Garcea
TSX LISTING REVIEW – THE NEXT 120 DAYS EVENTS ONE announced that the TSX is reviewing the shares of the Company with respect to meeting the continued listing requirements. IMPLICATIONS Neutral. The TSX is reviewing ONE’s shares with respect to meeting the continued listing requirements ─ specifically with respect to having total assets of $3.0M or annual revenue of $3.0M in the most recent year. At the end of FQ114 (ending Jan. 31/14), ONE had $2.89M of assets. The Company has been granted 120 days in which to regain compliance with these requirements. We see this as a non-event – worst case, ONE is moved to the TSX-V. More importantly, with a cash burn of ~$400K/qtr, ONE has ~1.5 years of runway to pursue the Citrix (CTXS-US, Not Rated) and LogMeIn (LOGM-US, Nor Rated) cases. ONE will need to monitor its expenses closely as it continues to defend its IP. CATALYSTS The upcoming catalysts for ONE include a decision in the LOGM appeal with the US Court of Appeals for the Federal Circuit (CAFC); and potential litigations initiated through the Wi-LAN (WIN-T; Strong Buy; $7.00) partnership