January 2012, Vol. 36, No. 1

A Remarkable Fellow

Featuring blue chip penny stocks

NEXT COMPANY OF THE MONTH RECORDING: PHONE: 757/877-5979

FRIDAY, FEB. 10, AFTER 4 PM ET RECORDING ON FOR ENTIRE WEEKEND

Next month’s issue will be dedicated to R. Max Bowser. We invite any and all Buckaroos to send in their thoughts. See the bottom of page 2 for mailing and email addresses.

Will Max Reach 100?.... With real sadness, we have to say the answer is no… Although he had the energy of an Energizer Bunny, all the optimism in the world and a great desire to live and keep publishing The Bowser Report, death caught up with him on January 3rd. But, 95 is not a small accomplishment, nor are the 35 years he devoted to his love of microcap stocks and our Buckaroos. To find out where this came from, you just have to pick up your copy of “Making Dollars with Pennies” and read the chapter on, “If you’re so smart, why aren’t you rich?”

As John Gay of The Quiet Investor pointed out to me, Dad left an imprint on a lot of people in his life and that certainly includes the many subscribers to our newsletter…43% of which have been with us for 10 years or more. His real belief in the value of low-priced stocks and the Bowser Game Plan came out in every issue he published.

He was more than a wonderful father to me, he has also been a wonderful mentor for the last 30 years of my life. His integrity, his work ethic, his sense of humor, and his generosity have left incredibly hard shoes to fill. But, I thoroughly believe that his most lasting legacy is to continue The Bowser Report and his ideas, on which he spent so much of his waking thoughts. Even in his very brief and painless illness, which happened right after he finished the December issue less than a month ago, he was still concocting projects in his head and thinking ahead to the next issue.

But, he was not just a workaholic. He loved the work he did and was very lucky in that. He also enjoyed people as many of you experienced who had the opportunity to know Dad. He loved jokes and riddles and “interesting tidbits.”

I hope to carry on that tradition as well as keep our subscribers interested and learning about microcap stocks. There will be some changes, as you can see from this issue. We have come into the 21st century, but we aim to keep the same spirit and the same plan to help make you money.

I am very lucky to have as my co-editor, Thomas Rice. He’s an intelligent young man who has been with us for a couple of years in our Research Dept. and who Dad lit a fire under when it comes to microcaps and the financial world…yet another R. Max Bowser legacy.

As Dad said on the final page of Will Max Reach 100?:

“Keep looking forward. Remember, headlights illuminate more than taillights…

May your purse always hold a coin or two. May the sun always shine on your windowpane. May the hand of a friend always be near you. May God fill your heart with gladness to cheer you.”

He was, quite simply, a remarkable fellow. ***

In keeping with Dad’s idea of looking forward, in this--the first issue of The Bowser Report’s 36th year--Thomas and I would like to mention some of the ideas we are thinking

of for the future:

As some of you might have noticed, up to now, the newsletter has been done on a typewriter, almost exclusively by Dad. This is the first fully-computerized issue. And, it will make it easier for The Bowser Report to become available online,which several of you have asked about. We would like the newsletter to be more interactive with our Buckaroos. To illustrate this, we received an e-mail

from a new Canadian subscriber, Brian Yates, who said he would like to see some type of dividend listing for our Bowser stocks. So, we are going to compile a Bowser Dividend Database in Excel format and make that available.

And, we hope that some of you might want to submit articles on microcaps that will be of universal interest to our other subscribers.

We will also be redesigning our website--www.thebowserreport.com--which we hope to have finished by March or April. It will have many more additional features than the current web site, such as direct links to press releases about our stocks on Pages 4 & 5 and a way to chat about that news and any other topics amongst yourselves.

The most important goal still remains to use the Bowser Game Plan in investing in low-priced stocks, to learn and have fun along the way, carry on the passion of R. Max Bowser. . . . oh, and make money, of course.

R. Max Bowser and Cindy Bowser in New York City

Our 2011 Year in Review

The Bowser Report – Page 2 – January 2012

FIVE BOWSER STOCKS UP OR DOWN LAST MONTH AVALON HLDGS UP 34% CVD EQUIP DOWN 25% FIELDPOINT UP 28% BULLION DOWN 17% COVER-ALL TECH UP 24% FLEXIBLE SOL DOWN 16% FEMALE HEALTH UP 16% FOOD TECH DOWN 15% CENTURY CSNO UP 14% GLOBALSCAPE DOWN 15%

JANUARY: Our Company of the Month for January was Accelr8 Technology (AXK), a medical supply company. In the next few months, this security would put investors through a roller-coaster ride—quickly doubling and then falling back to settle around $3.00/share (now below $2). We also noted the turnaround of DGSE Companies (DGSE). The company saw monthly revenue highs and a strong effort on management’s part to put the firm back into a high growth mode. FEBRUARY: Louis D. Marks, Jr., long-time Bowser Report follower and founder of the KISS Investment Club, discussed with us his club, which at that time had assets of $80,000 in 30 Bowser stocks (13 of which had doubled). We also recapped our 2009 investments—which gained 29%. A good friend of the Bowser Report, Wim Sanders, compiled a comparison of the major world indexes, in which the Bowser Microcap Stock Index ranked sixth from the top in 2010 performance, trailing only the Russell 2000 in the US Markets. MARCH: Our cover story featured Joe Videmsek, Investor of the Year for 2002. Joe discussed with us his current investments (which include 25 Bowser stocks). We mentioned Alpha Pro Tech (APT), in particular, with regards to its expensive management and slipping earnings that led to a sell recommendation after being featured in Category Three for almost a year. XETA Tech (XETA) was acquired by PAETEC Holdings (PAET) for $5.50 a share in cash. APRIL: This month we announced our Investor of the Year: Elmer Mulhausen. April also saw an article on Flaherty’s Favorites of the Famous, an annual favorite stock panel. This panel, headed by Robert Flaherty, outgained the S&P 500, featuring recommendations from Mario Gabelli, and our own Buckaroo, Russell Cleveland. Back when the picks were made the previous December, we had recommended Turbosonic Tech, which was a sell recommendation in this very issue. MAY: The world of brokerages was discussed this month through an interview with long-time broker, William D. Milkes. With his experience, he shared with us the ins and outs of the stock brokerage world, and its changes overtime. We spoke highly of Accelr8’s (AXK) concept, the BACcel rapid diagnostic system. At this time, AXK was being backed by Novartis, its industry collaborator.

JUNE: Bowser Report headquarters received a visit from Buckaroo Bob Bradshaw this month. In our interview, we touched on multiple topics. Our Company of the Month for June was a company that collects and recycles used motor oil,

Vertex Energy (VTNR.OB). We also wrote about the growth of LRAD’s spin-off, Parametric Sound (PAMT.OB). JULY: Our front page saw two subjects: Warren Buffet and small company buybacks. The buybacks subject was sparked by former Company of the Month Dynatronics (DYNT) announcing a $1 million stock repurchase program. Novartis extended its Accelr8 (AXK) collaboration. We also announced a name change for our latest book: 34 Years Profitability Buying-Selling Penny Stocks to You Can Be a Winner with Our Penny Stock Plan.

AUGUST: Richmont Mines (RIC) was given our Microcap Horatio Alger Award because of its growth during a time of high gold prices, and also its survival through a period when gold prices were low. Cover-All (COVR) was spoken of highly. We also tried to

calm anxiety amongst our investors, as August saw a one day drop of 614 points in the Dow Jones. SEPTEMBER: A piece in Bottom Line Personal prompted a front-page article on the ever-present debate against small, publicly-traded companies. We also discussed the bear market, drawing attention to the investments that we made during the 2008 bear market, which yielded us a 98.4% profit on an original investment of $11,620.46. Metropolitan Health (MDF) announced that its shareholders agreed to acquire Continucare Corp. OCTOBER: This month saw the official launch of the Alpha Project—an investment program for young investors. Our inspirations for the idea were Jonathan Biernbaun, Missouri, and Isaac Zimmerman, who contacted us as a 20 year-old college student in 2007. We also discussed CVD Equipment’s (CVD) development of graphene, the thinnest and toughest material ever produced. NOVEMBER: A fellow newsletter, the Dick Davis Digest, was featured. We reported on Editor Chloe Lutts’, interview of the publications founder, Dick Davis. With the market continuing its downward trend, we touched again on how to make money in a bear market. DECEMBER: We reiterated the upsides of investing in small stocks using our plan. We also took on the topic of small Initial Public Offerings (IPOs). We awarded Robert H. Belcher of Ft. Myers, FL the title of honorary editor. Two companies announced large acquisitions: GlobalSCAPE (GSB) is acquiring TappIn and Iteris (ITI) is acquiring Berkley Transportation System.

