Siyata Mobile Inc. (TSXV: SIM) – Manufacturer of ... · Accel Telecom Inc. was established in...

Siddharth Rajeev, B.Tech, MBA, CFA

Anthony de Ruijter, BA. Econ

January 18, 2019

2019 Fundamental Research Corp. “15+Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com

PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT

Siyata Mobile Inc. (TSXV: SIM) – Manufacturer of Disruptive Commercial Vehicle Hardware Eyes

Multi-Billion Opportunity in North America – Initiating Coverage

Sector/Industry: Special Situations www.siyatamobile.com

Market Data (as of January 18, 2019)

Current Price C$0.46

Fair Value C$1.27

Rating* BUY

Risk* 4

52 Week Range C$0.33 - C$0.57

Shares O/S 103,718,505

Market Cap $47.71 M

Current Yield N/A

P/E (forward) N/A

P/B 3.54x

YoY Return -9.62%

YoY TSXV -32.42% *see back of report for rating and risk definitions

**$ denotes C$ unless otherwise specified.

Highlights

Siyata Mobile Inc. (“Siyata”, “company”) is a developer and manufacturer of cellular communications systems, with a focus on commercial fleet vehicles.

The company has developed the Uniden® UV350, the world’s first and only “all in one” in-vehicle smartphone with carrier grade Push-to-Talk over Cellular (“PoC”) integration for commercial fleet communications.

We believe that there is a significant opportunity due to the need for commercial vehicles around the world to upgrade from traditional Land Mobile Radio systems to functionally, and economically, superior Push-to-Talk over Cellular devices / systems.

We estimate that the market opportunity for the company from this upgrade cycle for commercial fleets in the U.S. and Canada could be worth $9.70 billion.

Additionally, there is another significant market opportunity in the U.S. first responder segment, which we value at $3.09 billion. Note that this is a segment within the $9.70 billion market we estimated above.

In addition to in-vehicle communication systems, the company also manufactures rugged smartphones and cellular signal boosters, which also benefit from positive market trends.

We are initiating coverage with a BUY rating and a fair value

estimate of $1.27 per share. Risks

Our valuation is dependent on the company significantly penetrating the North American market.

Partner risk. Access to capital and share dilution risk. Exchange rate risk.

Illiquidity risks.

Key Financial Data (FYE - DEC 31)

(C$) 2017 2018E 2019E

Cash 4,384,596$ 1,456,451$ 85,946$

Working Capital 9,652,702$ 7,588,555$ 7,582,138$

Assets 21,877,613$ 21,051,928$ 22,431,693$

Total Debt 3,553,901$ 4,045,718$ 4,011,718$

Revenues 17,753,006$ 15,283,912$ 27,576,499$

Net Income -5,058,495 $ -3,989,346 $ -1,473,298 $

EPS (basic) -0.06 $ -0.04 $ -0.01 $

2019 Fundamental Research Corp. “15+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com


Company

Overview

Siyata is a leading developer and manufacturer of cellular communications systems hardware for enterprise customers and professional fleets. In particular, the company specializes in the development and sale of vehicle-mounted, cellular-based communications platforms over advanced 3G and 4G/ LTE mobile networks. The communications platforms sold by the company include the company’s flagship “Uniden®” line of 4G/ LTE all-in-one commercial fleet communications devices, but also includes rugged mobile phone devices and cellular signal boosters. Siyata’s product portfolio is summarized below:

Siyata Product Portfolio

Source: Company

The company was established in 2011 as a spinoff of Israel based Accel Telecom Inc.’s

fleet division, and went public via the Reverse Take-Over (“RTO”) of a capital pool

company (Teslin River Resources) in 2015. With regards to the company’s parent entity, Accel Telecom Inc. was established in 2004, and is an importer and integrator of advanced telecom equipment and solutions to the Israeli market. Siyata’s founder and CEO, Marc Seelenfreund, is also the founder of Accel Telecom Inc. The company, which is one of the only providers of in-vehicle integrated devices for commercial fleets, is facing major tailwinds from favorable macro growth drivers and support from sales channel partners. Though the company’s sales are largely to Israeli customers (74.68% of revenue in the nine months of 2018), Siyata is on the cusp of penetrating the North American markets with numerous Tier 1 cellular operators launching the Uniden® UV350 through their channels. We outline the company operations and growth catalysts below.



Uniden®

UV350

The company’s flagship product is the Uniden® UV350. According to the company, the product is the world’s first and only 4G / LTE, “all-in-one” dedicated “in-vehicle” smartphone. The product exhibits the following features:

4G / LTE wireless communication network: According to the company and Bell

Mobility (TSX: BCE), the Uniden® UV350 is the first and only 4G / LTE in-vehicle

cellular smartphone in the world. The advantage of this is that commercial vehicle

drivers will have access to the fastest data speeds, increasing network connectivity

within a commercial fleet.

High clarity in-vehicle cellular voice calls: Siyata’s in-vehicle devices contain

dedicated and oversized microphones and speakers, which allow for clear, extra loud

sound quality. This is important given that most commercial vehicle cabins are quite

noisy due to bulky items, first responder sirens, and loud vehicle engines.

Push-to-Talk (“PTT”) Over Cellular (“PoC”): PoC technology is the new standard

in commercial fleet communications, allowing users of a PoC-enabled network to use

their cell phones as a “two-way radio” with nationwide coverage, and allows them to

talk to the rest of the fleet at a push of a button. PoC is rapidly replacing Land Mobile

Radio (“LMR”) as the primary communication platform for enterprise workers and

soon commercial fleets, and we discuss the differences in these technologies, and the

potential opportunity for the company, later in this report. The Uniden® UV350’s

PoC capabilities are enabled via integration with various PoC software

companies including Kodiak Networks (“Kodiak”), a subsidiary of Motorola

Solutions Inc. (NYSE: MSI).

Power System: The Uniden® UV350 connects directly to the vehicle’s battery

meaning the device is powered for as long as the vehicle is powered, and allows for

operation in extreme heat and cold. As a result of being connected directly to the

vehicle’s battery, the Uniden® UV350 can never be lost, stolen or forgotten by

drivers.

