let’s gowex: la charada pescanova (a pescanovan charade)

5/23/2018 Lets Gowex: La Charada Pescanova (a Pescanovan Charade)

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GOTHAM CITY RESEARCH LLC .gaceeac.c [email protected]

GOTHAM CITY RESEARCHGOTHAM CITY RESEARCHGOTHAM CITY RESEARCHGOTHAM CITY RESEARCH LLCLLCLLCLLC

L G:

P C

: L C P

Pce Tage: 0.00 e ae

Te ca [Ibe/Ge] ade a age

f a 42.0 2002

Ge,2003

I 2003, e Caad 2.7M

f ee ae aff.

Ge,2010

A F % R

2009 2010 2011 2012 2013

Bg 1.80% 1.86% 1.57%

Pa 0.67% 0.84% 0.97%

Rc 0.50% 0.84% 0.48%

Gg 0.00% 0.46% 0.44%

Teea 0.89% 0.70% .a.

A 0.77% 0.94% 0.87%

GOWEX 0.07% 0.07% 0.06% 0.05% 0.04%

D

?


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D:

B eadg e, agee a e f GOTHAM CITY RESEARCH LLC eeac a .

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Ga Ae Maagee, LLC a f affae.

Y agee d eeac ad de dgece befe ag a ee dec

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3/93

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T C

I. D

II. S

III. I

IV. A R 90% L RV. G T & H M M

VI. GOW 100K, A 35K, W 5K

VII. 2013 E R < 3

VIII. 2013 A R 2

IX. 2013 R O R < 1

X. O S W S

XI. G S W 0.00 S

XII. A A: CFO M U R P

XIII. A B: E SS G

XIV. A C: G P C F FXV. A D: P R D M C S

XVI. A E: E R D

XVII. A F: A A F

XVIII. E N


4/93

Page 4f 93

GOTHAM CITY RESEARCHGOTHAM CITY RESEARCHGOTHAM CITY RESEARCHGOTHAM CITY RESEARCH LLCLLCLLCLLC

a

GOTHAM CITY RESEARCHS OPINIONS

Ge ae ae 0.00 e ae.

Oe 90% f Ge eed eee d e. We

eae GOW aca eee be


5/93

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INTRODUCTION

Le Ge a e ae ca. CEO Jea Gaca ad GOW e d ae beee

ae, a Gge, Mcf, ad Faceb ae ae. Ga C Reeac a fd be

ae a e, f a e g ea. Te fg a cceed :

GOW ca geeae dbe dg eee g & dge dg f ag, b dg

fee f, e bcaded ee (Bg, Pa, Teea, ec) e e.1

Ee e g, a ff ae de feef a cae ae faed.2

Ee ga Sabc/Mcdad, de fee f, ad geeae e affc ea

ee, ae beeed de fee f e cg e c.

Dee a , Ge eee e eee eceed Gge, Faceb, ad Mcf,

ad ae ae eceed e f Bg, Pa, & Teea ae ae.

Ge de dce bac eag ec, c a c a bead f

eee, bc fg. Iage a eae, c a Caef, dcg e c.

Ge cae bc e Mecad Aea Ba (ef, a e cce 2009). Te

MAB a Ld AIM ad e US ee/OTC, b f c ae fe fad.

Ge gaed Sa, ae ae ed Face ( add Sa), ad f

eee ad ea ae eaa.

Aa aced a caabe ca a a aa a e GOW e a 1. 3

Ge ed ee, e decded dg deee. Afe 8 f dgece, e fd Ge

a e a e a g. GOW a e. We ecfca ced 3 cea ae. F,

GOW a a e ac ecd f ag deab fae ca. Secd, Ge de dffee

ae, dffee e. Td, ee d ee ae abe ae ee f GOW.

O de dgece, ed fed eeac ac eea ce, eag d

ea/e, eag e ca, ad ca ag ee a ae e g?

We ae cfde GOW a caade & ae ae e. Hee ae e gg f fdg:

Ge eed eee ae eaed b a ea 10, accdg GCR caca. I fac,

90% f e eed eee ee ec befe becae a bc aded ca.

Te aca # f e /aage 5% f a GOW d (20% f JB eae).

GOW ad ad ad 50,000 ( aeage) e a 3 ea. Ta beee 1/10

1/20f a ee a. I ad fee ae ee f e aca eee < 10 .

Meadg (fae) ca ae ade Eg ad Fec e, b Sa e. Ma d de ad ee d dead Ge aeged be de. Te

d dead e ae ag e. Tee ae dceed eae f e CEO

ag aea fae aee.

