Case Studies

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The Client:

Advanced Emissions Solutions, Inc. provides emissions control solutions for coal-fired power generation and industrial boiler industries.

The Start:

Commenced services in 2003. Pending spin-off from parent company.

Our Role During 10-Year Relationship:

Counseled management team during spin-off. Helped secure market makers. Prepared written communications related to spin-off and other developments. Arranged personal meetings for management with buy and sell-side investment professionals Arranged Investor Days at Company locations. Coordinated management participation in investment conferences and quarterly earnings conference calls/webcasts. Developed and maintained targeted email list of over 400 financial professionals that follow corporate developments.

Results:

Listed on the NASDAQ (initially spun-off to the Bulletin Board). Market cap rose to $300 million, compared to under $10 million at spin-off. 50% of shares institutionally held, from zero at spin-off. Research coverage initiated by Johnson Rice & Company, Wedbush Securities, Canaccord Genuity, Avondale Partners, Pritchard Capital Partners, Sidoti, Lazard Capital Markets, JMP Securities and Robert W. Baird. Arranged and managed active investment conference schedule. Feature story in Business Week; interview on Fox Business News. Affiliate of Goldman Sachs purchased 15.8% equity interest in ADA joint venture. Completed 2.3 million-share secondary offering led by Lazard Capital Markets, co-managed by Robert W. Baird and JMP Securities.
"Initially we were drawn to The Equity Group because of the firm's small-cap expertise and the number of their long-term clients, and we are confident that we made the right decision. The Equity Group was a key advisor during our spin-off, helping us navigate the complicated process and the small-cap marketplace, and has continued to provide support on a variety of matters relating to small public company life. Their advice and contacts in the investment community were very valuable to us while we were listed for one year on the Bulletin Board, during which time our stock price increased substantially, and they then helped guide us in our move to the NASDAQ. The Equity Group helped us achieve our goal of increasing our Institutional base by setting up key meetings with many investment professionals. As an integral part of our proactive investor relations efforts, we seek their advice on all IR issues and input on many important decisions the Company makes. The firm is professional and responsive in everything they do, including preparing exceptional written materials. The Equity Group is a key member of the ADA team and we feel that they played a significant role in the success the Company has achieved during the time we have worked together."

Michael D. Durham, Ph.D.
President & CEO
Advanced Emissions Solutions, Inc. (NASDAQ:ADES)

The Client:

American Vanguard develops and markets diversified specialty and agricultural products for crop protection & management, turf & ornamentals management, and public/animal health.

The Start:

Commenced services in 1989. Market cap was less than $10 million. Less than 5% institutional holdings. No research coverage.

Our Initial Role:

Wrote and disseminated all news releases. Pitched Company and industry stories to the media. Arranged select meetings with the financial community, and prepared corresponding presentations. Handled investor/prospective investor calls, requests for information, list maintenance and other administrative IR duties.

Our More Recent Role:

Implemented more proactive IR campaign beginning in 2001. Focused on buy-side; also targeted industry sell-side analysts. Initiated quarterly conference calls and webcasts. Prepared Corporate Profile for use with investment community, as well as general business purposes. Additional proactivity with the media.

Results:

Steady increase in stock price, with market cap reaching $1 billion. Institutional ownership increased from less than 5% to 67%. Research coverage initiated by: Sidoti & Company, Imperial Capital, Piper Jaffray & Co, Feltl and Company, Topeka Capital Markets and Gabelli & Co. Regular media coverage of Company news; feature stories in key business and trade publications. Added to the Russell 2000® and 3000® Indexes and the Standard & Poors Small Cap 600 Index. Listed on the New York Stock Exchange.
"As we move at an accelerated pace of industry growth, we sometimes forget to reflect upon and acknowledge those whom have been so instrumental to our success. When American Vanguard began its relationship with The Equity Group in 1989 we had little knowledge and no exposure to the investment community and business media. With your communications skills and vast contacts we are now enjoying the fruits of your labor and education. Though investor relations is important to all public corporations, it takes a certain expertise to handle some of the challenges our industry and company have experienced. The Equity Group has guided both American Vanguard and its investors for many years and we look forward to continuing our relationship for years to come."

