SITE NEWS

New IceMD Recording:

Acupuncture and Post-Surgical Pain;

Hidden Treasure News:

New Hidden Treasure: Jingwei International(JNGW)

Jingwei International (“Jingwei’) is one of the leading providers of data mining and customer relationship marketing services in China. With a customer database of over 200 million Chinese consumers, Jingwei enables leading Chinese companies to reach their target audience. The Company´s services include market segmentation, customer trend and churn analysis, fraud detection and direct marketing services such as telemarketing and WVAS. (Read the full report at the bottom of the page)

New Hidden Treasure at Ice Cold Stocks: Ceragenix Pharmaceuticals, Inc. (CGXP)

Ceragenix Pharmaceuticals LogoCeragenix Pharmaceuticals, Inc. (CGXP) is a development stage biopharmaceutical company focused on infectious disease and dermatology. The company has two base technology platforms each with multiple applications: CerageninsTM (also known as cationic steroid antibiotics or "CSAs") and barrier repair ("Barrier Repair"). The company believes that the Barrier Repair platform represents near term revenue opportunities for prescription skin care products to treat a variety of skin disorders all characterized by a disrupted skin barrier.

CerageninTM technology has shown antibiotic, antiviral, anti-fungal and anti cancer properties in vitro and represents a mid- and long-term revenue opportunity both in antimicrobial medical device coating applications and in new prescription antimicrobial drug development.

   Dow Stock News

Altria Group Inc. (MO) Wednesday said third-quarter net income fell 8.4% to $2.63 billion, or $1.24 a share, from $2.88 billion, or $1.36 a share, a year earlier. The latest quarter's results include a favorable tax item of 5 cents a share and an asset impairment charge of 2 cents a share. Excluding items, earnings were $1.21 a share. The New York parent of Marlboro cigarette maker Philip Morris reported revenue of $19.2 billion, up 8.9% from $17.6 billion. On average, analysts polled by Thomson Financial expected third-quarter earnings of $1.14 a share on revenue of $10.1 billion. Analyst estimates typically exclude items. Philip Morris USA's net revenue rose 3.2% to $4 billion, while Philip Morris International's net revenue increased 9.3% to $5.9 billion. - MarketWatch

J.P. Morgan Chase (JPM) on Wednesday said third-quarter net income rose 2% to $3.4 billion, or 97 cents a share, from $3.3 billion, or 92 cents a share in the year-ago period. Revenue rose 4% to $16.1 billion from $15.5 billion. Analysts surveyed by Thomson Financial forecast earnings of 90 cents a share and revenue of $16.6 billion, on average. Investment Bank results declined, reflecting markdowns of $1.3 billion (net of fees) on leveraged lending funded and unfunded commitments and weaker trading performance. Retail Financial Services delivered 18% revenue growth; however, earnings declined 14% affected by a net $306 million increase in reserves for home equity loans. The bank booked record earnings and revenue in its Asset Management and Treasury & Securities Services. - MarketWatch

Coca-Cola Co.'s (KO) third-quarter earnings rose 13% to $1.65 billion, or 71 cents a share, from $1.46 billion, or 62 cents a share, a year earlier, boosted in part by a gain from the sale of part of its investment in Coca-Cola Amatil Ltd. A Thomson Financial survey of analysts, on average, predicted earnings of 68 cents a share for the quarter. The Atlanta beverage company's revenue grew 19% to $7.69 billion from $6.45 billion a year ago, helped by worldwide unit case volume growth of 6%. Coca-Cola said year-to-date, it repurchased $1.6 billion of its stock, and it intends to buy back a total of $1.75 billion to $2 billion of stock for the full year. On Tuesday, Coca-Cola shares closed up 12 cents, or 0.2%, to $57.76. - MarketWatch

United Technologies Corp. (UTX) said third-quarter earnings rose 20% to $1.2 billion, or $1.21 a share, from $996 million, or 99 cents, a year earlier. Results for the latest quarter included consolidated restructuring and related charges of $43 million. The Hartford, Conn., industrial holding company said revenue grew 14%, to $13.9 billion from $12.2 billion a year earlier as organic revenue climbed 9%. On average, analysts polled by Thomson Financial are expected earnings of $1.16 a share on revenue of $13.5 billion. For 2007, United Technologies tightened its earnings outlook to between $4.22 and $4.25 a share from $4.15 to $4.25, with revenue at around $54 billion. Analysts project full-year earnings at $4.24 a share on revenue of $53.3 billion. - MarketWatch

The Wall Street Journal reports that Citigroup (C), Bank of America (BAC), and JP Morgan (JPM) are seeking commitments of at least $80 billion under a plan to create a superfund to buy mortgage assets

The Wall Street Journal also writes that profits at Intel (INTC) rose 43% and profits at IBM (IBM) were up over 6%.