PO Box 6278, Newport News, VA 23606, 757/877-5979, Fax: 757/595-0622, $59 Yearly e-mail address: ministocks@aol.com, Web site: www.thebowserreport.com

PUBLISHED THE SECOND THURSDAY OF EACH MONTH. Copyright © 2012 by Cindy Bowser, Editor/Publisher and Thomas Rice, Co-Editor. All rights reserved. ISSN 0738-7288. Outside the U.S., Canada and Mexico $68 a year via air mail. Extra copies $5.00 each. Prices in U.S. currency. Enclose a mailing label from a recent issue when sending a change of address. Office Hours: Monday-Friday 9:00am – 3:00pm EST. Subscribers shouldn’t assume present and future recommendationswill be profitable or

will equal past performance, or than any theory can provide assurance of stock market gains. Factual material is obtained from sources believed to be reliable and cannot be guaranteed. Not responsible for errors or omissions. The publisher and employees of The Bowser Report may from time to time have positions in securities mentioned herein.

COMPANY OF THE MONTH

The Bowser Report – Page 3 – January 2012

PermaFixenvironmental services

NASDAQ: PESI BOWSER RATING: 8 Last 24 Months—

$1.00-$1.82

2009 2010 2011(A) REVENUES $92,393,000 $97,790,000 $85,315,000 INCOME(LOSS) $9,622,000 $2,608,000 $8,210,000 WORKING CAPITAL $1,490,000 $2,329,000 $8,930,000 BOOK VALUE $1.36 $1.41 $1.56 TOTAL SHARES 54,238,000 54,947,000 55,174,000 FLOAT N/A N/A 51,600,000 (A) NINE MONTHS ENDING 9/30/11

Perma-Fix Environmental Services is a nuclear waste management and engineering consulting company. The company is split into two major segments: Nuclear Waste Management Services and Consulting Engineering Services. The subsidiaries are split as follows:

First, Nuclear Waste Management operates through four major subsidiaries: Perma-Fix of Florida, Inc., Diversified Scientific Services, Inc., East Tennessee Materials & Energy Corporation, and Perma-Fix Northwest Richland, Inc. All subsidiaries, except Perma-Fix Northwest Richland, operate under both a hazardous waste permit and a radioactive materials license. All four locations engage in the following activities:

Treatment, storage, processing and disposal of mixed waste (waste containing both low-level radioactive and hazardous waste); Nuclear, low-level radioactive, and mixed waste treatment, processing and disposal; and Research and development of ways to process low-level radioactive materials and mixed waste.

The Nuclear Waste Management segment represents the core of PESI’s business (accounting for 97.5% of total fiscal 2010 revenues).

Second, Consulting and Engineering Services operates through a single subsidiary located in Ellisville, Missouri (Schreiber, Yonley & Associates). Schreiber, Yonley & Associates specializes in air, water, and hazardous waste permitting, air, soil, and water sampling, compliance reporting, emission reduction strategies, compliance auditing, and various compliance and training activities to industrial, education, healthcare, and service organizations. The subsidiary also provides engineering and compliance support need by PESI’s other segments.

The Consulting Engineering Services segment accounted for just 2.5% of the total 2010 fiscal revenues.

Finances

As mentioned above, almost all of the company’s revenues are derived from its Nuclear Segment. To generate revenues, the company services research institutions, commercial companies, public utilities, and governmental agencies nationwide, including the Department of Energy and the Department of Defense.

The majority of the company’s Nuclear Segment revenues are generated through PESI’s relationship with the federal government. Direct and indirect (as a subcontractor) services to the federal government accounted for 82.1% of the company’s total fiscal 2010 revenues.

Impressive about Perma-Fix is its continuous revenue growth and profitability. Fiscal 2010 revenues totaled $97,790,000, a 6% increase from fiscal 2009 and a 30% increase from fiscal 2008. In its most recent quarter ended 9/30/11, the company reported an increase in revenues when compared to the same quarter last year ($32,787,000

Sept. ‘10 vs. $22,864,000 Sept. ’11). The current quarter’s net income was $6,011,000, up from a loss of $1,066,000 the same quarter last year.

PESI also possesses a strong balance sheet. It has low long-term debt of $3,487,000 (reduced from $9,626,000 in March 2011). Perma-Fix’s book value ($1.56) remains relatively close to its trading price.

Of PESI’s shares outstanding (55,174,000), 44.4% are held by 32 different institutions, and 14.6% are held by insiders. The company has a float of 51,600,000.

Management

Dr. Louis F. Centofanti serves as the company’s chairman, president, and chief executive officer, and has been with PESI since 1991. Prior to his career with Perma-Fix, Dr. Centofanti served as a regional administrator for the U.S. Department of Energy for the Southeastern Region of the U.S. from 1978 to 1981, founded PPM, Inc. in 1981 (which later sold to USPCI, Inc.), and served as senior vice president of USPCI, Inc., a

large hazardous waste management company. He currently holds 1,299,524 shares of PESI’s common stock (2.34%).

Ben Naccarato serves as Perma-Fix’s chief financial officer. He joined the company in 2004, and was made CFO in 2009. Prior to

working with PESI, Naccarato was the CFO of Culp Petroleum Company, Inc. He holds 115,000 shares of common stock, which accounts for less than 1% of the company’s shares outstanding.

Recent News

The company recently participated in the Sidoti & Company Semi-Annual Microcap Conference on January 9, 2012 in New York City.

PESI hosted its 11th annual Mixed and Low-Level Waste Management Forum. The forum took place from December 5-8, 2011.

On November 1, 2011, Perma-Fix completed the acquisition of Safety & Ecology Holdings Corporation and its subsidiaries, a specialist in the remediation of nuclear waste for the U.S. Department of Energy and the U.S. Department of Defense.

Office: 8302 Dunwoody Place, Suite 250, Atlanta, GA 30350, 770/587-9898, www.perma-fix.com. The company employs 667 people on a full-time basis.

The Bowser Report – Page 4 – January 2012

MINIPRICED STOCKS IN BUYING RANGESYMBOLS: (N) NEW YORK STOCK EXCHANGE; (A) NYSE AMEX; (GM) NASDAQ GLOBAL MARKET, WAS NATIONAL MARKET; (CM) NASDAQ CAPITAL MARKET, WAS THE SMALLCAP MARKET; (GS) GLOBAL SELECT MARKET; (OP) PINK SHEETS; (OB) BULLETIN BOARD; (ADR) AMER. DEPOSITORY RECEIPTS; (NR) NOT RATED; #-PREVIOUSLY APPEARED ON LIST, BUT WAS REMOVED BECAUSE IT HAD RISEN ABOVE $3.00/SHARE; @-FROM CONTINUOUS OPERATIONS; FIGURES IN PARENTHESIS ARE LOSSES; C-CANADIAN DOLLARS

Made Original Appearance on List & Market Issue/Trading Symbol Principal Business

Price 01/03/12

Long-Term Debt (Millions)

Sales Updated Quarterly (Millions)

Income/Loss Updated Quarterly (Millions)

Shares Outstanding (Millions)

Bowser Rating

CATEGORY ONE: OUR EBST PICKS 12/11(A) AMER SHARED HOSP (AMS) TURNKEY TECHNOLOGY SOLUTIONS 2.62 $36.910 $21.9 $0.464 4.6 8 05/11(A) AVALON HOLDINGS (AWX) WASTE MANAGEMENT 2.90 $0.000 $48.3 ($0.500) 3.8 8 06/10(OB) BULLION MONARCH (BULM) ROYALTIES ON GOLD MINING 0.73 $0.000 $6.3 $0.600 41.8 8 # 02/11(CM) CENTURY CASINOS (CNTY) INT’L CASINO ENTERTAINMENT 2.73 $9.394 $73.6 $2.509 23.8 8 04/09(A) COVER-ALL TECH (COVR) PROPERTY/CASUALTY INSURANCE 1.85 $0.000 $19.7 $3.052 25.1 NR 12/10(A) DIGITAL POWER (DPW) SWITCHING POWER SUPPLIES 1.86 $0.000 $13.3 $1.176 6.7 8 # 06/08(A) FLEXIBLE SOLUTIONS (FSI) SPECIALTY CHEMICALS 2.23 $2.162 $14.8 $0.249 13.2 NR 07/11(A) FORTUNE INDUSTRIES (FFI) PROFESSIONAL SERVICES/BUSINESSES 0.46 $0.042 $64.4 $1.851 12.3 8 11/11(A) GLOBAL-SCAPE (GSB) FILE TRANSFER SOFTWARE 1.70 $0.000 $20.6 $1.291 18.1 9 08/11(A) GSE SYSTEMS (GVP) SERVICES NUCLEAR & PETRO IND. 1.90 $0.000 $47.8 ($0.301) 18.9 8 09/11(A) NEW CONCEPT ENERGY (GBR) OIL & GAS/RETIREMENT PROPERTY 2.12 $1.390 $4.0 $0.100 2.0 9 01/12(CM) PERMA-FIX ENVIRONMENTAL NUCLEAR WASTE MANAGEMENT 1.55 $3.487 $110.8 $9.801 56.0 8 07/10(CM) R.F. MONOLITHICS (RFMI) WIRELESS SOLUTIONS/COMPONENTS 1.04 $2.400 $32.5 $0.228 10.9 8 # 11/10(OP) SONO-TEK CORP (SOTK) LIQUID SPRAY PRODUCTS 1.17 $0.000 $12.0 $1.572 14.1 9 10/11(A) VERSAR INC (VSR) NOW ABOVE $3 A SHARE; SEE PAGE 5 # 06/11(OB) VERTEX ENERGY (VTNR) PROCESS/RECYCLE INDUST. WASTE 2.35 $0.000 $114.0 $4.102 9.2 9