Eric G. Wintemute
President & CEO
American Vanguard Corporation NYSE:AVD)

The Client:

Provider in China of computer-based testing services used for professional licensure and certification tests in various industries.

The Start:

Commenced services in April 2011. IPO completed in January 2008. Lead underwriters were Merrill Lynch and Piper Jaffray.

Our Initial Role:

Integrated ATA's key messages into all facets of communications program. Worked closely with ATA's management team to completely revise and redesign all of the Company's written communication materials, including investor presentation and fact sheet. Made introductions to relevant investors and analysts. Coordinated meetings and presentations at Oppenheimer and Piper Jaffray conferences in New York in May 2011.

Our Current Role:

Draft and edit all communications. Arrange full days of one-on-one and group meetings, as well as conference calls, for management with buy- and sell-side investment professionals throughout the world. Secure participation in investment conferences. Provide a 24/7 U.S. presence for ATA investors. Counsel on all matters related to ATA's position as a public company, as well as topics associated with being a China-based U.S.-listed company. Relieve management of administrative IR duties, respond to phone/email inquiries, fulfill requests for investment materials, etc.

Results:

Market cap grew from $175 million at 4/15/2011 to $260 million at 5/31/2011 (22.3 million shares outstanding). Secured invitations to major China and small-cap investment conferences within first 90 days. Research coverage initiated by one firm within 90 days as a direct result of Equity Group introduction.
"Very pleased to hear from my team that they are happy to work with you. In addition, they feel that you work very hard to understand our business and to meet our requests. They are amazed by the knowledge you obtained in the past 30 days. This is absolutely a great start."

Benson Tsang, CFO
ATA Inc. (NASDAQ:ATAI)

The Client:

Provider of commercial automobile insurance; niche market orientation focusing on the "light" commercial auto sector including taxis, non-emergency paratransit, limousine/livery and business auto.

The Start:

Commenced services in April 2012. TSX Venture Exchange listed company with a market cap of $40 million. No research coverage; primarily owned by corporate insiders.

Key Aspects of our Work for Atlas:

Develop communications strategy and draft news releases, earnings call scripts, and presentations. Manage an active, multi-city contact and meetings program targeting prospective analysts and institutional buyers. Handle all aspects of Atlas’ Investor Days (approx. 50 investment professionals). Provide counsel on matters relating to Atlas’ position as a US-listed public company.

Key Results:

February 2013: began trading on the NASDAQ commensurate with a Secondary Offering. Research coverage initiated by four firms: Janney Montgomery, Sidoti, Sandler O’Neil, and Piper Jaffray. Market cap topped $240 million. 72% institutional ownership.
“Atlas Financial Holdings has worked closely with The Equity Group for many years. As a hyper-focused specialty insurer, communicating our business model in the appropriate way to investors where our market capitalization and other business attributes would be a fit requires a clear understanding of our business and value drivers. The Equity Group has demonstrated an ability and willingness to develop this understanding and deliver it to the right audience. Even prior to our U.S. IPO, they were an effective business partner in this regard. During the years following our IPO, The Equity Group continued to work proactively with us to ensure that our investor relations strategy has evolved along with our business.”

Scott Wollney, CEO
Atlas Financial Holdings, Inc. (NASDAQ:AFH)

The Client:

CPI Aero is engaged in the contract production of structural and other aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces.

The Start:

Commenced services in March 2003. 3% institutional ownership. No research coverage.

Our Role During 13-Year Relationship:

Presented CPI's unique industry niche and financial strengths in all communications, including news releases, Annual Reports, conference call scripts, corporate profiles and presentations. Arranged many non-deal roadshows with institutional investors in New York, Boston, San Diego, Los Angeles, San Francisco, Baltimore, Philadelphia, Florida, Chicago, Milwaukee, and numerous teleconferences and visits to HQ. Arranged for management to present at institutional investment conferences, including events hosted by: UBS, Cannacord Genuity, DA Davidson, Jefferies, B. Riley, Roth Capital, Benchmark, Noble Financial and Drexel Hamilton. Arranged successful Investor Days at HQ and the NYSE, each with 40-50 investors/analysts in attendance. Worked with management to communicate several sensitive corporate matters. Relieved management of administrative IR duties.

