January 29, 2015 - InvestorsHub NewsWire - About: Celsius Holdings, Inc. (CELH), Includes: DPSKOMNSTPEP

 

Summary

  • After appreciating 47% last year, we believe much bigger gains are ahead in 2015 for Celsius Holdings, Inc.
  • A new management team, brought in three years ago, has dramatically turned things around through a successful rebuilding and rebranding initiative.
  • Changing consumer trends, show traditional soft drinks are declining in popularity, while the functional beverage market experiences broad appeal and increasing public acceptance of newer, innovative brands.
  • Industry data shows that most of these new brands are developed by small, entrepreneurial companies, and after a successful “proof of concept” phase are acquired by larger industry players.
  • The “calorie-burning” or negative-calorie category, pioneered by Celsius, is experiencing a revitalization with Nestlé’s November 2014 announcement that they will develop a new product in this beverage category.

Before beginning our thesis on Celsius Holdings, Inc. (OTCPK:CELH), I feel that it is important to give the reader of this article a bit of background and a salient point of reference.

After retiring from a 35-year span in the securities industry, I established Altitrade Partners in November of 2013. I am now doing what I love most, pursuing my passion for discovering small, entrepreneurial companies that are undiscovered and unrecognized by Wall Street, and writing in-depth reports about them.

The micro-cap space, which is where most of these companies are found, is full of promising young CEOs and innovative ideas that offer hope of finding the next disruptive technology, or new product that will propel the company on to the mainstream investment stage, thereby rewarding early investors with profits beyond their wildest imagination.

Based on our experience, many, if not most, of these companies are fraught with hidden risks that inexperienced investors may not understand, or even know about, unless they perform thorough and exhaustive due diligence on the company, the industry and the competition. Even then, many of these companies will ultimately fail for two reasons, incompetent management and the inability to raise capital on favorable terms.

Believe me when I tell you that over the course of 40 years of investing, we have made our share of mistakes. Our five-year performance numbers reflect a few of those more recent mistakes, but on a 1, 3 and 10-year basis, we have handily outperformed most major benchmarks by investing in micro-cap companies. The takeaway for us is that making mistakes in micro-cap investing are unavoidable, but that those mistakes will also teach an investor some very important lessons.

Adding micro-cap stocks to a portfolio, over time, reduces risk and increases returns, as has been shown in numerous studies. A few of our favorites include a white paper by Altair Advisers and a study by Denver Investments Institutional on the subject of Micro-cap investing.

It is within the context of understanding the risks inherent in micro-cap investing that we offer the following for consideration by investors who are comfortable with high-risk investments, and who have the patience to weather through the inevitable ups and downs that micro-cap investing entails.

We first learned of Celsius Holdings, Inc. (OTCPK:CELH) from an article that Herb Greenberg had written shortly before the formal launch of a calorie-burning product developed jointly by Nestlé S.A. (OTCPK:NSRGY) and The Coca-Cola (NYSE:KO) Company called Enviga.

While we were intrigued by this new beverage category, we were even more intrigued by the fact that these two beverage giants were not the first to come to market with a calorie-burning beverage. A small company located in South Florida, called Elite-FX, had already brought their own calorie-burning product, called Celsius to market back in 2005. Elite-FX, later, was renamed Celsius Holdings, Inc.

Over the course of the last year, we have written extensively about Celsius Holdings, Inc., and the beverage industry trend that we see towards healthier, more functional beverages. We penned an in-depth, 22-page report on our website, written 14 articles on our Google blog page, and recently wrote ourfirst Seeking Alpha article on this topic, when Nestlé, S.A. announced that they were in the process of developing a new calorie-burning beverage that they expect will take two years to finalize.

It is not our intention, here, to bog down the reader with a regurgitation of all our past exposés on this subject. If you want to take the time to review our work, in more detail, you can go to our website, where you can access all of our writings.

In this report, we would like to point out the ten compelling reasons why we believe that Celsius Holdings, Inc. deserves careful consideration by micro-cap investors.

1. Macro Beverage Trends

The first thing that we like to look at when sizing up a micro-cap opportunity, is how does the company and its products fit within the overall macro trends taking place within a specific industry sector. In the case of the beverage industry there has been a growing concern in the C-suites of these companies over the slowing sales of traditional soft drinks that contain high-fructose corn syrup and other ingredients. Increasingly, these traditional beverages, the foundation of many big beverage portfolios, are now coming under scrutiny by consumers, and regulators, who are concerned about the health effects of these products.