The Wall Street Journal writes that Microsoft (MSFT) will launch new business communications software which will combine instant message, email, and VoIP functions.

INTC Intel Caris & Company PriceTarget Raised Above Average $27 to $28

INTC Intel Stifel Nicolaus PriceTarget Raised Buy $31 to $33

INTC Intel Nollenberger Capital PriceTarget Raised Buy $30 to $31

INTC Intel Broadpoint Capital PriceTarget Raised Buy $29 to $34

   Ice Man Stocks

Breakouts the Ice Man may consider trading:

SQY - 42
BG - 110.50
GME - 59.40

Regular Trades the Ice Man may consider:

SHOO - 19.25

Depressed stocks the Ice Man may buy:

AU - 41.40 Gap
QXM - 11.80 Gap
EJ - 24.85 Gap

Dollar Man Ideas:

SONS - 6.50
LEV - 2.55

Depressed Dollar:

CSGH - 1.21
CTEL - * Best Bet

   Media Commentators

Cramer's Comments:

Bullish: ALGN, LXQ, SNCI, MASI

   Ice Cold Commentators

Break Man Video Summary:

Break out buy (or short sell) watch list for short term gains October 17 includes: STO, KCI, SOFO, S, THC, SBUX, SWIR, JMBA, FL.

Several candidates for break out or short sell  plays for at least short term gains by buying the break out (or selling the break down) on good volume and closing at least some on the  first day.

Swing Man Market Recap:

The market headed lower from the opening bell Tuesday morning taking a cue from the stock index futures which were pressured from overnight selling.  The highest level for the SPX came during the opening minutes at 1548 before succumbing to selling.  Several rally attempts during the trading day went nowhere as every push up was met by sell programs.  However, late in the trading day the intraday charts of the major indices began to display some positive divergence.  This type of divergence normally precedes a rally of some degree.   

The best performing index Tuesday was the NDX as it seemed to anticipate good news may be on the horizon from the scheduled earnings reports of tech bellwethers INTC and YHOO.  After the close, both these firms reported better than expected results and are subsequently trading nicely higher in the aftermarket and in turn are lifting the futures nicely higher this afternoon.  Assuming the futures remain strong, the market should open up higher tomorrow morning.  However, I´d be careful chasing too many stocks at this stage since it appears likely that more selling may take place in the coming days.  Let´s watch and see how the MACD on the 60 minute charts responds tomorrow to the anticipated move up.  Ideally, it would move up some and then on the next pullback the market forms some positive divergence on the 60 minute charts.

In summary, several indices found support near their 20 day moving averages Tuesday and coupled with the late day positive divergence that formed on the 15 minute charts set the table for the bounce that we are experiencing in the aftermarket trading session.  The 15 minute charts suggest we should look for some upward movement over the very near term (possibly 1-2 days) but such a move up holds the potential to swing around and form negative divergences fairly quickly.  It would not surprise me to see this bounce followed by another leg downward possibly towards the 50 day moving averages over time.   Thus, one should be continue to remain quite nimble and stick to playing only the best patterns preferably accompanied by good volume percentage.  Remember, there is no positive divergence in place on the 60 minute charts so let´s not get too giddy quite yet.  Let´s take things one day at a time and see how this expected bounce plays out Wed.

Good Trading.

   CNBC Fast Money Review

1. BREAKING NEWS: Intel Earnings
  
The headline: INTC Shares Up 5% After The Bell On Blockbuster Earnings...Also YHOO surges after hours.
  
Yahoo!
  
Najarian says Yahoo! revenue was very strong domestically. However, he cautions don´t chase the stock here.
  
IBM
  
Adami likes IBM although the hardware numbers were worse than the Street expected.
  
Intel
  
Adami adds he likes Intel right now at $27 and recommends riding it to $29 or $30. Also, Guy suggests a stop down to $26.50.
  
2. AFTER HOURS ACTION: Bristol Myers
  
The headline: FDA Approves Bristol-Myers (BMY) Breast Cancer Drug
  
Najarian isn´t surprised by the news because he feels BMY has a strong pipeline.
  