CATEGORY TWO: WORTHY OF CONSIDERATION # 12/07(A) FULL HOUSE RESORTS (FLL) MANAGES GAMING FACILITIES 2.51 $0.000 $80.8 $3.717 18.7 8 # 03/11(A) INTELLIGENT SYSTEMS (INS) VENTURE CAPITAL FIRM 1.51 $0.000 $15.6 $2.028 9.0 8 # 12/06(A) ITERIS INC (ITI) OUTDOOR MACH VISION SYS/SENSORS 1.31 $0.000 $60.9 ($3.005) 34.4 8 04/11(OB) LIBERATOR MEDICAL (LBMH) MEDICAL SUPPLIES FOR SENIORS 0.98 $0.000 $58.7 ($1.106) 48.0 8 # 10/09(CM) LRAD CORP (LRAD) SOUND ACOUSTIC TECH. 1.51 $0.000 $26.5 $5.023 31.8 8 06/07(OB) Parametric Sound (PAMT) HSS Technology 0.79 $0.000 $0.1 ($1.484) 17.0 NR # 08/10(OB) OUR PET’S CO (OPCO) ACCESSORY & CONSUMABLE PET ITEMS 0.56 $0.630 $19.2 $0.670 18.0 NR

CATEGORY THREE: VERY SPECULATIVE 02/05(CM) GIGA-TRONICS INC (GIGA) INSTRUMENTS, DEFENSE; TELECOMM 1.45 $0.383 $19.3 ($0.229) 5.0 NR # 02/10(CM) MANHATTAN BRIDGE (LOAN) SHORT-TERM COMMERCIAL LOANS 0.99 $0.500 $1.3 $0.231 3.3 8 # 07/10(OP) REPRO-MED SYSTEMS (REPR) DESIGN/PRODUCTION OF MED PROD 0.26 $0.483 $5.8 $0.830 36.3 8 # 06/08(A) TENGASCO INC (TGC) DOMESTIC OIL/GAS OPERATIONS 0.75 $4.321 $16.6 $0.854 59.2 8 # 02/04(CM) TII NETWORK TECH (TIII) OVERVOLTAGE DETECTION SERVICES 1.44 $0.000 $61.1 $3.328 13.8 8

NOTE: We’ve assembled, in a bound booklet, a reproduction of the original company of the month write-ups for each of the above stocks. This Company of the Month booklet is available for $10.

CATEGORY CHANGE

TII NETWORK TECH: Move from Cat 1 to Cat 3. After a mistake led to the company being left out the past two months, we have reentered the company as a Cat 3.

Management is stirring—the company announced a change in its accounting firm, the resignation of its CFO, and the firing of their CEO.

To go along with these announcements, the company had a 24.7% slip in revenues in its most recent quarter ended 9/30/11 when compared to the quarter ended 9/30/10.

COVER-ALL ACQUIRES BLUEWAVE TECHNOLOGY

COVR announced the acquisition of BlueWave Technology’s assets, including its innovative insurance claims software, PipelineClaimsTM, in a cash transaction effective 12/30/11.

Cover-all will continue to market, expand and support BlueWave Claims as a stand-alone Claims solution. However, it is also being fully integrated with NexGen Policy, NexGen Business, and NexGen Billing to create a truly end-to-end comprehensive, fully-integrated enterprise platform.

With more than 16 years of insurance software sales experience and 9 years providing claims administration

solutions to the industry, Aaron Herrmann has been appointed as Vice-President of Sales for the Claims solution.

LRAD RECEIVES THREE ORDERS

LRAD received a LRAD-RX systems order from Fort Worth, TX as part of a perimeter security upgrade to one of the city’s critical infrastructure facilities.

The company also received an opening order from the Middle East for anti-piracy oil tanker installations and a follow-on order from Thailand’s Department of Disaster Response. The three orders total over $600,000 and will ship this quarter. CEO Tom Brown: “These orders showcase LRAD’s broad spectrum of applications in growing markets.”

DGSE OPENS ANOTHER BULLION EXPRESS LOCATION

DGSE Companies, Inc. has opened its fifth North Texas retail operation in Arlington, near the Parks at Arlington Mall.

The Arlington opening follows successful Bullion Express store openings in the Park Cities and Galleria areas of Dallas and Woodland Hills, CA.

“We have been very happy with the early profitability of our first three Bullion Express locations and robust holiday sales at all of our other stores,” stated CEO and President William Oyster.

The Bowser Report – Page 5 – January 2012

INSIDER TRADING NAME BUY/SELL DATE PRICE HOLDINGS CVD Equipment Swan, Bruce (D) AS-12,300 12/01/11 $14.46-$15.03 8,100 GSE Systems Polefrone, Phillip (SVP) B-5,000 11/29/11 $2.03-2.05 19,800 “ “ B-5,000 11/30/11 $1.99 24,800 Pizza Inn Hldgs Jobe, Madison (COO) B-4,000 12/27/11 $5.35 25,000

AS-Automatic Sale; COO-Chief Operating Officer; D-Director; SVP-Senior Vice President

WE ENCOURAGE SUBSCRIBERS TO BUY OUR STOCKS WHEN THEY ARE $3 OR LESS. HOWEVER, WHEN THEY GO ABOVE $3, WE FOLLOW THEM IN THE FIRST GROUP BELOW. IN BOTH OF THE FOLLOWING LISTS, COLUMN 1 GIVES THE SHARE PRICE AS OF 01/03/12 PLUS THE CURRENT BOWSER RATING. COLUMN 2 IN THE FIRST LIST BELOW INCLUDES THE MONTH/YEAR WE ORIGINALLY RECOMMENDED THE ISSUE, THE PRICE PER SHARE THEN AND THE BOWSER RATING. (NR=not rated)

FOLLOW-THROUGH

ISSUE/EXCHANGE SYMBOL 1 2 ISSUE/EXCHANGE SYMBOL 1 2 CIMATRON LTD(CM:CIMT) $3.34(8) 02/08 $2.75(8) IEC ELECTRONICS(A:IEC) $4.89(8) 07/08 $1.99(8) CVD EQUIPMENT(CM:CVV) $11.13(8) 07/05 $2.03(9) INVENTURE FOODS(CM:SNAK) $3.69(8) 09/00 $2.56(8) DGSE COMPANIES(A:DGSE) $7.46(8) 12/03 $2.05(8) KEY TRONIC(GM:KTCC) $4.72(8) 11/08 $1.57(10) EVOLVING SYSTEMS(CM:EVOL) $7.72(8) 05/09 $3.68(8) METROPOLITAN HEALTH(N:MDF) $7.69(8) 01/08 $2.36(9) *Price adjusted: 1-for-2 rev. split 07/09 PIZZA INN(CM:PZZI) $5.51(8) 06/07 $2.65(8) FEMALE HEALTH CO(CM:FHCO) $4.72(9) 10/07 $2.32(9) RICHMONT MINES(A:RIC) $11.28(9) 10/98 $2.56(8) FIELDPOINT PETROLEUM(A:FPP) $4.12(8) 10/08 $2.24(8) SIMULATIONS PLUS(CM:SLP) $3.01(9) 05/10 $2.46(9) FOOD TECH SERVICE(CM:VIFL) $5.21(8) 01/07 $2.50(8) VALPEY FISCHER(CM:VPF) $4.11(8) 09/10 $2.38(9) GOLDEN ENTERPRISES(GM:GLDC) $3.45(9) 02/09 $2.35(9) VERSAR INC(A:VSR) $3.16(10) 10/11 $2.76(10)