At the same time, there has been tremendous growth in the non-traditional beverage category, including such products as enhanced waters, specialty teas, energy drinks, coconut waters, sports drinks and functional products that target a variety of consumer interests including relaxation, mental focus, digestive health, hangover recovery, relief from stiff bones and joints, etc. The size and scope of the functional beverage market has been estimated to be approximately $60 billion, according to Euromonitor.

2. Strong Growth Across Many Channels

recent report published by Canadean shows that Celsius' revenues grew at a compound annual growth rate of 15.97% from 2009-2013, and 38.12% in 2012 over 2011 numbers. The company's 2013 revenues saw a year-over-year increase of another 38% from 2012 results. We expect 2014 revenues to exceed those posted in 2013 by over 40%. There aren't many beverage companies that can say that they've experienced organic growth at those kinds of levels. If anything, growth levels have stagnated in the beverage business, as evidenced by the slowdown many large beverage brands are experiencing.

It is interesting to point out that the most recent data from IRI's mid-June 2014 report shows that Celsius was in the top quintile, ranked 112 out of 599 brands in its peer group, consisting of the Energy, RTD Coffee/Tea, Waters, Isotonic, Functional, Water and Coconut Water categories. It was also noted in that same report that of the top 125 brands, 59 (47%) are declining in sales, while Celsius continues to show meaningful growth.

We expect Celsius Holdings, Inc. to once again report record sales for FY 2014. Our internal projection is for total revenues to come in at between $14-15 million. That would give the company a YOY increase of 45% at the median level of $14.5 million. Suffice to say that the Celsius brand continues to experience solid revenue gains, and increasing market share at a time when other brands are struggling to keep market share, let alone grow their revenues.

3. Capital Structure

The Celsius capital structure consists of approximately 20.5 million shares of common stock and roughly $10.075 million of debt. The debt structure includes a $1.5 million convertible note and a revolving credit line, of which $8.575 million is currently outstanding. There are also 2200 shares of preferred stock (Preferred C Shares) convertible into common stock.

Of the nearly 20.5 million shares of common stock issued and outstanding, there is only approximately 9.0 million shares available in the public float.

The $1.5 million note is convertible at the discretion of the noteholder (CDS Financial, LLC.) into shares of common stock at a conversion price of 0.30 cents. The credit line debt was recently extended out to December 31, 2016, and carries an interest rate of 5%.

The Preferred C Shares can be converted into Company common stock at any time until December 31, 2018 at a conversion price of $0.52 per share. The conversion price per share is based on the weighted average of the ten daily VWAPs for the 10 trading days immediately preceding the closing date of August 26, 2013. The Preferred C Shares accrue a 6% annual cumulative dividend, payable in additional Preferred C Shares. The Preferred C Shares mature on December 31, 2018, and are redeemable only in Company Common Stock.

The Preferred C Shares were issued to CDS in exchange for the cancellation of a $550,000 short-term loan from CD, an affiliate of CDS and the cancellation of $1,650,000 in debt associated with the line of credit with CD.

With regard to the Common Stock, there are currently total shares outstanding of 20,459,032 shares, as of September 30, 2014, of which 10,450,737 are owned by companies affiliated or controlled by Carl DeSantis.

At Celsius Holdings, Inc., they don't have a history of raising capital through toxic financing like PIPEs and floorless convertible debt arrangements. It's called death-spiral financing for a reason! They don't have a track record of diluting shareholders through suspicious backroom financing arrangements, or dealing with stock promoters.

Carl DeSantis continues to provide straight debt financing and lines of credit without all the fancy bells & whistles that eventually wind up destroying shareholder equity over time.

As a 52% shareholder in the equity of Celsius, holding some 10+ million shares, Carl needs a price increase of only 90 cents in the stock to make up for the majority of capital that he has provided. In essence, Carl is supporting his own equity investment in the company through funding it with private debt. We categorize the debt of Celsius Holdings, Inc. as "friendly debt" since it is owed to the company's largest shareholder.

How many micro-cap companies can say that they have a readily available source of financing that they can turn to, without having to sacrifice shareholder equity in the process? Dilution is a micro-cap investor's worst enemy. We've seen too many small, under-capitalized companies fall prey to its consequences. We don't worry about that happening with our investment in CELH.

