Fundamental Research Initiates Coverage on BlackIce Enterprise Risk Management Inc.

Fundamental Research has initiated coverage on BlackIce Enterprise Risk Management (CSE:BIS), with a BUY rating and fair value estimate at $0.16 per share.
As quoted in the report:

BIS’s products / solutions are advantageous for banks, as building an in-house platform is capital and time consuming. In addition, most third-party vendors offer solutions that
are ‘black boxes’ and closed, requiring expensive license fees and consulting engagements to customize and implement. In contrast, according to management, BIS’ products and solutions are open, flexible, customizable, elementary to implement and fully integrated.
… We are initiating coverage on the company with a BUY rating and a fair value estimate of $0.16 per share.
We believe the company is exposed to the following key risks (not exhaustive):

• The company has yet to build a track record of sales.
• There is no guarantee that the company will be able to gain traction in the U.S. or
  markets outside of Vietnam in Asia.
• Changes to regulatory requirements may negatively impact the company’s operations.
• Immediate need to raise capital.
• Shares are thinly traded.

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