Research #12

March 29, 2016
Research #12
Hemp-based pet foods
Company Details
True Leaf Medicine International Ltd.
100 Kalamalka Lake Road, Unit 32
Vernon, BC V1T 9G1, Canada
Phone: +1 778-389-9933
Email: [email protected]
www.trueleaf.com
Shares Issued & Outstanding: 41`971`949
Pet Food Experts Inc. operations in action (source)
True Leaf To Sell Hemp-Based
Products in 3500 Stores in the US
Two months ago, True Leaf Medicine International Ltd. announced
to have increased the number of stores in Canada by 35%, making
its innovative line of hemp dog chews available in 47 independent
pet stores. Today, True Leaf announced a contract with Pet Foods
Experts Inc. to distribute its products to 3´500 independent pet
stores across 29 US states. This deal marks a major milestone for
True Leaf in respect to growth through generation of significant
sales revenues. The company’s hemp-based dog chews provide
healthy hip and joint, calming and antioxidant support.
F
or the first time, True Leaf has
gained distribution in the US with
today‘s signing of an agreement
with US-based Pet Foods Experts Inc., a
family owned and operated business since
1989. In mid-March, True Leaf attended the
Global Pet Expo in Orlando, Florida, one of
the world‘s largest annual pet industry trade
shows and the perfect stage to unveil the
newly branded TRUE HEMP™ dog chews
for a product launch in the US. The same
product line, branded as TRUE LOVE™, TRUE
SPIRIT™ and TRUE CALM™, is available in
Canada and online since December 2015.
True Leaf’s presence at the Global Pet
Expo not only coincided with the signing
of the distribution agreement with Pet
Food Experts but also generated numerous
discussions with other distributors,
which so far have led to agreements
to retail TRUE HEMP™ products in the
Midwest, Texas and San Diego. Pet Food
Experts is an independently owned and
operated pet food and supplies distributor
headquartered in Rhode Island. They deliver
exclusively to independent pet retailers out
Chart
Canada (CSE)
Canadian Symbol (CSE): MJ
Current Price: $0.135 CAD (Mar. 28, 2016)
Market capitalization: $6 million CAD
Chart
Germany (XETRA)
German Symbol / WKN: TLA / A14NM1
Current Price: €0.088 EUR (Mar. 28, 2016)
Market capitalization: €4 million EUR
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Research #12 | True Leaf Medicine International Ltd.
of 4 warehouses located in Rhode Island,
Pennsylvania, Illinois and Washington
State. Currently, they service over 3`400
retailers in 29 US states (see territory map
on the right). Michael Baker, President
and CEO of Pet Food Experts, commented:
“Pet Food Experts is excited to have True
Hemp as our new product of choice in the
hemp-based functional chew category.
Our customers are constantly demanding
innovative new products and True Hemp’s
line-up of functional chews is a winner and
a perfect fit.“
Darcy Bomford, founder and CEO of True
Leaf (and former founder of the dog food
brand Darford International Inc.) said:
“I worked with Michael and his team at
Darford and not only were they one of our
top performing distributors, they were like
family with a great company culture and
old-fashioned values. Companies like Pet
Food Experts are what make the pet food
industry such a great place to be right now.“
Bomford also explained that the brand
refresh for all 3 formulations to TRUE
HEMP™ emphasizes the importance of
hemp as the primary active ingredient:
“Hemp is the main functional ingredient
for each formula and is a source of omega
fatty acids, gamma linolenic acid and other
substances known to support the body’s response to inflammation. What really sets
us apart from the crowd is not only our
Canadian-sourced hemp, but also the other
functional ingredients we use to boost its effectiveness. We’ve created three fantastic
new formulas that live up to our ‚Quality
of Life’ focus with hemp, plus green lipped
mussel from New Zealand, turmeric root extract, chamomile, pomegranate extract and
other innovative ingredients to support joint
function, calming and overall good health.”
Besides its hemp-based dog chews business, True Leaf has filed an application
under Health Canada´s Marihuana for
Medicinal Purposes Regulations (MMPR)
to become a licensed producer with a facility located in the Village of Lumby, BC.
The company has passed through the preliminary and enhanced screening process
of Health Canada´s review and is currently
awaiting a ´ready-to-build´ approval.
Darcy Bomford launching its TRUE HEMP™ product line for the US market at the annual
Global Pet Expo in Orlando, Florida, March 16-18, 2016:
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Research #12 | True Leaf Medicine International Ltd.