Android operating system: This allows users to access enterprise applications on

the Google Play Store for better fleet analytics, economics, tracking, etc.

5.5-Inch-Wide Screen: An extra-large screen with physical keys allows for safer

communication.

The Uniden® UV350 was designed specifically for commercial vehicles, with a focus on ensuring safer communication and limiting the risk of distraction. According to the U.S. National Highway Traffic Safety Administration, at any moment during daylight hours, approximately 0.48 million drivers in the U.S. are handling cell phones or other electronic devices whilst driving. This is a huge safety hazard, considering that that the Virginia Tech Transportation Institute reports that drivers are three times more likely to get into an accident when distracted by a communications device. Despite the potential danger associated with

distracted driving, current commercial vehicle cabins provide ample levels of

distraction due to the amount of clutter and numerous communications devices, as

demonstrated in the image below. Apart from being distracting and occupying, a large amount of space, inefficiency is also a major issue as many of the in-vehicle devices used



tend to be from multiple vendors (which may be incompatible with each other), incurring multiple voice, data fees and invoices. According to a white paper we reference further below from Frost & Sullivan, the cost of the group of devices showcased in the image below averages between US$700 and US$7,000.

Visualization of Typical Commercial Vehicle Cabins

Source: Company

The multi-purpose Uniden® UV350, by comparison, sells for an average price (wholesale) of approximately $1,000, including mandatory accessories required for the device to function, according to the company. Furthermore, the Uniden® family of products has been designed to incorporate the functions of the above suite of devices in a single communications platform. The result is a disruptive all-in-one product that integrates crucial processes such as navigation, cellular communication, fleet management, and data logging whilst also minimizing space occupied on the vehicle dashboard. The Uniden® UV350 is first product line to launch in North America through Bell Canada (formally known as BCE Inc.), Canada’s largest LTE and Push-to-Talk “PTT” network.

The Uniden® UV350

Source: Company

In addition to the Uniden® UV350, the company also offers the Uniden® CP250, which exhibits similar features to the Uniden® UV350, but has been designed for use in lighter commercial vehicles, such as taxis, vans and delivery trucks. The CP250’s target market is



Substantial

Market

Opportunity

from LMR to

PoC Upgrade

Cycle

Israel and Europe. For the purpose of this report, we will focus on the UV350 and the North American opportunity only.

The Uniden® CP250

Source: Company

Siyata Mobile brands their devices in North America as “Uniden®” as it is a well-established hardware line in the enterprise world. The company pays a small royalty to Uniden Holdings Corp. (TYO: 6815) for the rights to their name on all in-vehicle cellular devices, rugged phones and cellular signal boosters. This was acquired as part of the company’s acquisition of Signifi Mobile Inc, which sells a line of cellular boosters, completed on June 7, 2016. The company paid total consideration of $0.36 million, $0.20 million of which was in cash and the rest in the issuance of 1 million common shares. With regards to the distribution and sale of the company’s Uniden® product line (as well as other products to be discussed in this report), the company’s customer base includes cellular network operators (telecom carriers such as BCE Inc.) and their dealers, as well as commercial vehicle technology distributors. As a manufacturer, the company sells their solutions to cellular operators and their distributors, who in turn sell to their enterprise customers. We had earlier referenced PoC enabled platforms and briefly described their superiority to the two-way LMR communication systems that preceded them. However, given the significant market opportunity this creates for Siyata, it is worth further iteration and deeper delving into the subject. Prior to the development of PoC communication systems, the traditionally preferred communication system in industries that utilize commercial fleets and professional drivers, has been two-way LMR. A two-way LMR system is a person-to-person (or multi-person) voice communication system consisting of two-way radio transceivers (a device that can both transmit and receive audio) that can be mobile, installed into a vehicle, or portable in the case of a two-way radio. The default mode for most of these devices is to receive audio, allowing the driver to receive orders and other audible instructions from operators of the LMR network. To communicate back to the network, a driver can press a PTT button before speaking. According to the company, most users of a traditional two-way PTT LMR will pay a monthly fee to a small-scale operator to receive city-wide or limited coverage.



By contrast, PoC runs on cellular 4G / LTE networks hosted by major cellular operators (BCE Inc. , Telus Corp. (TSX: T), Verizon Communications Inc. (NYSE: VZ), AT&T Inc. (NYSE: T), Rogers Communications Inc. (TSX: RCI). etc.), providing users with nationwide and even international coverage. This is a substantial advantage over LMR systems with less coverage, given the wide-spread nature of the operations of industries which employ commercial fleets. A PoC system will work in a similar manner to traditional LMR systems, but expands coverage significantly and allows similar functionality through mobile devices. As explained in our description of the Uniden® UV350, a PoC communication platform requires far less space on a driver’s dashboard, as all the typical functionalities of a traditional LMR communication system are provided through a single mobile device with the added benefits of other relevant enterprise applications that can be downloaded. Furthermore, given the expansive coverage allowed by POC technology, we believe that many companies that employ commercial fleets may realize significant cost savings on both CAPEX and monthly fees. This is because companies may be able to consolidate fees traditionally paid to small regional network operators, and instead direct them towards PoC coverage providers. PoC coverage providers are far larger than the regional network operators that provide coverage for LMR systems, and include large, international cellular operators such as BCE Inc. and AT&T Inc.

The PoC Eco-System

Source: Company

The direct market opportunity created for Siyata is substantial. According to a whitepaper published by VDC Research, the opportunity for PoC-enabled solutions and devices in the U.S. is growing, boosted by growing favor for PoC as an alternative to LMR for PTT communications. VDC research estimates that the installed base of PoC end users is

expected to grow from over 3 million active users in 2015, to almost 6 million users by

2019, exhibiting a CAGR of approximately 18.92%. Furthermore, unit (devices/ solutions) shipments are expected to grow to almost 3 million by 2019, according to VDC research.