THE FOLLOWING WE SAID SHOULD BE SOLD (COLUMN 2 SHOWS THE DATE, PRICE AND BOWSER RATING WHEN WE RECOMMENDED THE STOCK BE SOLD)

BRIDGELINE DIGITAL(CM:BLIN) $0.57(NR) 12/11 $0.59(NR) RELM WIRELESS CORP(A:RWC) $1.20(NR) 05/11 $1.45(NR) CHINA PHARMA HOLDINGS(A:CHPI) $0.68(NR) 11/11 $0.90(NR) WELLS GARDNER(A:WGA) $2.39(NR) 06/11 $2.10(NR) ENVIROSTAR INC(A:EVI) $1.35(NR) 07/11 $1.25(NR) XFONE INC(A:XFN) $0.39(NR) 10/11 $0.43(NR)

BRIEFS COVER-ALL TECH’s (COVR Board of Directors has authorized a share buyback of up to 1,000,000 shares of COVR’s common stock. . . . ITERIS (ITI) was invited to present at the 14th Annual Needham & Co. Growth Conference. The conference will be held at the New York City Palace Hotel on January 10-12, 2012. . . . EVOLVING SYSTEMS (EVOL) announced that its Board of Directors has authorized the share repurchase program, which was set to expire on December 31, 2011, to be extended through December 31, 2012. As of December 13, 2011, EVOL has repurchased 176,239 shares of common stock for a value of $1,233,934 under this program. . . . DGSE COMPANIES (DGSE) reported that John Benson, CFO, has retired. DGSE’s Board of Directors has appointed Matthew Auger, DGSE’s Controller for the past five years, to the position of interim CFO. Benson will remain a Senior Consultant to the Interim CFO for a period of time. . . . FIELDPOINT PETROLEUM (FPP) announced that FPP and its drilling partner, Cimarex Energy, have completed the East Lusk Federal 15 well #1 in the Bone Spring Formation. . . . METROPOLITAN HEALTH NETWORKS’s (MDF) Michael Earley, Chairman and CEO, will present an overview of MDF’s business at the 30th Annual J.P. Morgan Healthcare Conference in San Francisco on January 12, 2012 at 12:00 p.m. PST. . . . SIMULATIONS PLUS (SLP) and COVER-ALL TECH (COVR) have announced that their CEOs, Walt Woltosz (SLP) and John Roblin (COVR), will present at the Sidoti & Company Semi-Annual New York Micro-Cap Conference on Monday January 9, 2012. Cap. . . . GSE SYSTEMS (GVP) has entered into a two-year, $7.5 million revolving lne of credit with Susquehanna Bank. The company is also partnering with the

European training and development services division of American Society of Mechanical Engineers (ASME) to deliver a one-day course entitled, “Introduction to Nuclear Power Operations” at Strathclyde University in Glasgow, UK on Thursday March 22, 2012. The course is targeted at engineers and technical support personnel who are considering a career in the nuclear power industry. . . . CVD EQUIPMENT (CVD) launched a new line of chemical vapor deposited three dimensional grapheme products that will be marketed under the trade name CVD3DGrapheneTM, which is expected to enable new high performance products. . . . RF MONOLITHICS (RFMI) has renewed and extended the existing $5,000,000 senior secured credit facility and $740,000 real estate mortgage with ViewPoint Bank. The facility’s maturity was extended until 11/30/13, and its interest rate floor was reduced from 7.0% to 5.25%. The real estate mortgage was extended to 2021 with a fixed interest rate of 5.5% for the next five years. . . . PARAMETRIC SOUND (PAMT) appointed Kenneth F. Potashner as a member of its Board of Directors and as a consultant to assist with PAMT’s development strategies for a range of markets now possible with the latest HSS audio innovations. . . . IEC ELECTRONICS (IEC) announced the resignation, effective 01/02/12, of CFO, Susan Topel-Samek. IEC has named Vincent A. Leo as interim CFO, and management will be conducting a search for Ms. Topel-Samek’s successor.

FEMALE HEALTH COMPANY received an order from UNFPA for 20 million FC2 Female Condoms for Brazil. FHCO’s delivery is expected to commence in March, 2012 and conclude within fiscal year 2012. The order reflects UNFPA’s remarkable global contribution to HIV/AIDS prevention.

FULL HOUSE RESORTS issued a statement claiming that nothing in the recent Tribal Court decision, which is the only judicial claim pending, interferes with or impacts FLL’s management contract or relationship with the Pueblo, Buffalo Thunder or Cities of Gold gaming facilities.

The Bowser Report – Page 6 – January 2012

Beginner’s Portfolio Up 175% Cost 01/05/12 Cost 01/05/12 Cost 01/05/12 *VIFL 286/Feb ‘07 262 *KTCC 220/Oct ‘09 248 OPCO 100/Dec ‘10 59 Proceeds

from Sales TIII 252/Feb ‘07 145 *GIGA 192/Nov ‘09 80 CNTY 270/Mar ‘11 267 *PZZI 281/Dec ‘07 272 *LRAD 140/Jan ‘10 78 LBMH 151/Apr ‘11 100 10,026 *MDF 239/Mar ‘08 387 LOAN 120/Mar ‘10 104 FFI 61/Aug ‘11 45 TGC 163/Aug ‘08 82 RFMI 127/Aug ‘10 97 GVP 210/Sep ‘11 180 COVR 108/May ‘09 180 BULM 75/Sep ‘10 77 GBR 206/Oct ‘11 246 GSB 181/Nov ‘11 188 Cost for all stocks: $4,766 * 50 shares 3,097 Proceeds from Sales: 10,026

Gain: 13,123 minus $4,766 = $8,357 Current Value of Portfolio: 13,123 Percentage of gain: 8,357 divided by $4,766 x 100 = 175.3

Comments: This is a simulated portfolio for those who would like to actively participate in the stock market…They want an approach that will serve as a learning situation…An investment of $200 to $300 a month is required…With each new Company of the Month, 100 shares were purchased until we had 18…We use an internet broker…We follow the Bowser Game Plan. Portfolio started Sep. ’01.

BOWSER BUCKAROOS SPEAKWHAT’S GOING ON WITH TIII?

Happy Holidays to everyone. Thought I would let you know that I did not see TIII listed in Category 1 in the November or December issues.

--Jane Allen, Eugene, OR

I was hoping in the December issue you were going to share your thoughts on the mysterious decline in TIII’s share price. With the announcement of a new accounting firm, the resignation of their CFO and the board giving the boot to the CEO, I can’t help but think it’s just a matter of time before the company releases the bad news that a privileged few already know.

--Lee Bresmon, Grayling, MI

First, a big thank you goes to Jane and Lee for pointing out our error. Each have been Buckaroos with us for quite some time—Jane for 6 years and Lee for 19.

The company has had an interesting string of events coupled with a slipping share price from trading around $2.00/share in October to now trading below $1.50/share. Lee mentioned the management struggles of the company, which always make investors weary. To go along with those, however, in the quarter ending 9/30/11 the company’s earnings were up 3.5% from a year ago, but their revenues fell 24.7% to $14,583,000. TIII has thus been moved to Category 3 on page four.

EVOLVING SYSTEMS SPECIAL DIVIDEND

Normally, dividends are not a big factor in dealng with mini-priced stocks. However, EVOL has just paid out a $2/share special dividend which has knocked the equity’s otherwise-stable price below the 75%-of-high mark. In this case, is EVOL a sell or should we make adjustments for this special dividend?

--Roger Fisher, Foster City, CA

Roger is one of the 18% of Buckaroos that have been with us 20 years or more. . . . in his case, 27 to be exact.

EVOL paid a one-time special dividend of $2 on January 3rd. The company paid a $0.05 dividend in each of the first three quarters and this special one in the fourth quarter of 2011. Their 2012 operating plan right now calls for a resumption of the $0.05 dividend payments starting in the second quarter. Although, that could change depending on the board of directors.

To answer Roger’s question, we are treating the $2 dividend the same as any other dividend so that it should not affect the 75%-of-high mark.

BEATING THE S&P 500

I read the Bowser Report for years and never bought any stocks. Every month I would think to myself that the Company of the Month is not going any place. Then one day I went over several years of the Bowser Reports and noticed that a lot of those stocks were going up in price. So, I changed my mind, I started buying Bowser stocks.

Over the years I built up a 12 to 15 Bowser stock portfolio. I ended up buying about half of the companies, never every Company of the Month. I started buying 400 shares instead of 200. My portfolio was not self-financing, but moving in that direction. I kept a close watch of the gains and losses. My goal was to beat the S&P 500 index. Most of the time, I did beat the S&P by a little, and once in a while by a lot.

