This report summarizes the recent financial results of several public Web 2.0 companies. Tencent Holdings reported the highest revenue growth at 90% for the full year. MOKO.mobi reported the worst performance with revenue dropping almost 60% year-over-year. The report tracks 90 public Web 2.0 companies with a combined market cap of $33.8 billion and provides an analysis of their financials including revenue, EBITDA, employees and valuation metrics.

1. SOFTWARE & SERVICES 24 MARCH 2009
DAVID SHORE, CFA, MBA 416.860.6784
WEB 2.O WEEKLY david.shore@researchcapital.com
Arun Thomas (Associate) 416.860.7666
MIXED FINANCIAL RESULTS REPO RTED
T E NC E NT L E A D S WIT H 9 0% R E V E NU E G RO WT H
A number of the public companies we track in our W eb 2.0 Universe reported their fiscal results over the past week.
Tencent Holdings led the companies reporting with revenue growth of 90% for the full year while MOKO.mobi had the
worst revenue performance, dropping almost 60% from the prior year. For additional details, please see the industry
news and price performance sections of the report.
R evenue G rowth
C ompany Headline (Y /Y %)
Look S ma rt L td. A nnou nces C ondens ed C ons o lidate d U na udited E a rn ings R es ults for th e 2 5%
L ookS mar t, L td. (N as daqG M: LO O K )
F ourth Qu arter an d F ull Y ea r E nded D ecember 31, 200 8 ; Ann ounc es I mpairment C harge s for
the F ourth Qu arter and F ull Y ea r E nded De c ember 31, 200 8 ; P rov ide s R ev enue G uidanc e for
the F irs t Q uarte r of F isc al 20 09
J u mbuck E ntertainment P ty L td. A nno unc es E arnings R es ults fo r the H alf Y e ar E nded 2 9%
J umbuc k E nte rtainment P ty L td. (AS X: J MB )
Dec ember 31 , 20 08
MO K O .mobi L imited R e ports E arnin gs R es ults for the F irst H alf E nde d Decembe r 3 1, 2 008 -5 7%
MOK O. mobi L imi te d (AS X: MK B )
DAD A S pA R eports R ev enu e R es ults fo r the Y ea r 2008 6%
DADA S pA (C M:D A)
T enc ent H oldings L td. R e ports C on so lidate d U n audited E a rn in gs R es ults for th e F ou rth 8 9%
T ence nt H ol dings L td. (S E HK : 7 00)
Q uarter an d Y ear E nde d Dec em be r 31, 2008 ; B oard o f Dire ctors R ec ommends F in al Dividend,
P a yable on M ay 27, 200 9
W iz z ard S oftwa re C orporation R epo rts P reliminary E arnings R es ults for the Y e ar of 2008 1 8%
W iz zard S oftware C orpora ti on (AME X : W ZE )
W ebz en Inc . R e ports E arnings R es ults fo r the Full Y ear of 200 8 NA
W ebz en Inc . (K O S E : A0690 80)
This report has been created b y Anal ysts that are emplo yed b y Research Capital Corporation, a Canadian Investment Dealer.
For further disclosures, please see last page of this report.
w w w . r e s e a rc h c a p i t a l . c o m
T o ro n t o 4 1 6 . 8 6 0 . 7 6 0 0 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.265.7400 Regina 306.566.7550

2. Page 2
THE WEB 2.0 UNIVERSE
Ninety public Web 2.0 companies identified: Our W eb 2.0 universe contains 90 companies, with a combined market cap
of $33.8 billion. These include a wide variety of companies, including MMOG (Massive Multi-Player Online Gaming)
companies, social networking software companies, media sharing companies, and social lending companies. See below
for a summary of the full universe (Figure 1). The average market cap for the group is ~$376 million (but a median of only
$28 million), with average trailing revenue of $137 million (median $46 million). The companies are also generally
profitable, with a median EBITDA margin of 16.4%. On a valuation basis, the overall average is 4.5x trailing revenue
(median 1.3x) and 9.1x trailing EBITDA (median 6.4x). Twelve of the companies have more than 500 employees.
C omparable C ompany A nalys is > W eb 2.0
Trading Cu rrent U S D Market U S D LT M To tal US D L TM T otal E BITDA TE V/LT M T E V/LT M
C om pany Nam e L TM as o f T icker E xch ange Currenc y H Q P ric e C ap ($m) R ev ($m) E B ITDA ($m) % R evenue E B IT DA E mployees
Acce le rize N ew Me dia, Inc. 9 /30 /200 8 AC LZ OT C B B USD U nited S ta tes 0 .20 5 .4 3.2 (4 .7) NM 3.0 x - 20
Actoz S of t C o., L td. 9 /30 /200 8 A0 527 90 K OS E KR W S o uth K orea 11, 300 7 1.9 52. 8 9 .6 18 .3% 0.9 x 4.8x NA
AQ Inte ractive , Inc. 1 2/31 /200 8 38 38 TSE JPY J apan 33 ,400 .00 1 8.7 62. 0 5 .0 8 .0% - - NA