Wee Ga C Reeac ee ee ae ce ag, e Ge caade cd ae

ced f fe e ea, cg e eea e b f da. We believe the days of

Gowex and Jenaro Garca Martns misrepresentations are coming to an end.


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O 90% G R R S

Lets Gowex is a highly unusual company. If the numbers are to be believed, GOW is a

breathtakingly good business, with truly exceptional revenue per employee metrics1:

When we say exceptional we mean not only far superior versus its peers, but far above nearly

all other businesses in history. 1.0-1.7 million in Revenue per employee handily exceeds those

of Google, Microsoft, Facebook, etc.

Gotham City Research does not trust Gowexs reported revenues, and believes Gowex is too

good to be true. In fact, the following sections in this report detail segment by segment whywe believe over 90% of Gowexs reported revenues are incorrect. We calculate GOWs true2013 revenue to be ~8 million

2:

8 million revenues would better explain why GOW uses an unknown auditor, & pays so little3:

I CEO I R, 2013

( E ). M : GOW 0.00 .

REVENUE PER EMPLOYEE G O

2007 2008 2009 2010 2011 2012 2013

Bg 0.47 0.47 0.38

Pa 0.28 0.26 0.23

Gge 0.89 0.87 0.87 0.98 0.98 0.85 0.87

Mcf 0.50 0.52 0.47 0.50 0.57 0.59 0.59

Faceb 0.96 1.06

GOWEX 1.70 1.10 1.21 1.60 0.98 1.41 1.06

Ae 1 e = 1.36 da. A ece f Ge ga $.

G E GOW 2013 R

Ga ReedTeec 2.4 25.4

Wee 5.75 157.2

T R 8.2 182.6

A F % R

2009 2010 2011 2012 2013

Bg 1.80% 1.86% 1.57%

Pa 0.67% 0.84% 0.97%Rc 0.50% 0.84% 0.48%

Gg 0.00% 0.46% 0.44%

eea 0.89% 0.70% .a.

A 0.77% 0.94% 0.87%

GOWEX 0.07% 0.07% 0.06% 0.05% 0.04%


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G T & H M M

Ge (fe a Ibe) age e f CEO, Jea Gaca Ma. Ma a ce

a Fdabaed cbe e ae 1990 decded ee e ad f eec ad

eeee. He fded Ibe 1999 ( 1998; ed fe a 1999, b e ffeg

cca a 1998), ad c aaced ae e bd feca1:

G

$500,000 2001, M. G . H I $100

2005. Seebe 26, 2000 , WSJE: IbeX Of Sa Peae T Ee Mae I Aeca

Ag a ca ae 5 ea e, ee Jea a cee ab $100 f

feca (aca eee ee ge dg). J 2 ae, e d e Wa See Ja 2:

Waee CEO Jea Gaca Ma a ee a e e, ede a e ad be

faed eab afe e d c bbbe caed. Ga C Reeac beee a a g ae

bee ccaa de e a, becae aba f Jea Gaca Ma3:

The company [Iber-x/Gowex] made a large profit on a42.0 million turnoverin 2002, said

CEO Jenaro Garcia. Wednesday, March 19 2003

I fac, Ge geeaed 2.7 e b 2003 accdg ffeg cca fg.

Afe e ea 2000, aeed ea Ca (a e ac f Ace Aa) ede

faed (ee aed C). We beee e e a fe ad e a a a be (fded, a,

b gee ga) e deb f e Mecad Aea Ba (MAB) 2008. Ga

C Reeac beee 90% f Ge Teec eed eee ee eed bace, & ee

bed Ge cd g bc ad ccef e ae. Te fg :

Ge Teec (Ibe) de ee e bace a a be. I ebe ae

bee ace f ea. Ge.c edece f a ace Ge eec be.

Ge Teec ee age ce (80%90% f eed eee) 20072008 ae

aca dced eaed ae ed Ge CFO ad a fe aede.

Reed eee f Ge Teec eaed fa 20082013. We ae cfde ee ae

e ce a agca eaced e 90% f e 20072008 fc eee.

GOW d a Teefca e f age Ge Teec ce. Baed de

dgece, fae. I fac, e ae edece a Ge a ce f Teefca.

We e ece aed e CEO ab Ge Teec ce, Jea Gaca dd

e a f e ee age ce a acced f 80%90% 20072008 eee. 4


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G T W P S A, N U M Y

Te Ge Teec a, e IbeX a, a bee daed a ea 5:

I fac, ://be.e/ , ://be.c/ , ://.be.e/ d a a. Accdg

., ://be.c/ ace. Te ://.Ibe.cda ge beg Ge.

