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Third Quarter Report on AMDLSymbol: ADL American Stock Exchange Share Price - $0.80 December 15, 2008 Risk Level: High 12 Month Target: $5.00 Recommendation: Buy Data as of December 15, 2008
SUMMARY
Since
our last report on AMDL we have lowered our projected share price, however this
should not be thought of as a decline in our positive attitude towards the
Company, its management or long-term upside potential. In fact, exactly the
opposite is true.
Current market conditions aside, Wall Street’s lack of reaction to the major initiatives AMDL has taken to build its strengths while reorganizing top management and still producing respectable financials has resulted in AMDL being one of the most under priced stocks we have seen in a long time. While we recognize liquidity still remains somewhat of a problem, AMDL’s management has -- and is -- currently taking the appropriate steps to increase its working capital so the markets no longer view the Company as being in danger of depleting its operational funds. It is for this reason we continue to maintain a bullish view on the Company. (Please see the Opinion section at the end of this report.)
COMPANY OVERVIEW
Headquartered in Through its subsidiary Jade Pharmaceuticals Inc. (JPI), the Company manufactures and distributes generic, homeopathic, over-the-counter pharmaceutical products and supplements. JPI manufactures and distributes its products through two wholly-owned Chinese subsidiaries, Yangbian Yiqiao Bio-Chemical Pharmacy Company Limited (“YYB”) and Jiangxi Jiezhong Bio-Chemical Pharmacy Company Limited (“JJB”). JPI acquired the businesses currently conducted by YYB and JJB in 2005 along with certain assets and liabilities of a predecessor to JJB, JiangXi Shangrao KangDa Biochemical Pharmacy Co. Ltd (“Kangda”).
YYB’s
facilities are located in AMDL also sells OEM products and test kits which are manufactured by others. The Company’s products may be used by hospital, clinical, research and forensic laboratories and doctor’s offices to obtain precise and rapid identification of certain types of cancer and other diseases. The Company’s proprietary DR-70® test kit may be used to assist in the detection of at least 13 different types of cancer, including: lung (small and non-small cell), stomach, breast, rectal, colon, and liver.
However, in nine of the thirteen cancer types there were not sufficient patient
numbers in the clinical trials to equivocally determine the effectiveness at the
detection of cancer. As DR-70® is a non-invasive blood test; there are no side
effects to the administration of the test. As with other cancer diagnostic
products, false negative and false positive results could pose a small risk to
patient health if their physician is not vigilant in following up on the DR-70®
results with other modalities that are standard of care for these patients.
DR-70® is available for sale in the
RECENT EVENTS
Change in Upper Management
Effective October 31, 2008,
the Company’s Chief Executive Officer, President and a member of the Board of
Directors, Gary L. Dreher retired and Douglas MacLellan assumed the role of
Chief Executive Officer and Executive Chairman. Mr. Michael Boswell was
appointed as an independent member of the board as Chairman of the Audit and
Compensation committees.
Long-standing board member Dr. William Thompson assumed the role of Chairman of
the Governance Committee.
MacLellan transitioned into his new role after nearly
16 years on AMDL’s Board of Directors.
He was appointed in 1992 and became Chairman of the Audit and Governance
committees in 2001. Earlier this year he assumed the role of non-executive
Chairman serving as an advisor and lead Company spokesperson for AMDL.
He brings extensive international business experience to his role.
Mr. MacLellan also brings significant experience in China-based business
operations and management where he has been actively involved since 1983.
Mr. MacLellan is a recognized authority on Chinese joint venture and
wholly foreign owned enterprise (WFOE) structuring and considered an expert on
the
Among his other accomplishments, Mr. MacLellan also brings over
twenty years of active board experience to AMDL. He has been a catalyst for the
development and financing of global businesses in the While
MacLellan not only has the necessary credentials, it became readily apparent
that AMDL was desirous of a more open relationship with the financial media and
Wall Street. Since MacLellan took over, we have noticed a considerably greater
transparency with regard to both financial and product sales projections. We
feel that this step was long past due. This step was long past due.
Boswell is co-founder of the TriPoint family of
companies and co-founder and member in TriPoint Capital Advisors, LLC -- a
boutique merchant bank focused on small and mid-sized growth companies. He has
been active in the Chinese market since 2000 providing high-level financial
guidance and services to start-up, small and mid-sized companies.