As s o cia ted Media H oldings Inc. 6 /30 /200 7 AS MH OT C P K USD U nited S ta tes 0 0 .1 0.1 (2 .3) NM 8.0 x - 3
B igstring Co rp. 9 /30 /200 8 BS GC OT C B B USD U nited S ta tes 0 .01 0 .7 0.1 (2 .1) NM 28.9 x - 8
B e tawave Co rpo ra tion 9 /30 /200 8 B W AV OT C B B USD U nited S ta tes 0 4 .4 6.3 (1 1.0) NM 2.4 x - 41
B e yo nd Co mmer ce, Inc. 9 /30 /200 8 B Y OC OT C B B USD U nited S ta tes 0 .42 1 7.2 1.1 (7 .7) NM 18.3 x - 25
B right T hings plc 9 /30 /200 8 AIM:B G T AIM G BP U nited K ingdom 0 3 .4 0.2 (1 .6) NM 14.1 x - 9
B roa dW ebAs ia Inc. 9 /30 /200 8 BWBA OT C P K USD U nited S ta tes 0 .51 4 3.3 0.0 (4 .6) NM - - 46
C DC C orp. 9 /30 /200 8 C HIN .A N as da qG S USD H ong K ong 1 11 3.3 428 .1 1 8.8 4 .4% 0.4 x 9.0x 3 ,12 5
C hina G ate wa y C orpo ra tio n 9 /30 /200 8 CGWY OT C B B USD U nited S ta tes 0 .00 0 .0 6.7 (6 .6) -9 8.9% 0.0 x - 37
C hine s e G amer International 9 /30 /200 8 G T S M:308 3 GT SM TWD T aiwan 182 45 6.9 38. 1 1 8.0 47 .1% 10.5 x 2 2.3 x NA
C ornerW orld C orporation 1 0/31 /200 8 C WR L OT C B B USD U nited S ta tes 0 .14 6 .6 0.6 NM NM 13.1 x - NA
D ADA S pA 9 /30 /200 8 C M:D A CM E UR Ita ly 5 10 7.7 229 .8 3 6.7 16 .0% 0.7 x 4.1x 574
D XN Ho ldings B hd 1 1/30 /200 8 DXN KL S E MY R Ma la ys ia 0 .28 1 7.9 76. 3 1 0.1 13 .3% 0.5 x 3.7x NA
D ibz Inte rnational, Inc. NA DIB Z OT C P K USD U nited S ta tes 0 0 .0 NA NM NM - - NA
D igitalP o st Inte ra ctive , Inc. 9 /30 /200 8 DG LP OT C B B USD U nited S ta tes 0 .01 0 .7 0.4 (3 .3) NM 3.9 x - 11
D igitalT own, Inc. 1 1/30 /200 8 DG T W OT C B B USD U nited S ta tes 3 6 7.9 NM (2 .5) NM - - 3
D olphin Digital Me dia, Inc. NA DP DM OT C B B USD U nited S ta tes 0 .62 3 0.2 NA NM NM 1.0 x - 6
E o lith C o. L td. 1 2/31 /200 7 A0 410 60 K OS E KR W S o uth K orea 540 1 8.2 18. 0 (0 .0) -0 .3% - - NA
E xte ns ions , Inc. 9 /30 /200 8 E XT I OT C P K USD U nited S ta tes 0 .15 1 4.2 NM NM NM - - 2
F inancia l Media G r oup, Inc. 1 1/30 /200 8 F NG P OT C B B USD U nited S ta tes 0 0 .7 6.8 1 .2 18 .3% 0.0 x - 22
F luid Mus ic Ca nada, Inc. 9 /30 /200 8 T S X:F MN TSX C AD U nited S ta tes 0 .35 1 4.9 4.2 (8 .6) NM 3.8 x - 29
F rogs te r Interactive P ictu re s AG 6 /30 /200 8 F RG XT R A E UR G ermany 7 2 1.0 5.5 (3 .3) -6 0.6% 1.1 x 6.6x NA
G a ma nia D igital E nter tainment C o., L td. 9 /30 /200 8 61 80 GT SM TWD T aiwan 32 .80 14 7.5 110 .1 1 8.6 16 .9% 0.3 x 1.1x NA
G a me On C o L td. 1 2/31 /200 8 38 12 TSE JPY J apan 80, 000 7 9.5 76. 7 2 0.3 26 .4% 3.6 x - NA
G e oS e ntric O yj 9 /30 /200 8 G E O1 V H LS E E UR F inland 0 .03 2 5.3 5.6 (1 2.8) NM - - 92
G iant Intera ctive G roup, Inc. 1 2/31 /200 8 GA NYS E USD C hina 7 1,6 06.9 233 .3 14 4.4 61 .9% 1.3 x 5.5x NA
G iga Media Ltd. 9 /30 /200 8 G IG M N as da qG S USD T aiwan 6 .07 32 7.7 200 .5 4 8.0 23 .9% - - 975
G ravity C o., L td 9 /30 /200 8 G R VY N as da qG M USD S o uth K orea 1 1 7.8 35. 3 6 .8 19 .2% 32.6 x - 636
G ree, Inc. 6 /30 /200 8 T S E : 363 2 TSE JPY J apan 4 ,570 .00 1,0 48.0 30. 2 1 0.9 36 .0% 1.0 x 5.5x NA
G u ngH o O nline E ntertainment, Inc. 1 2/31 /200 8 37 65 OS E JPY J apan 1 14, 500 13 4.8 115 .6 2 0.6 17 .8% 0.8 x - NA
H anbitS of t, Inc. 1 2/31 /200 8 A0 470 80 K OS E KR W S o uth K orea 3 ,500 .00 5 5.4 50. 2 (1 4.2) -2 8.2% 0.2 x 5.4x NA
IAC /InterActiveC orp. 1 2/31 /200 8 IAC I N as da qG S USD U nited S ta tes 15 2,1 00.1 1 ,44 5.1 6 4.6 4 .5% - - 3 ,20 0
IAS E nergy, Inc. 1 0/31 /200 8 IAS C.A OT C B B USD C ana da 0 .05 3 .2 0.0 (0 .9) NM - - NA
IdeaE dge, Inc. 1 2/31 /200 8 OT C B B :IDAE OT C B B USD U nited S ta tes 0 1 6.7 0.0 (4 .6) NM 2.1 x - NA
is ee media Inc. 1 2/31 /200 8 IE E T S XV C AD C ana da 0 .10 4 .1 1.2 (4 .8) NM 1.0 x 2.8x NA
J umbu ck E ntertainment P ty Ltd. 1 2/31 /200 8 AS X:J MB AS X AU D Au s tra lia 1 1 7.3 12. 5 4 .7 37 .2% 3.9 x - 72
J umpT V Inc. 6 /30 /200 8 T S X:J T V TSX C AD C ana da 0 .40 3 6.8 11. 5 (1 .8) -1 5.3% 0.8 x 1 0.7 x NA
K a boos e Inc. 9 /30 /200 8 T S X:K AB TSX C AD C ana da 0 4 2.0 60. 1 4 .6 7 .6% 3.3 x 9.7x NA
K ings oft Co. Ltd. 9 /30 /200 8 38 88 S E HK HKD C hina 3 .11 43 0.8 106 .8 3 6.1 33 .8% 2.5 x - 1 ,66 0
Lingo Media Co rporation 9 /30 /200 8 T S XV : LM T S XV C AD C ana da 1 7 .6 3.3 (1 .4) -4 2.5% 0.3 x - NA
Live World Inc. 9 /30 /200 8 LV WD OT C P K USD U nited S ta tes 0 .15 4 .6 11. 7 (1 .2) -1 0.1% - - 73
