscal year or
2 out of 3 most recent fiscal years.
1
Issuers are required to maintain $2
million in Stockholder’s Equity if the
issuer has losses in 2 of the most
recent 3 years; $4 million if the issuer
has losses in 3 of the most recent 4
years; or $6 million of the issuer has
losses in the 5 most recent fiscal
years.
2
Market Value of
Public Float
Operating history
* The
$4,000,000
Foreign companies which do not
meet the distribution guidelines
outlined above may alternatively
qualify with 800 round-lot public
shareholders worldwide, 1,000,000
publicly held shares worldwide and a
$3,000,000 market value of public
float worldwide.
3
Public float is defined as shares that
are not held directly or indirectly by
any officer or director of the issuer or
by any other person who is the
beneficial owner of more than 10
percent of the total shares outstanding.
4
$6,000,000
Distribution Guidelines
2
Option A : 800
Public stockholders
Option B: 400
300
A company with several years of
losses which is unable to satisfy the
equity requirements, will not be
subject to delisting if it has a market
cap of $50 million or total assets and
revenue of $50 million each, and
complies with enhanced distribution
criteria including mvpf of $15 million.
Option C: 400
Option A: 500,000
Public float (shares)
3
Option B: 1,000,000
200,000
Option C: 500,000
Average daily volume
American Stock Exchange
Option C: 2,000
Visit us at www.Amex.com
N/A
14
Comparative Listing Costs for Foreign Issuers
ORIGINAL LISTING FEES [1]
SHARES
(MILLIONS)
Amex
Up to 1
1+ to 2
2+ to 3
3+ to 4
4+ to 5
5+ to 6
6+ to 7
7+ to 8
8+ to 9
9+ to 10
10+ to 11
11+ to 12
12+ to 13
13+ to 14
14+ to 15
15+ to 16
16+ to 20
20+ to 25
25+ to 50
50+ to 75
75+ to 100
100+ to 200
Maximum
$40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
40,000
NYSE
$150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
150,000
CONTINUING ANNUAL FEES [2]
Nasdaq
National
Market
Nasdaq
Capital
Market
Amex
NYSE [3]
$100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
$25,000
25,000
25,000
25,000
25,000
35,000
35,000
35,000
35,000
35,000
45,000
45,000
45,000
45,000
45,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
50,000
$16,500
16,500
16,500
16,500
16,500
19,000
19,000
19,000
19,000
19,000
21,500
21,500
21,500
21,500
21,500
21,500
21,500
21,500
24,500
32,500
34,000
34,000
34,000
$38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000
38,000+ to 46,500
46,500+ to 69,750
69,750+ to 93,000
93,000+ to 186,000
500,000 [5]
150,000+ to 157,500
157,500+ to 250,000
100,000+ to 125,000
250,000 [4]
250,000
250,000
250,000
150,000
150,000
150,000
150,000
Nasdaq
National
Market*
Nasdaq
Capital
Market
$24,500
24,500
24,500
24,500
24,500
24,500
24,500
24,500
24,500
24,500
30,500
30,500
30,500
30,500
30,500
30,500
30,500
30,500
34,500
39,150
44,500
75,000
75,000
$17,500
17,500
17,500
17,500
17,500
17,500
17,500
17,500
17,500
17,500
21,000
21,000
21,000
21,000
21,000
21,000
21,000
21,000
21,000
21,000
21,000
21,000
21,000
[1] The original listing fee for Amex and NYSE is based on the total number of shares listed, including all shares issued and outstanding, as well as shares
[1] The original listing fee for Amex and NYSE is based on the total number of shares listed, including all shares issued and outstanding, as well as shares reserved by the Board of
reserved
the BoardThe
of Directors
specific future
issuance.
TheNASDAQ
original fee
for Nasdaq
National
Market
and
Nasdaq SmallCap
based
on total shares
Directors for a specific
futureby
issuance.
original feeforfora NASDAQ
National
Market and
SmallCap
is based
on total
shares
outstanding
and appliesisto
all domestic
outstanding
applies
to all
domestic
only foreign
issuers
listing
ordinary
Fees include
one-time
listing charges
issuers and only foreign
issuersand
listing
ordinary
shares.
Feesissuers
include and
one-time
initial listing
charges
of $5,000
forshares.
Amex, $37,500
for NYSE,
$5,000initial
for NASDAQ
Nationalof $5,000 for Amex,
Market, and $5,000
for NASDAQ
SmallCap,
for theNational
first classMarket,
of securities
listed by
issuer SmallCap, applied for the first class of securities listed by an issuer.
$37,500
for NYSE,
$5,000applied
for Nasdaq
and $5,000
foran
Nasdaq
[2] Newly listed companies
billed
the annualare
fee billed
on a pro-rata
basisfee
at on
theaend
of thebasis
calendar
year
in which
are listed
[2] Newlyare
listed
companies
the annual
pro-rata
at the
end
of the they
calendar
year in which they are listed.