US branding:
Hemp is Not Marijuana: True Leaf’s pet product line contains hemp
as one of the primary ingredients; providing the health benefits of
hemp is what sets True Leaf apart from the competition. Hemp and
marijuana are different varieties of the same plant species of ‘Cannabis Sativa’. Marijuana plants contain high levels of THC. Hemp,
on the other hand, is non-psychoactive and contains very little THC
(less than .3% by law), but certain cultivars contain cannabidiol
(CBD). Hemp seed oil, a major component of hemp seed itself – and
of True Leaf Pet’s product line – has a variety of beneficial properties
and is showing great promise on its own as a supplement. Because hemp oil is extracted from the industrial hemp plant, it contains
no psychoactive reactors. Hemp seed oil is extremely high in omega-6 and omega-3 fatty acids in the ratio of 3:1, which is required
by dogs for optimal health and well-being. Hemp contains known
US branding:
US branding:
antioxidants from tocopherols and hosts a variety of other beneficial
properties including anti-inflammatory compounds from terpenes,
plant sterols and methyl salicylate – a relative of acetylsalicylic acid
or ‘aspirin’. Hemp oil helps to support the moisture level in a dog’s
skin and fur, and supports the body‘s ability to heal skin disorders
such as dry nose, dog acne, dog eczema, dog rash and dog dandruff.
Further, hemp seed oil supports the body‘s ability to enhance blood
circulation, stimulate a dog’s cognitive thinking and can help thicken
fur texture and lessen shedding. Hemp is legally refined in industrial
factories for textile and nutritional use: it is often consumed and mixed into other products including cereal, granola bars and hemp dog
treats. Hemp chews for dogs are increasing in popularity because of
its significant potential health benefits that may include joint pain
reduction, skin and coat nourishment and antioxidant support.
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Research #12 | True Leaf Medicine International Ltd.
Company History
The Baker family’s love of the pet
industry began in 1936 when Herbert
“Salty” Baker opened a pet store in the
basement of his home in Rumford, RI,
called Rumford Aquarium. Specializing
mostly in live fish, this small basement
business quickly grew into something
much more.
Salty’s son, George K. Baker Sr., took over
his father’s pet business and opened a
retail store called Rumford Aquarium.
He soon began distributing fish and
other wholesale, pet-related supplies to
retailers around New England. Twenty
years later, his son, George Baker Jr.
(aka ‘Buddy’) joined the company and
expanded the distribution side of the
business to include all of Southeastern
New England. Buddy was instrumental
in bringing premium pet foods to the
business in the late 70’s; creating the
base for the company we have become
today: Pet Food Experts, Inc. Buddy’s
son, Michael Baker, our current owner
and president, started working in the
retail portion of the business – bagging
bird seed, aquarium gravel, and coral –
when he was 12 years old. Throughout
his childhood, he continued to learn the
business by working a variety of roles.
Following college, he managed the retail
store for a few years before joining the
wholesale side of the business.
Michael purchased the business when
Buddy retired in 2006 and continued
to strengthen the company portfolio.
With the help of an ever-growing team,
we clearly defined our mission “to help
independent pet specialty retailers win,”
which has resulted in consistent sales
growth and territory coverage.
In June, 2011, we opened a 108,000 sq. ft.
distribution center in Lancaster, PA and
began servicing the Mid-Atlantic states,
but in three short years, we have already
outgrown the facility. In November 2013,
we purchased 18.9 acres in Denver, PA –
just 20 minutes away from our current
location – and broke ground on a new
170,000 sq. ft. facility. Completion of the
new distribution center is scheduled for
mid 2015.
“Salty“ Baker in his first basement store c.1936
Pet Food Experts has continued to
expand its distribution footprint
outside of the East Coast by adding ten
Midwestern states when we acquired
Zeus & Company, in Des Plaines, IL in
August 2013.
Most recently, in February 2015, we
acquired Northpoint Trading Co. in Fife,
WA, establishing our presence on the
West Coast. With these expansions, we
have been able to bring much of our
current portfolio of high quality pet
products to our new Midwest and Pacific
Northwest customers, as well as bring
many of their vendors to our existing
East Coast customers.
In April 2014, Pet Food Experts purchased
a 3-story building in Pawtucket, RI, which
will soon become our new home office.
We’ll be moving our office personnel
into the 24,000 sq. ft. second floor
space from our current office space in
Cumberland, RI. We are thrilled to not
only stay in our home state of Rhode
Island, but to also stay within 6 miles of
our current 200,000 sq. ft. New England
distribution center.
