EnerDynamic Hybrid Technologies (EHT.V) - Recurrent delays of the Ghana project (among others) along with the growing numbers of JV partners reflects a pattern of "moving targets". Consequently, the impact on revenues will increase the likelihood for further financing and debt conversion. Coverage history is available here.
Edgewater Wireless (YFI.V) - The inability to generate material interest continues to affect the bottom line. More importantly, the extent to which the addressable market can be captured given the current fiscal position remains questionable. The recent investor update provided was at best unconvincing. Historical coverage can be found here.
International Zeolite (IZ.V) - Persistent lack of communication with the market weighs on valuation. Unfortunately, the current outlook is reflective of past results obtained on the Enterprise side. Coverage history is available here.
Hence, we are dropping coverage of the above mentioned companies - effective immediately.
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