Adami prefers PFE as a Big Pharma play going into earnings.
  
Finerman says she bought BIIB on Tuesday because she sees a number of potential suitors. Finerman expects a takeover to happen within 3 months.
  
3. KRAFT
  
They've  been doing more Wall Street whale watching. And they've spotted one giant, who appears ready to throw his weight around and force some changes at KFT.
  
Finerman says when Nelson Peltz took a position in Kraft she took notice because he´s an activist shareholder. she explains Peltz has a window available to him, within the next 30 days, he could nominate a new slate of directors.
  
Finerman thinks this is something to watch closely and she reveals that she owns Kraft.
  
Adami says he thinks $33 is probably the floor in KFT and he speculates that it could go to $36.
  
4. BREAKING NEWS: CSX
  
The headline: CSX Q3 Revenue Beat Forecast.
  
Adami says because Carl Icahn and other Wall Street whales own shares of CSX Corp., he thinks the stock is a
buy.
  
Finerman thinks CSX is interesting.
  
Najarian reminds the panel that Warren Buffet owns BNI and consequently he thinks it´s a buy.
  
5. DIGITAL REVOLUTION: NOW E.T. CAN PHONE HOME:
  
The headline: T Has
Hired Goldman Sachs To Explore Purchase Of DISH.
  
Macke says he loves the price action in DISH.

  
6. POPS AND DROPS
  
SVU popped 6%: Macke says it´s a great stock and a buy.
  
BSC popped 2%: Adami calls this stock a lottery ticket.
  
SSP popped 9%: Macke recommends selling the pop.
  
SKS popped 5%: Finerman says she´s skeptical.
  
RBN popped 18%: Finerman says she loves the sector!
  
INFI and IBN both dropped more than 5%: Adami says India could be dicey.
  
DPZ dropped 14%: Macke recommends shorting “the pizza.’
  
7. YOUR FIRST MOVE FOR WEDNESDAY
  
Macke likes MSFT off Intel´s numbers.
  
Adami says INTC
above $26.5 is a buy.
  
Finerman prefers KFT.
  
Najarian thinks DISH is a buy on options activity.

   News and Events Digest

Breaking News

Legendary oil man T. Boone Pickens on Wednesday said he expects the price of oil to hit $100 a barrel within a year. Speaking on CNBC-TV, Pickens said the price of oil will go up from its record levels now, given that world oil demand is heading toward 88 million barrels a day, with supply stuck at 85 million barrels a day. "It's gonna get dicey in the fourth quarter," Pickens said. Oil fell 12 cents to trade at $87.49 in early action on the Nymex.
Yahoo´s net declined 4.6%, but revenue rose 12% as the company benefited from improvements to its search-advertising system. - WSJ

China TechFaith Wireless Communication Technology Limited (CNTF), an original design manufacturer focused on research and development of cell phone solutions, today announced that China's Ministry of Public Security Information Center has awarded TechFaith a contract to custom develop a pocket PC phone for the police forces in two provinces in China. This is TechFaith's first contract from a Chinese government organization. The initial shipment is expected in December of 2007.

Heelys Inc. (HLYS), makers of the popular wheel-in-the-heel skate shoe, is expanding their line of wheeled footwear, apparel, bags and accessories to include a "non-wheeled" shoe line - the Gamer by Heelys. A first of its kind, the new Heelys Gamer shoe embraces a favorite American pastime by featuring a simulated game controller on the outsole of the shoe.

Exact Sciences Corp (EXAS) said on Tuesday it received a warning letter from U.S. regulators, who believe the company's noninvasive colon cancer screening test requires regulatory approval. - Reuters

Media Summary:

According to Reuters, the Mortgage Bankers Association said that mortgage originations will fall next year to the lowest levels since 2000, forcing job losses for at least 30,000 more home finance professionals.

Reuters writes that Christmas orders for Chinese goods are up despite quality problems.

Reuters writes that Yahoo! (YHOO) exceeded profit forecasts taking pressure off management for the time being.

The Wall Street Journal writes that ClearBridge, the largest institutional holder in Cablevision (CVC), plans to vote against an LBO by the company's founding family.

The WSJ also reports that MySpace and Skype have formed a partnership so that members of the social network can use the VoIP service.

The New York Times reports that as a looming battle with Roche approaches, Amgen (AMGN) is preparing to defend its anemia franchise, now worth $7 billion a year, through pricing and lawsuits.

