Here is the news release with the $34 target from current level of $3:
Chatsworth Securities Initiates Research Coverage on CVF
Technologies Corporation with a 'Strong Buy' Rating
LEWISTON, N.Y., Sept. 30 /PRNewswire/ -- CVF Technologies Corporation (Amex: CNV - news) a technology
development company focusing on e-commerce today announced that the investment banking firm of Chatsworth
Securities LLC, of Greenwich, Connecticut initiated research coverage on September 30, on its common stock.
Chatsworth rated CVF Technologies Corporation a ``strong buy' currently valuing the CVF group of companies at
between $10.50 and $12.00 per share, a substantial premium over the current stock price of $3.00 per share and
projects a value of $34.00 per share by 2004.
The Chatsworth report also stated that the CVF companies are developing their e-commerce programs where the
strategic focus of each website will be to add value by offering a full range of educational content, where appropriate,
rather then just selling product.
The report also said that ``at least five of the CVF companies are on the verge of generating significant revenue and
cash flow' and that ``CVF seems to have found the secret formula' for successfully commercializing early stage
technology companies.
Chatsworth reported that CVF is hoping to capitalize on the very successful business models of other companies
who have blazed the trail for CVF, including CMGI, Inc. and Safeguard Scientifics, Inc.
CVF Technologies President & CEO Jeffrey Dreben, stated that ``We are very pleased to be receiving coverage
from Chatsworth Securities, whose in depth report has unlocked the hidden value found in CVF. We are certain that
the investment community will find the report very useful in understanding the CVF story, and its dynamic potential.'
CVF Technologies Corporation, headquartered in Lewiston, New York, is a technology development company with
a focus on e-commerce whose principal business is sourcing, funding and managing emerging technology companies
with significant market potential.
Certain statements made in this press release which are not historical facts are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these statements
involve risks and uncertainties, which may cause actual results or achievements to be materially different from any
future results or achievements expressed or implied by the forward-looking statements. These risks include, but are
not limited to, product demand and market acceptance risks for the products and technologies of CVF's subsidiary
companies and investees; the impact of competitive products, technologies and pricing; delays or difficulties in
developing, producing, testing and selling new products and technologies; the ability of the company's subsidiaries
and investees to obtain necessary financing for their operations and to consummate initial public offerings of their
stock; the effect of the Company's accounting policies; the effect of trade restrictions and other risks detailed in the
company's Statement on Form 10-SB/A filed with the U.S. Securities and Exchange Commission and any
subsequent filings with the Commission. |