4. The Carl DeSantis Connection

Carl DeSantis's involvement with Celsius Holdings, Inc. is very important for two reasons. The first is the obvious financial resources that Carl brings to the table, as discussed above. Secondly, Carl DeSantis is an experienced businessman, and multi-millionaire, with a successful background in building companies, getting them to profitability, and selling them to larger industry players in order to realize their full underlying value.

Mr. DeSantis is, perhaps, best known for his building of the Rexall-Sundown Empire, which he sold in the year 2000 to Netherlands-based Royal Numico for the hefty sum of $1.8 BILLION.

Mr. DeSantis has written a book outlining the struggles and challenges that he faced in taking a small vitamin business that he ran out of his house with his wife, to the task of successfully assimilating a national chain of drug stores into a high-profile conglomerate. His book is called Vitamin Enriched.

After reading his book, our assessment is twofold; First, Carl DeSantis is a man who thrives on the challenge of being an underdog, and, second, his tenacity is only exceeded by his desire to win.

5. Valuation

After experiencing a bump in the road in the second quarter of 2014, Celsius Holdings, Inc. appears to be back on track. Third quarter 2014 numbers reflect record revenues of $3.42 million, compared to just $2.33 million during the same period in 2013, a 47% increase. Gross profit margins remained strong at 39%.

Prior to the Q2 2014 numbers, Celsius saw four consecutive quarters of double-digit revenue growth, registering sequential quarterly sales gains of 66%, 61%, 51% and 65%.

More importantly, international results continue to demonstrate strong growth outside the United States. International revenues for the third quarter were up 60% to $1.55 million, compared to just $970,000 in Q3 of 2013.

On the domestic front, revenues also showed a sizable increase of 38% versus the same period last year. Domestic revenues came in at $1.87 million compared to $1.36 million for Q3 of 2013.

Looking at the company's balance sheet, we see that as of September 30, 2014 there was a current ratio of almost 3.5 to 1, indicating a very strong financial position to build upon moving forward.

At the end of the third quarter, Celsius Holdings, Inc. had recorded total revenues in 2014 of $10.02 million, or just under an average of $3.34 million per quarter. That would put projected revenues for fiscal year 2014 at approximately $13.5 million, assuming they can maintain revenues at the current run rate. As we stated earlier, based on visible sales momentum, our internal forecast for Celsius Holdings, Inc. revenues has now been bumped up to between $14-15 million for FY 2014. We expect financial results to be released sometime in March.

In our opinion, the company stock still does not reflect the progress that has been made since the new management team took over in November of 2011.

If we compare the market capitalization of CELH at its peak in late summer of 2009 versus where we are today, it shows that investors have far less enthusiasm for this company now, compared to then, despite having literallycome back from the brink, and reinventing itself.

In August of 2009, the market capitalization of Celsius Holdings, Inc. was approaching an astronomical $300 million, on a fully diluted basis. This was, in part, due to the celebrity effect of Hollywood darling Katie Holmes being seen publicly drinking a Celsius beverage in New York City. Their reported revenues at the time were a paltry $3.48 million for the first three quarters of FY 2009. The net loss for the first nine months of 2009 was $5.33 million. They would ultimately report a net loss of $7.76 million on just $5.87 million in revenue during FY 2009.

The 2010 fiscal year was even more disastrous, with the company losing over $19.49 million on just $8.34 million in revenues. That's when Carl DeSantis decided to implement a management change, and begin the process of turning things around.

Today, the market capitalization of CELH is around $15 million, again on a fully-diluted basis. Revenues for the first nine months of 2014 are $10.02 million, or almost 3X what they were in 2009. Net losses have shrunk to $2.29 million for the first nine months of 2014, compared to $7.76 million during the same period in 2009.

In summary, the market cap of CELH has gone from $300 million to $14 million at the same time revenues have almost tripled.Furthermore, losses have been slashed dramatically from a peak of $19.5 million in FY 2009 to just over $2.29 million for the first nine months of 2014.

With revenue growth close to 40% per year in 2012 & 2013, and equally impressive results expected for 2014, the question investors, who are looking at this company for the first time, should be asking is "What would I be willing to pay for a small innovative beverage company with an impressive growth rate, especially in an environment where other beverage companies are experiencing lowered revenue projections and are looking for the next big idea to jumpstart organic growth to make up for the decline in traditional beverage consumption?"