Lo okS mart, Ltd. 1 2/31 /200 8 LOOK N as da qG M USD U nited S ta tes 1 1 7.4 65. 0 (2 .0) -3 .1% - - NA
M agnitu de Information S ys tems Inc. 9 /30 /200 8 MA G Y OT C B B USD U nited S ta tes 0 .02 7 .4 0.1 (3 .2) NM 3.3 x 8.7x 13
M ixi, Inc. 1 2/31 /200 8 21 21 TSE JPY J apan 3 20, 000 50 5.0 120 .6 4 5.9 38 .0% 1.0 x 6.3x NA
M ode rn Times G rou p Mtg AB 1 2/31 /200 8 MT G B OM S EK S weden 139 .25 1,1 40.7 1 ,63 6.8 26 1.7 16 .0% - - NA
M oggle , Inc 1 2/31 /200 8 MMOG OT C B B USD U nited S ta tes 2 7 2.6 NM (1 .1) NM 2.4 x - 3
M OK O.mobi L imited 1 2/31 /200 8 MK B AS X AU D Au s tra lia 0 .06 3 .4 1.0 (2 .1) NM 2.1 x 8.0x NA
N E OW IZ G ames C orpo ra tion 1 2/31 /200 7 A0 956 60 K OS E KR W S o uth K orea 41, 450 28 7.7 130 .1 3 5.0 26 .9% 1.5 x 3.3x NA
N etD ragon W ebS oft, Inc. 1 2/31 /200 8 77 7 S E HK HKD C hina 4 .12 28 1.0 87. 2 3 9.9 45 .7% - - NA
N ete as e.co m I nc. 1 2/31 /200 8 NT E S N as da qG S USD C hina 24 2,9 66.8 451 .3 29 3.4 65 .0% - - NA
N eXplore Corpora tion 9 /30 /200 7 N XP C OT C P K USD U nited S ta tes 0 .60 3 3.5 NM (4 .9) NM - - 19
N gi G roup Inc. 1 2/31 /200 8 24 97 TSE JPY J apan 18, 900 2 4.0 101 .1 3 1.1 30 .8% 0.2 x 1.0x NA
N orthgate Te chnolo gies L imited 1 2/31 /200 8 59 005 7 BS E INR India 34 .50 2 3.8 133 .6 2 3.5 17 .6% 2.5 x 9.7x 286
Open T e xt Corp. 1 2/31 /200 8 OT E X N as da qG S USD C ana da 34 1,7 61.5 769 .3 19 5.0 25 .3% - - 3 ,40 0
Openwave S ys tems Inc. 1 2/31 /200 8 OP W V N as da qG S USD U nited S ta tes 0 .88 7 3.3 199 .6 (1 0.2) -5 .1% - - 627
P e rf ect W orld C o., Ltd. 1 2/31 /200 8 PWR D N as da qG S USD C hina 13 68 4.3 210 .3 11 3.8 54 .1% 2.4 x - NA
P hoto Channel N etwork s Inc. 1 2/31 /200 8 T S XV : P N T S XV C AD C ana da 1 .49 4 0.4 16. 1 (0 .8) -4 .9% - - NA
Qu epa s a C orp. 9 /30 /200 8 QP S A N as da qC M USD U nited S ta tes 1 1 4.4 0.1 (1 1.8) NM 0.0 x 0.1x 63
OA O R B C Information S ys tems 1 2/31 /200 7 R BC I R TS USD R us s ia 0 .48 6 5.9 141 .9 1 8.5 13 .1% - - NA
S handa Interactive E ntertainme nt L td. 1 2/31 /200 8 S N DA N as da qG S USD C hina 36 2,5 25.5 522 .2 24 0.0 46 .0% 0.6 x 4.5x NA
S hutte rf ly, Inc. 1 2/31 /200 8 S F LY N as da qG S USD U nited S ta tes 8 .56 21 5.3 213 .5 2 8.4 13 .3% 1.6 x 1 6.5 x 514
S K C ommunications Co ., Ltd. 1 2/31 /200 7 A0 662 70 K OS E KR W S o uth K orea 7, 820 23 2.1 149 .6 1 4.1 9 .4% 3.9 x 3 8.1 x NA
S N AP Inte ra ctive , Inc. 9 /30 /200 8 S TVI OT C B B USD U nited S ta tes 0 .93 9 .9 2.3 0 .2 10 .1% 1.1 x - 5
S N M G lobal H oldings 9 /30 /200 8 S N MN OT C P K USD U nited S ta tes 0 0 .0 2.0 (0 .7) -3 4.8% 0.1 x - 33
S o cia l Media Ve nures , Inc. 1 2/31 /200 8 S MVI OT C P K USD U nited S ta tes 1 .20 0 .0 0.1 (0 .1) -6 0.5% 2.8 x 6.7x NA
S o hu. com Inc. 1 2/31 /200 8 S OH U N as da qG S USD C hina 40 1,5 23.8 429 .1 18 0.5 42 .1% - - 3 ,19 7
S ite s ear ch C orpo ratio n 1 /31 /200 9 STPC OT C B B USD U nited S ta tes 3 .50 2 8.2 NM (1 .1) NM 0.8 x 3.9x 15
S park N etwor ks , Inc. 1 2/31 /200 8 LOV AME X USD U nited S ta tes 2 4 7.8 57. 3 1 2.4 21 .7% - - NA
S pectrumDN A, Inc. 9 /30 /200 8 S P XA OT C B B USD U nited S ta tes 0 .19 9 .2 0.1 (2 .7) NM 15.4 x 3 1.1 x 7
T encent Holdings L td. 9 /30 /200 8 70 0 S E HK HKD C hina 56 12,9 17. 1 904 .1 44 7.9 49 .5% 0.2 x - 4 ,34 4
T he P arent C ompany 8/2/2008 K IDS .Q OT C P K USD U nited S ta tes 0 .05 1 .3 112 .0 (1 3.5) -1 2.0% - - 347
T he 9 L imited 1 2/31 /200 8 N CT Y N as da qG S USD C hina 14 36 2.3 249 .9 8 4.2 33 .7% - - NA
T he S treet.com, Inc. 1 2/31 /200 8 TSC M N as da qG M USD U nited S ta tes 2 .07 6 3.2 71. 9 7 .0 9 .7% 4.6 x - 310
T otal S port Online A S 3 /31 /200 6 T OS O OT C NO NOK N orwa y 0 0 .2 2.1 (1 .1) -5 0.6% 0.2 x - 16
T ree.C om, Inc. 1 2/31 /200 8 TR EE N as da qG M USD U nited S ta tes 4 .66 4 6.5 228 .6 (2 3.9) -1 0.4% 0.1 x 3 1.3 x 700
U nis erve C ommu nications Corp. 1 1/30 /200 8 T S XV : US S T S XV C AD C ana da 0 1 .0 24. 2 0 .1 0 .4% 1.0 x 4.3x NA
U nited Online Inc. 1 2/31 /200 8 U NT D N as da qG S USD U nited S ta tes 4 .28 35 1.6 669 .4 15 3.9 23 .0% 13.3 x - 1 ,46 9
U OMO Media , Inc 1 0/31 /200 8 U OMO OT C B B USD C ana da 0 6 .0 0.5 (0 .4) -9 1.6% 44.0 x - NA
V O IS , Inc. 1 2/31 /200 8 V OIS OT C B B USD U nited S ta tes 0 .12 1 .0 0.0 (1 .3) NM - - 4
W ebze n Inc. 1 2/31 /200 8 W ZE N N as da qG M USD S o uth K orea 2 2 2.1 20. 6 (2 .1) -1 0.1% 2.9 x - 330