Over the past decade, great strides
have been made to strengthen the Pet
Food Experts portfolio with brands that
make our retail customers more exciting,
relevant, and poised for future growth.
We currently deliver to over 3,400
independent retailers in 29 states.
We are grateful to have been recognized
in our endeavors and received the 2012
Ken Chancey Distributor of the Year
Award by the Pet Industry Distributors
Association (PIDA) as well as being
named one of the best places to work
three times this decade by Best Places
to Work in Rhode Island.
Baker Family President Michael Baker and his
family c.2013
After four generations, the Baker
family, along with our entire team is
still passionately working hard to make
our customers successful. Everyone
at Pet Food Experts takes great pride
in friendly and professional service,
accurate and on-time deliveries, and a
great selection of leading pet food and
pet supply brands.
We value and honor our close
relationships with our staff, customers,
vendors, and retailers. We look forward
to a future of continued success as an
industry leader and a trusted distributor
partner. We firmly believe that When
You Win, We Win!
Source: www.petfoodexperts.com
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Research #12 | True Leaf Medicine International Ltd.
2016 Pet Food Industry Trends: A Preview
Industry experts provide insights on
what to expect in the coming year.
By Lindsay Beaton on December 15, 2015,
for PetFoodIndustry.com
The last year has been a busy one for the
pet food industry. 2015 saw the further
strengthening of pet humanization,
which catapulted specialty and nichetarget pet foods further into the spotlight.
Innovation became a rallying cry as more
pet food manufacturers sought ways
to distinguish themselves as specialists
in their respective market segments.
And regulations, including the US Food
and Drug Administration’s Food Safety
Modernization Act (FSMA), became the
backdrop for an even larger push for
transparency and accountability at every
level of the industry. Of course, pet food
sales continue to rise each year (for US
retail sales trends, see Figure 1), and
according to the pet food industry, we
haven’t seen the last of these topics. As
2016 begins, it’s time to take another look
at what the experts think is ahead.
The freeze-dried, raw and fresh segments
of specialty pet food were significant parts
of industry conversation in 2015, and
according to experts their importance will
continue into 2016—particularly when it
comes to making those ideas palatable
to a larger consumer base. “[2015] saw
a number of new brands entering the
raw-infused kibble segment,” said Maria
Lange, business group director for GfK.
“Merrick Backcountry, Natural Balance
Wild Pursuit and Trufood are just a few
of the major manufacturers who have
entered this emerging premium pet food
category. Raw-infused kibble SKUs let
pet owners explore the ‘raw’ category
(safely!) for just a few more cents per
pound, rather than committing fully to a
100% raw diet that can cost up to US$32 a
pound. Raw-infused kibble products have
grown quickly in terms of distribution and
in-store sales; however, the big ‘boom’ has
not yet been seen.”
As the segment continues to garner
interest among consumers, it will become
more prominent on the industry’s radar.
While retail sales growth has slowed in recent years, largely due to economic challenges,
there’s no doubt that the pet food industry is resilient and can count on a continuing trend
of overall growth.
“We will see continued proliferation
of offerings in freeze-dried raw as
competitors seek to garner a foothold
in this emerging growth category,” said
Bryan Jaffe, managing director at Cascadia
Capital LLC.
The grain-free pet food market is a
more mature trend that the industry
nevertheless expects to continue into
2016. The segment is still posting
consistent year-over-year growth: 24­
–25%, according to GfK data. Part of
that growth likely comes from consumer
perception, say industry experts, and the
responsibility in 2016 remains to deliver
what consumers want while keeping pet
health in mind. “Grain free is still going
strong, and it appears to be holding the
interest of the pet-loving pet parents who
believe it is better than whole grains,” said
Tom Willard, PhD, with TRW Consulting
Services LLC. “The challenge for the
[pet food] nutritionist is to try and make
[products] as healthful as possible.”
Consumers will remain engaged in
feeding their pets the best possible
food in 2016, according to Euromonitor.
That engagement comes as a result of
consumer education, and the industry can
expect to respond to demands for more
ingredient transparency, clearer labeling
and more efficient, sustainable processes.
“Ingredients’ quality and provenance
will continue to assume a key role in the
industry,” said Paula Flores, global head of
pet care research for Euromonitor.
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Research #12 | True Leaf Medicine International Ltd.
