Last Friday, AMBI announced outstanding first quarter results. Despite advances in the share prices since initiation of coverage on October 14, 1998 (available at www.SmallCapsOnline.com), we still believe AMBI stock to be significantly undervalued based on future expected sales and earnings growth, and the likelihood of additional corporate partnerships and potential acquisitions over the next three to nine months. In addition, by any financial measure, AMBI stock is trading at a discount to its peers, the S&P and the Russell 2000. We are maintaining our 12 to 18 month price target of $4 to 5 per share, and are reiterating our BUY recommendation on AMBI for those investors tolerant of the risks associated with higher-risk, micro-cap equity investments.