--Name Withheld

This particular Buckaroo has been with us for 20 years. He appears to follow the Game Plan, and thus has been profitable in Bowser stocks. For this, we congratulate him. He mentions later that he sold all of his Bowser shares in 2008, but would like to rebuild a Bowser portfolio. On this, we wish him luck.

January 2012, Vol. 19, No. 2

The Bowser Report – Page 7 – January 2012

LAST MONTH’SBIGGEST GAINER

MICROVISIONUP 54 %WARRANT REGISTER

Retail Opportunity InvestmentsWith warrants we try not to dwell too much on the Bowser Rating, though this system provides guidance on a company’s financial background. Retail Opportunity Investments’ common (GS:ROIC) received an 8. This rating is due in large part to their financial success in the most recent quarter (ended 9/30/11). Revenues for the quarter were $13,555,364, up 280% from the same quarter last year, $4,842,307. Net income rose from a loss of $493,795 in 9/30/10 to its current gain of $436,196.

ROIC’s warrants do not expire until October 23, 2014, an extension of the original expire date of October 17, 2011. The warrants are callable at $18.75 for 20 out of 30 days. This company features a large number of warrants (44 million), which is less than ideal. This warrant replaces the expired Stream Global.

Associated Banc-CorpLike ROIC, this bank holding company has a high Bowser Rating because of good financial performance in its most recent quarter. While revenues have slipped to $185,095,000 from $196,216,000 the same period last year, net income rose 289% from the same quarter last year, $41,339,000, up from $14,309,000. Combined with a high book value of $16.07 and no long-term debt yielded Associated Banc-Corp’s common (GS:ASBC) a Bowser Rating of 9.

Favorable with this warrant is the low number of

warrants to common shares (4 million warrants vs. 174 million common shares) and its far-off expire date: November 21, 2018. It replaces another expired warrant, United Insurance Holdings.

TCF FINANCIAL completed the acquisition of Gateway One Lending & Finance LLC, a private lending company in the indirect auto finance market. The company is working with more than 3,100 active dealer relationships while originating loans to customers in 30 states. As part of the deal, TCF is retaining Gateway One’s experienced executive management team. The acquisition allows TCF to diversify its business while providing plenty of growth opportunities in the large U.S. auto lending market.

USA TECHNOLOGIES has been selected by Unified Strategies Group (USG) to provide USG membership with USAT’s industry- leading cashless payments and wireless telemetry solution. USG has indicated to USAT that it is a buying consortium of over 700 vending companies representing more than 500,000 vending machines (approximately 33% of the U.S. vending industry), and generating over $3.0 billion in annual vending sales. Under the agreement, USG members will be able to install USA Technologies ePort solution with no upfront capital costs.

CHINA HYDROELECTRIC has entered into an Equity Purchase and Sales Agreement with Fujian Dachuang Group to sell its Yuanping hydroelectric power project, a 16 megawatt project located in Fujian Province, for a total consideration of $22.0 million, including the assumption of debt by the buyer.

Company Market/Symbol Principle Business Stock Price

01/03/12

Warrant Price

01/03/12 Conv. Ratio

Exer. Price Expire Date No. Wts

Bowser Rating

Associated Banc-Corp GS:ASBCW Bank holding company 11.43 1.19 1.00 19.77 11/21/18 4.0M 9 1200 Hansen Rd., Green Bay, WI 54304, Tel: 920/491-7000, www.associatedbank.com CALL TERMS: Not callable China Hydroelectric N:CHC-WT Hydroelectric power in China 1.19 0.04 1.00 3.45 12/31/13 6.0M 7 420 Lexington Ave., Ste. 860, New York, NY 10170, Tel: 646/467-9800, www.chinahydroelectrice.com CALL TERMS: $23.00 for 20 out of 30 days Citigroup NYSE:C-WTA Investment Banking 28.33 0.34 1.00 106.10 01/04/19 2.6M 8 399 Park Ave., New York, NY 10043, Tel: 212/559-1000,www.citigroup.com CALL TERMS: Not callable; exercise price adj. for dividends above $.01 Combimatrix CM:CBMXW Biotech development 1.86 0.14 1.00 9.00 05/01/14 1.1M 6 6500 Harbour Heights Pkwy, Ste. 303, Mukilteo, WA 98275, Tel: 425/493-2000, www.combimatrix.com CALL TERMS: 250% of exercise price for 20 days FairPoint Comm OB:FRPZW Communications in New England 4.33 0.10 1.00 48.81 01/24/18 3.6M 7 521 E. Morehead St., Ste. 250, Charlotte, NC 28202, Tel: 704/344-8180, www.fairpoint.com CALL TERMS: Not callable Flatworld Acquisition OB:FWLWF Seeking to buy another company 9.81 0.27 1.00 11.00 12/15/15 67.0M NR Palm Grove House, Road Town, Tortola VG1110, BVI, Tel: +1(284) 545-6127, www.flatworldcapital.com CALL TERMS: $16.50 for 20 out of 30 days Ford Motor Co. NYSE:F-WT Motor vehicles 11.13 2.66 1.00 9.20 01/01/13 362.0M 8 One American Rd., Dearborn, MI 48126, Tel: 313/322-3000, www.ford.com CALL TERMS: Not callable Homeowner’s Choice GM:HCIIW Property/casualty insurance in FL 8.02 0.60 0.50 9.10 07/31/13 6.7M 8 145 NW Central Park Plaza, Ste. 115, Port St. Lucie, FL 34986, Tel: 72/204-9394, www.hcpci.com CALL TERMS: $11.38 for 10 out of 20 days Microvision Inc CM:MVISW Miniature images and displays 0.37 0.20 1.00 3.60 07/23/13 0.6M 6 6222 185th Ave. N.E., Richmond, WA 98052, Tel: 425/415-6847, www.mvis.com CALL TERMS: If common averages $7.20 for 20 days NeoStem Inc A:NBS-WT Stem cell distribution 0.53 0.08 1.00 6.00 07/16/12 38.0M 6 420 Lexington Ave., Ste. 450, New York, NY 10170, Tel: 212/584-4180, www.neostem.com CALL TERMS: $8.00 for 20 days Owens Corning NYSE:OC-WTB Building materials worldwide 29.53 1.95 1.00 45.25 10/31/13 7.8M 8 One Owens Corning Pkwy, Toledo, OH 43659, Tel: 419/248-8000, www.owenscorning.com CALL TERMS: Not callable Resolute Energy NYSE:REN-WT Petroleum/natural gas 11.12 1.51 1.00 13.00 09/25/14 1.7M NR 1000 Crescent Ct., Ste. 1200, Dallas, TX 75201, Tel: 214/615-2300, no website CALL TERMS: $18.00 for 20 out of 30 days. Was Hicks Acquisition Retail Opportunity Invest GS:ROICW Commercial real estate investment 11.82 0.73 1.00 12.00 10/23/14 44.0M 8 3 Manhattanville Rd., 2nd Fl., Purchase, NY 10577, Tel: 914/272-8080, www.roireit.net CALL TERMS: $18.75 for 20 out of 30 days S&W Seed Company CM:SANWW Agricultural products 4.33 0.65 1.00 7.15 05/03/15 1.0M 8 2552 S. Butte Ave., Five Points, CA 93624, Tel: 599/884-2535, www.swweedco.com CALL TERMS: $8.80 for 5 consecutive days/$0.25 TCF Financial NYSE:TCB-WT Bank holding company 10.66 2.10 1.00 16.93 11/14/18 3.2M 6 200 Lake Street East, Wayzata, MN 55391, Tel: 952/745-2760, www.tcfbank.com CALL TERMS: Not callable U-Swirl Inc. PK:SWRLW U-Swirl frozen yogurt 0.22 0.02 1.00 5.10 03/19/13 5.6M 7 1075 American Pacific, Ste. C, Henderson, NV 89074, Tel: 702/448-5301, www.healthyfastfood.com CALL TERMS: 120% of ex. price for 5 days/$0.25. Was Healthy Fast Food USA Technologies CG:USATW EXPIRED 100 Deerfield Ln., Ste. 140, Malvern, PA 19355, 610/989-0340, www.usatech.com CALL TERMS: Not callable