The New York Times reports that Toyota (TM) lost its top spot in the Consumer Reports customer satisfaction survey.

The FT writes that the credit squeeze is forcing foreign investors out of US securities.

The FT reports that OPEC is blaming speculation for the rise in US oil prices.

The FT reports that Apple (AAPL) has dropped the price that it charges for music downloads not protected by digital right management software.

Barron's reports that Movie Gallery's (MOVI) Chapter 11 filing will likely wipe out common shareholders.

M&A Activity:

Munich Re AG, one of the world's biggest reinsurers, said Wednesday that it is buying The Midland Co. (MLAN), a U.S. specialist insurer, for about $1.3 billion in a deal aimed at expanding its reach in the United States. - AP
 
Economic Data:

Wedneday Split Review:

Recent Stock Split Announcements:

On October 12, MACROShares Oil Up Tradeable Trust (Amex:UCR) announced that it has approved a 3:1 stock split to be payable on October 22, 2007.

On October 12, MACROShares Oil Down Tradeable Trust (Amex:DCR) announced that it has approved a 3:1 stock split to be payable on October 22, 2007.

On October 16, Carpenter Technology Corporation (NYSE:CRS) announced that its board of directors approved a 2:1 stock split to be payable on November 15, 2007.

Previously announced stock splits which become effective in the next several trading days.

Ex-Date Split Symbol Company
10/17 2:1 CTSH Cognizant Technology Solutions
10/22 2:1 DKS Dick's Sporting Goods, Inc.
10/23 3:1 DCR MACROShares Oil Down Tradeable Trust
10/23 3:1 UCR MACROShares Oil Up Tradeable Trust
10/29 2:1 CSNT Crescent Banking Company
10/29 2:1 ARD Arena Resources, Inc.

Economic Data:

8:30 CPI
8:30 Housing Starts
8:30 Housing Permits
10:30 Crude Inventories
2:00 Fed´s Beige Book

   Upgrades and Downgrades by Sector:

Clean Energy Sector:

GS initiated with an attractive rating and specifically:
VSE - price target raised to $21
FSLR, FTEK, SPWR - initiated with an Overweight

Mining:

Credit Suisse moves to the lowest underweight rating in years

Networking & Communication Equipment:

RVBD - DBAB sees checks ahead of consensus

Advertising
 VCLK ValueClick Oppenheimer Downgraded from Buy to Neutral $30 to $27

Biotech
 KOSN Kosan Biosciences Roth Capital Initiated at Buy $10
 ONXX Onyx Pharma Banc of America Sec Initiated at Buy $55
 SGMO Sangamo BioSci Pacific Growth Equities Initiated at Buy
 MEDX Medarex Banc of America Sec Initiated at Sell $10

Broadcasting
 CVC Cablevision Citigroup Downgraded from Hold to Sell

Brokerage Services
 LM Legg Mason Credit Suisse PriceTarget Raised Neutral $101 to $104

Computer Hardware
 ELX Emulex Caris & Company PriceTarget Raised Above Average $20 to $23
 STX Seagate Tech Credit Suisse PriceTarget Raised Outperform $28 to $30
 EXFO EXFO Roth Capital Cut Price Target Hold $6.50 to $6.20

Computer Software
 ARBA Ariba Roth Capital PriceTarget Raised Buy $12 to $15
 ANSS ANSYS Bear Stearns Initiated at Outperform
 ADSK Autodesk UBS Downgraded from Buy to Neutral
 BMC BMC Software Bear Stearns Downgraded from Peer Perform to Underperform
 COGN Cognos Friedman Billings Downgraded from Outperform to Mkt Perform $48 to $52
 TIBX TIBCO Software Bear Stearns Downgraded from Peer Perform to Underperform

Environmental Prod
 FTEK Fuel-Tech JMP Securities Cut Price Target Mkt Outperform $30 to $35

Gaming Operations
 WMS WMS Industries Nollenberger Capital PriceTarget Raised Buy $31 to $40
 SHFL Shuffle Master Morgan Joseph Downgraded from Hold to Sell $12