I cea ed beg Ge, a be:

If e Ge abaded be.c da, ad eaced a ge da

f Ge Teec ea, e ecage ://.ge.c. Tee ae g

f a gg Ge eec be. Tee ace f a ece ce ae a

cae ee ee c dc/ece Ge ffe. Fa, f e abac ace

ad e ://.be.c, fd Ibe a ace daed ebe e 10 ea6.


9/93

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50% G T R R C S S.L., U R P

Ge a be.c a bee daed ea, e a de Ge e a

eee f Ge Teec. Ge ffeg cca fg ffe a fe , a de a

bead f eee b ce. Te age ce ae be7:

Seae cea Ge age ce. We beee Ge eee f Seae ac

ecc bace, a Seae :

Ge age ce

Ge age e A dced eaed a, ece ced b Gae Jae Ma, g PJ G

Iee (a Ge aede a e e f GOW IPO)

Ted REDSINFRONTERAS.ORG, a fda ed b Ge (c ae be a

ce; e ae).

Seae ebe ce de . Od e f e ebe (a aed b e

abacace) a caed ebe.

Seae ed fg faca aee afe 2008.

Tee edece a Ge Seae. (See Aed B)

S G J M, PJ G I ( G

GOW IPO, )8

:

Reaed Pa Ce 2007 2008

SeaSTe S.L. 54.7% 47.4%

Pae Cg, S.L. 16.5% 18.5%

Le Ifaca , S.L. 14.1% 12.7%

Fdac Red S Fea 1.5% 0.0%

T % 86.7% 78.6%


10/93

Page 10f 93

Jae Gae Ma ed PJ G Iee9:

Te ae Jae Gae Ma f PJ G Iee S.L. e f Seae S.L. (Seae

adde P Ja G, 5 3 B ,MADRID PJ G Iee abbea f P Ja G)10:


11/93

Page 11f 93

F R D E S G S R

I ffeg cca (e 16 e aabe), Ge ca ae caed e 15

f Seae, ag Seae Ge age e11:

Ge ca ae ad Seae 15 , ad e ca ae eaed 12 f

Seae, e beg ece ced b e f aede. Te Ge/Seae aac

eebe d aac (aac a ac ecc bace):

Seae "a"Ge Teec

12

Ge Teec"a" Seae

15


12/93

Page 12f 93

Seae ebe ce de . Od e f e ebe (a aed b e

abacace) a e e ( ab ) ebe12:

Baed e abe, Seae de aea be c f a be. Fee, ee ae

adda g a e ea beee ad Ge ee ce (f abe):

EANEL 44 F, F

., I

.

REDSINFRONTERAS.ORG, a e ae, a fda ed b Ge (c ae

be a ce). Seae ed fg faca aee afe 2008. Fee, ee

edece a gge Ge Seae, a deaed Aed B.


13/93

Page 13f 93

G T N 2 L C S T G CFO

Seae acced f 50% f Ge Teec eed eee. Pae Cg ad Le

Ifaca (.e., Le Ifaca Pfea) acc f 30% f eed eee13:

We beee Ge eed eee f Pae Cg ad Le Ifaca ac ecc

bace f e fg ea (See Aed A f adda dea, cdg ca):

Pae Cg ad Le Ifaca Pfea (e cec ae) ae b ece ed Ge CFO, Facc Mae Mae Maga.

Facc Mae Mae Maga a e ec. Tee e e fa

ab e CFO f Led fe, ge ebe bga, e bga fd e

ffeg cca. Ne f bgae e e Pae Le.

Ge e CFO ad bacgd, ece e Ge age ce, Ge ad

fee, ad CEO Jea Gaca Wfe ee gg ff G faca

aee ee ae ccdece.

Pae Cg ad Le Ifaca Pae ae a e a a aed A Sae

Ca.

Le Ifaca Pfea ebe de : ://.e.e/

Peae ee e Aed A f e fa. I e:

Dea e abe fdg, a e deaed e ea beee Ge ad Seae

age.

Deae Ge eed eee f C. I. NETCOM TIC BROKER GROUP SL, AS TIC

BROKER SL, ad Fdc Red S Fea ae f dbf bace a e.

S Ge Teec 2008 eee de ee ea e f eee b

ce. T .

