J.M. Dutton & Associates

Independent Equity Research

Corporate OfficeSuite 3, 4989 Golden Foothill Pkwy
El Dorado Hills, CA 95762

(916) 941-8119

Issuer-paid independent researchCoverage universe as of 12/23/2005Buy · Neutral · Sell/Avoid rating scheduleOffices: El Dorado Hills · Redondo Beach · Zichron Yaacov

Circle Group Holdings

CRGQBB

1011 Campus Drive
Mundelein , IL 60030
Phone: (847) 549-6002

Circle Group Holdings is an eMentor Capital firm. eMentor Capital is

a patent-pending business model that combines funding, intelligence and

support to speed business growth while giving owners greater control of

their original vision. By merging innovative e-solutions and consulting

with investment banking financial services, Circle Group has created what

it believes to be the next evolution in growing and developing business

In 1998, Circle Group (then Circle Group Internet, Inc.) became the first

company to engineer a complete end-to-end stock offering over the Internet.

The company sought to assemble and communicate with a large pool of qualified

investors to create a more direct method of capital engagement. This effort

very quickly enabled Circle Group to raise $2.5 million in less than a

month via a Regulation A offering directly and entirely over the Web.

Circle Group was the first company to accomplish such a goal. Its self-directed

effort involved none of the more traditional venture capitalists, investment

bankers or brokerage houses. Circle Group has since purchased a broker/dealer

and assembled a team of talented analysts to join its technical staff.

In 2000, the company established the patent-pending eMentor Capital business

model, by adding its consulting division, Consulting CGI to its two other

subsidiaries, CGI Total Media and CGI Capital. These three areas work

together to give entrepreneurs a greater likelihood for success, and investors

By 2003, according to research from IDC, an estimated 67 percent of Internet

users will log on outside the United States; and the foreign share of

e-commerce will reach 56 percent -- up from 26 percent in 1998. In business-to-business

e-commerce, although the United States currently controls over 60 percent

of the global market, Gartner Group projects that the American share will

plunge to less than 40 percent by 2004, when worldwide B-to-B reaches

$7.3 trillion. These statistics show the Internet is growing quickly into

the global markets, and Circle Group plans to be a leader in the globalization

In April 2000, Circle Group began formalizing its global initiative through

CGI Worldwide, Inc. The goal is to license the patent-pending business

model to securities companies throughout the globe. CGI's initiative is

to mentor these companies into using its business model to build and successfully

grow companies within their country. Circle Group would, in turn, receive

a licensing fee for the business model, and a small equity stake in their

Initial trading of the common shares began in April 2002 on the OTC Bulletin

Published Research