The Bowser Report – Page 8 – January 2012

EARNINGS

Quarter Ended

Current Sales

Same Period Last Year

Current Earnings

Same Period Last Year

Comments

Bridgeline Digital Inc(BLIN) 9/30/11 6,593,000 6,892,000 (51,000) (652,000) Bullion Monach Mining Inc(BULM) 10/31/11 1,636,989 1,411,196 (629,434) 604,639 China Pharma Holdings Inc(CPHI) 9/30/11 20,987,725 18,680,390 3,291,785 5,914,614 (A) Female Health Company(The)(FHCO) 9/30/11 7,109,050 7,799,923 4,514,718 5,515,739 (B) Fortune Industries Inc(FFI) 9/30/11 15,795,000 15,571,000 730,000 450,000 (C) IEC Electronics Corporation(IEC) 9/30/11 34,941,000 27,287,000 2,631,000 1,628,000 (D) Intelligent Systems Corp(INS) 9/30/11 4,930,000 3,816,000 700,000 91,000 (E) LRAD Corporation(LRAD) 9/30/11 6,417,000 5,211,000 358,000 933,000 (F) Manhattan Bridge Capital Inc(LOAN) 9/30/11 351,041 306,462 97,062 56,854 (G) Pizza Inn Holdings Inc(PZZI) 9/30/11 11,147,000 10,632,000 313,000 129,000 (H) Repo-Med Systems Inc(REPR) 8/31/11 1,362,217 1,079,388 118,073 101,232 Simulations Plus Inc(SLP) 8/31/11 2,120,183 2,206,122 185,525 345,294 (I) TII Network Technologies(TIII) 9/30/11 14,583,000 18,625,000 844,000 815,000 (J) Versar Inc(VSR) 9/30/11 33,284,000 29,296,000 824,000 539,000 (K) Vertex Energy Inc(VTNR) 9/30/11 30,301,326 13,288,600 1,028,225 208,580 (L) XFONE Inc(XFN) 9/30/11 14,601,642 14,978,557 871,127 (1,237,250) (M) (A) - “In the third quarter of 2011, we achieved solid sales growth

primarily due to strong performances by our Anti-Viro Infection & Respiratory and our Digestive product categories. CPHI continues to face pressures across many of our products during the quarter, but we expect gross margin and revenue to benefit from new product launches in the months and quarters ahead. Also, we continue to advance our novel cephalosporin-based combination antibiotic through Phase II clinical trials,” noted CEO Zhilin Li.

(B) - FHCO expects significant quarter-to-quarter variations in its operating results, due to the timing, receipt and requested shipping schedules of large orders. As reported throughout FY2011, the company’s financial results were negatively impacted by on-going delays involving certain large tenders.

(C) - Tena Mayberry, CEO: “New sales growth is a top priority and especially now that we are entering into our peak selling season to add new clients for calendar year 2012. FFI was right on target this quarter and we believe we have a strong foundation to build on this fiscal year.”

(D) - W. Barry Gilbert, CEO: “2011 was a solid year for IEC as we continue to improve our operating performance and make strong inroads into the Medical sector. We primarily used low cost debt to finance our strategic acquisitions and our goal in the back half of fiscal 2011 has been to reduce our debt $1 million a month. We exceeded this goal by paying down our debt by $10.2 million during the fourth quarter and by $12.2 million since the acquisition of SCB nine months ago.”

(E) - The growth in revenue and improved profitability in the third quarter and year-to-date periods of 2011 are principally due to more new software contracts with a higher total value completed by INS’ CoreCard Software subsidiary. Also, noted CEO J. Leland Strange, “Our ChemFree subsidiary continued its string of nicely profitable quarters, although unit sales of its SmartWasher bio-remediating parts washers were weaker than in the comparable periods in 2010.”

(F) - “Our record fiscal 2011 financial results demonstrate the versatility of LRAD’s proprietary ‘Long Range Acoustic Device’ systems and their growing international acceptance,” said CEO Tom Brown. Revenues for fiscal 2011 increased 59% to $26.5

million for fiscal year 2010. Net income for fiscal 2011 was $5 million compared to net income of $3 million for fiscal 2010.

(G) - CEO Assaf Ran: “At the end of the quarter, continuing to the beginning of the fourth quarter, LOAN experienced a wave of loan returns. We see that as a positive sign and are investing the necessary efforts to redeploy the funds into new appropriate opportunities.”

(H) - “We are pleased with our first quarter performance. PZZI has established a platform for growth of Pie Five with additional funding to support it and expect to open several more Pie Fives by the end of next fiscal year’s second quarter,” said CEO Charlie Morrison.

(I) - CFO Ms. Momoko Beran: “I’m pleased to report that we completed another record fiscal year, with three of the four quarters setting new quarterly records on a consolidated basis and all four quarters setting new records for the pharmaceutical software and services side of SLP’s business.”

(J) - Please see Pages 4 and 6 in this issue. (K) - Increased revenue and profitability in the first quarter of 2012

can be primarily attributed to additional revenue from the Title II Construction Management projects and from the Tooele Chemical Demilitarization project in its National Security business segment and improved performance from its US-based construction projects. Also, the company experienced organic growth during the fiscal 2012 quarter in its Professional Services business segment. VSR booked new orders in excess of $40 million and completed the first quarter of 2012 with a funded backlog of $84 million—a decrease of 8% compared to the first quarter of 2011—but an increase of 8%, when compared to the end of FY 2011.

(L) - Benjamin P. Cowart, CEO: “This quarter represents our highest revenue quarter yet. TCEP continues to run effectively even while we are still implementing improvements to the process For the remainder of 2011, VTNR expects to continue to exploit our competitive advantage.”

M) - XFN’s total number of FTTP customers as of September 30, 2011 was 6,620, compared to 5,433 as of September 30, 2010, with sequential growth of 8% from 6,111 FTTP customers as of June 30, 2011.

2011 INDEX

FEATURE ARTICLES: (Pages 1 & 2)

JANUARY…………………..………….OUR 2010 YEAR IN REVIEW

FEBRUAR.………...INVESTMENT CLUB SCORING BIG RESULTS

MARCH………………..……JOE PLAYS BY THE BOWSER RULES APRIL..…..ELMER MULHAUSEN: 2011 INVESTOR OF THE YEAR

MAY…..…………..BROKERAGES—THE LIFELINE TO INESTING

JUNE………………BOB BRADSHAW – THE STOCKBROKER/THE BOWSER REPORT

JULY………WARREN BUFFET—HOW TO MAKE 50% A YEAR IN

MICROCAP STOCKS/SMALL COMPANIES EMULATING BIG ONES WITH BUYBACKS

AUGUST…..MICROCAP HORATIO ALGER AWARD: RICHMONT

MINES/HOW IS ORE CONVERTED TO DOLLARS SEPTEMBER…………THE WAR ON SMALL PUBLICLY-TRADED

COMPANIES/ THE CASE AGAINST SMALL STOCKS

OCTOBER………..……………………………THE ALPHA PROJECT NOVEMBER..…..SPREADING THE WORD ON BOWSER STOCKS

DECEMBER..………..THE STATUS OF THE MICROCAP MARKET

COMPANY OF THE MONTH: (Page 3)

JANUARY………..…………………………...ACCELR8 TECH CORP

FEBRUAR.……………………………………....CENTURY CASINOS MARCH..…………………………………...INTELLIGENT SYSTEMS

APRIL..……………………………………….LIBERATOR MEDICAL

MAY..…………………………………...AVALON HOLDINGS CORP JUNE.………………………………………………VERTEX ENERGY

JULY………..………………………………..FORTUNE INDUSTRIES

AUGUST..………………………………………………GSE SYSTEMS SEPTEMBER………..……………………..NEW CONCEPT ENERGY

OCTOBER..……………………………………………………VERSAR

NOVEMBER…………..……………………………...GLOBALSCAPE DECEMBER..………………………….AMERICAN SHARED HSPTL

NAMES IN THE NEWSLETTER: (Month-Page)

(Supp=Supplement)