2013 T R J M F 20072008 T R

Seae, Pae Cg, ad Le Ifaca acced f 80%90% f 20072008 eec

eee. Sce e, a eec eee ae ead eaed beee 2025 14:


SeaSTe S.L. 54.7% 47.4%

Pae Cg, S.L. 16.5% 18.5%

Le Ifaca , S.L. 14.1% 12.7%


T % 86.7% 78.6%

G R R S

f 2007 2008 2009 2010 2011 2012 2013

Teec (Ibe) 17.0 21.0 24.8 23.0 20.2 23.5 25.4

Wee 0.0 3.2 10.4 26.6 46.5 90.8 157.2

T R 17.0 24.2 35.2 49.6 66.7 114.3 182.6


14/93

Page 14f 93

We aed Ge e age Teec ce ae. Te CEO ed: Jae, Face Teec, C,

Teefca (Jea ecfca ad Teefca e f age), Lee 3, Taa c, ad Tca.15

Sage e f ee cae ae ed a Ge age ce 20072008.

We egaed e ca a Teefca e f e age ce. T a e fd 16:

Teefca ag Ge.

Tee a cac beee Ge ad Teefca.

Ge ag Teefca. Ucea f a e.

Ieeg eg, ee Tca a be a ce ee. Pe Ge cca Tca a

e, ce17:

GOW e Jae a a ce ffeg cca... a a age ce:

Wc dd ge g e ae (ed) ad a ea Jae:

Ea dd, C eed a a 2000 ce efeece , e eed a a ce a a

e 2010 ffeg cca. We ae cfde a Ge dd agca eace 90% f

eed 20072008 eee a f ee ce. A e edece ded ee, ad e

eade f e e, 90% T .


15/93

Page 15f 93

H: GOW 100K, A 35K, W 5K

H , Ma Ta

We ece e Ge ad CEO Jea Gaca Ma ad aed 4 e e1:

H a dd Ge ae 2013?

JB Aa e a 17% f 2013 eee cae f adeg. I cec?

H c NYC ag ? H c Sa Facc ag ?

W ae age Ge Teec ce?

We fd a a ae ee fae eadg. We aed ab , e a ad

Ge de dce & eaed . We e eed , e aeed e 100,000. He

a ae d e e a. Accdg Ge a, e c 5,5302:

We e dec aed f e JB aa e 2013 ee eee bead cec, e

caed Ge de dce Wee eee b ege. He fed e ae c 3:

We d dce eee g ag dea de ee cca. (e eee aed f fee dea).

I abe / I d a de dffee cca dffee aa, e

Tee a Haad Be Ree e ag a ae bee bee e

c ecage a aae e.

Ga C Reeac fd aae f dcg dd, ge e fac Ge ed de

Wee eee dea (Jea cee dd e e ed dce!)4:

G H C

2013

Ge d 100,000

Ge d e e 200,000

Ge d e e 100,000

JB Caa Aa 35,000

G' * 5,530

* M 2014


16/93

Page 16f 93

I 2012 Ge ed dcg e eee ce f Wee ege. Ufae f

Jea Gaca, Ga C Reeac f aae a e a ded e e, e

ee eee dea. Jea f e d ea ag eee (

Wa See aa). Teefe, a a ae f fac, Ge a ded dffee cca

dffee e. T dec cadc ca: I abe / I d a de dffee

cca dffee aa, e.

We a e JB aa e ee be eee bead ce a

Jea a d e e (b efe dce bc fg)5:

Ga C Reeac beee Ge de bc dce c de ee

eee bead, ae becae Wee eee, e Teec eee, ae aea

eaed (e e 90%). Te fg ead d e 90% f Ge Wee eee:

Oed/aaged ae 5,000, e a 5% f a e d ee ae.

Oe 50% f Ge ae ed b Teea, eaed $1 2013,

eg Ge & e e ce.6W G 100

/ 2013

GOW $1 .

Baed a, affc, ad ca, ee a Ge ca ee

e a e ca. Ree ae , e a ef de e, eed, ec.

CEO Gaca ad eeg ee d ee, b a ea ea

e ad da ade. We Gaca fea egae ee a e g ee

caade.7

Ca ebe de e bee daed ce f aced, e abac ace.

Te da Ca.ge.c f ae. Ge cee a Ge/Ibe a

fa Ca faed eab.

Te MaPaa dea e eeae ( eg) ca 800 ea e (c

be, a d eceed e cbed a f e ce). I e ae

Sa e f e e eeae, e d e a a a.