Results:

Over 85% institutional ownership as compared to 3% at the beginning of our relationship. Research coverage initiated by B. Riley, Canaccord Genuity, Capstone Securities, CK Cooper, Noble Financial, Roth Capital, Sidoti, and Topeka Capital Markets. Contacts we introduced to CPI participated in the follow-on offering in 2012, and purchased 500,000 shares from the retiring founder and 250,000 shares from the former CEO. Market cap more than tripled. Featured in key business media including The Wall Street Journal, Reuters, Crain's, as well as on WLIW (Long Island's PBS Station); regular coverage in the trade and local press. Active investor conference schedule. • Included on Russell 2000® Index and Russell Microcap Index.
"I am convinced that we made the right decision when we engaged The Equity Group. I can devote more time to growing our business, having been relieved of many of the timeconsuming IR functions that preoccupied too much of my day. You have done an excellent job writing and editing our press releases, Annual Report, and Corporate Profile. With your guidance and supervision, the IR section of our website has been completely overhauled into a useful investor tool. I am also impressed by the quick turnaround time and responsiveness, the caliber of the output, the good advice, and the initiative that we get from our team at The Equity Group. I look forward to a long, mutually productive relationship."

Edward J. Fred
Former President & CEO
CPI Aero (NYSE MKT:CVU)

The Client:

Hill International is a global provider of program management, project management, construction management and construction claims and consulting services.

The Start:

Commenced services in November 2005 Arpeggio Acquisition Corp., a SPAC that had identified privately-held Hill International as its acquisition target.

Our Initial Role:

Drafted and edited all announcements and presentations associated with the transaction. Developed and implemented an aggressive investor meetings program to expand shareholder base and support shareholder approval of SPAC acquisition. Following shareholder approval in June 2006, helped Hill transition to a public company after 30 years of being privately-held. Continued comprehensive investor outreach, focused on obtaining sell-side research coverage, speaking invitations at brokerage house-sponsored investor presentations, and new buy-side interest. Consulted with client on Reg. FD, as well as how to address investor expectations. Provided recommendations regarding the IR component of Hill's corporate web site. Prepared management for first-ever earnings conference call; scripted remarks, advised on Q&A including potential questions, and assumed all technical and administrative functions of the event. Prepared management for first-ever Annual Shareholders' Meeting.

Results:

Research coverage initiated by B. Riley, Boenning & Scattergood, CJS Securities, Morgan Joseph, Sidoti & Co, Janney Montgomery Scott, William Blair and Sterne Agee. Stock price and institutional ownership rose substantially following merger. Hill International and its President and COO featured on CNBC-TV. Feature story in Investor's Business Daily. Listed on the NYSE (initially listed on NASDAQ post-merger).

Our Ongoing Role:

Manage an ongoing, extensive investor communications program. Design and implement an active conference and meeting schedule. Serve as an information exchange for current and potential investors and analysts. Provide counsel to management on various subjects related to the Company's public status.
"For small and micro-cap companies like Hill International, it doesn't make any sense to have an inhouse investor relations professional when there is a firm like The Equity Group that can provide you access to an entire team of IR professionals on an as-needed basis at a fraction of the cost. Their knowledge of the investment and analyst community has been invaluable as we have transitioned from a private, family-run business to a publicly-traded company listed on the New York Stock Exchange. I wouldn't recommend that the management of any company go through that process without the outstanding professionals at The Equity Group by your side."

David L. Richter
Former President and COO
Hill International, Inc. (NYSE:HIL)

The Client:

Inter Parfums is a developer, manufacturer and worldwide distributor of fragrance and beauty products, partnering with prestige, designer and specialty retail brands.

The Start:

Commenced services: April 2000. Market cap: $85 million. 80% of shares were closely held, leaving a small public float and nominal liquidity. Average daily trading volume: 5,000 shares. Handful of institutional holders, primarily quantitative investors.

Our Ongoing Role:

Implement and manage an active contact and meetings program, targeting relevant institutional investors and sell-side analysts. Prepare compelling written communications including news releases, Annual Reports, scripts, speeches and presentations. Handle administrative IR duties.