Flores isn’t the only one who spoke about
the need for accessible ingredient information. “I think that, on the whole more, emphasis will be put on communicating pet
food ingredients and their reliability,” said
Marcel Blok, owner of Change Stranamics.
“Positioning elements for pet foods will be
transparency, sustainability and ingredient
origin. I think it is fair to say that when we
talk about humanization of our treatment
of pets, there will not be a big difference
between the trends in human food and
pet foods. In other words, standards for
the owner also apply to the pet.”
Pet humanization, of course, is by now a
well-known trend driver in the industry—
one that is expected to carry on into 2016.
“We’re likely to see the humanization
of pets continue,” said Travis Conway,
managing director of SDR Ventures. “For
some young couples and empty nesters,
pets, especially dogs and cats, are now
seen as ‘replacement kids’ (see Figure 2
for US pet ownership trends).
As a result, food trends that apply to humans are extending to pets. Treating pets
as members of the family drives pet owners
to spend more money on their animals
with premium food and treats, specialized
services and advanced veterinary care.”
Culinary crossovers may be one result of
this continued humanization, according
to David Sprinkle, research director for
Packaged Facts. “Watch for the following
ingredient trends for pet food and treat
product introductions: boar as an exotic
protein, tying in with wilderness pet food
trends; eggs and egg whites, sometimes
with a breakfast flavors spin, as cholesterol
recedes from the list of nutritional
culprits for humans; and bananas as fruit
content for pet treats, including with
peanut butter,” said Sprinkle. “At the
same time, meat cookery terms such as
‘braised’, ‘roasted’, ‘seared’ and ‘pulled’,
proliferating on restaurant menus, will do
the same in moist pet foods positioned on
meat content and flavor indulgence.”
Pet food labeling will also continue its
importance in 2016, beginning with the
need for consumer confidence and tying
back to growing food trends. “Consumers’
need for healthy and trustworthy pet food
offers will continue to fuel the demand
US household penetration rates for pet ownership have been in the 60%+ range since
1988 (seen here), even though growth has slowed in recent years. “From 2015 to 2020,
the pet population is forecast to grow at an annualized rate of 1.9%,” said Travis Conway,
managing director of SDR Ventures. “Pet ownership rates tend to drop among people once
they hit retirement age, and Baby Boomers will be crossing that line over the next decade.”
for cleaner labels and local sourcing,”
said Bertrand De Launay, Diana Pet Food’s
marketing and innovation director. “This
should also ensure that ‘free from’ food
alternatives (such as grain free, gluten
free, sugar free, lactose free, etc.) meet
growing success in 2016.”
Naturally, this set of consumer-knowledge-based trends ties into another
timely and ongoing issue in the pet food
industry: regulations. From labeling to
the ever-present FSMA, industry experts
weighed in on what they’ll be focusing on
in the coming year.
“The requirement for labels for all dog
and cat foods (including treats and supplements) to bear a proper calorie content
statement becomes fully enforceable by
the end of 2016,” said David Dzanis, DVM,
PhD, DACVN, CEO of Regulatory Discretion
Inc. “Those manufacturers who have yet
to adapt their labeling need to get on it
with due haste. All dog growth and all life
stage product labels will need to amend
their nutritional adequacy statements
to indicate whether or not the life stage
designation includes large size puppies.
While new products will have one year,
and existing products two years from the
date of publication to amend their formulas and/or labeling as needed, it is not too
soon for manufacturers to begin the process of changing over the affected labels.”
Further, the implementation of FSMA,
which has been ongoing for some time
now, will continue to gear up, according to
experts. “The pet food industry is dynamic and growing with a tremendous amount
of innovation and investment,” said Matt
Nichols, account manager for pet food at
Neogen Corporation. “The industry has
been preparing for the Food Safety Modernization Act [for years], and this will continue
with implementation starting in 2016.”
Such implementation may cause challenges for the industry, according to Willard
with TRW Consulting. “As these regulations and [Good Manufacturing Practices]
are implemented, I believe that the greatest impact will be on new product development as well as private label manufacturers, which generally lack the regulatory
and technical staff to cope fully with the
new regulations,” he said. “I see recalls
continuing to increase as food safety concerns continue to be in the public’s sights.”
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Research #12 | True Leaf Medicine International Ltd.
Challenges or otherwise, the pet food industry seems well prepared for what’s to come.
From the latest consumer-driven needs
to regulatory mandates, experts seem to
agree that 2016 will be just as busy as 2015
was—with just as many opportunities.