Source: VDC Research, FRC

Growing adoption of PoC solutions and devices as an alternative to LMR is expected to be driven by a host of factors, largely centered on the superiority of PoC versus LMR, and the growing use of smartphones amongst LMR end users. The major drivers behind LMR migration to PoC, and the use of smartphones amongst LMR end users, is summarized in the below charts from VDC research.

Key Factors Driving LMR Migration to PoC

Smartphone Usage Amongst LMR Users

Source: VDC Research

In addition to the superior functionality of PoC relative to LMR, there are also major cost savings to be realized from transitioning to PoC communication devices, as we highlighted earlier. The table below from Frost & Sullivan outlines and compares the financial consideration of an LMR system versus a PoC system. As demonstrated, not only do LMR networks require significant CAPEX to develop and roll-out, but significant expenditures are



also required to acquire LMR devices and receive coverage from operators/ dispatchers. By comparison, there is no CAPEX required for the build-out of a PoC network (which is provided by a telecommunications carrier such as AT&T Inc.), and PoC devices are cheaper per unit on average.

Cost Comparison between Traditional LMR and PoC Communication Systems

Source: Frost & Sullivan

Given both the functional superiority of PoC communication systems relative to LMR, as well as the potential for materially significant cost savings, market observers can expect an imminent transition from traditional two-way LMR systems to PoC devices and solutions. Based on a Q3-2018 National Transportation Statistics document published by the U.S. Department of Transportation, there are an estimated total of 8.63 million automobiles and trucks in fleets in the U.S. We assume for this report that automobile/ truck fleets are commercial fleets. Assuming that each of these vehicles may potentially transition from

LMR to an in-vehicle PoC system such as the Uniden® UV350, and a selling price of

approximately $1,000 per device, we estimate the total addressable market for U.S.

commercial fleets is approximately $8.63 billion to Siyata.

Source: U.S. Department of Transportation, FRC

*Note that the data source used for the Census stopped recording information for number of fleets with less than

15 vehicles after 2013, leading to the sharp drop in recorded fleet vehicles.

We also believe that Canadian commercial fleets are now transitioning to PoC systems like the Uniden® UV350, and will represent a near-term addressable market segment for the company. According to Statistics Canada, there were a total of 1.08 million vehicles registered nationwide that weighed in excess of 4,500 kg, which we assume comprises trucks,



FirstNet, Band

14, and the

Public Safety

Market

Opportunity

vans, and other potential commercial fleet vehicles. Based on the same parameters used

above, we estimate the potential Canadian commercial fleet opportunity at $1.08 billion.

Source: Statistics Canada, FRC

Based on our approximations, the total North American commercial fleet market

opportunity directly addressable by Siyata is estimated at $9.70 billion. Given that the company is the only manufacturer of 4G/ LTE in-vehicle PoC communication hardware in North America, we believe that there is substantial room for growth. Key to Siyata unlocking this growth will be agreements with PoC coverage/ reseller carriers and PoC software providers – which the company has already secured through agreements with Bell. We will expand on these agreements later in this report. Though we are not aware of any company that produce a directly comparable product to the Uniden® UV350, we believe the company could face some indirect competition from the general advancement of smartphones. However, based on our discussions with management, direct competition to Siyata’s Uniden® UV350 product is difficult due to the required time to develop a marketable offering. Apart from capital outlays and R&D required to develop a suitable hardware product, at least 12 months of stringent product approval testing from Tier 1 telecom carriers is required before a product can be brought to market. That said, however, the actual production of a device like the Uniden® UV350 may not be as difficult as the process to bring it to market, as the production process is not patented, and we believe much of the company’s manufacturing is outsourced.

In addition to commercial fleets, first responders and other users of public-safety focused LMR systems are also an addressable market segment for Siyata. A first responder is a specialized individual who is amongst the first to arrive and assist at the scene of an emergency, including accidents, disasters and attacks. This can include paramedics, police officers, and firefighters, amongst others. Given the important services provided by first responders, Congress has committed US$40 billion and 20 MHz to the First Responder Network Authority (“FirstNet”). FirstNet is an independent authority within the U.S. National Telecommunications and Information Administration whose mandate is the creation, operation and maintenance of a national public-safety broadband network. For the purpose of establishing this network, FirstNet has licensed Band 14, a broadband network that gives first responders priority and provides coverage in urban and rural areas



Legacy

Products

throughout the U.S. First responders are also provided a separate communications channel to conduct day-to-day operations, disaster response and recovery, as well as provide security for large-scale events that may transcend the range offered by regional operators of LMR networks. Band 14 provides a significant market opportunity for the company, as the Uniden® UV350 is compatible with Band 14. Furthermore, we believe that the company’s flagship product also supports the operations of first responders, given the emphasis on safer in-vehicle communication within a fleet of vehicles. Based on a Q3-2018 National Transportation Statistics document published by the U.S. Department of Transportation, there are an estimated total of 3.09 million automobiles and trucks in government-owned fleets in the U.S. According to the document, government fleet vehicles include military vehicles and federal, state, county, and local vehicles. We believe that this vehicle category is likely to approximate to the first responder category of vehicles discussed above. Given a U.S. first responder market of 3.09 million vehicles and

Uniden® UV350 pricing of $1,000 per device, we estimate the first responder market

opportunity at approximately $3.09 billion. Note that this is included in the $9.70 billion North American market opportunity outlined earlier in the report and is not exclusive. As a result, we believe this to be a major growth catalyst for the company, who are currently the only in-vehicle PoC hardware provider.

In addition to their in-vehicle commercial fleet communication systems, the company is also a manufacturer of rugged smartphone and mobile devices. These legacy products have been the primary sources of Siyata’s revenues. A rugged smartphone/ mobile phone is a smartphone/ mobile phone that has a certain level of ingress protection (IP code) which rates the degrees of protection against various elements such as intrusion, dust and water. A rugged phone may also have some resistance to pressure and temperature. Though they are applicable to any kind of user, they are most popular amongst trades-people and those in physical labor/ conditions which require devices more durable than standard smartphones/ mobile phones. According to Statista, global rugged smartphone shipments reached 20.70 million in

2017, and are forecasted to grow to 51.80 million in 2021, exhibiting a CAGR of 25.77%.