17/93

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G H T C

Ge a e ca c e be f Ge H g a, e gge fd a

gd ea Ge ad CEO Gaca efe bc dce c. We aca

ced a e a dced e a (b ebe ad a). Te be ce

5,000 a f A 2014, 100,000 200,000 (ee e e age f a e deaed abe)8

:

T ea a e ca a geeae 28,427 e e ea ee eed 2013

ee eee f 157 .

Iage f eae (c a Waa, Caef, Mecada) efed dce e e c. I

d be cedce f e ad ce f a eae dce. Ce

d be cfed ee e ae caed (c d dee ea ae). Ad ed de a e ca a de, eadg e c aa. Aag, Ge

efa dce c ae be ee.

C

H

Agea 129

Beg 15

Ce 10

Cg 11

Face 465

Iead 48

Ia 22

Sa 2,114

USA 2,700

UAE 16

TOTAL 5,530


18/93

Page 18f 93

N C

H

H

A Ca Sa 2 face

Aacc Face 45 C

Aacc b Face 2 Ta

Acaa de Gadaa Sa 39 C

Acea de Caaaa Sa 3 C

Ae Sa 73 C

Ae Sa 5 C

Bacae Face 51 C

Bacea Sa 2 CBacea Sa 16 C

Beg Beg 1 Ta

Bee Face 6 C

Bba B Sa 10 Ta

Bba Sa 34 C

Bdea Face 24 C

Be Ae Agea 60 C

Be A e b A ge a 21 Ta

Bge Kg Sa 8 face

Bg Sa 217 C

Ba Sa 140 C

Caf&aa Sa 16 face

Caf&e Sa 179 face

Cae Sa 39 C

Caee Face 33 C

Cea Sa 4 C

Cg Sa 17 face

C Sgeeg Sa 75 Ta

C de a Fea Sa 15 C

Deba Sa 19 TaDea Sa 14 face

Dba UAE 10 Ta

Db Iead 48 C

Eba Sa 25 C

ETS**** Sa 26 C

G Sa 141 C

G Sa 22 C

Ga Sa 166 C

Gd C Agea 48 C

Gaada Sa 40 C

Lage Sa 21 C

Laae Sa 1 Ta

Lege Beg 10 C

Laa Sa 12 face

L Agee U.S 1 C

Madd Sa 53 C

Madd Cafa Sa 4 face

Madd b Sa 10 Ta

Madd Sa 213 C

Madd eaa Sa 3 face

Maaga Sa 2 C

Maaga Sa 52 C

Maca Sa 9 C

Mec Sa 5 C

Meca Sa 4 C

Mee Sa 22 C

Mca Sa 24 C

Na Ia 22 C

Ne Y U.S 2,297 C

Nce Face 31 C

Oee Sa 69 C

Oed Sa 14 C

Pa&c Sa 89 face

Paa Sa 10 C

Pega Face 28 C

PeNe Cg 11 C

P Cae Sa 13 face

Pe de Saa Maa Sa 39 C

Pe de Ra Sa 21 C

RATP Face 66 Ta

RDT 13 Face 127 Ta

Sa Facc U.S 402 C

Saag Ce 10 C

Sad Aaba UAE 4 Ta

Sega Sa 12 Ta

Seag Beg 4 Rag

Sea Sa 31 C

Saa UAE 2 Ta

SNCF Face 25 Ta

Sde Sa 13 face

Vaadd Sa 21 C

V eFa ce S Me F a ce 27 C

TOTAL: 5,530


19/93

Page 19f 93

JB C A E 35,000 , 7 A

JB Caa Mae, e a e, aed e fg9:

GOE ,

, 3,000

, 500,000 .

Ne a JB Caa e egae beage f ceg Ge. Dee ae ae,

Ge a faed aac a a Wa See ee ba. We ae cfde becae ee

ag ee bae, Ge ac cedb.

O 86% H O A, S L M P

N Ge aca a fac f a e ce e, e 86% f Ge

5,530 ae caed d ( ce)10:

O , ( N Y)

Od ae c e dffc ee, a cec affc ed be . Cde:

42% f e 5,526 Ge ae Ne Y ae.

Ne Y f f ea. Ne Ye d ad ad de dg e

cd e, ad e cde a f Sg ad Fa. Ne Ye a d ad ad

de dg e d e. Te efe f a a ee dg e e,

a acded ee dg e ad d e.

Ge a Sabc, Mcdad, Paea, ad e de fee f, ea e e,

ad a cdg e e, Ge ae caae f e ecc ae

dbe adee, eec ea, ec.

I e ea edea aea (ad/ d), d a ea a Ge f

dg ede fee f, e e ea ae e f dg ee acce?