Akio Ariura – AMDL’s company’s Chief Financial
Officer, was promoted and assumed the additional title of Chief Operating
Officer. As COO and CFO, Ariura
is leading the day-to-day operations of AMDL, including direct responsibility
for AMDL’s legal, financial, and business affairs, employee development and
recruiting, and high-priority companywide
initiatives, including the implementation of its Kingdee ERP accounting system
within the US and China.
AMDL also expanded its senior management team with the
appointment of Mr. Christopher Gee as Director of International Marketing and
Sales and Mr. Raymond Gatchalian as Director of Compliance and Information
Technology.
Gee is a former Apple Inc. executive and tech/biotech
industry veteran with extensive business operations, international sales and
marketing management experience. While at Apple, Gee successfully
managed business development and enterprise computing projects. Gatchalian has an extensive background in IT audit and
compliance, working for both large and small companies.
His primary responsibility included planning, conducting and managing
system audits and providing consulting services to various IT organizations.
DR-70®
At the beginning of July, the FDA granted AMDL clearance to market DR-70® as a safe and effective blood test for monitoring patients who have been previously diagnosed with colorectal cancer (CRC). With the approval by the FDA, AMDL is now actively seeking distribution channels. At the same time the company is pursuing additional clinical trials and working to improve the DR-70® product. While efforts in those directions will likely take six months to a year to come to fruition and could possibly delay an encompassing DR-70® distribution agreement, we feel that management’s obvious decision to proceed cautiously will be justified by the subsequent results.
Although the Company has obtained approval from the USFDA to market the then
current formulation of DR-70® it has been determined that one of the key
components of the DR-70® -- the anti-fibrinogen-HRP is limited in supply and
additional quantities cannot be purchased. There are currently enough DR-70®
test components to perform approximately 1.2 million individual tests (31,000
test kits) over the next 12-18 months.
Based on current and anticipated orders, this supply is adequate to fill
all orders. The Company is currently testing substitute antibodies and will
perform additional quality assurance testing in order to validate a significant
supply of the current version of the DR-70® test kit. Part
of the Company’s research and development efforts through 2010 will include the
testing and and validation of an improved version of the DR-70® test kit. The
new version will be
run on an automated analyzer instead of the manual testing procedure used in the
current version. Pilot studies show that the new version will likely be superior
to the current version in its performance; i.e., fewer false positives and fewer
false negatives. The Company has signed agreements with a reputable third party
to take the lead on necessary clinical studies. It is anticipated that this
version will be submitted to the USFDA in the latter half of 2010.
The
depth of the marketplace for DR-70®
is evident from the work done by Kalorama Research indicating that the world
market for in vitro diagnostic tests for cancer is growing at nearly 11%
annually and could reach nearly $8 billion by the end of 2012. FDA clearance to
market was based upon data showing DR-70®
has the ability to monitor the progression of colorectal cancer
post-surgery in patients who are biopsy confirmed with this disease.
Post-surgery testing with DR-70®
enables cancer patients to determine if their treatment is effective and whether
or not their colorectal cancer is out of remission. CRC is
the third most common cancer worldwide and the second leading cause of cancer
deaths (irrespective of gender) in the The
approval of DR-70® marks
the first clearance to market the FDA has granted for any monitoring product for
CRC since January 14, 1982 when Carcinoembryonic Antigen, or what is commonly
known as the CEA test, was approved. Until now, the CEA test has been the only
accepted method approved in the U.S. DR-70®offers
a new test that can monitor CRC tumors post-surgery. In order
to comply with the new SFDA guidelines in
Additionally, now that the USFDA has granted clearance, it is likely that JPI
will seek to obtain approval for DR-70®
as expediently as possible.