Results:

Research coverage initiated by a number of firms. Present at conferences sponsored by various firms including: Piper Jaffray, Wedbush Securities, Citi, B.Riley, Oppenheimer, and Stephens. Institutional holdings increased to 50%. Average daily volume reached 100,000+ shares. Market cap topped $1 billion. Three 3-for-2 stock splits. Included on Russell 2000® and 3000® and S&P SmallCap 600 Indexes. Featured in Business Week, Investor's Business Daily and Forbes; other media stories and TV coverage.
"As we approach the end of the year, I want to be sure to acknowledge the people and the organizations that have truly made a difference. That list must include The Equity Group. When we began working together in the spring of 2000, Inter Parfums had a market cap of about $85 million, and as they say on the Street, our shares traded by appointment averaging 5,000 shares per day. In the ensuing years, Inter Parfums has grown sales and net income substantially and our market cap has risen to nearly $500 million with average trading volume of about 200,000 shares. The caliber of the writing for news releases, presentations, conference call scripts, corporate profiles, and our annual reports has been first rate and importantly, reflecting a keen understanding of our business and our business opportunities. We have had highly productive meetings with portfolio managers and buyside analysts at institutional investors in many cities. Our Company has been profiled in major business media including Business Week, Investor's Business Daily and CNNfn. When I think about The Equity Group, professional, responsive, initiative, enthusiastic, thorough, and fun to work with, are the words that come to mind. For all the times I should have said it and didn't, 'Thank you and great job!"

Jean Madar
Chairman & CEO
Inter Parfums(NASDAQ:IPAR)

The Client:

Advanced Emissions Solutions, Inc. is a leader in clean coal technology and the associated specialty chemicals, serving the coal-fueled power plant industry.

The Start:

Commenced services in 2003. Pending spin-off from parent company.

Our Role:

Counseled management team during spin-off. Helped secure market makers. Prepared written communications related to spin-off and other developments.

Our Current Role:

Arranged personal meetings for management with buy and sell-side investment profession Arranged Investor Days at Company locations. Coordinate management participation in investment conferences and quarterly earnings conference calls/webcasts. Developed and maintained targeted email list of over 400 financial professionals that follow corporate developments.

Results:

Listed on the NASDAQ (initially spun-off to the Bulletin Board). Market cap reached high of $145 million, compared to under $10 million at spin-off. 50% of shares institutionally held, from zero at spin-off. Research coverage initiated by Johnson Rice & Company, Wedbush Securities, Canaccord Genuity, Avondale Partners, Pritchard Capital Partners, Sidoti, Lazard Capital Markets, JMP Securities and Robert W. Baird. Active investment conference schedule. Feature story in Business Week. Affiliate of Goldman Sachs purchased 15.8% equity interest in ADA joint venture. Completed 2.3 million-share secondary offering led by Lazard Capital Markets, co-managed by Robert W. Baird and JMP Securities.
"Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32."

Michael D. Durham, Ph.D.
President & CEO
Advanced Emissions Solutions, Inc. (NASDAQ:ADES)

The Client:

LSB is a manufacturer of climate control products, and chemical products for the mining, agricultural and industrial markets; and provider of specialized engineering services.

The Start:

Commenced services: September 2006 when the stock was traded on the AMEX. Market cap: $130 million. Research coverage from one sell-side analyst. Institutional ownership: 23%.

Our Current Role:

Draft written communications including news releases, presentations, conference call speeches, and Annual Report. Arrange investor meetings throughout the U.S. including at LSB headquarters, plus teleconferences with buy and sell-side investment professionals. Pitch investment conference decision makers to secure speaking slots for LSB. Respond to phone/email inquiries. Relieve management of administrative IR duties.