W izza rd S of twa re Corpora tion 9 /30 /200 8 W ZE AME X USD U nited S ta tes 0 .39 1 7.6 6.2 (6 .5) NM - - 110
W oo zyF ly, Inc. 9 /30 /200 8 W ZY F OT C B B USD U nited S ta tes 0 2 .6 0.0 NM NM - - 14
W orlds .com Inc. 9 /30 /200 8 W DD D OT C B B USD U nited S ta tes 0 .19 9 .7 0.1 NM NM - - 1
W ynds to rm C or por atio n NA W YND OT C B B USD U nited S ta tes 0 2 .2 NA NM NM 3.4 x 8.6x NA
XIN G AG 9 /30 /200 8 O1B C XT R A E UR G ermany 28 .40 20 0.3 42. 5 1 6.5 38 .8% 1.9 x 8.4x 161
Y e dangOnline Co rp. 1 2/31 /200 7 A0 527 70 K OS E KR W S o uth K orea 8, 330 9 4.0 49. 5 1 1.1 22 .4% 0.5 x - NA
Y nk K orea Inc. 1 2/31 /200 7 A0 237 70 K OS E KR W S o uth K orea 3 ,730 .00 6 .6 14. 1 (1 .1) -7 .6% 0.8 x - NA
ZipLo cal Inc. 1 2/31 /200 8 T S XV : ZIP T S XV C AD C ana da 0 1 .0 2.6 (2 .8) NM - - NA
H igh 12,9 17. 1 1 ,636 .8 44 7.9 65 .0% 44.0 x 3 8.1 x 4 ,344
Lo w 0 .0 0.0 -23.9 -9 8.9% - - 1
A vera ge 376.0 137.7 30.6 8.8% 4.5x 9.1x 555
M edian 2 8.2 46. 0 0 .2 16 .4% 1.3 x 6.4x 92
Figure 1. Web 2.0 Universe Summary
Source. Capital IQ

3. Page 3
C A P I T A L M A R K E T S A C T I V I T Y (M & A A N D F I N A N C I N G )
March activity slows below busy February: W ith one week left in March, there have been 17 financings announced (total
$105.0 million, average $6.2 million) compared to 25 financings announced in February, totalling $185.5 million, or $7.4
million on average (Figure 2). The average value for February was above the $6.8 million average for January, with four
financings over $15 million in February (Twitter, Synthasite, Tremor Media, and Offerpal Media) vs. no deals over $15
million in January. There has been only one $15 million deal thus far in March – Vidyo.
Financing Activity Last Three Months
250.0 8.0
7.0
200.0
6.0
5.0
150.0
(US$m)
(US$m)
4.0
100.0
3.0
2.0
50.0
1.0
0.0 0.0
Jan-09 Feb-09 Mar-09
Total Average
Figure 2. Financings, Last Three Months
Source. Company reports
Vidyo largest deal in March: The largest deal thus far in March is the $15 million Series D round for Vidyo (Figure 3). For
additional details, see Figures 24 and 25 (at end of note).

4. (US$m)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Twitter
Synthasite
Tremor Media
Source. Company reports
Aster Data Systems
Vidyo
Offerpal Media
Imagini
Yodle
Buzznet
Emergent Game
AdMob
LendingClub
SendMe Inc.
Outbrain
Figure 3. Capital Market Activity, Last Three Months
Miva
VirtuOz
Auditude
companies raising $48.0 million.
SuperSecret
RatePoint
Nurien
DECA
IMVU
Go Internet Media
NewsGator
One True Media
Tvtrip
Play Hard Sports
SundaySky
JibJab
Xobni
InsideView
Kewego
Tongxue
SocialMedia
Fliqz
Motionbox
Oodle
Greystripe
Wamba
Gbox
OMGPOP
Geni
Sportsblogs
AboutUs
TextDigger
OneSpot
Apture
Simulmedia
Mixpo
FetchDog
Virtual Fairground
Tynt
E-Global Sports Network
Financing Summary - Last Three Months
AnySource Media
7 Billion People
FamilyLink.com
mEgo
Tripwolf
WhistleBox
Sports Composite DE
Hunch
Outright
Mendeley
Tvinci
Filtrbox
MMO Life
AdultSpace
Cake Financial
Myngle
Hubdub
Snooth
CoveritLive
33Across
fav.or.it
BackType
Identi.ca
Meez
Pulse Entertainment
Jan-09
Mar-09
Feb-09
Page 4
15 companies raising over $110 million (Figure 4). Social networking companies have the next highest totals, with 10
Video continues to be the most active sector: Activity over the last three months was busiest in the video sector, with

5. Page 5
Capital Market Activity by Sector - Last Three Months
120.0
100.0
80.0
(US$m)
60.0
112.3
40.0
48.0
42.3 42.3
20.0
35.0
26.5 25.0 22.5 20.9
15.6 15.0 12.4 12.0 12.0 11.5 11.4 10.0 9.5 6.2 5.5 4.3 4.1 3.2 2.0 1.3
0.0
Comment/Reputation
Gaming
Micromedia
Wiki
Travel
RSS
Microblog
Media
Mobile
Publishing
Online Learning
Financial Services
Infrastructure
Lending
Blog
Mobile Ad
Search
Social Networks
Virtual Goods
Video
Virtual World
Aggregation
Crowdsourced
Ad Network
Analytics
Content
# companies
15 10 7 5 1 4 2 4 2 2 1 3 1 1 2 1 1 2 3 1 1 1 2 1 1
Figure 4. Capital Market Activity, by Sector, Last Three Months
Source. Company reports
C A P I T A L M A R K E T S A C T I V I T Y (P R I C E P E R F O R M A N C E )
Price Performance: Our W eb 2.0 index (market-cap weighted) underperformed the NASDAQ composite index from mid
2008 until recently when it has moved sharply higher than the NASDAQ index (Figure 5).