Our own valuation model tells us that Celsius Holdings, Inc. could easily command a 2.5X - 3.5X multiple of revenues. Using a model that projects FY 2014 revenues at $14.5 million, would put the market capitalization of Celsius Holdings, Inc. at somewhere between $36 million and $51 million. On a fully diluted basis that would imply that Celsius Holdings, Inc. common shares should be selling at somewhere between $1.09 and $1.55 per share.

In 2014, CELH stock's value increased by 47%. The stock closed on Friday at $0.51 cents per share, implying potential appreciation of between 114% and 204%, at some point in 2015, based on our internal estimates.

If you think that our revenue multiple is a bit on the high side, remember thatCoca-Cola paid 12X the 2006 actual revenues, and 6X the 2007 projected revenues of Glaceau's Vitamin Water in their May 2007 acquisition of that company.

It should further be noted that PepsiCo Inc.'s (NYSE:PEP) acquisition of IZZE Beverage Co. was at 3.8 times revenue, while deals in the health and wellness categories during that same year saw a median value of 2.5 times trailing 12-month revenues.

6. The Attractiveness of Celsius to Big Beverage

While the average micro-cap investor may not be paying much attention to this little company, we are fairly certain that their products and progress have not been lost on the big beverage companies.

The mid-August announcement that Coca-Cola will take a 16.7% stake in competitor Monster Beverage sends a couple of signals to investors in the beverage sector:

1. The Coca-Cola Company believes in the long-term viability of the energy drink market.

2. The company is willing to look to other brands, which are not currently a part of the Coca-Cola family, to fuel future growth.

3. That Coca-Cola will continue to purchase brands to modernize their beverage portfolio.

It is interesting to note that since 1995, Coca-Cola has spent $28.7 billion on acquisitions, lagging well behind competitor PepsiCo which has spent $45.4 billion over the same period, according to Dealogic.

While it is interesting to look at The Coca-Cola Company as being the 800 pound gorilla in the beverage and soft-drink industry, we are more focused on a small division of the giant whose focus is on finding the next disruptive brand among smaller, entrepreneurial companies. That division is Coca-Cola's Venture & Emerging Brands unit.

According to interviews with executives at Coke's VEB unit, the division looks at hundreds of promising beverage brands over the course of a year, with most of those never getting a second look beyond a preliminary, if not perfunctory, assessment.

Data compiled over many years' shows that only 3% of all new beverage brands make it to the critical "proof of concept" stage. This stage is identified as the point where a new brand has achieved annual revenues of $10 million or greater, and has shown itself as having staying power based on strong appeal based on consumer's adoption of the brand.

Even more important is the fact that beverage industry executives see up to a third (33%) of new beverage company growth as coming from these small, upstart, boutique brands with innovative new beverage ideas within disruptive categories.

As an early 2014 article in Forbes Magazine pointed out "Many large beverage companies have acquired smaller sports and energy drinks makers to respond to consumers' increasing appetite for these drinks, and because these large companies did not have such products in their R&D pipelines. Pick a major strategic in the consumer and retail space (any major public consumer or retail company). Now think of the number of brands they have added to their portfolio over the past decade. How many did they buy versus build?"

With revenues of over $10 million through the first nine months of 2014, and the likelihood of ending the year well above that critical revenue threshold, we think Celsius Holdings, Inc. has caught the attention of the big beverage players; primarily Coca-Cola, PepsiCo and Dr Pepper Snapple Group (NYSE:DPS).

7. Succeeding Where Others Have Failed

We started this report out by saying that Celsius is currently the world's first and only calorie-burning (negative-calorie) beverage. However, it wasn't always that way. Nestlé, S.A. and Coca-Cola had been working on their own joint-venture product in late 2006-2007 called Enviga.

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Enviga was a green-tea based product designed to increase the body's metabolism through something called "thermogenesis" (the raising of the body's temperature). Both companies were enthusiastic about introducing a product in this new beverage category, and the initial publicity surrounding the new product was met with much fanfare. Datamonitor even went so far as to declare calorie-burning sodas as the next big new beverage trend for 2007.

We believe that the folks at Datamonitor have it right, but were too early in their prognostication. Scroll down to read about how Nestlé, S.A. feels about the calorie-burning category's future prospects, and what they are planning to do within the next two years.

The marketing team at Celsius were overjoyed at the prospect of these two beverage giants entering a new beverage category which they had pioneered and introduced months before. There is the feeling, among many marketing executives, that the first to market with any new idea, concept or product will ultimately garner the lion's share of that marketplace. Coke and Nestlé's entrance, into this space, was also a validation of the idea that the beverage industry was looking to take beverage technology beyond zero calories.