Results:

Market cap topped $1 billion. Research coverage currently includes Avondale Partners, Feltl, and Sidoti. Institutional ownership increased to 64%. Convertible preferred and convertible debentures converted into common stock. Feature story in Business Week's Inside Wall Street column. Featured on "Mad Money" TV show. Named to Business Week's list of Hot Growth Companies, Forbes' list of the Best Small Companies and Fortune's list of the Fastest Growing Companies. Included on the Russell 2000® and 3000® and S&P SmallCap 600 Indexes. Listed on the NYSE.
"If you want to rev up your investor relations program, The Equity Group is definitely the way to go. At LSB we traditionally had a very passive approach to the investment community. We recently hired the Equity Group, and almost immediately we were in the midst of a proactive and highly professional IR effort. The Equity Group led us step-by-step through a disciplined approach to develop a full blown program. In the process, The Equity Group management quickly became integral to the program, and an important part of the LSB team. Everyone we have worked with at Equity Group are real 'pros' and I cannot imagine an in-house IR person being any more knowledgeable, involved or proactive than The Equity Group account manager assigned to us. We have come to rely on The Equity Group and are extremely happy with the decision we made."

Barry H. Golsen
Director & Former President & COO
LSB Industries(NYSE: LXU)

The Client:

Mobile Mini is the leading provider of portable storage solutions in North America and the United Kingdom, and a leading provider of specialty containment solutions in the U.S.

The Start:

Commenced services: October 1996. Market cap: $27 million. No research coverage. 5.6% of shares institutionally held.

Our Ongoing Role:

Prepare compelling written communications, including news releases, Annual Reports, and presentations. Manage an active, multi-city contact and meetings program targeting analysts and institutional buyers. Initial focus was micro-cap investors; now targeting mid-cap growth investors. Support active schedule of investment conferences and roadshows Monitor and analyze sell-side estimates and opinions and provide market intelligence on institutional investors. Perform administrative IR duties.

Results:

Market cap topped $2 billion. Seven leading investment firms follow Mobile Mini in research. More than 20 institutions with 500,000 or more shares. Added to the Russell 2000® & 3000® Indexes and the S&P Small Cap Index.
"Working with you for the past 12 years has been one of our better professional experiences of that time period. At the time we engaged The Equity Group, Mobile Mini had a market cap of $20 million; today it is nearly $800 million. From no meaningful sell-side research or institutional holders, Mobile Mini now has a number of prominent investment firms writing on it and a large and loyal cadre of institutional holders. Furthermore, thanks to your relentless follow-up, our local papers are now regularly reporting our news and we have had favorable press in major national media including Investor's Business Daily, The Wall Street Journal and Forbes. We have been impressed by The Equity Group's continuing ability to develop and execute investor relations programs and activities that match our needs during the various stages of Mobile Mini's corporate development. That is due in part because you know your business very well, but just as importantly, you've taken the time to understand our business very well. Throughout the years, The Equity Group has been extremely knowledgeable, responsive and helpful. While we did our job of building a successful company, I am firmly convinced that the caliber of the investor relations/ corporate communications services provided by The Equity Group has been a critical element in the gains we have achieved in our shareholder value."

Larry Trachtenberg
Director & Former CFO
Mobile Mini
(NASDAQ:MINI)

The Client:

Through its wholly owned subsidiary, owns National American University, a for-profit postsecondary education institution.

The Start:

Commenced relationship August 2009. Merger of publicly held Camden Learning Corporation and privately owned Dlorah Inc., the parent company of National American University, completed in November 2009.

Our Initial Role:

Drafted and edited all announcements and presentations associated with the pending merger. Developed and implemented an active investor meetings program to expand shareholder base and support shareholder approval of SPAC acquisition. Following shareholder approval, helped NAUH transition to a public company. Continued comprehensive investor outreach. Provided recommendations regarding the IR component of NAUH's corporate web site. Prepared management for first-ever earnings conference call.

Our Current Role:

Effectively present NAUH's unique position in the for-profit, post-secondary education industry and financial strengths in all written and verbal communications, including news releases, annual reports, quarterly conference call scripts, and investor presentations. Secure presenting opportunities for management at institutional investment conferences and coordinate entire process. Arrange meetings and conference calls with buy-and sell-side investment professionals in major financial centers in the U.S. and coordinate visits to corporate headquarters. Created an investor fact sheet for NAUH, which we update on an ongoing basis for use in IR efforts. Responding to phone/e-mail inquiries from professional and individual investors. Relieve management of administrative IR duties.