6. Page 6
Web 2.0 Index Price Performance
140
120
100
80
60
40
20
0
3/24/2008
4/7/2008
4/21/2008
5/5/2008
5/19/2008
6/2/2008
6/16/2008
6/30/2008
7/14/2008
7/28/2008
8/11/2008
8/25/2008
9/8/2008
9/22/2008
10/6/2008
10/20/2008
11/3/2008
11/17/2008
12/1/2008
12/15/2008
12/29/2008
1/12/2009
1/26/2009
2/9/2009
2/23/2009
3/9/2009
3/23/2009
^COMP - Share Pricing Index: Web 2.0 X (Market Cap)
Figure 5. Web 2.0 Price Performance
Source. Capital IQ
Most companies rise – YedangOnline leads: Most of the companies in our universe had positive stock price
performances over the past week (for stocks with prices greater than $1) (Figure 6), with only 14 companies showing
negative returns on the week. YedangOnline Corp. (A052770-KOSE) led the group with a 21.6% return over the past
week. Sitesearch Corp. (STPC-OTCBB) had the worst return, dropping 30.0% in the week.

7. Page 7
1 Week P rice P erformance
Y edangOnline Corp. 21.6%
NetDra gon WebS oft, Inc. 21.2%
20.8%
Frogs ter Interactive Pictures A G
20.2%
Chines e G amer International
K ings oft Co. Ltd. 14.3%
CDC Corp. 10.9%
10.8%
G amania Digital Entertainment Co.,
GigaMedia Ltd. 10.1%
Tree.Com, Inc. 8.9%
8.7%
G ungHo Online Entertainment, Inc.
7.9%
Open Tex t Corp.
NEOWIZ G ames Corporation 6.7%
Neteas e.com Inc. 6.3%
6.3%
Modern Times Group Mtg A B
Webz en Inc. 6.1%
HanbitS oft, Inc. 5.7%
5.4%
The9 Limited
5.3%
DA DA S pA
TheS treet.com, Inc. 5.2%
United Online Inc. 4.6%
4.1%
A ctoz S oft Co., Ltd.
Quepas a Corp. 3.5%
Northgate Technologies Limited 3.4%
2.9%
IA C/InterA ctiveCorp.
2.5%
Y nk K orea Inc.
Tencent Holdings Ltd. 2.4%
Perf ect World Co., Ltd. 2.3%
1.9%
Eolith Co. Ltd.
Ngi G roup Inc. 1.4%
S K Communications Co., Ltd. 1.3%
Moggle, Inc 0.0%
0.0%
A Q Interactive, Inc.
S hutterfly , Inc. -1.0%
S park Netw orks , Inc. -2.2%
-2.4%
S handa Interactive Entertainment
G iant Interactive G roup, Inc. -3.3%
X ING A G -3.4%
G ameOn Co Ltd. -3.6%
-4.0%
S ocial Media V enures , Inc.
LookS mart, Ltd. -4.8%
Mix i, Inc. -5.3%
-6.3%
PhotoChannel Netw orks Inc.
S ohu.com Inc. -11.3%
G ree, Inc. -13.1%
DigitalTow n, Inc. -16.7%
-30.0%
S ites earch Corporation
-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0%
Figure 6. 1-Week Price Performance
Source. Capital IQ

8. Page 8
INDUSTRY NEWS (PARTNERSHIPS, FINANCIAL RESULTS, NEW PRODUCTS)
K ey Developments
C ompany Headline Notes
Lo ok S mart L td. Ann ounces C onde ns ed C o ns olida ted Look S ma rt Ltd. an noun ce d condens ed co ns olida ted u naudited ea rn in gs re su lts f or the fou rth qua rter and full yea r ende d De ce mbe r 31,
L ookS mart, L td.
U n audited E a rn ings R es ults for th e F ou rth Q uarte r a nd 2008 . R e ven ues fo r the f ourth quarte r of 20 08 we re $14 .9 million , a 0.2% decreas e f ro m $ 15.0 million in the f ourth quarte r o f 20 07. Net los s
(Nas da qGM: L O OK )
F ull Y e ar E n ded December 31 , 20 08 ; An noun ce s for th e fo urth qu arter of 200 8 was $1 2.4 millio n or $ 0.73 per diluted s hare bas ed o n approxima tely 1 7.0 millio n weighted a ve ra ge s ha res
Impa irme nt C harges fo r the F ourth Q u arter and F ull Y ea r outs ta nding compa re d to net in co me for th e fou rth qu arter of 200 7 of $13. 2 million or $0. 58 per diluted s ha re bas ed on approx imate ly 22. 9
E nde d Decembe r 31, 2 008 ; P rovides R e ve nue G u ida nce millio n weighted a ve ra ge s ha re s o uts tan din g. L os s from co ntinuing operation s for the fou rth qu arter of 2008 was $1 1.4 millio n compared to a
fo r the Firs t Q uarter o f F iscal 20 09 lo ss from con tin uin g operations in th e fo urth qu arter of 200 7 of $0.7 million. G A A P net los s for the f ourth quarter wa s 12.4 5 million co mpa re d
to G A AP n et of 13. 24 million for th e s ame period a y ear a go. On a n on-G AA P bas is , for th e fou rth qu arter of 200 8, no n-G AA P net los s (net
lo ss be fore dis continue d operations an d ex cluding s tock bas ed compens ation and impa irme nt cha rges ) was $1.1 million compa re d to non -
G AA P net los s of $0.2 million in the f ourth quarte r o f 20 07. C apital ex penditu re s, in cluding capitaliz ation o f interna lly develo ped so ftware, in th
Lo ok S mart a nd D iigo P artne r to O ffe r E n hanced S o cial Look S ma rt Ltd. an noun ce d its rela tio ns hip with Diigo.com. U nder the new co mbina tio n, Lo ok smart will tra ns fer the F url so cial boo kmark in g
L ookS mart, L td.
B ook marking P latf orm techno lo gy and se rvice to Diigo.com in retu rn for a pote ntial equity po sition in the compan y. T he partners hip en ables Loo kS mart to deliver on
(Nas da qGM: L O OK )
its s ta ted goal of narrowing corpo rate fo cu s while a ls o pro viding con tin ued participation in the rapidly ex pan din g k nowledge mana gement
space. T h is relations hip will give us ers a robu st s et o f s ocia l book marking, re se arch and ann otation too ls . T h e integra tio n of F url with Diigo,
in co njunction with the u pcoming rele as e of Diigo 4.0, will advance the D iigo team's goa l o f ta king the so cial boo kmark in g/an nota tio n to new
heights .