The Enviga product ran into strong opposition from the nonprofit Center for Science in the Public Interest, a consumer watchdog and advocate group, thatchallenged whether or not the marketing claims made by Coca-Cola and Nestle were both verifiable and certifiable.

Subsequent investigations into the product's assertions yielded the conclusion that the Enviga product did not have substantial proof, on a scientific basis, to validate its marketing claims of being a calorie-burning beverage. An agreement between Coca-Cola and Nestlé, along with 27 State Attorney Generals, was eventually reached to resolve the dispute over false advertising, promotion and marketing. The two companies also agreed to pay a total of $650,000 in fines to settle the matter.

Celsius Holdings, Inc., on the other hand, went on to develop additional flavors to the original Celsius and conducted a total of seven clinical, scientific studies to provide evidence that the calorie-burning claims made about their product were, in fact, provable. Many of these studies have been published in peer-reviewed scientific journals, including The American College of Nutrition, The International Society of Sports Nutrition and The Journal of Strength Conditioning and Research.

Celsius is the only beverage product that we know of that has had its marketing and advertising claims verified and substantiated by the National Advertising Division of the Better Business Bureau. (See hereand here.)

Recent news in late November from Nestlé, S.A. validates the idea that the next potentially big trend in the beverage industry will be calorie-burning, or negative-calorie drinks. If nothing else, it shows that one of the largest global giants in the food & beverage industry believes that a market exists for this type of functional beverage.

It should be noted that the claims that Celsius makes regarding their product's calorie-burning properties, take place in conjunction with diet and exercise, not in the absence of them.

Actually, when you think about where we have been and where we are going in terms of beverage development, it's just a natural progression to move from lower calorie and zero calorie beverages to negative-calorie drinks. The beverage industry is now beginning to ask the question "Why stop at zero calories?"

It's nice to know that despite their previous setback, Nestlé continues to work on the development of a calorie-burning beverage. It seems to show their confidence that the calorie-burning, or negative-calorie beverage category does have a promising future.

8. Consumer Reviews Give Celsius a Solid 4.3 out of 5.0 Star Rating on Amazon

We mentioned earlier that the so-called benchmark to seriously be considered by Coca-Cola's Venture & Emerging Brands Unit was $10 million in annual revenues. There can be no question that regardless of whatever functional benefits a new beverage has, it will fail unless consumers like the taste and it works.

As part of the rebranding and rebuilding process implemented by the new management team, brought in by Carl DeSantis in October 2011, Celsius Holdings, Inc. made a strategic decision to outsource all of its direct-to-consumer operations to Amazon.com. This enabled the company to cut expensive overhead as it pertained to the ordering, packaging and shipping of their beverage products to users across the country.

One other benefit that it provides is the ability of consumers to use Amazon's star-rating system to provide feedback to others who are contemplating their first purchase of Celsius calorie-burning beverages.

Based on Amazon reviews, we continue to believe that more and more consumers are using the products on a regular basis, as there is mass appeal across three primary user categories; weight management, gym enthusiasts and energy drink users who want a healthier alternative to traditional energy beverages.

Better than two-thirds (66%) of Celsius users give the beverage the highest Amazon 5-star rating, and overall, among all Celsius users, the beverage enjoys a very respectable 4.3 out of 5.0 star rating.

9. Strength in The International Marketplace

Part of the reason for Coca-Cola's purchase of a stake in Monster Beverage Company (NYSE: MNST) was that it was felt that Coca-Cola's existing global distribution footprint could accelerate sales of Monster beverages overseas. The international marketplace has huge potential for beverage companies, including Celsius.

While domestic sales of Celsius have been strong, the international markets represent the greatest opportunity for continuing robust growth. Celsius products are currently available in the following foreign countries; United Kingdom, Norway, Sweden, Finland, China, Dubai/Middle East, Kenya, Nigeria, Argentina and Brazil.

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Of all of these markets, we believe the greatest opportunity rests in Sweden and Brazil. Our reasoning is quite simple. Swedes have a history of being among the most physically attractive and fittest people in the world, in part due to their healthy lifestyle and integration of exercise into their daily routine. Celsius fits perfectly into that culture. The brand continues to be embraced by the region, and with time, we expect further penetration into other countries including the Netherlands and Denmark where over 40% of the population in those countries are members of some sort of health club or fitness establishment.

