1 the independent research group iq biometrix inc otc iqbm ob 0 83 june 17 2003 recommendation buy this report may not be reproduced d paul cohen tel 415 454 6985 fax 455 0295 email dpaulco aol com table of contents page no company 3 2 bull case 5 bear 6 4 brief history recent developments 7 business strategy product description 9 8 growth opportunities 11 market size and dynamics 15 10 competition 19 customer base nss 20 12 financial outlook 21 13 model 22 14 investment thesis 23 appendix a facial recognition biometric industry 25 16 b iqb management team 28 c 30 18 patent information combined operating statement 32 balance sheet 33 cash flow 34 35 36 24 37 38 26 39 27 40 manzanita ave 1000 san rafael ca 94901
