Dutton's Forum

A Major Addition to Our Distribution

June 2003.   On June 11, Soleil Securities announced they will begin delivering and representing our research to the US and international institutional investor community. This represents a substantial addition to the distribution breadth of our research and its impact. While we presently reach institutional investors (we are carried by all third party institutional systems -- Bloomberg, First Call, Zacks, Multex, and JCF Group), this agreement provides us with an experienced institutional sales force directly working with institutional investors.

Soleil Securities (www.soleilgroup.com) is headed by Andrew Klein, founder of Witt Capital (now SoundView Technology Group, partially owned by Goldman Sachs). His institutional sales and trading operations are headed by senior management personnel from Goldman Sachs, Deutsche Bank, and Knight Securities. Their institutional sales force is from Merrill Lynch, Goldman, Deutsche Bank, and other top securities firms. The firms only business is research and institutional trading.

There has been a great deal of attention on independent research and the growth of research on a non-brokerage platform. On June 3, Dutton & Associates was featured by the Los Angeles Times in a front page Business Section story. This follows The Wall Street Journal and Buy Side Magazine. Most have come to accept that our prepaid model, highly experienced CFAs, and adoption of NASD and SEC regulations (e.g., Regulation AC, NASD 2711) governing the brokerage platform research place us on an even footing with brokerage research.

The addition of traditional institutional distribution combined with our vast electronic delivery positions us as a leading independent firm regardless of platform.