In a separate report by Technavio, the industry’s dominant vendors purportedly include Amrel Corp., Honeywell International Inc. (NYSE: HON), Panasonic Corp. (TYO: 6752), Zebra Technologies Corp. (NASDAQ: ZBRA), amongst others. The company’s rugged phone offerings include the Uniden® UR7 and Uniden® U620. The products exhibit similar PoC features to the in-vehicle Uniden® products the company designs for commercial fleets. However, they differ as they are intended for the mobile workforce, versus being an in-vehicle solution. Based on management’s input, we believe that the company’s rugged smartphones sell for an average selling price of $300.



The Uniden® UR7 and Uniden® U620

Source: Company

The other product portfolio offered by the company includes cellular signal boosters, also under the Uniden® brand. Cellular signal boosters are designed to reinforce incoming cellular signal, amplify the signal, and then broadcast the stronger signal within the environment in which the booster is installed. Siyata’s cellular signal boosters are specifically designed to solve issues of weak cellular signal in locations such as corporate warehouses, government embassy buildings, retirement home campuses, banks and manufacturing facilities. However, the company’s cellular signal boosters can also be carried in-vehicle, providing professional drivers with strong mobile cellular coverage.

Source: Company

The company’s cellular signal booster portfolio includes the Uniden® UM50, Uniden® U60, Uniden® U65 and Uniden® U70. The company has not disclosed the average selling price of their cellular signal boosters, but have advised that they are not sold as a singular product, as it is usually bundled with additional accessories required to enable their function.

Uniden® U60

Source: Company



Significant

Events and

Operating

Targets

According to a report by QY Research Group, the global cellular signal booster market was valued at US$8.20 billion in 2017, and is forecasted to grow to a valuation of US$17.60 billion by 2025, reflecting a CAGR of 10.02%. In the same report, the researcher forecasted annual average price erosion of 2% (base price was undisclosed) due to strong competition. Despite a fragmented market on the supply side, there are strong demand forces arising from a need for cellular signal boosters in areas with poor cellular coverage. This includes rural areas, as well as corporate warehouses and other such facilities that exhibit typically poor cellular coverage. With a portfolio of high-quality products and strong macroeconomic drivers setting the stage for growth, the company is laying the groundwork for near-term expansion. Siyata’s operating goals for 2019 include:

Organic YoY revenue growth of over 50%: The company will aim to achieve this

revenue growth by ramping up sales of their commercial in-vehicle communication

systems in North America.

o As outlined extensively earlier, we believe that the key to this growth is by

exploiting the opportunity provided by the LMR to PoC upgrade cycle for

commercial fleet vehicles and first responder vehicles connected to the Band

14 FirstNet network.

Establish industry leading 4G/ LTE portfolio in main target market: The

company’s main target market is commercial fleet vehicles, with the largest near-term

target being the North American commercial vehicle space. We believe the key to

penetrating the market segment is via supply agreement with major telecom carrier/

PoC resellers such as BCE Inc. and AT&T Inc., as well as large-scale distributors.

Achieve industry leading profitability: Siyata is targeting a gross margin of 35% and

an EBITDA margin of over 15% in 2019. As a form of comparison, the general

communications equipment industry exhibits an average gross margin of 21.8% and

an EBITDA margin of 6.6%, but this includes a large variety of different products with

varying cost and pricing profiles.

Longer-term, the company aims for revenues of over $85 million by 2021.

A recurring message in this report has been the importance of penetrating the North American market in order to take advantage of large commercial fleets and first responder fleets in need of “all in one” integrated PoC communications systems. In order to do so, Siyata has completed stringent device approval testing for its flagship Uniden® UV350 device with BCE Inc. (Bell Canada), and two undisclosed Tier 1 U.S. telecom carriers. In addition to device approval testing, the company has also finalized negotiations with Bell Canada and one of the two undisclosed Tier 1 U.S. telecom carriers for supply agreements, the scope of which cover sales, logistics and pricing. The result of negotiations with leading telecom carriers has led to a number of significant events including:



Management

Overview

On September 27, 2018, the company announced that it had entered into a Master

Supply Agreement with a leading Tier 1 telecom carrier in Canada for the launch of

the Uniden® UV350. On October 31, 2018, the product was launched in Canada and

the carrier was revealed to be Bell Canada, and management expect sales to begin in

Q1-2019.

o On January 7, 2018, the company announced that they had already received

the first purchase order in Canada through their connection with Bell Canada,

with the purchase order requisitioned by a Canadian transportation company.

The purchase order is for 180 units, which we estimate represents $0.18 million

in revenue. Though carriers do charge a mark-up on the company’s product,

the large value-add of the Uniden® UV350 to carriers are the substantial

recurring revenues from monthly coverage and data plans.

On November 19, 2018, the company announced that it had entered into a Master

Supply Agreement with a leading Tier 1 telecom carrier in the U.S. for the launch of

the Uniden® UV350. Though we are still unclear on the identity of the carrier, we

believe that this will be a major catalyst and entry point into the multi-billion U.S.

market opportunity outlined earlier. Management have forecasted a launch and

beginning of sales in Q1-2019.

On December 3, 2018, the company announced the launch of the Uniden® UV350

product in the Australian and New Zealand markets, as well as advancement towards

launching the Uniden® UV350 through an undisclosed Tier 1 Australian telecom

carrier. This opens up another market segment outside of North America, further

increasing growth catalysts available to the company.

With the expanded distribution channels provided by major telecom carriers and

hardware resellers, we believe that Siyata is poised to experience a near-term increase

in sales. The existence of multiple growth catalysts, most importantly the LMR to PoC upgrade cycle required by commercial fleets worldwide, implies that market forces are likely to favor the company in the near-term. We expect the supply agreements outlined above, and the launch of the Uniden® UV350 in multiple global markets, to materialize as significant revenue growth during 2019 and the coming years.

The company’s Board of Directors has four members, three of which are independent. We believe that a company’s board of directors should include independent or unrelated directors who are free of any relationships or business that could materially interfere with the director’s ability to act in the best interest of the company. Management and directors currently own

22.35 million common shares, or approximately 21.55% of the basic shares outstanding,

aligning their interest with investors.