Human Papilloma Virus (HPV) On
April 3, 2008 AMDL announced that it has entered into an exclusive sublicense
agreement with MyGene International for the MyGene MYHPV Chip® Kit, a
diagnostic product designed to screen for cervical cancer in women by providing
in-vitro genotype information for the Human Papilloma Virus (HPV), which is
linked with cervical cancer in greater than 95% of patients with confirmed
cervical cancer. The agreement between MGI and AMDL is an exclusive sublicense
to use the patents, trademark, and technology in manufacturing, promoting,
marketing, distributing, and selling the MYHPV Chip® Kit in the
countries of China (including Hong Kong), Taiwan, Singapore, Malaysia, Thailand,
Cambodia, and Vietnam. MGI owns an exclusive worldwide license (excluding During
its most recent due diligence, the company discovered potential issues involving
the patents which are an integral part of the license agreements. Although the
company is trying to remediate the problems with MGI, it is not known how long
this process will take. Since AMDL has remitted an additional $10,000 refundable
payment as a show of good faith that it is committed to moving forward with the
license agreement, we are going to cover the product briefly since it is
potentially a valuable asset. However, we are not incorporating any potential
revenues and earnings for this product line until the problems are resolved and
anyone looking at the company should make note of the problem in deciding on the
advocacy of investing in the stock. HPV is
the most common sexually transmitted infection. Globally there are approximately
330 million women presently infected with HPV, with 70% of existing infections
in Asian populations. The virus infects the skin and mucous membranes. There are
more than 30 important HPV types that can infect the genital areas of men and
women.
Most
people who become infected with certain types of HPV do not even know they have
it. Cervical cancer is third leading cancer in women and the second leading
cause of cancer deaths in women worldwide. It is well known that certain HPV
types are the primary cause of cervical cancer. If HPV infection is detected
early, cervical cancer could be prevented. Early diagnosis of HPV infection,
which could lead to cervical cancer, is recommended for every woman.
According to recent clinical trial assessments in Medical News Today
(medicalnewstoday.com), the global market for HPV testing is projected to be
$250 million in 2008 with the total available market valued at $1 billion. Studies
are underway evaluating the use of HPV tests as a primary screen for cervical
cancer in women,
supplementing the standard
PAP testing. Preventive Oncology International notes
that worldwide cervical cancer remains the second most common malignancy in both
incidence and mortality, it is the greatest cause of death from cancer in women
in the developing world yet HPV screening is lowest there (see Figure 1). Forty
percent of the world’s cervical cancer occurs in
Fortunately, the GAVI Alliance (formerly known as the Global Alliance for
Vaccines and Immunization) — a partnership of national governments, the World
Health Organization, the World Bank, the Bill and Melinda Gates Foundation, the
vaccine industry, public health institutions, and nongovernmental organizations
— provides technical assistance and financial support for screening and vaccines
in countries with a gross national income of less than $1,000 per capita, as
well as in China, India, and Indonesia. This
pro-active funding is an important way to get in front of the growing crisis. In
PRC China alone, at an extremely conservative estimate of 1,000,000 (there are
approximately 455,960,489 women between 15 and 64 years old, 2007 CIA Factbook)
with HPV screening at a cost of approximately $50 (price quoted in Forbes
Magazine, 1/28/08) there is a $50,000,000 million USD annual market potential
for a product that actually saves lives, saves human suffering, and saves
precious medical financial resources. MyGene International, an international
biotech company, estimates HPV testing in PRC China to grow from approximately
16 million tests in 2009 to over 25 million by 2025. Recent
advances in vaccines are also proving valuable in the struggle to prevent HPV
and possibility of cervical cancer. 2006 saw the launch of Gardasil from Merck
and Co., the first vaccine protecting against HPV (human papilloma virus) and
the development of cervical cancer. Another HPV vaccine, Cervarix, from
Glaxo-Smith Kline, was launched in 2007.
According to Visiongain report “World Market for Cancer Vaccines 2007-2012”
these two vaccines are predicted to
generate sales of more than $4 billion by 2012, which could see them becoming
top selling vaccines on a global level. Because
of the infection rate, many public health experts recommend mandatory HPV
vaccination and screenings (George Washington University Report, 12/07). Condoms
do not provide comprehensive protection against HPV. Both men and women are
carriers of HPV. It is reasonable that those at risk in both sexes should get
regular screenings and/or vaccines. HPV
Screening Tests: Extremely Important Tool As a primary tool, HPV screening has
evolved beyond the Pap smear test (developed in 1941) into a more efficient and
precise scientific endeavor in the last decade. As stated in a recent Forbes
Magazine health report (“The Cancer That Shouldn't Be” 1/28/08), it borders on
the scandalous that cervical cancer, among the few cancers that are preventable,
kills 310,000 women a year worldwide. In 2007,
11,150 women in the
Furthermore in China, Qiao Youlin, Director for the Department of Cancer
Epidemiology at the Chinese Academy of Medical Sciences in Beijing, said, “In
developing countries, most of the limited medical funding is spent on disease
treatment instead of prevention. As
a result, developing countries account for 80 per cent of the total number of
the world's cases of cervical cancer.” Pap
smear test results in developing countries are often unreliable, with poor
techniques of obtaining the samples and analyzing them. Unlike Pap smears with
lab intensive microscopic evaluations and lab analysis, new biotech companies
are developing more efficient and precise HPV testing kits. At the forefront of
HPV detection test kits are companies such as MyGene, German diagnostic tools
firm Qiagen, and Digene Biotech of
MYHPV Chip® Kit (see Figure 2) was approved as a diagnostic reagent
for in-vitro testing for HPV by the KFDA (Korean Food and Drug Administration).