Results:

36% institutional ownership. Market cap of $200 million in November 2011 (27.1 million diluted shares outstanding), compared to a market cap of about $4 million in November 2009. Three firms cover NAUH in research: Stifel Nicolaus, Wells Fargo and William Blair.
"I was introduced to The Equity Group in late 2009, as part of a reverse merger with a SPAC (Special Purpose Acquisition Company). Prior to the merger, we were a relatively small company with approximately $75 million in revenue and no experience in the publicly traded arena. Furthermore, we were a Midwest-based company with little to no exposure to Wall Street.

"I provide this information as a backdrop to better understanding our relationship with The Equity Group. During this transition and through this transition, The Equity Group provided the guidance and direction to assist us (a relatively small unknown company) to be very successful in becoming a publicly traded company. Knowing you are working with a firm that is knowledgeable, responsive, and most importantly to me, constantly working through the unknown to generate ideas and suggestions before issues arise, is priceless and allows me to concentrate on more important matters. As such, I would highly recommend The Equity Group to any organization who is or is thinking of becoming publicly traded."

Dr. Ronald L. Shape, CEO
National American University Holdings, Inc.
(NASDAQ: NAUH)

The Client:

Sterling is a heavy civil construction company engaged in the building, reconstruction, and repair of transportation and water infrastructure.

The Start:

Commenced services in July 2004. Market cap: $25 million. Essentially no investor relations materials. No analyst coverage and just two institutional holders owning less than 3% of outstanding shares.

Our Ongoing Role:

Develop key investment messages and craft news releases announcing quarterly results, new construction contracts and other significant business developments. Continually update and enhance content, layout and graphics of investor presentation. Assist in production of conference call scripts, Annual Reports and quarterly SEC filings. Respond to inquiries from investors and sell-side analysts regarding Sterling's operations and financial results. Introduce the Company to sell-side analysts and institutional investors, and organize meetings and conference calls with prospects. Relieve management of administrative IR duties including handling requests for investment materials, maintaining email lists, and implementing quarterly conference calls.

Results:

Market cap peaked at $300 million in 2010, attributable to share price appreciation and three public offerings. Stock has been recovering from 2012 levels resulting from challenging construction market. 75% institutional ownership. Sterling management regularly invited to participate in institutional investment conferences, and non-deal roadshows. Currently covered by four equity research firms. Media coverage in national, local and trade press.
"Having worked with The Equity Group in the past, I had no hesitation in again engaging the firm when Sterling needed to institute an investor relations program. As I had expected, Sterling has been very satisfied with the quality of the work, breadth of contacts, and the responsiveness of the firm. We expect to continue with The Equity Group and to expand its role as Sterling grows."

Maarten D. Hemsley, Director & Former CFO
Sterling Construction Company
(NASDAQ:STRL)

The Client:

Jacuzzi is a global manufacturer and distributor of branded bath and plumbing products for the residential, commercial and institutional markets.

The Start:

Commenced services in January 2003. Market cap of $240 million. Institutional ownership of 72%, and average daily trading volume of 138,000 shares.

Our Role:

Created positive, understandable positioning statements geared toward investors, the media, and employees. Arranged meetings with buy-side professionals and sell-side analysts in major cities, as well as opportunistic meetings at HQ in West Palm Beach and US manufacturing plants. Introduced new presentation format for corporate news releases to clearly and accurately announce business developments, and reinforce key corporate messages. Developed and regularly updated Corporate Profile and PowerPoint presentation. Assisted in the upgrade of the IR section of the Company's website. Unburdened management of certain administrative IR duties, and supported internal VP of IR.

Results:

Generated new sell-side research coverage. Institutional ownership rose to 86%. Average daily trading volume increased to 500,000+ shares. The Equity Group received the "Award of Excellence" from the International Association of Business Communicators for its work on Jacuzzi Brands' IR campaign. In October 2006, Jacuzzi Brands announced a $1.25 billion merger agreement with affiliates of Apollo Management L.P. The Equity Group drafted various deal-related communications, including press releases, investor Q&A, corporate fact sheet, internal employee communications, and positioning statements. Jacuzzi Brands closed merger in February 2007.
"After transforming from a conglomerate to a focused operating company, we knew the time was right to commence a proactive investor relations effort. We interviewed several firms, including 'big name' agencies, but were drawn to The Equity Group because of their experience, contacts, the longevity of their client relationships and the recommendations they received from professional investors. It is hard to imagine a company being more responsive than The Equity Group. We have always felt like Jacuzzi Brands is The Equity Group's only client. We are never asked to wait and are always treated as though our needs are the most important. We were thrilled to learn that The Equity Group was recognized by the International Association of Business Communicators with its 'Award of Excellence' for communications excellence on behalf of Jacuzzi Brands."

