ORLANDO, Fla., Sept. 30, 2008 (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., announced today that it has issued a second quarter 2008 research update for ZAGG, Inc. (OTCBB:ZAGG), a company that designs, manufactures and distributes protective clear coverings and accessories for consumer electronic and hand-held devices under the brand name invisibleSHIELD(tm).
Ekta Bhatia, MBS, RedChip Research Analyst, reported:
"Ahead of expectations, ZAGG demonstrated profitability in 2Q08 which we believed, comparatively, to be a sluggish quarter. The Company maintained its revenue drift, accomplishing 240% year-over-year revenue growth in the second quarter, and we expect firm growth going forward as the third and fourth quarters are usually fundamentally strong."
"ZAGG is aggressively pursuing alliances with big box retailers, and we believe these alliances will be catalysts to the Company's successful penetration in the market. Although ZAGG has competition, its first-mover advantage and reliable business association both at the back and front ends will give it an edge over the next two to three years," she continued.
"We believe ZAGG's evolution as an exclusive distributor of protective electronic coverings has been very impressive, and it offers a conservative investment opportunity in a specialty retail segment. We maintain our 'Speculative Buy' rating and have revised upward our 12-month target price to $2.25 to encapsulate the recent revenue and business gains amidst a difficult economic environment," Bhatia concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for ZAGG, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=136&from=09302008pr.
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm with offices in Orlando, Florida; Shanghai; and Paris, with affiliates in Atlanta and New York. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(tm), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Internet TV(tm), and RedChip Radio(tm). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. ZAGG, Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $30,000 for RedChip Visibility Program services, which included the preparation of this equity research report.
RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. ZAGG, Inc. agreed to pay RedChip Companies, Inc., a fee of $7,500 in cash and 50,000 shares of common stock under Rule 144 for six months of these services. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.
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