The test can diagnose cervical cancer through its direct relationship to HPV
infection and provide for specific genotype information at the same time.
Genotype information tells the doctor whether the patient is likely to develop
cancer or not because some HPV strains are known to be more virulent than
others. Features of the MyHPV Chip® Kit include:
·
Pre-Diagnosis of
cervical cancer
·
Diagnosis of HPV
Infection and Genotype Information for the HPV Infection
·
Detection of low copy
number HPV Infections
·
Diagnosis of Multiple
HPV Infection
·
Sample Collection
during PAP test
·
Accurate and prompt
Results
·
Identifying total 24
(19 in the Korean FDA approved version) types of HPV Infections (16
high-risk, 8 low-risk)
Medical
News Today reported that the global market for HPV testing is projected to be
$250 million in 2008, with the total available market valued at $1 billion.
There are more than 10 million HPV tests being performed annually in the The 2007
CIA Factbook indicated that in
OVERVIEW OF JPI’s BUSINESS
JPI is currently the major engine for AMDL in terms of both revenue and profit. JPI manufactures generic, homeopathic over-the-counter pharmaceutical products and supplements. Beginning in the third quarter of 2008, JPI launched a line of facial creams based on its Goodnak product -- the injectible anti-aging pharmaceutical product used primarily for cosmetic purposes. JPI manufactures and distributes its products through two wholly-owned Chinese subsidiaries, Yangbian Yiqiao Bio-Chemical Pharmacy Company Limited (“YYB”) and Jiangxi Jiezhong Bi-Chemical Pharmacy Company Limited (“JJB”).
JPI and
YYB currently manufacture and market 49 diagnostic, pharmaceutical, nutritional
supplement and cosmetic products. JPI is also researching and developing other
pharmaceutical products which will require the approval of the SFDA. The top
selling products in JJB
employs regional sales managers and over three hundred representatives who
contact hospitals and distributors throughout YYB has
established a multi-level marketing program of approximately forty sales
managers and engages over 1,000 sales representatives who act as individual
marketers of YYB’s products. YYB’s products are primarily sold directly to three
institutional or hospital customers. Both JJB
and YYB are developing educational programs for hospitals, doctors, clinics and
distributors with respect to JJB’s and YYB’s product lines. These educational
programs are intended to improve sales and promotion of JJB’s and YYB’s
products. Both JJB and YYB sell to hospitals, retail stores and distributors who
act as agents. One primary distributor has 29 retail outlets throughout the PRC.
In addition, JJB and YYB have a dedicated sales team that manages its own direct
sales force and retail outlets all over JPI
currently has 75 in house full-time sales people and is expected to increase
this number over the next twelve months to market JPI’s new products. As JJB’s
and YYB’s resources permit, both JJB and YYB anticipate expanding their current
domestic Chinese distribution beyond the cities in which they currently sell
through the utilization of new distribution firms in regions currently not
covered by existing distributors or the in-house sales force. JJB’s
facilities in
JJB has held recent discussions with the
Chinese military located in
Under this initial understanding, the Chinese Military will allow at least 2 years for JJB to build new production lines at a new location or acquire another pharmaceutical company, with similar injection production capabilities. This will allow JJB to smoothly transition its production capabilities to an alternative site. JJB will not move its current injectable production from its current location until the new production capabilities are online and have passed all necessary the CGMP approvals.
Currently JJB is asking the Chinese military for RMB 30 million (approximately US$4.41 million) in compensation for having to move the two JJB production lines and is also asking for this payment to be made in installments associated with any new plant-building milestones.
The Chinese military is coordinating with Shangrao county and city local governments in order to find an appropriate industrial location and or existing pharmaceutical plant where JJB could move its injectable production lines to. Thus far, the city and county governments have yet to locate any suitable industrial locations and or pharmaceutical plants in the Shangrao Economic Development Region that meet JJB's requirements. The city and county officials intend to continue this search process. Its understood by all parties that this site location process may take some time and thus the acquisition process could be delayed. Alternative sites in other cities are also being considered, wherein JJB could consolidate all four of its production facilities into one new plant location paid for in part by the military.