Diana Burton, Vice President Investor Relations
Jacuzzi Brands
(NYSE:JJZ)

The Client:

Axsys designs and manufactures precision optical solutions for defense, aerospace, homeland security, and commercial applications.

The Start:

Commenced services in 2004. Stock price was $13. Institutional holdings were 30%. No research coverage.

Our Role:

Arranged 13 days of investor/analyst meetings within the first 12 months in various cities, as well as visits to corporate HQ and telephonic meetings. Obtained detailed feedback on all meetings and reported findings to management. Wrote all investor communications including news releases, conference call scripts, roadshow presentation and investor fact sheets. Advised management on financial guidance, acquisition communications, and financing alternatives under consideration. Advised on the development of an Investor Relations section for Axsys' web site. Maintained ongoing contact with institutional holders and analysts.

Results:

Garnered research coverage, and directly introduced the Company to several institutions that established substantial positions in Axsys. Secondary Offering completed one year into relationship. Participants included various investors previously introduced by The Equity Group. Institutional holdings increased from 30% to 59% of shares outstanding. Stock reached high of $21.50 while working together. Axsys was subsequently acquired by General Dynamics for $54 per share.
"We had a terrific, productive relationship with The Equity Group, at a pivotal point in Axsys' development. The Equity Group was highly engaged with us, personalizing their efforts to seamlessly match our philosophies and goals. They consistently put us in front of reputable investors and analysts that were relevant to our industry and size, many of which subsequently took action. Our audience in the investment community became quite extensive, which facilitated a successful secondary offering. The Equity Group also provided trusted counsel on a variety of matters, and implemented a clear, well thought-out investor communications program. The firm was ideal for us in terms of capabilities and size, as we received a high level of attention and results. We were very effective together as partners, and we will continue to be friends."

David A. Almeida, CFO
Axsys Technologies, Inc.
Acquired by General Dynamics

The Client:

A 20-year client until acquired by WellCare in 2017, Universal American was an independent provider of health benefits and services to people covered by Medicare and/or Medicaid through its family of healthcare companies.

The Start:

Commenced services in 1996. Market cap under $100 million 3% of shares institutionally held. Nasdaq-listed.

The Early Years:

Introduced management to relevant sell-side analysts and institutional investors in cities throughout the U.S. Secured presentation opportunities at investment conferences. Prepared or advised on corporate announcements and investor communications. Assisted in the creation of UAM's Investor Relations website.

Our Later Role:

Positioned the Company as it grew through various stages of development. Prepared or advised on all investor communications, such as corporate news releases, including several transformative acquisitions; investor presentations; and quarterly earnings presentations. Advised management on a range of matters related to status as a public company. Provided relevant market intelligence to management. Facilitated participation in various investment conferences. Managed email list and investor materials.

Results:

Research coverage initiated by numerous firms. Institutional holdings grew to 90% of shares outstanding UAM invited to present at a variety of reputable investment conferences. Market cap reached high of $1.8 billion. Company listed on NYSE. The Company sold a segment of the business to CVS for $1.25 billion; paid a special dividend of $14.00 per share in 2011, followed by a $1.00 special dividend in 2012. UAM was on the Fortune 500 prior to segment sale. Acquired by WellCare for approximately $600 million in April 2017.
“The Equity Group is not just a typical IR firm. They’ve become a trusted advisor to our company. And for those companies, especially the smaller ones, The Equity Group is very good at helping create an identity for the investing public. My company began its relationship with The Equity Group in 1996 when we were a very different company...We’ve been able to reinvent ourselves in the period since then, and The Equity Group has been with us to help us craft our strategy for the public markets every step of the way. The Equity Group has always been extraordinarily responsive and a wonderful advisor, particularly when times haven’t been as good as other times... It’s wonderful working with the people at The Equity Group...they keep their equanimity at all times, and you can have a joke with them, which makes the working relationship even better.”