APEL, MARQ…..………………………………………………..MAR 8 ASTMAN, FRED..………………………………………………...FEB 6

BAKER, W……..………………………………………………....AUG 6

BEKO, KEITH..…………………………………………………..MAR 8 BELCHER, ROBERT………..………………………...APR 6, DEC 6, 8

BEST, COREY…..…………………………....MAR 6, JUN 6, OCT 2, 6

BIERNBAUN, JONATHAN………………..…………………….OCT 1 BUTLER, JOE L…………………………………..……...FEB 6, APR 6

CARDWELL, DR. CHARLES……………………………..…….AUG 8

CASSEL, IAN J………………………………………………..….OCT 6 CHIARENZA, ANTHONY……………………………………….JUN 6

CRIDGE, CHRISTOPHER………………………………………MAR 6

DAVIDSON, LYMAN……………………………………………OCT 6 DAVIS, DICK…………………………………………………..…FEB 8

DZIALO, JOHN THOMAS………………………………………..SEP 6

FISHER, ROGER L……………………………..………………...JUN 6 FLAHERTY, ROBERT J……………………………………..…..APR 7

GEIMER, TOM………………………………………………..…MAY 6

GERRETSON, CHARLIE………………………………………...FEB 6

GOLDSMITH, ALLAN………..………………………………...MAY 6

GOTTSCHALK, CLARK……………..………………………….NOV 6

GOYEA, ROBERT JR…………………………..……………….MAR 6 HAAS, STEVE………………………………..………………….MAR 6

HARLAND, BILL………………………………..……………….OCT 6

HESTER, KEIJUANCE…………………………..………………OCT 2 HOPPE, JOHN…………………………………..…………………JUL 6

HUGHES, JOE…………………………………..………………...APR 8

JONES, JAMES……………..……………………………………NOV 6 KAHLER, CHRISTOPHER…………………………..…………..DEC 6

KOHL, STEVE……………………………………..…………….MAY 6

KUHN, KONRAD………………………………..……………….FEB 8 KUTCH, EDWARD……………………………..………………...FEB 6

LENTZ, ROBERT……………………………..………………..SEP 6, 8

LUTTS, CHLOE……………………………..………………...NOV 1, 2

MACISAAC, RUSS……………………………..………………..AUG 6 MARKS, LOUIS D……………………………………..…FEB 1, FEB 8

MATHEWS, BILL………………………………………..……….FEB 8

MCAULEY, DON…………………………………………..……..JUL 6 MCDOUGALD, JEANINE………………………………………..JUN 8

MILKES, WILLIAM D…………………..………………………MAY 1

MULHAUSEN, ELMER……..…………………MAR 8, JUL 6, AUG 8 NESBITT, JOHN……………..……………………………………SEP 8

O’BRIEN, DAN……………..……………………………………AUG 6

OYSTER, WM……………..……………………………………...JAN 8 PERCIVAL, GERALD………..………………………………….NOV 6

PIESTRAK, DIANE……………..……………………………….MAY 6

PORTER, MIKE………………..………………………………….SEP 8 RICE, THOMAS…………..……………………………………….JUL 3

RIVARD, MARTIN………..……………………………..JUL 6, AUG 1

ROBERTSON, TODD………………..…………...JAN 6, APR 6, SEP 6 SANDERS, WIM…………..…………………………..FEB 6, 7, NOV 6

SCHWIND, ROBERT………..………………….JAN 6, FEB 6, MAR 8

SHELATO, DEAN & SUSAN…………..……………………….MAR 6 SMITH, GARY E……………………………..…………………...SEP 6

SORRELLS, JIMMIE…………………………..………………...AUG 6

STAFFORD, JOYCE……………………………..……………….OCT 1 STREET, PAUL…………………………………..……...JAN 6, MAY 6

SULLIVAN, DEVIN………………………………..……………..SEP 8

SWETT, GARY…………………………………..………AUG 6, SEP 6 TODIC, DENNIS……………………………..………….MAY 6, JUL 6

TSENGAS, DR. STEVEN…………………...……..……………MAY 6 VIDEMSEK, JOE & THERESA………………………………....MAR 1

WILLIAMS, DWANNE………………………………………….MAR 8

WORTHAM, JIM…………………………………………..…….AUG 8 YATES, DEV……………………………………………..……….APR 6

ZIEGLER, KIRK…………………………………………..……...DEC 6

ZIMMERMAN, ISAAC…………………………………………..OCT 2 ZOBNOWSKI, MICHAEL………………………………………..JUN 8

SECURITIES:

ACCELR8…...FEB 6, MAR 2, 8, APR 8, MAY 7, 8, JUN 5, 6, JUL 4, 8 AUG 4, SEP 5, OCT 4, NOV 5

ADVANCED PHOTONIX…..…………………………………...MAR 8

ALLIANCE FIBER OPTICS…...……FEB 5, MAR SUPP, MAY SUPP AUG SUPP, DEC 4

ALPHA PRO TECH……..………………………….MAR 7, JUN SUPP

AVALON HOLDINGS…..………………………………………..JUN 6 BALLANTYNE STRONG INC……..…JAN 2, APR SUPP, JUN SUPP

BRIDGELINE DIGITAL…….....MAR 4, SUPP, APR 5, JUL 6, AUG 5

SEP 5, OCT SUPP, DEC 5 BULLION MONARCH MINING…………..JAN 2, 5, MAR 7, MAY 5

JUL SUPP, AUG 5, SEP 5, OCT SUPP

CENTURY CASINOS……...APR SUPP, 5, MAY 8, JUL 5, SEP SUPP OCT 5, DEC SUPP

CHINA PHARMA HOLDINGS………….....JAN 2, FEB 3, APR SUPP JUN SUPP, JUL 4, 8, NOV 5

CIMATRON……..FEB 2, MAR 2, 5, APR SUPP, JUN 5, JUL SUPP, 5

AUG 2, SEP SUPP, 5, OCT 5, DEC 4, SUPP COMMUNITY BANKERS TRUST…………………JAN 5, FEB SUPP

MAR SUPP, 5, JUN SUPP

COVER-ALL TECH………...….MAR SUPP, MAY 4, JUN 3, SUPP, 8 JUL 3, AUG 7, SEP SUPP, NOV 2, 6

CVD EQUIPMENT CORP..…….JAN 2, FEB 5, MAR 5, APR SUPP, 5

JUN SUPP, 5, JUL 2, SEP SUPP, OCT 1, 6, 7, DEC SUPP DAC TECH…………..…………………………………..FEB 5, MAR 8

DGSE COMPANIES INC………......JAN 2, 8, MAY SUPP, JUL SUPP

NOV SUPP, DEC SUPP DIGITAL POWER CORP….APR SUPP, JUL 2, SEP SUPP DEC SUPP

DYNASIL CORP…….JAN 1, 2, 4, MAR SUPP, 5, APR 5, MAY SUPP

JUN SUPP ENCISION INC..………………………...FEB SUPP, JUL SUPP, SEP 5

ENVIRO-STAR.……...FEB 2, MAR SUPP, JUL 5, OCT SUPP, DEC 5

SUPPLEMENT to The Bowser Report, P.O. Box 6278, Newport News, VA 23606, $59 ANNUALLY/January 2012