U n ite d O nline Inc. Ann ounce s E limin ation o f 50 U nited On line I nc. an noun ce d th at commencin g Ma rch 17, 2009 , th e F T D operating s egme nt o f company is implementing a redu ction in
United O nli ne Inc.
E mplo yee P o sitions at F T D O perating S egment force th at will res ult in th e elimin ation o f approximately 50 e mploy ee pos ition s, primarily in F T D’s D owners G ro ve , Illinois facility. T he
(Nas da qGS : UNT D)
elimina ted pos itio ns re pres ent les s th an 5 % of the F TD s egment’s globa l wo rk force. T he a ction is inte nded to reduce th e F T D s egme nt’s
operating ex pens es to reflect th e C o mpa ny ’s previo us ly -co mmunicated outloo k for a decline in F TD s egment re ven ues du ring 2009 , prima rily
as a res ult o f th e challe nging e co nomic e nvironment.
IA S E n ergy , Inc. anno unced delay ed 1 0-Q filin g O n 03/17/2 009, IA S E ne rgy, Inc. a nnou nced that they will be unable to f ile th eir n ext 10-Q by the dea dline re quire d by th e S E C .
IAS E ne rgy, Inc. (OT C B B :IAS C .A)
J umbuck E nterta inmen t P ty Ltd. An noun ce s E a rn ings J u mbuck E ntertainment P ty Ltd. a nnou nced e arnin gs res ults for the half y ea r e nded Decembe r 3 1, 2 008. F or the period, the co mpany
J umbuc k E nte rtainment P ty L td.
R e su lts f or the Half Y ear E nded December 3 1, 2 008 re ported profit a fter ta x o f A U D 2, 721,0 00 a nd pre tax profit o f A U D 3,6 48,0 00 o n th e to tal reve nue of A U D 9 ,898 ,000 compared to prof it afte r
(AS X :J MB )
tax of A U D 2,38 2,00 0 an d preta x pro fit of A U D 3,62 8,00 0 on the tota l revenu e of AU D 7,7 23,0 00 f or the sa me period las t y ear. E B IT DA for
the perio d of AU D 4,6 90,0 00 a nd E B IT of AU D 3,65 9,00 0 fo r the perio d en ded December 31 , 200 8. R eturn o n equity for the period wa s 9.3%
co mpared to 9.9 % of prio r yea r. E a rn ing per s ha re up 20.0 % from A U D 0.0 5 to A U D 0.0 6.
S han da I nteractive E n tertainment Ltd. S ign s P artn ersh ip S h anda Intera ctive E nte rtain me nt L td. h as s ign ed partners hip with L ine ko ng E nte rtain me nt T ech nology C o. Ltd. on co operation of the latter's
S handa Interactive E ntertainment
with L ine ko ng E ntertainme nt T e ch nology C o. , Ltd web games . S handa's on line game platf orm will be ope n to Linek ong's game pro ducts , lik e the previous coo peration with its local pe ers
L td. (Nas da qGS : S N DA)
K ings of t C o. Ltd. an d S torm E n tertainment.
UO MO Me di a, Inc (OT C B B : UOMO ) U O MO M edia, I nc ann ounced delay ed 10-Q filing O n 03/17/2 009, U O MO Me dia , In c anno unced that the y will be una ble to file their next 10-Q by th e de adlin e requ ired by the S E C .
M OK O .mobi Limited R epo rts E arnings R es ults for the MO K O .mobi L imited reported e arnin gs res ults for th e firs t half en ded December 31 , 20 08. F or the perio d, the compan y re ported pretax los s
MOK O. mobi L imi te d (AS X: MK B )
F irs t Half E nded December 3 1, 20 08 of A U D 1 ,555 ,500 and lo ss a fter tax o f A U D 1, 233, 700 or AU D 0.0 2 pe r sh are on tota l reven ue o f A U D 40 7,10 0 compared to pre tax los s of
AU D 1,6 88,60 0 an d los s afte r tax of A U D 1 ,688 ,600 or A U D 0. 03 per s hare o n to tal re ve nue of A U D 9 44,3 00 f or the sa me period a ye ar ago .
S a les revenu e was A U D 2 99,9 00 compa re d to AU D 820 ,400 re ported a y ear a go. E B IT was a negative of A U D 1 ,555 ,100 compared to a
nega tive E B IT of AU D 1,6 88,6 00 f or the sa me period a ye ar ago . R eturn on equ ity was a negative of 7 9.0% co mpared to a n ega tive return
on e quity of 9 9.5% for th e s ame period a y ear a go.
S ites earch C orpo ra tio n A nno unces R es ignation of B rian S ites ea rch C orporation anno unced the re signa tio n of B rian L u as a Dire cto r at h is requ es t. M r. Lu s erved as an o uts ide Director for the
S ites ea rch C orporation
Lu as a Director co mpany s ince April, 200 8.
(O TC B B : S T P C )
DA DA S pA R eports R e ve nue R es ults for th e Y ear 20 08 DAD A S pA repo rted revenu e res ults for th e y ear 20 08. F or the ye ar, the company repo rted its revenue ris e to E U R 32 3.9 millio n, u p by 5. 6%
DADA S pA (C M:D A)
on the y ear.
E DG AR On line Inc. an d A cce lerize New M edia In c. E DG A R O nlin e In c. and Acceleriz e Ne w Media Inc. an nou nced th at they have co llaborated o n marke tin g fo ur new se rvices that pro vide re al-
Accel eri ze New Media , Inc.
C o llaborate on Mark eting F our New S ervices time and his to rical fin ancia l data, in cluding exe cu tive compe ns ation, and S E C filings. Now a nyo ne can acces s co mpreh ens ive co mpa ny data
(O TC B B : AC L Z); E DG AR O nli ne
from re al-time S E C filings an d s ee top-line trends o r XB R L-tagged f ina ncial s tateme nts , pro viding a greate r level of bus ines s trans pa ren cy
Inc. (Nas daqC M: E DG R )
than ever bef ore. X B R L is a common s tandard fo r f ina ncia l data. T he n ew s ervice will be ava ilable a t www.S E C f ilin gs .co m and provided in
four a lte rn ative pack ages , ra nging f ro m les s tha n $2 0 pe r mo nth for company track in g, s ea rche s, alerts and E x ce l downloads to $4 00 per
mo nth for pack ages tailo re d to the specific nee ds of profes s io nals who rely on complex mo deling, cus tom ratios an d interoperability betwe en
applica tio ns .