JJB’s
GMP certification has expired for the small volume parenteral solutions
injection plant currently manufacturing Goodnak, and JJB has ceased operations
at this facility while modifications are made to the facility to bring
operations in compliance. The
modifications required by the SFDA are now complete and operations slated to
resume in the first quarter of 2009. Both JJB
and YYB utilize the services of more than 200 small suppliers.
No raw materials are imported for their pharmaceutical manufacturing
operations and no finished products are currently exported out of
•
Human Placental
Tissue Extract Lotion •
Domperidone Tablet •
50% NACL G.S. •
Compound Benzoic
Acid and Camphor Solution •
Levofloxacin
Hydrochloride Injection
Product Commercialization Pipeline
The
following products are expected to become commercially viable in: Mid-2009
·
Creatine Phosphate Sodium
Injections (Heart Medication)
·
Renergie Microlift
·
Fresh Cell
·
Vitamin C Oil
·
Detoxigenol
·
Wrinkle Removing Repair Cream
·
HydraMax Moisturizer Cream
·
HydraMax Whitening Cream
·
Pure Detoxigenol Cream Late 2009
·
Docetaxel (Cancer Treatment)
·
Epinastine Tablets (Allergy
Pharmaceutical)
·
Pidotiod Tablets (Anti-aging
products)
·
TouJin Niangshi (Herbal liver
cancer treatment) 2010
·
Drotaverrine Hydrochloric
(Anti-emetic)
·
Diammonium Glycyrrhizinate
(Anti-emertic) 2011
·
MyHPV Chip Kit® 2012
Competition JJB and
YYB compete with different companies in different therapeutic categories.
For example, with regard to large and small volume injection fluids, JJB
primarily competes with Jiangxi Zhuhu Pharmaceutical Company, located in The
manufacture of large and small volume injection fluids, small volume injection
fluids, tablets and tinctures and related product include generics,
over-the-counter and supplement pharmacy products.
There are at least 70 companies in JJB
competes with numerous companies for distribution of JJB’s tablets as these are
common over the counter pharmaceuticals.
YYB completes primarily with twenty other companies similar to YYB who
are licensed to sell herbal extracts throughout
FINANCIALS
Summary
For the
three months ended September 30, 2008, total net revenues from product sales
increased 59.5% to $9,202,638 from $5,769,292 for the same period in 2007, while
net revenues from the amortization of up-front fees was $43,777 as compared to
$39,084 for the same period in 2007. A the same time, gross profit for the
period increased 35.6% to $4,855,842, as compared to $3,581,684 for the same
period in 2007.
Looking
at a full nine months ended September 30, 2008, net revenues from product sales
increased 93.0% to $18,614,993 from $9,646,056 for the same period in 2007,
while revenues from the amortization of up-front fees was $128,629 as compared
to $39,084 for the same period in 2007. Gross profit for the nine months ended
September 30, 2008 increased 74.6% to $9,530,676, compared to $5,460,005 for the
same period in 2007. We are
happy to see that AMDL continues to provide guidance going forward, most
recently for 2009. According to the company’s latest statement, gross revenues
for 2009 are expected to range between $60 and $76 million with net income
between $11.6 and $14.6 million before foreign currency translation.
With around 16.9 million
shares outstanding that means earnings per share should range $0.68 to $0.86 per
share. At a recent stock price of $0.80 that is a projected 2009 P/E range
(ignoring currency translations) of 1.3 to 1.0. ADL is trading about 34% of 2008
projected sales and only 20% of 2009 sales guidance where similar stocks
typically trade at 2 times sales or better.
