Dave Samuel Shapiro

Vanshap Capital LLC is an independent, SEC-registered investment advisor and hedge fund manager headquartered in Arlington, Virginia. The firm was founded by Evan Vanderveer and Dave Shapiro in 2012. Vanshap Capital provides investment management services to investors through its clients, pooled investment vehicles.

Aegis Financial Corp. (Aegis Financial) is an independent, SEC-registered investment advisor headquartered in McLean, Virginia. The firm was founded in 1994 and formerly known as Berno, Gambal & Barbee, Inc. Aegis Financial offers institutional and private client investment management services through separately managed accounts.

Founded in 1999, BGB Securities, Inc. is a broker/dealer located in Arlington, Virginia. They are a subsidiary of Aegis Financial Corp. and their ultimate parent is Vesta Insurance Group, Inc. (OTC: VTAIQ.PK). The firm clears equity transactions through National Financial, a subsidiary of Fidelity Investments Company. BGB securities in a member of FINRA and the SIPC. BGB Securities specializes in researching inefficiently priced securities that are misunderstood or insufficiently covered by the marketplace. As contrarians, they seek to identify investments that are temporarily out of favor. The firm seeks to identify mispriced assets that are capable of producing significant future cash flows and looks for near term catalysts that may cause intrinsic values to be realized. BGB Securities favors companies trading at discounted levels with tangible assets that can be readily valued within a margin of safety. They also seek to identify mispriced companies with competitive advantages that allow for sustainable profit margins. The firm focuses on special situations across industries, favoring a fundamental-driven, analytical approach. BGB securities' research focuses on the following sectors: housing finance, homebuilders, REITs, consumer and diversified. In addition to executing equity trades for their clients, BGB Securities also assists clients with trades in a select number of fixed-income products.