Global regional growth in 2016: China
China is a current hot topic in the pet food
industry, and it looks as though 2016 will
continue that trend. “It is my estimate
that China will represent 25% of global
growth by 2020,” said Marcel Blok, owner
of Change Stranamics. According to Blok,
Southeast Asia in general, and China in
particular, will be a solid place to answer
the question, “Where can I find new
business?” In 2015, China pet food sales
reached CNY5.3 billion (US$820 million)
offline and CNY2.8 billion (US$430 million)
online, said GfK’s Pushan Tagore, vice president of global marketing for pet care. And
while the year-over-year growth for offline
sales was 4% from 2014 to 2015, it was
36% for online sales. “The China pet market was developed much later than western countries, but people there pay more
and more attention to it and sales volumes
always keep growing,” said Tagore. That
growth represents opportunity, according
to SDR Ventures. “China is a region with
a lot of opportunity for the pet industry,”
said Travis Conway, managing director of
SDR. “As of [October 2014], only 7% of
Chinese households had a dog and 2%
had a cat, compared to 36.5% and 30.4%
in the US. Pet owners in China have also
shown an affinity for premium products.”
The non-GMO trend in 2016
As non-GMO (genetically modified organism) claims become increasingly prominent
in the human food world, it’s no surprise
that the trend has spilled over into pet
food. And according to industry experts,
it will continue to do so. “Until recently,
brands have been using different claims on
their packaging regarding ‘no GMO’—but
none were scientifically, legally approved,”
said Maria Lange, business group director
for GfK. “More brands are getting certified
by the NON-GMO project (legal, scientific
approval). It is hard to say how big this will
get, but it is a notable human food trend,
so this will possibly splash over more than
it already has to the pet world.” The regu-
latory results of this (and other higher end,
“free of”) trend may produce additional
challenges as well as opportunities for all
involved. “I believe ‘hormone free’, ‘human
grade’ and ‘GMO free’ will spark new product development,” said Tom Willard, PhD,
with TRW Consulting Services LLC. “This will
be a challenge with AAFCO (the Association
of American Feed Control Officials) attempting to keep up with these growing trends.”
At a glance: pet food consumer
technologies in 2016
Several pet food industry experts spoke
on the rise of technology in the pet food
industry: specifically, how consumers
are using technology to meet their pets’
needs. “The term ‘connected pet’ will take
on new meaning as data derived from
tracking devices and tech-enabled treaters
and feeders will begin to be harvested to
drive food recommendations and auto replenishment,” said Bryan Jaffe, managing
director for Cascadia Capital LLC. “This is
very similar to the arc we have seen in the
human side where activity trackers and
calorie monitors drive behavioral change
for the connected consumer.”
Fitness trends on the human side have similarly moved in to the pet industry. “Buying specialized fitness tools and paying for
owner-dog fitness classes will help drive the
overall pet industry,” said Travis Conway,
managing director of SDR Ventures. “Fitness monitors are also becoming popular.”
As always, convenience and technology have combined on the pet side, as
price-conscious consumers look to apps for
savings opportunities. “Continued online
penetration into retail sales is inevitable,
and Internet and mobile apps are especially
well-suited to ‘info-centric’ superpremium
and alternative pet food and nutrition
products,” said David Sprinkle, research
director for Packaged Facts. “Pet food
manufacturers not strategizing around the
auto subscription/home delivery trend for
pet food may become Amazon delivery
truck road kill, at least in terms of younger
and urban consumers. In addition, savvy
marketers will increasingly deploy mobile apps that combine a substantive pet
health and wellness mission with auto subscription, digital coupon and promotion,
and loyalty/reward program features.”
About True Leaf
True Leaf Medicine International Ltd., through
its wholly-owned subsidiary ‘True Leaf Pet’, is
entering the $60 billion pet industry with a
line of hemp-focused pet chews and supplements marketed through natural pet health
and veterinary channels in Canada and the
United States. The company has also filed an
application under Health Canada’s Marihuana
for Medicinal Purposes Regulations (MMPR)
to become a Canadian licensed producer through its ‘True Leaf Medicine’ subsidiary.