Source: FRC, Prospectus

Brief biographies of the senior management and board members, as provided by the company, follow: Marc Seelenfreund – CEO & Executive Chairman

Founder and CEO of Siyata as well as the founder of Accel Telecom, the parent company of Siyata, an Israel based company that specializes in importing and distributing innovative cellular and IP devices to fixed line operators and mobile providers within Israel. Prior to establishing Accel, Mr. Seelenfreund was a VP at Sunrise Corporation in New York focusing on financing publicly traded technology companies. Mr. Seelenfreund has a law degree from Bar Ilan University, is a board member at Israel’s leading private university Ono and has served as an Officer in the Israel Defense Forces. Gerald Bernstein – CFO

Mr. Bernstein spent 20 years focusing on private equity financing and tax efficient corporate structuring in multi-jurisdictional arenas. Mr. Bernstein holds a Bachelor of Commerce as well as a Graduate Diploma in Public Accountancy- both from McGill University. Member of the Canadian Institute of Chartered Accountants since 1987 and a professional chartered accountant. Stephen Ospalak – Director

Over 20 years in telecom, currently SVP Marketing & Operations at BMG Inc. Served as interim CEO for AiTelecom; Global Integration Officer for Virgin Management Inc.; Canadian VP & Board Advisor for Brightstar, and as SVP Operations at Iusacell. Served as VP of Products & Services at Telus Communications Inc. responsible for an annual spend > $US 1billion in wireless & wireline equipment. Led the planning and execution of Clearnet’s market debut and nationwide launch of the iDEN and PCS Cellular services, setting the North American PCS launch record. Held management positions at AT&T.

Michael Kron – Director

Mr. Kron has over 20 years of experience in investment and corporate finance, currently chairman and CFO at AnywhereCommerce Inc. He also co-founded Zellers Optical Centers and played a key role in the sale to Vision Associates of Atlanta. He was the co-founder and CFO of Miazzi Ventures where he founded Mamma.com Inc and later sold to Intasys Corporation at a$44M valuation. Mr. Kron holds a Bcomm from Concordia University as well as a Graduate Diploma in Public Accountancy from Mc Gill University. He has been a member of the Canadian Institute of Chartered Accountants since 1987.

Position Common Shares % of Total

Marc Seelenfreund/ Accel Telecom Ltd. CEO & Chairman 22,333,333 21.53%

Gerald Bernstein CFO 0.00%

Stephen Ospalak Director 0.00%

Michael Kron Director 13,500 0.01%

Brian Budd Director 0.00%

22,346,833 21.55%



Financials

Brian Budd – Director

Extensive management and corporate development background with over 25 years of entrepreneurial and sales leadership experience in the high tech and resource industries. Mr. Budd served as a director of sales for a multi-billion dollar software company selling into the Fortune 500. He excels in the areas of penetrating new markets, hiring and developing sales teams, implementing sales techniques and strategies and building pipeline. Responsible for delivering forecasted revenue contributing $250M in sales over his tenure and growing the business year over year. The following chart outlines the historical revenues of the company. Siyata has been a revenue generating entity since at least the time of going public in 2015. Management has advised that Siyata began revenue generation in 2012. Revenues grew from $7.37 million in 2014, to

$17.57 million in 2017, demonstrating a CAGR of 33.59% during the period

Source: FRC, Company Financials

The company reported revenues of $3.15 million in Q3-2018 (quarter ended September 30, 2018), down 35.92% YoY from $4.92 million in Q3-2017. For the nine months, revenue was $11.46 million in 2018, down 23.53% YoY from $14.99 million in 2017 during the same period. Though the reasoning behind the sudden drop in revenues (revenues have increased steadily YoY between 2014 and 2017) was not precisely clear, our discussion with management imply that the general cause was a transition from 3G to 4G/ LTE products globally, diminishing demand for some of the company’s legacy products. However, the company’s move to a 4G/ LTE dominant product portfolio should lead to a reversal in this trend. In addition, for Q3-2018 in particular, an earlier than expected holiday season in Israel exacerbated a YoY drop in sales. With regards to segmented revenues, the following table provides a geographical breakdown of the company’s different sources of sales. For the nine months, the concentration of sales from Israeli customers was 74.68% in 2018 versus 73.30% in 2017.



Source: Company Financials

The table below outlines the company’s consolidated income statements during the period:

Source: FRC, Financial Statements

On a nine-month basis, gross margin improved from 27.64% in 2017 to 28.02% in 2018. However, gross margins decreased YoY to 25.99% in Q3-2018, versus 28.76% in Q3-2017. This was due to the decrease in sales as well as lower average selling prices on 3G products.


Selling, General and Administrative (“SG&A”) expenses grew significantly YoY to $1.72 million in Q3-2018, versus $1.32 million in Q3-2017. The YoY increase in SG&A expenses also applied on a nine-month basis, with expenses of $3.72 million in 2017, growing to $4.83

STATEMENTS OF OPERATIONS

(in C$) - YE Dec 31st Q3-2017 Q3-2018 2017 (9M) 2018 (9M)

Revenue 4,917,978 3,151,217 14,990,793 11,462,934

COGS 3,503,750 2,332,117 10,848,014 8,251,180

Gross Profit 1,414,228 819,100 4,142,779 3,211,754

EXPENSES

SG&A Expense 1,315,967 1,717,311 3,723,703 4,833,586

Share-based Compensation 200,879 199,872 300,216 726,387

EBITDA (102,618) (1,098,083) 118,860 (2,348,219)

Depreciation & Amortization 78,541 120,233 230,194 310,934

EBIT (181,159) (1,218,316) (111,334) (2,659,153)

Financing Costs 49,846 253,065 142,500 718,835

EBT (231,005) (1,471,381) (253,834) (3,377,988)

Non-Recurring Expenses 27,395 312,525 559,049 -514,638

Taxes

Net Profit (Loss) (258,400) (1,783,906) (812,883) (2,863,350)