Healthcare
 PPDI PPD Inc. Friedman Billings PriceTarget Raised Outperform $41 to $46
 MOGN MGI Pharma Banc of America Sec Initiated at Buy $45
 SEPR Sepracor Friedman Billings Cut Price Target Underperform $26 to $24
 HOLX Hologic Lehman Brothers Initiated at Overweight $75
 FVE Five Star Quality Care RBC Capital Mkts Upgraded from Sector Perform to Outperform
 GTIV Gentiva Health Svcs Jefferies & Co Upgraded from Hold to Buy $20.50 to $22
 LNCR Lincare Jefferies & Co Upgraded from Hold to Buy $37 to $40

Homebuilders
 EME EMCOR Group Morgan Joseph Initiated at Buy $40

Industrial Equipment
 RBN Robbins & Myers Friedman Billings Downgraded from Outperform to Mkt Perform $60 to $66

Insurance
 CPHL CastlePoint KeyBanc Capital Mkts Initiated at Buy $16

Mfg - Steel Products
 TX Ternium S.A. Deutsche Securities Upgraded from Hold to Buy $42

Mining - Steel & Iron
 SID Comp Siderurgica Deutsche Securities Upgraded from Hold to Buy $90
 X U.S. Steel Deutsche Securities Upgraded from Hold to Buy $130

Motor Vehicles
 PCAR PACCAR Wachovia Downgraded from Mkt Perform to Underperform

Oil and Gas
 TTI TETRA Tech Stifel Nicolaus Downgraded from Buy to Hold

Regional Banks
 SBCF Seacoast Banking Oppenheimer Downgraded from Buy to Neutral
 WFC Wells Fargo Stifel Nicolaus Downgraded from Buy to Hold
 KEY KeyCorp Friedman Billings Cut Price Target Mkt Perform $38 to $34
 RF Regions Fincl Friedman Billings Cut Price Target Mkt Perform $37 to $32

REITs
 RAS RAIT Invtmt Trust BMO Capital Markets Initiated at Outperform $12

Restaurants
 SONC Sonic Credit Suisse PriceTarget Raised Neutral $27 to $30

Retail Trade
 GME Gamestop Bear Stearns Initiated at Outperform $75

Telecommunications
 KPN Royal KPN Bear Stearns Upgraded from Peer Perform to Outperform
 SONS Sonus Networks Piper Jaffray Upgraded from Market Perform to Outperform
 ADTN ADTRAN Robert W. Baird PriceTarget Raised Neutral $24 to $25
 CHL China Mobile Pali Research PriceTarget Raised Buy $66 to $115
 EQ Embarq Jefferies & Co Initiated at Buy $68
 TWTC Time Warner Tcom Cowen & Co Initiated at Outperform
 ERIC LM Ericsson Lehman Brothers Downgraded from Overweight to Equal-weight
 LVLT Level 3 Cowen & Co Downgraded from Outperform to Neutral

Transportation
 QMAR Quintana Maritime Oppenheimer Downgraded from Neutral to Sell

Utilities
 CNP CenterPoint KeyBanc Capital Mkts Coverage Dropped
 PEG Public Service KeyBanc Capital Mkts Coverage Dropped
 TXU TXU Corp KeyBanc Capital Mkts Coverage Dropped

Jingwei International (JNGW)

Jingwei International (“Jingwei’) is one of the leading providers of data mining and customer relationship marketing services in China. With a customer database of over 200 million Chinese consumers, Jingwei enables leading Chinese companies to reach their target audience. The Company´s services include market segmentation, customer trend and churn analysis, fraud detection and direct marketing services such as telemarketing and WVAS.

The Company also operates a software services business, which provides a broad range of billing systems, provisioning solutions, decision support and customer relationship management systems for China´s leading mobile telecommunication carriers. The software services business strengthens sales opportunities for Jingwei´s higher margin data mining platform, and allows the Company to enhance its customer database. Jingwei plans to evolve into an integrated marketing platform with targeted outbound sales campaigns via mobile phone media, and customer service/order fulfillment at call centers throughout the country.

Investment Highlights

 Compelling financial performance. In the full year 2006, Data Mining Services revenue increased 172% to $4.9
million from $1.8 million in 2005, and Software Services revenue increased 23% to $8.8 million from $7.1 million
in 2005. The Company´s high margin Data Mining Services division is expected to drive growth going forward.

 Data mining and analysis platform with database of over 200 million Chinese consumers. Jingwei´s
proprietary database contains key demographic information on over 200 million Chinese consumers, and intends
to enhance the size of its database by the end of 2008.