Analyst Coverage:
Research #11 “True Leaf‘s Product Line
Now Available in 47 Canadian Retail
Stores” (February 9, 2016)
Research #10 “True Leaf‘s Selling Fast”
(December 10, 2015)
Research #9 “True Leaf Expands to
Europe” (November 2, 2015)
Research #8 “True Leaf Unveils New
Product Line” (September 17, 2015)
Research #7 “Another Key Piece for the
True Leaf Puzzle” (september 8, 2015)
Research #6 “True Leaf Pet’s Hemp Chew
Product Line to be Distributed Across
Canada” (August 12, 2015)
Research #5 “Interview with True Leaf‘s
CEO Darcy Bomford“ (August 6, 2015)
Research #4 “One Step Closer Becoming
A Licenced Medical Marijuana Producer“
(July 21, 2015)
Research #3 “True Leaf on its way to
production“ (June 5,2015)
Research #2 “True Leaf To Enter The Pet
Food Market With Hemp Products In Fall
of 2015“ (April 9, 2015)
Research #1 “True Leaf Medicine International Ltd. Goes Public“ (February 9, 2015)
8
Disclaimer and Information on
Forward Looking Statements:
All statements in this report, other than
statements of historical fact should be considered forward-looking statements. Much
of this report is comprised of statements of
projection. Statements in this report that are
forward looking include that True Leaf Medicine International Ltd. or any other company
or market will perform as expected; that
True Leaf will start producing saleable products; that True Leaf or its partner(s) can and
will start producing and selling any kinds of
products; that the company can raise sufficient funds for product development and/or
production; that any of the mentioned plans
are valid or economic. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from
those anticipated in these forward-looking statements. Risks and uncertainties respecting medical marijuana and/or hemp-focussed companies are generally disclosed
in the annual financial or other filing documents of True Leaf Medicine International
Ltd. and similar companies as filed with the
relevant securities commissions, and should
be reviewed by any reader of this report. In
addition, with respect to True Leaf Medicine
International Ltd., a number of risks relate
to any statement of projection or forward
statements, including among other risks: the
receipt of all necessary approvals and permits; the ability to conclude a transaction to
start or continue product development and
distribution; uncertainty of future market
regulations, capital expenditures and other
costs; financings and additional capital requirements for development, construction,
and operating of a facility; the receipt in a
timely fashion of further permitting for its
legislative, political, social or economic developments in the jurisdictions in which True
Leaf Medicine International Ltd. carries on
business; operating or technical difficulties in
connection with production or development
activities; the ability to keep key employees,
joint-venture partner(s), and operations
financed. There can be no assurance that
such statements will prove to be accurate, as
actual results and future events could differ
materially from those anticipated in such
statements. Accordingly, readers should not
place undue reliance on forward-looking information. Rockstone and the author of this
report do not undertake any obligation to
update any statements made in this report.
Research #12 | True Leaf Medicine International Ltd.
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Advisory Cautions:
Nothing in this report should be construed
as a solicitation to buy or sell any securities
mentioned. Rockstone, its owners and the
author of this report are not registered
broker-dealers or financial advisors. Before
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based solely on what you read in an online
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paid by Zimtu Capital Corp., a TSX Venture
Exchange listed investment company. Part
of the author’s responsibilities at Zimtu
is to research and report on companies
in which Zimtu has an investment. So
while the author of this report is not paid
directly by True Leaf Medicine International
Ltd., the author’s employer Zimtu will
benefit from appreciation of True Leaf
Medicine International Ltd.’s stock price.
In addition, the author owns shares of
True Leaf Medicine International Ltd. and
would also benefit from volume and price
appreciation of its stock. In this case, True
Leaf Medicine International Ltd. has one or
more common directors with Zimtu Capital
Corp. Thus, multiple conflicts of interests
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Analyst Profile and Contact
Stephan Bogner (Dipl. Kfm. FH)
Mining Analyst
Rockstone Research
8050 Zurich, Switzerland
+41-44-5862323
[email protected]
Stephan Bogner
studied at the
International School
of Management
(Dortmund,
Germany), the
European Business
School (London)
and the University of Queensland
(Brisbane, Australia). Under supervision
of Prof. Dr. Hans J. Bocker, Stephan
completed his diploma thesis (“Gold In
A Macroeconomic Context With Special
Consideration Of The Price Formation
Process”) in 2002. A year later, he
marketed and translated into German
Ferdinand Lips‘ bestseller („Gold Wars“).
After working in Dubai for 5 years, he
now lives in Switzerland and is the CEO of
Elementum International AG specialized
in duty-free storage of gold and silver
bullion in a high-security vaulting facility
within the St. Gotthard Mountain Massif
in central Switzerland.
Rockstone is a research house specialized
in the analysis and valuation of capital
markets and publicly listed companies. The
focus is set on exploration, development,
and production of resource deposits.
Through the publication of general
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