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BY MONEYMADE Outstanding Shares: 42M Float: 4M Stock Symbol: IVAY price .15 12-Month Target price of $2.10 Long-Term Target price of $7.00 Report issued by Holmes R. Osborne III, CFA I n v e s t i g a t i v e | S e r v i c e s | A g e n c y James Miller - CEO ISA's management team is strong and growing. It is led by James Miller. Miller is CEO of ISA and has a level three certification in homeland security through ACFEI (The American College of Forensic Examiners) and is on the Emergency Homeland Security Response Team. He has an MBA degree from the University of Chicago. ISA has seventeen employees, many of whom have experience in law enforcement and the military. ISA has been in business for nine years. About IVAY IVAY is a full service investigative firm with its headquarters in Chicago, Illinois. IVAY provides in-depth expertise in Corporate Investigations, Private Investigations, Security and Corporate Consulting. IVAY has more than 60 agents on call to handle any security or investigative matter on a moment's notice. IVAY also maintains a presence in the Homeland Security industry through risk assessment work and other activities for various corporations and government entities. IVAY has provided terrorist risk assessment advisory work and security and protection advisory services to various companies through out the greater Chicago area, including banks, major nationwide real estate operators and national newspaper publishing companies. IVAY personnel have backgrounds that include former bank robbery investigations, former senior international crime investigations for the United Nations and State Department and former FBI investigations. Videos: investigative-agency.com (Security services for Chevy Chase, Halle Berry, Jay-Z etc.) NEWS Investigative Services Agency Wins Government Contract from Carlyle Group's USIS Overview ISA specializes in background checks, investigations, corporate fraud investigations, supplying body guards, and other services in the security business. ISA's goal is to increase its presence in homeland security, counterterrorism, and background checks. ISA has won a government-related contract from USIS to supply agents to perform background checks on government employees. ISA has also developed a plan to acquire existing investigative agencies in targeted areas of the United States, and is working on developing anti-terror, homeland security-type technologies. ISA-USIS Relationship The ISA relationship with USIS is impressive. USIS is a near-billion-dollars-in-sales private company owned in part by the Carlyle Group and is managed by several former General Electric officers. USIS is the largest supplier of background checks to the federal government. The Office of Personnel Management (OPM) has mandated that USIS outsource some of this work. ISA has won the first of such outsourcing contracts in what could be several contracts to supply agents to perform screening for government employees and other government security-type work. As a result of this contract, ISA is in the process of hiring 400 agents over the next three years, fifteen of which are already hired. By the end of 2007 ISA expects to have 150 agents in the field. The Carlyle Group Because the Carlyle Group is very well connected, USIS and ISA could very well be in a good position to get much more investigative- and security-related business. The board of directors and advisors of the Carlyle Group include former President George H.W. Bush, former Secretary of State James Baker, and former Prime Minister of Great Britain John Major. Revenues and Earnings When ISA's first 150 new agents are in the field, ISA predicts that the 150 agents will conduct background checks that will result in revenues for ISA of $17,550,000 a year and $4.3 million in earnings. This is the most conservative estimate of eleven estimates that ISA has given. With a current share count of 42 million, the earnings per share would be 10.5 cents a share. This number includes current and forecasted income based upon only the first 150 agents in the field. Investigative Agency Acquisitions ISA is also in talks for five investigative agency acquisitions. These acquisitions will be funded by approximately 10% in cash and the rest in shares. James Miller feels that the new acquisitions will be accretive to the bottom line because most of the agencies operate at break-even, and ISA's management and economies of scale from the size of ISA will make these new firms immediately profitable. Target Stock Price Report by Holmes R. Osborne III, CFA Based on only the current USIS contract and current earnings, and excluding any future USIS contracts, future acquisitions, or sales of the safe room, a conservative estimation, assuming first year net earnings of $3.4 million after the first 150 agents are in the field and 42 million shares outstanding, would yield 10.5 cents earnings per share. At a price-to-earnings ratio of 20, the stock would trade at $2.10. When all 400 agents are in place, earnings would jump to 34.9 cents per share, and, at a price-to-earnings ratio of 20, the stock would trade at $7.00 per share. biz.yahoo.com Current Acquisition Target: Intrepid Defense & Security Systems Website: intrepiddefense.com Licenses Los Angeles, CA: 25215; Chicago, IL: 117-000961 For Further Information Contact: John Wright at 312 275-7312 | ||||||||||||||
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