T ence nt H ol dings L td. (S E HK : 7 00) T en ce nt Ho ldings Ltd. R epo rts C ons olida ted U nau dited T encent Holdings Ltd. repo rted con so lidate d un audite d ea rnings res ults fo r the fourth quarte r and yea r ende d De ce mbe r 31, 2008 . F or th e
E arnings R es ults fo r the Fo urth Q ua rter and Y e ar E nded quarte r, the company repo rte d prof it of C N Y 8 76,1 49,0 00 o r C NY 0.48 4 pe r bas ic a nd C N Y 0 .474 per diluted s hare o n revenue s of C NY
De ce mbe r 31, 2008 ; B oard o f Dire ctors R ecomme nds 2,09 7,38 1,00 0 compared to pro fit of C NY 745, 290, 000 or C NY 0.4 10 per bas ic and C NY 0.40 0 pe r dilute d s hare on revenu es of C NY
F inal Dividen d, P ay able on May 2 7, 20 09 2,02 4,47 4,00 0 repo rted in the th ird quarter o f 20 08. P rofit a ttributable to equity holders was C NY 86 9,09 7,00 0 again st C NY 737 ,123 ,000 in
the sa me period o f previo us ye ar. P ro fit bef ore income tax fo r the period was C NY 93 6,83 7,00 0 again st C NY 802 ,389 ,000 , repo rted in the
third qua rter of 2008 . C apita l e xpe nditure was C NY 450. 1 million for the fou rth qu arter of 2008 as compared with C NY 590 .9 million for the
previou s quarte r.
F or the ye ar ended De ce mber 31, 200 8, th e compan y reported profit of C NY 2,81 5,65 0,00 0 or C NY 1 .552 per bas ic an d C NY 1. 514 per
diluted s ha re on reven ues of C NY 7,15 4,54 4,00 0 compared to profit of C NY 1,56 8,00 8,00 0 or C N Y 0 .880 per bas ic an d C NY 0. 853 per
diluted s ha re on reven ues of C NY 3,82 0,92 3,00 0 in th e previous y ear. P rofit attribu table to equ ity h olders wa s C NY 2,78 4,57 7,00 0 agains t C N
B igstring C orp. A nno unces B oard C hanges ; La unches O n Ma rch 1 2, 2 009, dire ctors T odd R os s and Marc Dutton tende re d th eir res ignation s from the B oa rd of Directors of B igs trin g C o rp., citin g
B igs tring C orp. (OT C B B : B S G C )
In ce ntive -B as ed S ocial Netwo rk , P eo ple S tring the cu rren t advers e e co nomic climate and the need to focus on oth er bus ines s activitie s as the re as ons fo r their res ign ations . T h eir
re signa tions were e ffective immediate ly .
An in ce ntive-ba se d s ocia l n etwork th at pays u se rs to receive re gular dire ct ma il as well as for performing a ho st of internet a ctivities h as
been la unche d by th e company . C alled P e opleS tring, it gen erates revenu e fo r us ers through an opt-in direct mail pro gra m and their us e o f
email, ins tan t mes sa ging, video email, file s torage and s hoppin g. In addition , P eopleS tring's techn olo gy allows u se rs to gen erate additional
re ve nue by crea tin g a pers onal af filia te n etwork throu gh s igning u p friends a nd bus ine ss es through multiple digital bo nds . T h e us er who
crea tes his or he r own af filiate n etwork will gen erate income each time an y o ther u se r in the affiliate netwo rk e arns money as we ll. Here's
how the o pt-in dire ct ma il s egment of the s ocial netwo rk wo rk s : U s ers ta ke a s ho rt 30-que stion s urvey th at h elps P e opleS tring build a ta rget
demographic pro file o f him or her. T he u se rs indicates th e max imum numbe r o f of fers they wou ld lik e to re ce ive daily through regu lar mail or e
C o rn erW orld C orporation ann ounced delay ed 1 0-Q filing O n 03/18/2 009, C orne rW o rld C orporation a nno unced that they will be una ble to f ile th eir n ext 10-Q by th e de adline required by the S E C .
C orne rW orl d C orporati on
(O TC B B : C W R L )
S pectrumDN A, Inc. (O T C B B : S PX A) S pectrumDNA Inc. S igns S trate gic P artne rs hip S pectrumD NA I nc. an noun ce d a stra tegic partn ersh ip with F E A R ne t and the ir plans to launch the exclus ive Ho rror A ddictio nary. F E A R ne t
A greement with F E AR n et ma rk s th e s econd C omcas t Network s property to laun ch a bra nded ve rs ion o f T he Addiction ary wo rd pla y engine. S pectrumDNA's product,
T he A ddictionary , currently lice ns ed by major media o utlets including E ! E nte rtain me nt, NB C U nivers al, an d C omedy C entral, is a highly
fle xible and programmable en gine o f engage men t (or 'E nginet') with cons tan tly evolving features and fun ction s that can be eas ily conf igu re d
and re -bra nded des igned to increas e traffic, ex tend audien ce engagemen t an d de liver long-term R OI to its community owner.

9. Page 9
T he S tree t.com Inc. Announce s W orkf orce R eductio n T heS treet. co m Inc. announce d a re duction in s ta ff that will y ie ld an e xpe cted $ 2.4 millio n in annualiz ed co st s avings. T his reductio n
T heS treet.com , Inc.
re pres ents 1 8 po sitions , a pprox imately 6% o f the company 's work force, spre ad a cros s variou s functions a nd locations . In additio n, the
(Nas da qGM: T S C M)
co mpany is e liminating three pos itio ns tha t ha d previo us ly be en o pen. F ollowing this a ctio n, the company will ha ve approx imately 29 0
emplo ye es . P re vious ly , the compa ny had anno unced actio ns tha t redu ce d he adcount by 11 % in 20 08, the deferral of sa lary increa se s
throughout the company fo r 2 009 and the elimina tio n of the 200 8 bo nus fo r a ll employ ees .