 Leading Software Services platform for China´s mobile telecommunications industry and exclusive
relationships with China Mobile and China Unicom. Jingwei has exclusive licensing agreements with provincial
affiliates of China Mobile and China Unicom. Additionally, Jingwei has software installations with several telecom
companies, including China Broadcast, China Netcom, China Rail Com and China Telecom.

 Capitalize on strong growth across many industries. Jingwei´s business model allows it to capture the growth
across many different industries in China, including telecommunication, Internet, consumer, information services
and more.

 Clearly defined growth strategy. Jingwei has a clearly defined growth strategy which includes: Enhance crossselling efforts, expand geographical presence, launch innovative products and services.

 Leveragble, established customer relationships. The Company´s Software Services provides established, long term relationships for potential cross-selling In 2006, revenue increased 53% to $13.6 opportunities. million from $8.9 million in 2005, driven by a 172% increase in Data Mining revenue as well as continued growth from the Software Services division.

The Company expects to increase net income by 80% in 2007 to $6.8 million, off revenue growth of 53% to 20.9 million. Revenue mix shift to data mining should drive revenue and net income results.

Jingwei is one of China´s leading providers of data mining and software services.

Selected Historical and Projected Financial Data For the year ended December 31, 2006
2007P Projected Increase
Software Services 8.8 9.7 11%
Data Mining 4.9 11.2 128%
Total Revenues 13.9 20.9 53%
Gross Profit 5.5 10.4 88%
% Margin 41% 50%
EBIT 3.7 7.2 92%
% Margin 28% 35%
Net income 3.8 6.8 80%
% Margin 28% 33%
Cash and Cash Equivalents 0.7 7.2
Net Working Capital 6.1 9.6
Total Assets 11.4 30.5
Stockholders' Equity 6.2 10.3
Capital Expeditures — 9.0
($ in thousands)

Management Team
& Directors

George (Jianguo) Du
President, GM and Chairman
 Co-founded Jingwei´s predecessor paging
company in 1993

 Vice Chairman and Executive Deputy GM of
China Wireless Technologies; IPO on Hong
Kong Stock Exchange in 2004

 Youngest Deputy Director of Shanghai 710
Research Institute

 MBA, Duke University
Regis Kwong
Chief Executive Officer

 20+ years experience with leading global
telecom services providers

 Managing Director, China Consolidated
Investments

 Founder, Terremark Asia, a subsidiary of
Terremark Worldwide (AMEX: TWW)

 MBA, Rutgers University
James Mu
Chief Financial Officer

 Senior Accountant, Geller & Company

 CFO, Tongyuan Technology Company

 MBA, Baruch College

 BS, Hebei University of Science and
Technology
Dr. Li Wei
Chief Technology Officer

 Deputy GM, Yijin Technology

 CTO, Crystaltrace Gever Technology

 Deputy GM and Head of R&D, Yestock Co.

 PhD & MS, University of Wuhan

 BS, Central South University of Technology

Data Mining Services

Chinese companies are increasingly using data mining services to enhance understanding of their customers and strengthen the customer relationship.

 Key component of future growth strategy

 Proprietary database of over 200 million Chinese consumer profiles

 Promote and market new products to the right consumers with Jingwei´s telemarketing, direct market and WVAS

 Products & Services: market segmentation, customer churn, fraud detection, trend analysis, direct
marketing/telemarketing campaigns

 Jingwei´s Data Mining Clients: Improve their marketing programs, identify new markets, bolster marketing ROI
and ultimately increase revenue and profitability

 Key growth opportunity: Leverage experience into new sectors such as government, financial, real estate,
automobile, broadcasting and TV, Power; cross-sell to Software Services customers; introduce new products.
Recent initiatives include 2-Dimensional Barcode service, which provides incentives to targeted mobile devices.

 Revenue model: project basis, revenue sharing in marketing and promotion activities.
Software Services
China´s telecom industry revenues grew 10% to $82.0 billion in 2006. Mobile subscribers
outnumber fixed subscribers by a factor of 4:1.

 Exclusive relationships with China Mobile and China Unicom

 Products & Services: billing support system, anti-fraud system, online collection system, data warehousing,
customer lifecycle identification model, customer classification model

 Leading Software Platform: Creation and management of multi-service wireless value-added services (“WVAS’)
platform for China´s telecommunications sector

 Key growth opportunity: Leverage experience onto new sectors, introduce new products such as Missed Call
Notification System for fixed-line telecom providers, cross sell Data Mining Services to customers.

 Revenue model: Initial license fee with recurring annual maintenance fee.