Richard Barasch, Chairman & CEO
Universal American Corp.

The Client:

Privately-held Tecnoglass, the largest glass transformation company in Colombia. Tecnoglass has grown into a global manufacturer of hi-spec architectural glass and window products for the commercial and residential construction markets.

The Start:

Commenced services in July 2013 for Andina Acquisition Corp., a Special Purpose Acquisition Company ("SPAC") that had identified Tecnoglass as its acquisition target.

Our Role:

Participated in numerous planning and strategy sessions with members of Andina and Tecnoglass. Refined investment thesis and crafted messaging. Created and/or edited all corporate collateral materials, including press releases, investor presentation, and corporate profile. Researched appropriate investor contacts, all of whom were notified of the transaction immediately after its announcement and kept apprised of corporate developments on a regular basis. and sell-side investment profession Researched appropriate investor contacts, all of whom were notified of the transaction immediately after its announcement and kept apprised of corporate developments on a regular basis. Conducted rehearsals and Q&A prep with management. Worked with investment bankers to arrange meetings and calls with members of the financial community. Obtained detailed feedback from each meeting, and reported findings to management. Managed the creation of Tecnoglass's Investor Relations website. Prepared and implemented post-IPO Investor Relations plan. Advised Tecnoglass on various aspects of its transition to a public company.

Results:

Completed SPAC merger in December 2013. Tecnoglass management rang the NASDAQ opening bell on January 24, 2014 to celebrate the listing. Extensive media coverage in Colombia. Research coverage launched by Dougherty & Company. Stock price appreciated 75% within two years of merger completion. The Company implemented a warrant exchange offer in July 2015. Institutional ownership has risen significantly.
"The Equity Group was a great help in allowing Tecnoglass to become the first Colombia-headquartered company to list on the NASDAQ. They were available 24/7, provided expert guidance, arranged introductions, and helped us present the best possible message to investors. They are also playing a significant role now that Tecnoglass is a public company. We greatly appreciate their support and consider them an important part of our team."

Christian Daes
COO
Tecnoglass, Inc. (NASDAQ: TGLS)

The Client:

Wheeler is a REIT that specializes in acquiring developing, and renovating retail focused properties located in secondary and tertiary markets throughout the mid-Atlantic region.

The Start:

Privately-held real estate Company that was pursuing an initial public offering. Commenced services in 2012.

Our Initial Role - Pre-IPO:

Directly introduced the Company to lead underwriter of initial public offering. Wrote free writing prospectus materials, which included investor presentation and corporate profile. Refined investment thesis and crafted messaging. Advised and prepared management in advance of investor meetings. Conducted roadshow presentation rehearsals and Q&A prep. Managed email list and investor kit materials. Assisted in the creation of Wheeler's Investor Relations website. Arranged one-on-one meetings and calls with members of the financial community. Obtained detailed feedback from each of the meetings and reported findings to management. Arranged bell-ringing ceremony at NASDAQ on opening day of trading. Prepared post-IPO IR plan. Advised Wheeler on various aspects of its transition to a public company.

Our Current Role:

Write all investor communications materials, which includes roadshow presentations, news releases, quarterly financial supplements, speeches and corporate profiles. Arrange full days of meetings for management with buy and sell-side investment professionals. Conduct outreach to financial, local and industry media. Conduct peer analysis. Maintain ongoing contact with potential investors and industry analysts that have met with the Company and arrange follow up meetings, as appropriate. Update and manage IR portion of website. Provide counsel on all matters relating to Wheeler's position as a public company.

Results:

Completed successful IPO; listed on NASDAQ. Private placement completed six months after IPO and 18 months into relationship. Participants included investors previously introduced by The Equity Group. Secondary offering completed eight months after IPO. Featured in several media outlets.



"We retained The Equity Group when we thought the Company was in its final stages of an initial public offering. However, we met several challenges along the way. Throughout the process, The Equity Group helped us overcome each one of these obstacles by providing guidance, arranging introductions and played a significant role in the Company going public. Today, we consider them an integral part of our team and we view them as our true partner."


Jon Wheeler, Chairman and CEO
Wheeler Real Estate Investment Trust (NASDAQ:WHLR)