FOREX Translation Adj. -1,202,637 117,846 -808,366 -52,960

Comprehensive Net Profit (Loss) (1,461,037) (1,666,060) (1,621,249) (2,916,310)

Shares outstanding 90,256,153 94,533,858 82,054,242 94,076,432

EPS -0.00 $ -0.02 $ -0.01 $ -0.03 $

Margins Q3-2017 Q3-2018 2017 (9M) 2018 (9M)

Gross 28.76% 25.99% 27.64% 28.02%

EBITDA -2.09% -34.85% 0.79% -20.49%

EBIT -3.68% -38.66% -0.74% -23.20%

Net -5.25% -56.61% -5.42% -24.98%



million in 2018. This caused EBITDA to deteriorate for both the Q3 and nine-month basis, with EBITDA of -$1.10 million in Q3-2018, versus -$0.10 million in Q3-2017, and EBITDA of -$2.35 million for the nine months of 2018, versus positive EBITDA of $0.12 million in the same period during 2017. The deterioration can be attributed to a YoY increase in costs associated with marketing new products, additional staff hires, and increased share-based compensation for the nine-month period. The company reported a net loss of $1.78 million (EPS: -$0.02) in for Q3-2018, compared to a net loss of $0.26 million (EPS: -$0.00) in Q3-2017. For the nine-month period, 2018’s net loss was $2.86 million (EPS: -$0.03) versus $0.81 million (EPS: -$0.03) in 2017. We note that the deterioration is likely due to both an increase in expenses exacerbated by a reduction in sales. The following table provides a summary of Siyata’s cashflows. Free cash flows (“FCF”) improved on a YoY basis despite the increase in net loss due to a substantial amount of cash being tied up in working capital during 2017.


At the end of Q3-2018, the company had a cash position of $1.34 million and working capital of $7.32 million, as well as a current ratio of 2.77x. The company also maintains a debt position of $4.05 million, the majority of which is unsecured convertible debentures with an interest rate of 10.50% per annum. Each $1,000 convertible debenture unit is exercisable for 1,667 common shares at $0.60 per share.


Stock Options and Warrants: We estimate that the company has 9.49 million stock options (weighted average exercise price of $0.44), and 22.87 million warrants (weighted average

Summary of Cash Flows

($, mm) 2017 (9M) 2018 (9M)

Operating -$4.48 -$1.87

Investing -$2.06 -$1.58

Financing $8.03 $0.89

Effects of Exchange Rate -$0.52 -$0.48

Net $0.97 -$3.04

Free Cash Flows to Firm (FCF) -$6.53 -$3.45

(in C$) - YE Dec 31st

Liquidity & Capital Structure Q3-2018

Cash 1,339,600$

Working Capital 7,316,150$

Current Ratio 2.77

LT Debt 4,011,718$

Total Debt 4,045,718$

LT Debt / Capital 0.23

Total Debt / Capital 0.23

Total Invested Capital 16,169,320$



Valuation

exercise price of $0.56) outstanding. We estimate that 5.46 million options and 0.84 million warrants are currently in the money. We estimate that the company will be able to raise up to $2.16 million if all these in the money options and warrants are exercised.

Our revenue projections for Siyata through to 2022 are presented below:

Source: FRC

Our consolidated income statement projections for Siyata through to 2022 are presented below:

2019E 2020E 2021E 2022E

UV350:

Unit Sales 10,000 20,000 40,000 80,000

Price per Device (C$) 1,000$ 1,000$ 1,000$ 1,000$

Cost per Device (C$) 550$ 550$ 550$ 550$

UV350 Revenue (C$) 10,000,000$ 20,000,000$ 40,000,000$ 80,000,000$

UV350 COGS (C$) 5,500,000$ 11,000,000$ 22,000,000$ 44,000,000$

Legacy Products:

Legacy Product Revenue (C$) 17,576,499$ 20,212,974$ 23,244,920$ 26,731,658$

Legacy Product COGS (C$) 12,303,549$ 14,149,082$ 16,271,444$ 18,712,160$

Consolidated:

Total Revenue (C$) 27,576,499$ 40,212,974$ 63,244,920$ 106,731,658$

Total COGS (C$) 17,803,549$ 25,149,082$ 38,271,444$ 62,712,160$

Gross Profit (C$) 9,772,950$ 15,063,892$ 24,973,476$ 44,019,497$



Source: FRC

Our revenue forecasts are based on the following assumptions:

Uniden® UV350 sales will begin at 10,000 units in 2019, doubling in each year to

reach 80,000 units by 2022. The Uniden® UV350 will be priced at $1,000 per device

and exhibit gross margins of 45%, based on the company’s guidance.

Legacy revenues (boosters and rugged phones) will grow by 15% per annum, using

the annualized sales of the company (based on the last nine months) as a base line. We

believe Uniden® UV350 sales were insignificant during 2018, and as a result, the

majority of 2018 revenues will have been derived from legacy products. Furthermore,

based on the third-party estimates of growth in the rugged cellphone and cellular signal

booster markets provided earlier in this report, as well as the company’s historical

revenue growth of 33.59% per annum, we believe 15% forward growth in legacy

revenues is reasonable. Gross margins will be approximately 25% from legacy

products.

The company will require little CAPEX in order to accommodate increased sales. This

is due to the fact that the company can, and does outsource production to third-party

manufacturers. The majority of investment will be in product development, the levels

of which are forecasted to be moderate and slightly higher than required for

maintenance.


