RedChip Independent Initiates Research Coverage on I/OMagic Corporation (OTC BB: IOMG) With a $10.40 Price Target19 March 2006
RedChip Independent, the nation's leadingsource of independent research, recently initiated coverage on I/OMagicCorporation (OTC BB: IOMG). RedChip Research Analyst James Altenbach issueda Buy rating with a target price of $10.40:
"We believe that the Company is well positioned to take advantage of thefast growing market for Blu-Ray High Capacity Storage technology, as wellas their Gigabank™ line, which targets the fast growing portable storagemarket… We expect that the Company will turn a small profit by Q206 andshow a meaningful profit for 2007. We recommend assuming a target of $10.40by year end 2006."
For Companies who cover 1-99 companies, RedChip Independent is currentlyranked #1 by Investars, the premier research rating service, for generatingpositive returns (unaudited). For your complimentary copy of the IOMGRedChip Research Report please visithttp://www.redchip.com/subscriber.asp?page=requestIOMG.
About I/OMagic
I/OMagic Corporation provides optical data storage products and sellsGigaBank™ products, portable magnetic data storage products. Inaddition, I/OMagic sells digital entertainment and other products.
About RedChip Independent™
RedChip Independent Research, a division of RedChip Companies, writesresearch on small-cap companies. RedChip's success has been documented inForbes, Barron's, and the Wall Street Journal. Dedicated to "discoveringtomorrow's blue chips today,"™ RedChip's analysts seek out undiscovered,emerging growth companies. For more information, visitwww.redchip.com/independent.asp
Copyright
This research is published by RedChip Independent, a division of RedChipCompanies, Inc., 501 N. Orlando Ave., Suites 313-318, Winter Park, FL32789. Phone: 1-800-RED-CHIP. Contents are protected by copyright and arethe property of RedChip Companies, Inc. Duplication or transmission of thecontents is prohibited without the written consent of the publisher.
Disclosures
The analysts contributing to this report do not hold any shares of IOMG.Additionally, the analysts contributing to this report certify that theviews expressed herein accurately reflect the analysts' personal views asto the subject securities and issuers. RedChip certifies that no part ofthe analysts' compensation was, is, or will be, directly or indirectly,related to the specific recommendation or views expressed by the analyst inthe report. Additional information on the securities mentioned in thisreport is available upon request. This report is based on data obtainedfrom sources we believe to be reliable, but is not guaranteed as toaccuracy and does not purport to be complete. As such, the report shouldnot be construed as advice designed to meet the particular investment needsof any investor. Any opinions expressed herein are subject to change.RedChip is an affiliate of the Aurelius Consulting Group, Inc. I/OMagicCorporation is a client of the Aurelius Consulting Group, Inc. I/OMagicCorporation did not commission this research report; nor did theycompensate RedChip or the Aurelius Consulting Group, Inc. for this report.Providing independent research for I/OMagic Corporation is not required inthe Contractual Agreement between Aurelius Consulting Group, Inc. andI/OMagic Corporation. Only select Aurelius Consulting Group Inc. clientsqualify for RedChip Independent Research based on the RedChip IndependentCriteria. In the purview of Section 17(b) of the Securities Act of 1933and in the interest of full disclosure, we call the reader's attention tothe fact that the Aurelius Consulting Group is an investor relations firmhired by the Company and receives a monthly cash fee of $8,500, andreceives warrants to purchase up to 30,000 shares of common stock of theCompany (the "Warrants"), comprised of 15,000 shares with an exerciseprice of $8.00, and 15,000 shares with an exercise price of $10.00.
Contact:RedChip Independent1-800-REDCHIP (733-2447)info@redchip.comhttp://www.redchip.com
SOURCE: RedChip Companies
Source: marketwire
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