W izz ard S of tware C o rporation R e ports P re liminary W iz z ard S oftwa re C orporation reporte d preliminary earnings res ults for the y ear of 200 8. F or the y ear, the co mpa ny recorded revenues of
W izzard S oftware C orpora ti on
E arnings R es ults fo r the Y ea r of 2 008 $6,1 08,1 40, an increas e o f $9 44,6 49, or approx imately 18 % , from revenu es of $5,1 63,4 91 in 2 007. T his increas e wa s due primarily to the
(AME X: W ZE )
ongo ing growth and ex pans ion o f media and po dcas ting s ervices and he althcare operations . Ne t los s ava ilable to commo n s hareholders
decreas ed 44% while net los s decreas ed 25% . B as ic and dilu ted los s pe r co mmon share was $0 .23 in 2008 , compared to $ 0.44 in 200 7. A s
of D ecember 31s t, 200 8, W iz zard had ca sh on hand of $ 1,73 0,36 1.
W e bze n Inc. R epo rts E a rnings R es ults for the F ull Y ea r W ebz en Inc. reported earnings res ults for the fu ll ye ar of 2008 . F or the y ear, the compa ny re ported ordinary los s of K R W 13, 464, 277, 296
W ebzen Inc. (K O S E : A069080)
of 200 8 and operating lo ss o f K R W 7 ,046 ,263, 810 co mpared to ordinary lo ss o f K R W 6, 957, 392, 404 and operating lo ss o f K R W 13 ,998 ,937 ,267 for
the sa me period a ye ar ago .
A cce lerize New M edia A ppoints J ef f McC o llum as O n F ebrua ry 27 , 20 09 the B oard of Directors of Accele riz e New Media I nc. ha s appo inted M r. J eff M cC ollum, the He ad o f the company 's
Accel eri ze New Media , Inc.
E xecutive O ff icer Lead G ene ra tio n Divis ion as ex ecutive officer. Mr. McC ollum s erved a s the compa ny's Head of L ead G e neration since M arch 20 07. B ef ore
(O TC B B : AC L Z)
jo ining the co mpa ny , he was V ice P res ide nt o f S ale s for eF o rce M edia, where he was res ponsible fo r crea ting a mark et, understanding the
techno lo gy, and generating dema nd f or s ale s lea ds within s eve ra l indu s tries from 2 004 through 200 7.
T ence nt H ol dings L td. (S E HK : 700) T ence nt Ho ldings S ee ks A cquis itions Liu Zhiping, P res ident of T ence nt H oldings Ltd. sa id during a co nference call with inves tors following the rele as e of the company 's 20 08
financial re port on March 1 8, that the e co nomic climate provide s good opportunities for mak ing a cquis itio ns . He adde d that T e ncent inte nds
to buy an A s ia -bas ed game develope r in 2009 . T ence nt's ne t prof it totaled R MB 86 9.1 millio n for the f orth qu arter of 200 8, u p 17 .9% quarter-
on-qua rter.
S NA P I nteractive Lau nches iP hone(T M) M obile Dating S NA P Interactive I nc. announce d that its mobile dating applica tio n 'A re Y ou I nteres ted? ' has bee n approved by A pple(R ) and is now
S NAP Interactive , Inc .
A pplication available in the iP hone (T M ) A pps store . T he S N AP mobile app is an ex tens ion a nd e volution of S NA P 's popu lar F a ce book (R ) P latf orm dating
(O TC B B : S T V I)
app 'A re Y o u Interes ted? ', which pre se ntly has more tha n 12 million u se rs . S NA P 's new iP hone app allows u se rs to : B ro wse pho tos of
singles in their a re a and ta p 'Y es ' o n pe ople they lik e; vew their 'Matche s' and find o ut who lik es the m; check out the 'B u zz ' a nd meet s ingle s
in their area who a re online right now; and contact s ingle s: s end and re ce ive wink s and me ss ages . T he new a pp will be free to download in
its initial day s, howe ver the company is carefully considering a n appropria te revenu e mode l f or implementa tio n s hortly.
B ey ond C omme rce Inc. A nno unces the B eta Launch of B e yond C o mmerce Inc. anno unced a B eta la unch o f i-S U P P LY .com, its ne w E -comme rce widget s to re. T he i-S U P P LY widget store will
B eyond C omm erce , Inc .
its New 2 .0 E -C omme rce W idget S to re , i-S U P P LY .com allow a ny W eb property to mo netiz e ex is ting tra ffic by simply cutting and pas ting a fe w lines o f code to ins ta ntly create a s to re front on their
(O TC B B : B YO C )
site. P articipating W eb pro perties will be a ble to choos e f ro m a lmos t 2 Million brand name products a t everyday low prices and cus tomize the
lo ok and feel of the ir s toref ront. i-S U P P LY crea tes a value -add to the se owne rs by handling product s electio n, pricing, cus tomer s upport,
billing and s hipping fo r any s ale s gene ra ted by its widge t. A n a dvanced se lection of fu nctio nality a nd f eatu re s will be added in the next
ve rs ion, which pla n to lau nch in s econd qu arter.
T he S tree t.com Inc. Decla re s Qu arterly Dividend P ay able T heS treet. co m Inc. announce d that its bo ard of dire cto rs has declared the compa ny's quarte rly ca sh dividend on its common s to ck . T he
T heS treet.com , Inc.
on March 3 1, 2 009 ca sh dividend of $0. 025 per s hare o f commo n s tock will be pay able on Ma rch 3 1, 2 009, to all s hareholders of record at the clo se of bus ines s
(Nas da qGM: T S C M)
on M arch 17, 200 9.
IA S E nergy S e ek s F ina ncing IA S E nergy , I nc. s aid in S E C F orm 10-Q , “W e a nticipate that we will need $500 ,000 to finance o ur ope ra tio ns over the nex t 12 months and
IAS E ne rgy, Inc. (OT C B B :IAS C .A)
anticipate that we will obtain s aid financing by receiving financial su pport from re lated partie s or throu gh the s ale of our s ecuritie s. W ork ing
ca pital is not adequa te to meet development co sts for the ne xt twelve months .” It adde d, “W e will require additiona l fina ncing if we are to
co ntinue as a going concern. T he C ompany receive s interim s uppo rt from aff iliated compa nie s and pla ns to ra is e a dditio nal capital throu gh
debt and/or equity f ina ncings . T he C ompany may also rais e additiona l fu nds thro ugh the exe rcise of wa rrants and s tock options, if
exe rcise d.”
Figure 7. Key Developments
Source. Capital IQ
VALUATION
MMOG companies lead market-cap charts: Nine companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 8). Sixty-five of the 90 companies have market caps under US$100 million, with 30 under $10
million. Online gaming companies dominate the top of the list with four of the top six by market cap.