We beee a 2,5003,000 f 5,530 a ae e ca, c fe Ge faca ea f ee ca.

I add e ea aed abe, e a ea a Ge Ne Y ad Sa Facc

ae ed b Teea. A Ge e f Teea, Ge ea

aa/aeace eee ae ed, ea ee. Haf f Ge (Ne Y

ad Sa Facc) beg Teea, e Teea eed e a $1 eee.

G H L T

Ce ( d) 4,771 86.3%

Face (ae ed) 370 6.7%

Ta (B/a) 385 7.0%

TOTAL 5,526 100.0%


20/93

Page 20f 93

R G A H P

I ee e ee ae gd g a ab Ge e ca ef & da ade.

Wee fd a ce g e d ae Ge fee f a . Tae f eae

ee Gge Pa /Add ee (ee Aed D f e ee ad e cea) 11:

Ne e fg (e abe aca eeeae f a e ee ee eceed):

Oe f e ee 5a aed ee aea be fae

T f e ae c , ac a dece dea, a e a gd.

Te 4a aed ee d be a 1a ag, dgg b e ee ce.

M f e 1a ag decbe e a feeg, g, ad e ecfc geace.

Te ee e OS (Ae Pe) ae a . Hee ae e gg: 12

Te be f ag ad aeage ag ae gd. I fac, e Add, a f e gd

ag ae c. S e e ag bab e.

Me a af f e e a e ca cec.

G C R H D D G W I I, I, S

Rae a eg a e ee e ead, Ga C Reeac eed e be a ad

. Oea, e fd a a ca ae e. Hgg cde:

T G A F Te Ge a ega feee. I feeed a ea

ce e da. We ega ad eb ae. We ae eae ec a,

a a bg be. We ca ee d be be f a e ee.


21/93

Page 21f 93

H 30%50% We fd a 30%50% f e e, e ad

f cec ee g e a ad . Oe e, e a deeced.

I a cea f e a fa (b e fe), f e a

ee/fca b e a a fe.

S We e a , e ee abe d a d f bac eb fg (ea,

e, e ebe). Hee, e ee NEVER abe ad a e be c.

I N Y, O R L W I Ne Y, e ega ad g a

a ebe a e ae be, ee g e ee aead gged a e a.

T cea e ag.

G We ee ee abe a a Ge

ga e . We ad ad . I fac, Ge fee f eed ad eab ae

fa e a Sabc, Mcdad, Paea fee f.

G D M P P R: O E S, A S S

J ee ag, Ge aced a ageee Ma Paa, c caed13

:

GOE P

, 0

.

Ge a Ce, Pe, & Cba cbed a 95 , e abe dffc beee14:


22/93

Page 22f 93

T ae ae fa e, Ge de cde a aaga, e fafeced ca, ega Sa e f e ae e eeae ( ee f ef)

://.ge.c/geaaadeaeaecdefgaeeaede

daaeca/

C G W H B I Y

Ge ca15:

C , 30

50 .

://...///201309/26/5690672.

Dffc beee, ge Ge Ca ebe ea caged ce 201216:

J 2d, 2012 ://eb.ace.g/eb/20120702113302/://ca.ge.c/ ?

Je 24, 2014 ://ca.ge.c/

Pa

Ce 17.46

Pe 29.99

Cba 47.70

TOTAL 95.15


23/93

Page 23f 93

I C G F? C.G.

.c da ed beg USdced cae, eea .c ebe ed beg

Cadced cae. O f c e ceced e ://ca.ge.cda, a d

be a gca cce f Ge f e ae e ab e Ca ab. Hee a e fd:

Peae ee Aed C f fa Ge a fae Ca. We fd a, e e

g, Ge a eeeed ad ed Ca .

G R C A

Ma ade becae eced e Ge ece aced GOWEX ad Cc Ace Gba

Saegc Rea B Sa WF Cec S f Ce. GOWEX bece a

Cc Sa+Ceced Ce (S+CC) gba aegc ae. A e caef eadg f e

e eeae, ee, ead a: W ag ? F e agage e e

eeae, a d a f Cc geg ad (ea b Ge).

Sc a e eeae (g Cc) ae e. We eae eade a Ibe

/Cc acee, c bea a eebace ece e:17


24/93

Page 24f 93

2013 E R < 3

M IP, I. I 10

$1.5 10 . / (

) . N M , .

.

, . . Fde f

Mee, Ee V1

T fa, Ga C Reeac a aeed e fg, egadg Ge:

Ge a egaged a cea ae f aea eeea, ce e ea 2000.