[3] NYSE annual fees payable are the greater of amounts shown under a minimum fee schedule or a fee applied on a per share basis.
[3] NYSE annual fees payable are the greater of amounts shown under a minimum fee schedule or a fee applied on a per share basis. Fee ranges shown
Fee ranges shown here for 25+ million shares represent the maximum amount payable for each end of the share range shown.
here for
million listings
sharesfee
represent
the maximum
amount
forincluding
each endthe
of$37,500
the share
rangecharge.
shown.
[4] The initial fee component
of 25+
the original
for common
shares is capped
atpayable
$250,000,
special
[4] The
initial feeannual
component
of the
original
feelisted
for common
shares
is capped
at $250,000,
including the $37,500 special charge.
[5] Maximum $500,000
continuing
listing fee
applies
to alllistings
securities
by an issuer,
other
than derivative
products,
[5] Maximum
$500,000 continuing
annual listing fee applies to all securities listed by an issuer, other than derivative products, fixed income products, and closed-end fund
fixed income products,
and closed-end
funds.
* Nasdaq National *Market
Annual
Fee Schedule
for ADRs
between
$ 21,225
andbetween
$ 30,000$ 21,225 and $ 30,000
Nasdaq
National
Market Annual
Fee ranges
Schedule
for ADRs
ranges
15
American Stock Exchange
Visit us at www.Amex.com
The Israeli Experience on the Amex
 American Israeli Paper Mills Ltd (AIP)
– Listed since 1959
 Teva Pharmaceutical Industries Ltd. / IVAX Corporation Merger
– Ivax listed since 1987, grew to 8 Billion dollars in market capitalization
– Mega Merger, creating the world's largest generic pharmaceutical company.
 Gurunet Corporation
– Successful IPO
 XFONE, Inc. (XFN)
American Stock Exchange
Visit us at www.Amex.com
16
Case Study: Ivax Corp.
•Ivax Pharmaceuticals merged with Teva creating the largest generic drug
company in the world. This was the largest M&A transaction in Israeli history.
•Ivax listed on the Amex in 1987 with a market capitalization of approximately
$100 million and grew to almost $8 billion at the time of the merger with Teva.
IVAX Corp
Volume (Shrs. in Thousands)
Price (USD)
60,000
40
35
50,000
30
40,000
25
30,000
20
Ivax Corp.
Amex Listing Date
to
Date of Acquisition
15
20,000
10
10,000
5
0
0
'88
American Stock Exchange
'89
'90
'91
'92
'93
'94
'95
'96 '97
'98
'99
'00
'01
Visit us at www.Amex.com
'02
'03
'04
'05
17
Case Study: Answers Corp (formerly know as GuruNet)
During June 2005, Answers Corp. (GRU) began trading its shares on the Nasdaq National
Market after moving from the American Stock Exchange. The following case study
examines the performance and trading characteristics of the stock 65 days before and after
transferring.
Results:
Answers Corp. had
experienced substantial
losses in their volume, liquidity
and price.
Affect on Trading After Transferring from the Amex to Nasdaq
(65 Trading Days Before and After)
Trade Spread
143.02%
Volume
-75.60%
-37.50%
-73.60%
Price
Liquidit
y
Source: Amex ERDB™, FactSet Research Systems, Inc.
*Percent Based on Intraday Volatility
American Stock Exchange
Visit us at www.Amex.com
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The Amex Advantage
Auction Market Fosters Fairness & Growth
 Centralized market structure, characterized by enhanced liquidity, narrower spreads and lower
volatility is conducive to creating, safeguarding and increasing shareholder value
 Trading participants compete to achieve best possible prices
 Increased access to capital and growth through Blue Sky Exemption and the protection of a
National Exchange listing
Broad Range of Visibility-Enhancing Services
 Tailored services help companies attain a heightened profile in the capital markets
 Support for building relationships with analysts and investors
 Frequent opportunities to bring your story to the market’s attention
 Exchange professionals, including Issuers Services Directors and Specialists work together to
enhance the attractiveness of listed company stocks
Professional Investor Relations Guidance
 Guidance from seasoned IR professionals and assistance for developing or updating an
effective Investor Relations program
 Educational seminars on a variety of IR topics
American Stock Exchange
Visit us at www.Amex.com
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Contact Information:
Senior Vice President—Head of Equities
John McGonegal
Phone: 212-306-1652
European Managing Director
Robert Wotczak
Phone: 212-306-2263
[email protected]
AMEX’s consultant in Europe and Israel
Amira Bardichev
Phone: +44-7956206270
[email protected]
Account Manager
Catherine Elbe
Phone: 212-306-8916
[email protected]
American Stock Exchange
Visit us at www.Amex.com
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