The company’s performance in the coming year will come from:
·
The planned
geographic expansion from the current 36 to 100% of
·
Potential
acquisition of marketing & distribution entities
·
Expanding
marketing efforts of Dr-70® for the
·
Expand into
international markets with Goodnak anti-aging products
Therefore, we see AMDL's growth taking place as a result of:
The
company has reaffirmed its plans to double sales annually over the next three
years, thereby establishing JPI as one of the top 10 pharmaceutical companies in We have
not included any sort of potential future acquisitions or sales coming from the
company’s Combination Immunogene Therapy technology and management said it will
continue to evaluate the business outlook for that product line. We feel that
this is a product that will one day be sold since it does not appear to fit with
the company’s core business line. Probably
the greatest concern is not the Company’s ability to increase revenue and
earnings but its need to meet its rising cash requirements until such time as
the company generates sufficient earnings to meet those needs. To that end, the
company announced on Dec. 9 that it had closed on the first tranche of a private
placement offering of 12% senior notes and warrants. In this
first closing, AMDL sold $1,077,500 of 12% senior notes at par value. The notes
mature at the earlier of 24 months or the completion of a bank or credit
facility of not less than $8 million in one or more transactions. The warrants
included in the offering have a term of five years from the date of issuance and
are exercisable at a price equal to $1.00 per share.
Under the terms of the offering the exercise
price of the warrants are equal to the greater of $1.00 per share or 115% of the
five day volume average weighted prices (VWAP) of the Company’s common stock
prior to the closing date of the offering.
AMDL vs. PEERS IN THE
UNITED STATES
12-15-08
Figure 3
AMDL vs. PEERS IN THE
UNITED STATES
12-15-08
Figure 4
SEGMENT REVENUE BREAKDOWN
The
following is information for the Company’s reportable segments for the nine
months ended September 30, 2008:
The
following is information for the Company’s reportable segments for the three
months ended September 30, 2008:
In
2007, the Company had two reportable segments, (i) manufacturing and wholesale
distribution to distributors, hospitals, clinics and similar institutional
entities in China (“China-Wholesale”); and (ii) sales to distributors and
institutional entities in the U.S. (“Corporate”). The
following is information for the Company’s reportable segments for the nine
months ended September 30, 2007:
The
following is information for the Company’s reportable segments for the three
months ended September 30, 2007:
Figure 5
OUR OPINION At
this point in time, we are forecasting that AMDL will end its 2008 fiscal year
with net revenues of between $27 and $29 million and net earnings before foreign
currency translation of $1.5 million. AMDL
has stated on numerous occasions that its goal is to double revenues every year
and they have been on target to do so. Independent of the company’s stated goal,
our forecast for fiscal year 2009 is that sales in Based
on our discussions with management, we have estimated the revenue per kit on a
large volume to be $249 with a cost of sales per kit estimated at $45.
Furthermore, most of the corporate overhead is already covered by JPI
operations. Since JPI’s operation is the majority of AMDL’s revenues, G & A for
the most part would be allocated to JPI. We
are currently estimating that AMDL will sell approximately 30,000 DR-70®
kits in 2009. When you consider that there is estimated to be 150,000 new cases
colorectal cancer just in the
Therefore, at this point in time, we believe that DR-70® will result
in about $4.48 million in gross revenue during 2009, of which at least $3
million will fall to the bottom line, thereby providing about $0.19 per share in
2009, assuming a weighted average of about
15.9 million
shares.
Therefore, we are currently estimating that AMDL’s total net revenues for 2009
to be about $60.5 million with earnings for 2009 of about $13.2 million, or
about $0.83 per share based on a weighted average of about
15.9 million
shares. Using a conservative multiple of 6 times earnings, results in a 2009
target for AMDL’s shares of $5.00 per share. Furthermore, we want to stress that we believe that if AMDL performs in accordance with our projections, the market will allow the company a higher multiple than the 6 given that the company will at that point be within radar range of many institutional investors.
FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
AMDL,
Inc. Douglas
MacLellan CEO
Market
Capitalization: (as of 12/15/08)
$12.7 million Weighted
Average Shares Outstanding: (as of 12/15/08)
15.9 million
Disclaimer
This disclaimer is an integral part of our service. Please read it before investing in any security on which we report. Opinions are solely those of the staff of The Rudd Report and are subject to change without notice. Our reports are for information only and we do not offer securities or solicit the offer of securities of any company. Our reports are to inform the public and not to promote any company or its securities. We do not inform any company in advance of the nature or conclusions of our reports nor can a company change what we write. In the case of AMDL we received a fee for coverage up through December 31, 2008 in the amount of $18,000. Our reports contain factual statements and opinions. We derive these factual statements from sources that we believe are accurate. However, we do not represent that the facts presented are accurate or complete. Furthermore, the information contained in this report may become inaccurate because of the passage of time and should therefore be read for historical information only.
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AMDL Interim Report 12-15-08
AMDL December 15, 2008
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