Nea a f Ge egac eee (.e. Ge Teec) e, ae.

Ge e ed/aaged c 5% f a e ca ca e.

Ge ca a eaed e 100 ag/ffadg ad egeeg eee

2013 gd be e, ge a e e f e af f GOW e,

Teea, ade $1 eee. A Ge be a feee fee,

e ag ae , a/eed ae , ad fa bee aeae e.

I ec, e ecfca dee dee e Egeeg bege2:

We beee 2013 egeeg eee ae e a 10% f e 40 JB aa eae, a:

We gaeed de f ca cac (beee ce & Ge). Te cac cae 75%

f e 5,530 Ge , dde, ad Egeeg eee < 3 .


25/93

Page 25f 93

CEO Jea Gaca d Ne Y C ad Ge 2 , e eg e e a

NYC a ag Ge 7.5 a fee WF g e c.3

NYC eed $900,000 a, beee 5 ed f (Ge 1 f e 5), accdg

NYC ffca. We ee abe fd a e cac beee Ne Y C ad Ge. 4

Tee fee f cac ace beee C f Sa Facc ad Ge. Sa

Facc ag Ge.5

Teea ea a f Ge US . Ge e ee f

Teea. T Ge ab ee a ee e ad aa (a..a.

e ega) a e e & face de be Ge.6

Teea eed 2013 e a $1 eee f ae ee ege (f

c a fac f a ce f Ge). Ge eed 157, e Teea

ae ae $124 , ad Ge ad $2 b.

CEO M. Gaca d e ab a 10 cac a bc aa ca

g WF aa 1,000 be. We beee e ea Ge a

a a f a fee a c Ge ad aed WF a adf f be. We dead

a e aa ca aed Ge da e eadg e eeae.7

W eeag a f edece f Ge aea eeea, e aed Ee V,

Mee d ee: Wa d ab Ge?

Hee ae gg f cea:

I d e ae e. Te faca ad dce ae e age.

Ce a f e ad aeace f fee ee , b ee c

e be fd ee.

Ge de a ee e ae g Teea. I ed a e a e e e cae Sc Vae a ea. I ed e a

eeg. Ng cae f . (Ga C Reeac beee CEO Gaca debeae ad

eeg e ad e aca ee, b ee da ade e a)

Mea a ad a fee f dea a ca ISP, US Iee. I a 10 ea cac

$1.5 e ea f 10 ea. T e age ae/bc ae ( ecc

e) e Ued Sae. N e ee dg a Mea dg, cde.

Padea ed ea, f e f fee f, b e e abaded . Ea

e ad cac ega Sa Facc, b abaded . Ea eea ced

d ca ee be. MeF e de afe g ae e f

WF e. Tee a bee abe aa fee f be

Ee V a fed ad cced e ee d, ad ecc, ge a

Ge fee f be a eed. Ga C Reeac beee e , aed abe, ae

e a. Ta beg ad, e ae cfde a ee Ee V be ced (g

ecea ed) b fdg e. I e abeced cea, e ecfca dd

ae e, a ba e.


26/93

Page 26f 93

I A R E R C T H

Egeeg eee c f fee ce a Ge f e aa ad aeace f fee WF

(a eeca efeed a e ega). Ge ca f e

egeeg eee ad b ce ffe fee f. Ge a aced a a adf f

aaeaed cac g WF aa ad aeace. Baed Ge e eeae, fg, ad JB Caa eae, e fd a Ge eed e

a e aeage eee e cac ( a c) ad 400,000 e cac 8:

Baed aca cac e aeage aaed cac ae 10%20% f 400,000 (ee Aed

E).

We Ge a d a ad be aee egadg Wee Sa Ce e fd

e aee g aae ad eadg, f e fg ea:

Tee ce d beg Ge, de Ge ae a ece ea e

(eeca e age ce, .e. e e a faca ae).

Ge de de eed, cde fee ee cec.

Ge de bc dce c. We e fc ee a ce

a eed ae dac e f ag e bac e.

Id ee (c a Ee V) eea a ce ae ag a cagfca a f e a WF (eca Mea e e ece).

Ad f e ae, ae ae f eff aa.

