Our investment thesis that BluForest could become a major player in the sale of verified carbon offsets through reforestation is largely based upon the Company’s balance sheet.
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BluForest carries the Ecuador property on its books at a $695M estimated value, as per its most recent filing. The value assessed this property was prepared by a noted 3rd party appraiser and approved by an SEC sanctioned auditor. On the surface it appears to be incredibly high which has led to a controversy among investors regarding the validity of this audit. Since it has passed through FINRA and a number of filings and has been performed by a properly credentialed entity, we continue to use this figure as the primary source of the Firm’s valuation, pending any revelations or official reports to the contrary. To further this sentiment, we look forward to the pending closing of the LOI so that more color can be provided on its financial prospects and the present tangible value of the property.
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Senior Analyst: Robert Goldman
Rob Goldman founded Goldman Small Cap Research in 2009 and has over 20 years of investment and company research experience as a senior research analyst and as a portfolio and mutual fund manager. During his tenure as a sell side analyst, Rob was a senior member of Piper Jaffray's Technology and Communications teams. Prior to joining Piper, Rob led Josephthal & Co.'s Washington-based Emerging Growth Research Group. In addition to his sell-side experience Rob served as Chief Investment Officer of a boutique investment management firm and Blue and White Investment Management, where he managed Small Cap Growth portfolios and The Blue and White Fund.
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