(in C$) - YE Dec 31st 2018E 2019E 2020E 2021E 2022E

Revenue 15,283,912 27,576,499 40,212,974 63,244,920 106,731,658

COGS 11,001,573 18,682,374 26,159,730 39,433,690 64,048,743

Gross Profit 4,282,339 8,894,125 14,053,243 23,811,230 42,682,914

EXPENSES

SG&A Expense 6,444,781 8,378,216 10,472,770 13,090,962 16,363,703

Share-based Compensation 968,516 1,016,942 1,067,789 1,121,178 1,177,237

EBITDA (3,130,959) (501,033) 2,512,685 9,599,089 25,141,975

Depreciation & Amortization 414,579 476,765 548,280 630,522 725,101

EBIT (3,545,537) (977,798) 1,964,405 8,968,567 24,416,874

Financing Costs 958,447 495,500 280,833 12,500 8,333

EBT (4,503,984) (1,473,298) 1,683,571 8,956,067 24,408,541

Non-Recurring Expenses -514,638

Taxes 6,590,306

Net Profit (Loss) (3,989,346) (1,473,298) 1,683,571 8,956,067 17,818,235

FOREX Translation Adj. -52,960

Comprehensive Net Profit (Loss) (4,042,306) (1,473,298) 1,683,571 8,956,067 17,818,235

Shares outstanding 103,718,505 103,718,505 103,718,505 103,718,505 103,718,505

EPS -0.04 $ -0.01 $ 0.02$ 0.09$ 0.17$



Discounted Cash Flow Valuation

Our DCF valuation on Siyata’s shares is $1.21 per share.

Source: FRC

For our discount rate, we utilized a weighted average cost of capital (“WACC”) of 12%. This is based on the average return on equity (“ROE”) and debt-to-capital structure exhibited by comparable sectors, outlined further below. We also used a return on debt that reflects the average rate of long-term corporate debt. An equity risk premium has also been added to the WACC to reflect additional risk, which we believe is warranted given the level of risk associated with the importance of sales of the Uniden® UV350 in the valuation of the company, the size of the company, as well as other risk outlined in the risks section of this report. Comparables Valuation

The following industries are sectors that we believe the company will begin to emulate in the long-term:

Source: FRC, Capital IQ

Based upon the above sector comparables, and the income statement projections we outlined further above, we value the company’s equity at $115.07 million on an EV/R basis and $158.59 million on an EV/EBITDA basis. Our comparables valuation model is outlined below:

DCF Model Q4-2018E 2019E 2020E 2021E 2022E Terminal

EBIT(1-tax) -886,384 $ -977,798 $ 1,434,015$ 6,547,054$ 17,824,318$

Non-Cash Expenses 43,417$ 1,493,707$ 2,454,351$ 1,751,701$ 1,902,338$

Investment in WC 516,777$ -1,330,088 $ -3,720,257 $ -1,783,340 $ -2,867,489 $

CFO -326,191 $ -814,179 $ 168,109$ 6,515,415$ 16,859,167$

CAPEX -158,449 $ -526,826 $ -605,850 $ -696,727 $ -801,236 $

FCF -484,640 $ -1,341,005 $ -437,740 $ 5,818,688$ 16,057,931$ 16,539,669$

PV -489,238 $ -1,208,687 $ -352,275 $ 4,180,926$ 10,301,939$ 117,899,974$

Discount Rate 12%

Terminal Growth Rate 3%

Total PV 130,332,639$

Cash - Debt -2,706,118 $

Equity Value 127,626,521$

Shares O/S (dil) 105,317,540

Fair Value 1.21$

Sector EV/R EV/EBITDA ROE D/C

Communications Equipment 1.94 12.50 5.36% 29.26%

Telephone and Telecommunications Equipment 2.00 11.70 6.64% 36.12%

Wireless Telephone Equipment 1.74 7.20 24.14% 8.50%

Technology Hardware and Equipment 1.20 8.60 13.30% 16.40%

Average 1.72 10.00 12.36% 22.57%



Risks

Source: FRC

After reviewing Siyata’s business, the quality of the management team and their

execution plan, and our valuation models, we are initiating coverage on Siyata with a

BUY rating and a fair value estimate of $1.27 per share. This is the average of all three of our valuations outlined above. We believe the company is exposed to the following risks (list is non-exhaustive):

Valuation is highly dependent on penetration of the North American commercial vehicle and first responder vehicle markets. Failure to enter these markets may lead to stagnant growth.

Whilst the company is currently the only provider of an “all in-one”, in-vehicle integrated PoC communications platform, success in their field will attract rivals and competitors. Furthermore, as they are only manufacturers of the hardware, competitors with lower costs could potentially enter the market.

Partner risk associated with distributors that work with Siyata, as Siyata does not sell their product to end consumers.

Upgrade cycles and constant need for innovation: whilst the company are well positioned to take advantage of the LMR to PoC upgrade cycle, there is no guarantee that they will be prepared for the next upgrade cycle or will have a competitive business model in the long-run.

Liquidity risk. Exchange rate risk.

We are initiating coverage with a risk rating of 4 (Speculative).