EVOLVING SYSTEMS….….…MAR 5, APR 5, SUPP, MAY 2, SUPP

JUN 5, JUL SUPP, 5, SEP SUPP, NOV 5, DEC SUPP, 5 EXPRESS-1 EXPEDITED (NOW XPO LOGISTICS)…………...JAN 5

MAR 5, APR 5, SUPP, MAY 5, JUL 2, SUPP, AUG 5, SEP

SUPP, NOV 5 FEMALE HEALTH CO….…....JAN 2, MAY 6, JUN SUPP, SEP SUPP

FIELDPOINT PETROLEUM……APR SUPP, MAY SUPP, JUN SUPP

NOV 5, DEC SUPP FLEXIBLE SOLUTIONS…..………….MAY SUPP, JUN SUPP, SEP 4

FOOD TECH SERVICE..…………APR SUPP, SEP SUPP, DEC SUPP

FULL HOUSE...JAN 5, MAR 4, APR SUPP, MAY SUPP JUN 2, SUPP JUL 5, AUG 5, SEP SUPP, 5, NOV 5, DEC SUPP

GIGA-TRONICS.............MAR SUPP, APR 5, MAY 5, 6, JUN SUPP, 5

JUL 6, AUG SUPP, NOV 5 GLOBALSCAPE…………..…………………………...DEC 4, SUPP, 8

GOLDEN ENTERPRISES..……JAN 5, MAY SUPP, 5, AUG 5, OCT 5

GSE SYSTEMS…..……………............SEP 2, OCT 5, 6, DEC SUPP, 5 IEC ELECTRONICS CORP…………...JAN 2, MAR SUPP, JUL SUPP

SEP SUPP

INTELLIGENT SYSTEMS..….APR SUPP, MAY 8, JUL 4, SEP SUPP INVENTURE FOODS………….FEB 4, MAR SUPP, 5, MAY 3, SUPP

JUN 3, 5, OCT SUPP, 5, NOV SUPP, 5

ITERIS INC...JAN 4, FEB 4, MAR 4 SUPP, MAY 7, JUN 5, JUL SUPP

AUG SUPP, 5, SEP 5, OCT 5, NOV SUPP, DEC 4, 7

KEY TRONICS………....MAR SUPP, MAY 6, JUN SUPP, DEC SUPP

LIBERATOR MEDICAL……...JUL SUPP, SEP SUPP, OCT 5, NOV 4 LML PAYMENT SYS……..FEB SUPP, MAR SUPP, 6, JUL 6, AUG 5

OCT 5 LRAD CORP……..JAN 2, FEB 7, MAR 4, 8, APR 3, MAY 8, JUN 3, 5

JUL 2, AUG 5, 7, SEP 4, OCT 1, 4, 6, 8, NOV 2, DEC 5

MANHATTAN BRIDGE CAP…………….JAN 3, APR SUPP, MAY 8 JUN SUPP, JUL 4, 5, SEP 4, SUPP, OCT 1, NOV 2

METROPOLITAN HEALTH NETWORKS………..FEB 4, APR SUPP

MAY 5, JUN 8, JUL 7, AUG 5, SEP 2, SUPP, NOV 4, DEC SUPP, 5

NEW CONCEPT ENERGY………………..……….OCT 8, DEC SUPP

OUR-PET’S CO………….…APR 4, SUPP, MAY 6, JUN SUPP, JUL 5 SEP 6, OCT 1, DEC SUPP

PARAMETRIC SOUND.....FEB SUPP, MAY 5, JUN 7, AUG 4, OCT 6

DEC SUPP PINNACLE DATA SYSTEMS…..……………………………...MAR 8

PIZZA INN…..JAN 5, FEB 5, APR 4, SUPP, MAY 2, 5, JUL 2, AUG 2

SEP 5, OCT 1, 2, SUPP, NOV 8, DEC 5 RELM WIRELESS…..…………….JAN 5, FEB 5, APR SUPP, MAY 5

REPRO-MED SYSTEMS....MAY 8, JUN 8, JUL SUPP, AUG 8, OCT 6

RF MONOLITHICS…...JAN 6, FEB-SUPP, 5, MAR 8, APR 3, MAY 2 JUL SUPP, 5, AUG 2, OCT 5, NOV SUPP, 5

RICHMONT MINES.......................JAN 4, FEB 5, MAR SUPP, MAY 4

JUN SUPP, JUL 6, AUG 2, SEP SUPP, 6. DEC 5 ROCK OF AGES CORP…………………..………………JAN 5, FEB 5

SIMULATIONS PLUS INC………..........JAN 2, FEB SUPP, 5, MAY 5

AUG SUPP, 5, SEP 3, OCT 5, DEC 2 SONO-TEK CORP.....JAN 4, MAR SUPP, MAY 4, JUN 8, AUG SUPP

OCT 3, NOV 4, SUPP

TENGASCO..…………FEB 5, MAY 5, JUN 5, SEP SUPP, DEC SUPP TII NETWORK…..JAN 6, APR 2, APR SUPP, JUN SUPP, OCT SUPP

NOV 5

TOFUTTI BRANDS…………………..…………………………MAY 6 TURBO-SONIC…………..……………………JAN 5, FEB 5, 7, APR 5

VALPEY FISHER……..…APR SUPP, MAY 2, AUG 4, OCT 5, DEC 8

VERSAR…..…………………………………………..NOV 2, 5, DEC 5 VERTEX ENERGY…..……………………….JUL SUPP, 8, SEP SUPP

WELLS-GARDENER………......JAN 5, MAR SUPP, 5, JUN 5, AUG 5

DEC SUPP XETA TECH……..…………..JAN 2, 4, MAR 5, MAY 8, JUN SUPP, 8

XFONE INC...………….JAN 2, APR 4, SUPP, MAY 7, JUN 5, AUG 2

SEP SUPP, OCT 5, NOV 5 XPO LOGISTICS.……………...JAN 5, MAR 5, APR 5, SUPP, MAY 5

JUL 2, SUPP, AUG 5, SEP SUPP, NOV 5

ZAGG INC………………………..……………………………….JAN 1

MISCELLANEOUS:

35TH YEAR…………………..…………………………………….JAN 8 2009 WAS A VERY GOOD YEAR……………..………………..FEB 2

ALPHA PROJECT……………………………..…………………OCT 1

BEAR MARKET CHALLENGE, THE…………………………...SEP 7 BEGINNER’S PORTFOLIO…………..………………….JAN 6, FEB 7

BOWSER MICROCAP STOCK INDEX……………………..…..FEB 7

BOWSER REPORT CONCEPT, THE…………………..………..FEB 8 BRUCE MUTUAL FUND, THE…………..……………………..OCT 8

CHINESE COMPANIES…………………..………………………SEP 8

COMPANY OF THE MONTH RECORDED MESSAGE..……..AUG 8 “COUCHSURFING”…………………………..………………......SEP 6

DEBT CRISIS……………………………..……………………...AUG 8

DICK DAVIS DIGEST, THE…………………………...MAR 6, NOV 1 FINAL THOUGHTS………………………………..…………….AUG 5

FLAHERTY’S FAVORITES……………………………..………APR 7

FORMER BOWSER INVESTORS OF THE YEAR……………..APR 2 HISTORICAL REVIEW………………………………………….APR 8

HOW TO HACK THE STOCK MARKET………..……………...JAN 8

LECERE CORP…………………………………..……………....MAR 8 LIQUIDITY………………………………..……………………....JUL 6

MAKING MONEY IN A BEAR MARKET…………………..…NOV 7

MARKET CORRECTIONS…………………………………..…...SEP 8 OUR LATEST BOOK UNDERGOES NAME CHANGE…..……JUL 7

PENNIES ARE HAVING A HEYDAY……..…………………..MAR 8

PRISONER FINANCES………………………..…………………JAN 6

PUBLIC RELATION FOLKS……………………………..………SEP 8

RETITLED BOOK…………………………………………..…...AUG 6

ROGUE NEWSLETTERS………………………………..……….APR 6 SIX ELECTRONIC PENNY STOCKS WITH UPSIDE……..….MAR 8

SMALL STOCKS…………………………………………..……..FEB 8 SPIN-OFFS……………………………………………..………….JAN 8

SPREADSHEET TO TRACK STOCKS………………………....DEC 6

ST. MARK’S EPISCOPAL CHURCH PORTFOLIO………….....JAN 8 TRAILING STOPS………………………………………………..JUN 6

“WARRANTS THE SPECULATOR’S FRIEND”……………….OCT 8

WARRANT REGISTER SECURITIES:

AD-CARE HEALTH..….JAN 7, MAR SUPP, APR SUPP, MAY SUPP

JUN SUPP, SEP SUPP, NOV SUPP ASCENT SOLAR..……………………JAN 7, APR SUPP, MAY SUPP

CALIPER LIFE SCIENCES…………..JAN 7, MAR SUPP, APR SUPP

AUG SUPP CHINA HYDROELECTRIC……MAR SUPP, MAY SUPP, JUL SUPP

NOV SUPP

CITIGROUP………..………………………….AUG SUPP, OCT SUPP COMBIMATRIX…..FEB SUPP, MAR SUPP, MAY SUPP, JUL SUPP

SEP SUPP

ENERGY SERVICES..…………..JUL SUPP, AUG SUPP, NOV SUPP FAIRPOINT……..…………………………………………...OCT SUPP

FLAT WORL.………………………………………………..OCT SUPP

FREE-SEAS……………..……………..JAN 7, MAY SUPP, JUL SUPP HEALTHY FAST FOOD (now U-Swirl)…………..JAN 7, MAR SUPP

JUN SUPP HICKS ACQUISITION…………..…………………………NOV SUPP

HOMEOWNERS CHOICE……………..……………………SEP SUPP

MICROVISION…………JAN 7, MAR SUPP, MAY SUPP, JUN SUPP AUG SUPP

NEO-STEM…JAN 7, MAY SUPP, JUN SUPP, AUG SUPP SEP SUPP

OWENS CORNING..………………………………………..NOV SUPP S & W SEED..……...FEB SUPP, MAR SUPP, MAY SUPP, JUL SUPP

OCT SUPP, NOV SUPP

SEANERGY MARITIME…………..………….JUL SUPP, AUG SUPP

STERLING BANCSHARES…………..JAN 7, FEB SUPP, MAR SUPP

MAY SUPP, JUN SUPP

STREAM GLOBAL SERVICES…….JAN 7, MAR SUPP, MAY SUPP JUL SUPP

UNITED INSURANCE…………..MAR SUPP, APR SUPP, JUN SUPP

SEP SUPP, OCT SUPP USA TECHNOLOGIES.....JAN 7, FEB SUPP, MAR SUPP, APR SUPP

MAY SUPP, 8, OCT SUPP, NOV SUPP

VANTAGE DRILLING……………….JAN 7, MAR SUPP, APR SUPP MAY SUPP

VAUGHAN FOODS……………………………..………………..JAN 7