The real story, however, in our opinion is Brazil. The potential for international expansion in Latin American, particularly Brazil, is truly remarkable.

Brazil is second, only to the United States, in the number of fitness centersfound among its cities. According to the most recent research data compiled by IHRSA (International Health, Racquet and Sportsclub Association), Brazil has over 23,600 fitness establishments compared to 30,000 in the United States.

In terms of income spent, according to this 2012 Latin America Report, Brazilians spent some BRL $2.45 billion in 2011 on health clubs and fitness centers. This staggering amount trails only the United States and Canada.

Now let's put those numbers into perspective. Brazil has approximately 200 million inhabitants compared to approximately 320 million people in the United States. Sao Paulo is the state with the largest number of fitness centers in Brazil with over 6,400 establishments, or one for every 6,445 Brazilians. The second largest state is Santa Catarina, which has over 1,700 fitness centers, or one for every 3,487 individuals. The four largest fitness chains currently operating in Brazil are BioRitmo/SmartFit, Bodytech, Cia Athletica and Runner.

Surprisingly, we found that roughly 30% of those who regularly frequent fitness centers in Brazil are over the age of 60. Ten years ago, that number was only about 5%. What's interesting is that this age group seems to be more committed to attending fitness centers, and has a lower drop-out rate among members. This lower attrition may be attributed to the fact that as they have gotten older they have come to realize the importance of daily physical exercise contributing to an overall better quality of life.

The benefits of physical exercise among this older constituency shows up in increased muscle strength and improved flexibility, reduction in arthritis symptoms and cardiac problems, and a reduced likelihood of high blood pressure and diabetes. It also reduces the chances of depression (something which many older people experience) as a result of increased serotonin levels and the social benefits of exercising in a group with other people. Exercise also helps to better control appetite and helps with sleep and potential mood disorders from lack of getting quality rest at night.

What's even more impressive is the growth of the gym industry in Brazil over the past 15 years, which we then translate into potential market share and growth for the Celsius brand. At the beginning of the millennium, in the year 2000, there were only 797 gyms in Brazil. By the end of 2012, there were over 22,000 gyms with a registered membership of 6.7 million.

With almost 7 million potential users of Celsius in Brazil alone, the opportunity for explosive growth of the brand in Latin America is phenomenal.

10. The National Association For Fitness Certification

The news in mid-October 2014 that Celsius has partnered with the National Association for Fitness Certification (NAFC) brings with it the opportunity for the Celsius brand of beverages to go mainstream across a very important distribution channel for the company.

There are currently 27,000 active fitness trainers associated with the NAFC, and each and every one of those fitness trainers will now, in effect, be acting as a Celsius brand ambassador to their clients.

This kind of exposure could be just the thing to propel the brand into prominence among those who make diet and exercise important priorities in their lifestyle. If this relationship between Celsius and the NAFC bears the kind of fruit that we envision, it may not take long for Celsius Holdings, Inc. to experience a breakout quarter in sales and revenues.

Combine this with what is happening in the international markets, especially Brazil, and it becomes easy to imagine that revenues for Celsius Holdings, Inc. could easily double or triple from their current levels over the next few years.

In conclusion, at Altitrade Partners, we have carved out an area of investing in micro-caps that we believe offers the opportunity for investors, who are willing to take substantial, above average risks, the potential for huge rewards. The key to success in this area of investing is finding the right company at the right time, with the right product, the right marketing plan, the right management team with the ability to execute, the right capital structure and the right timing.

It is our opinion that Celsius Holdings, Inc. offers all of the above to investors willing to invest in micro-cap companies and stay the course.

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Note: This article discusses a company whose stock trades for less than $1 and has limited liquidity. You are urged to exercise caution and prudence when considering an investment in such securities, as they entail much greater risks than those stocks that trade above $1 and have adequate liquidity.

Disclaimer: The opinions expressed herein are exclusively those of Altitrade Partners. We do not provide investment advice, and do not offer buy and sell recommendations on any securities mentioned in our reports. For additional information, including our full disclaimer, we invite you to visit the Altitrade Partners website.

Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks. This article originally appeared on the Seeking Alpha web site. To view the article in its original format please follow this link: http://www.seekingalpha.com/article/2857436-10-compelling-reasons-why-big-beverage-may-want-to-keep-their-eyes-on-celsius-holdings 

 

 

 

 

 

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