2022 Forecast (Gross Revenues) 106,731,658$ 2022 Forecast (EBITDA) 25,141,975$

Average EV/ Revenue 1.72 Average EV/ EBITDA 10.00

Expected EV (C$) 183,578,451$ Expected EV (C$) 251,419,745$

Discounted EV (C$) 117,774,458$ Discounted EV (C$) 161,297,930$

Expected Market Cap (C$) 115,068,340$ Expected Market Cap (C$) 158,591,812$

Value per Share (C$) 1.09$ Value per Share (C$) 1.51$

Comparables Valuation



Appendix


(in C$) - YE Dec 31st 2017 2018E 2019E 2020E

Revenue 17,753,006 15,283,912 27,576,499 40,212,974

COGS 13,874,261 11,001,573 18,682,374 26,159,730

Gross Profit 3,878,745 4,282,339 8,894,125 14,053,243

EXPENSES

SG&A Expense 6,194,423 6,444,781 8,378,216 10,472,770

Share-based Compensation 1,070,464 968,516 1,016,942 1,067,789

EBITDA (3,386,142) (3,130,959) (501,033) 2,512,685

Depreciation & Amortization 302,273 414,579 476,765 548,280

EBIT (3,688,415) (3,545,537) (977,798) 1,964,405

Financing Costs 164,098 958,447 495,500 280,833

EBT (3,852,513) (4,503,984) (1,473,298) 1,683,571

Non-Recurring Expenses 1,239,982 -514,638

Taxes -34,000

Net Profit (Loss) (5,058,495) (3,989,346) (1,473,298) 1,683,571

FOREX Translation Adj. -159,809 -52,960

Comprehensive Net Profit (Loss) (5,218,304) (4,042,306) (1,473,298) 1,683,571

Shares outstanding 80,380,048 103,718,505 103,718,505 103,718,505

EPS -0.06 $ -0.04 $ -0.01 $ 0.02$



BALANCE SHEET

(in C$) - YE Dec 31st 2017 2018E 2019E 2020E

ASSETS

CURRENT

Cash and Cash Equiv. 4,384,596 1,456,451 85,946 297,761

A/R 1,955,050 3,056,782 4,136,475 6,031,946

Inventory 4,161,406 4,355,915 4,963,770 8,042,595

Prepaids 497,910 764,196 965,177 1,206,389

Advance to Suppliers 1,437,261 1,430,205 2,241,885 2,615,973

Related Parties 776,000

Total Current Assets 13,212,223 11,063,548 12,393,253 18,194,664

PPE 65,191 47,529 52,296 57,779

Intangibles 7,577,930 8,918,582 8,963,875 9,015,962

Goodwill 1,022,269 1,022,269 1,022,269 1,022,269

Total Assets 21,877,613 21,051,928 22,431,693 28,290,674

LIABILITIES

CURRENT

A/P 2,604,592 3,300,472 4,670,594 6,539,933

Other Payables

Future Purchase Consideration 954,929 140,521 140,521 140,521

Current Portion of LT Debt 34,000

Total Current Liabilities 3,559,521 3,474,993 4,811,115 6,680,454

Future Purchase Consideration 130,852 130,852 130,852 130,852

LT Debt 3,553,901 4,011,718 4,011,718 250,000

Total Liabilities 7,244,274 7,617,563 8,953,685 7,061,306

SHAREHOLDERS EQUITY

Share Capital 23,336,596 25,158,452 25,658,452 30,658,452

Reserves 2,996,875 3,965,391 4,982,333 6,050,122

AOCI (608,945) (608,945) (608,945) (608,945)

Deficit (11,091,187) (15,080,533) (16,553,831) (14,870,260)

Total shareholders’ equity (deficiency) 14,633,339 13,434,365 13,478,009 21,229,369

Total Liabilities and Shareholders Equity 21,877,613 21,051,928 22,431,693 28,290,674



STATEMENTS OF CASH FLOWS

(in C$) - YE Dec 31st 2017 2018E 2019E 2020E

OPERATING ACTIVITIES

Net Profit for the Year (5,058,495) (3,989,346) (1,473,298) 1,683,571

Adjusted for items not involving cash:

Amortization 302,273 414,579 476,765 548,280

Share-based Compensation 1,070,464 968,516 1,016,942 1,067,789

Finance Fees 255,817 838,282

Accretion of Future Purchase Consideration 479,522

Recovery of Deferred Tax (34,000)

Unrealized FOREX

Funds From Operations (3,240,236) (2,350,434) 20,409 4,137,922

Change in working capital

A/R (1,159,440) (1,101,732) (1,079,692) (1,895,471)

Inventory (1,702,867) (194,509) (607,855) (3,078,825)

A/P 735,005 695,880 1,370,122 1,869,339

Prepaids (266,286) (200,982) (241,212)

Deferred Charges

Advances to Suppliers 7,056 (811,680) (374,088)

Related Parties (411,570) 776,000 - -

NET CASH USED IN OPERATING ACTIVITIES (5,779,108) (2,434,025) (1,309,679) 417,665

INVESTING ACTIVITIES

PPE (33,707) (3,067) (28,606) (32,897)

Acquisition Costs (150,000)

Intangibles (3,014,725) (1,734,502) (498,220) (572,953)

NET CASH USED IN INVESTING ACTIVITIES (3,198,432) (1,737,569) (526,826) (605,850)

FINANCING ACTIVITIES

Equity Issue 5,134,000 500,000 5,000,000

Issue Costs (1,200,465)

ST Loans (34,000)

Loans 4,286,024 236,000 (4,600,000)

Exercise of Options 205,000 682,296

Exercise of Warrants 3,921,107 120,000

Exercise of Agent's Options 387,542 205,152

NET CASH FROM FINANCING ACTIVITIES 12,733,208 1,243,448 466,000 400,000

Foreign Exchange / Others 370,874

INCREASE IN CASH FOR THE YEAR 4,126,542 (2,928,145) (1,370,505) 211,816

CASH, BEGINNING OF THE YEAR 258,054 4,384,596 1,456,451 85,946

CASH, END OF THE YEAR 4,384,596 1,456,451 85,946 297,761



Fundamental Research Corp. Equity Rating Scale:

Buy – Annual expected rate of return exceeds 12% or the expected return is commensurate with risk Hold – Annual expected rate of return is between 5% and 12% Sell – Annual expected rate of return is below 5% or the expected return is not commensurate with risk Suspended or Rating N/A— Coverage and ratings suspended until more information can be obtained from the company regarding recent events. Fundamental Research Corp. Risk Rating Scale:

1 (Low Risk) - The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt. 2 (Below Average Risk) - The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt. 3 (Average Risk) - The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient. 4 (Speculative) - The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a turnaround situation. These companies should be considered speculative. 5 (Highly Speculative) - The company has no history of generating earnings or cash flow. They may operate in a new industry with new, and unproven products. Products may be at the development stage, testing, or seeking regulatory approval. These companies may run into liquidity issues, and may rely on external funding. These stocks are considered highly speculative.

Disclaimers and Disclosure

The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The Analyst and FRC do not own shares of the subject company. Fees were paid by SIM to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports, and release of liability for negative reports are protected contractually. To further ensure independence, SIM has agreed to a minimum coverage term including an initial report and three updates. Coverage cannot be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. The distribution of FRC’s ratings are as follows: BUY (72%), HOLD (7%), SELL / SUSPEND (21%). To subscribe for real-time access to research, visit http://www.researchfrc.com/subscribe.php for subscription options. This report contains "forward looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products/services in the marketplace; acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company's periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequent updates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarter. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated, and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction

Siyata Mobile Inc. (TSXV: SIM) – Manufacturer of ... · Accel Telecom Inc. was established in...

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