A C D S G E R


27/93

Page 27f 93

Ge e fg egeeg eee cce e e ebe9:

Te be abe ae e cac e f a e egeeg cce e ed abe:

E C "S S" C

C H Cac e

Nce 31 Te cac Nce a f a a f 88,000 e ea

Db 48 e beee e c f Db ag Ge a a f e aa

Ne Y 2,297 Te cac Ne Y EDC(f ae) a $900,000 beee fe ed f c Ge a eSa Facc 402 C de a Ge

Cca 47 185,000 e ecfed e

Ga 166 55,000 a ea f 3 ea

Ae 73 43,000 a ea f 4 ea

Be A e 81 U

Bg 217 306,000 e ecfed ed

Bdea 24 48,000 a ea f 4 ea

Oee 69 28,000 a ea; d cac a 60,000 a ea


28/93

Page 28f 93

2013 A R 2

N ( ). E

M F , MF

F . F M, a bee fg e f d f 11+ ea

1

S f ce ae ag Ge (a ea e a e ca), ? Adee?

Ga C Reeac beee Ge caed eda/adeg eee ae deab fae ad

aea accae. F eae, f cae Bg e Ge, fd e cca

e. Bg a e , e a (c adee a f), c bee ad

fa ad ge ce, ad c e affc. Ye, Ge geeae 3.3 Bg ad eee?2

I P?

B G

H Ad 12,000 5,530

A H Ad 65 1

Ladg Page Taffc Ra 42,227 894,546

A Dad 451,152 182,848

Ad Reee ( $ ) 9.1 30.4


29/93

Page 29f 93

We beee a aca eee geeaed f adeg 2 , e a 10% f

a Ge e e. Te fg beef:

Ug Bg eag ec, e cacae Ge adeg eee 2013 be

e a 2 , e a 10% f e JB Caa Mae aa eae.

Ge ad ae f a (ac, da ad). Adee a fa e f ee.Baed ae ae f ad, Ge Ad eee fa e a 2 eae.

We a ee ad e Ge be a H&M, Pe, M&M. Ne f e cce

e Ge ebe ee f ee ee CPG, a adeg agece.

Gecaed c e c b e Ge a de .

Jea ca fee f faed e a becae ae ee c, g

Ge ccef becae f ae ad. H eaa a e, a e .

Te Fde f MWee, a bee fg e ace ge a Ge a bee

be adN ( )

G A R N M 2 B B M

Accdg JB Caa Mae, Ge Meda 2013 eee ad 30 3:

We d fa e JB Caa Mae aa, a e 30 eae f 2013 ce

a CEO Jea Gaca Ma a ae d e. We beee Ge eee f

ad/eda e a 2 , g Bgeaed ec:

G 2013 A R B M

H Ad 5,530Aa F Taffc e H 233,333

A F T 1,290,333,333

F Taffc Ce Rae 0.99%

Ad egagee 12,759,963

Pce e ad egagee $0.21

G 2013 A R 1,931,195


30/93

Page 30f 93

Te Aa F Taffc e H, F Taffc Ce Rae, ad Pce e ad egagee

ec abe ae baed bc aaabe fa ded b Bg, a e be.

Bg a 2.8 b aa , ad 12,000+ ca g ad4:

Bg geeae 33 + ad egagee a a e ea:

Bg geeae 60 ad egagee, a, e ea:

Te a ad egagee ec abe ae ded bg ebe (ee Aed F f

cee).

Bg' Ad Egagee / Yea

A 33,000,000

e 13,000,000

ba 6,000,000

ba 3,500,000

Sg Ma 1,300,000

Sad .a.

C Cee 2,900,000

TOTAL 59,700,000


31/93

Page 31f 93

Pg a e Bg eag ec gee, e cacae Bg Aa F Taffc e

H, F Taffc Ce Rae, ad Pce e ad egagee (ae a eee e Ad

Egagee):

Ne: Bg aa a f affc cacaed b bacg a f affc f 100

f a f affc f 2.8 b. B ae aaabe e age abe.

W W B G 2013 A/M R 2

A, e a be, de e 50% f Bg a ad egagee. Accdg daa

caed f Ge WF a, Ge a 1 a ge Beg. Bg a 66. Becae

a (gf) geeae e ad egagee, e aa a e ce e egagee.

T ea Ge ce e egagee e a Bg, c ea Ge ad eee

ae fa e a 2 . B ee fa e edece gge Ge ce e egagee e a Bg, fa e.

A C L A E R

Oe a c fee WF de ee a adeg e (1) adg age (befe e

e abe f e eb) ad (2) be a a e de.

Adeg ca ce a f:

Da ad,

Sed cec, (f eae, Fee WF, ded b Gge)

Iceed a dad

Vde

A e aead deaed, adee ae g a e f adece a. Adee

ae a g a e f cea fa (c a de). F eae, e ee Wac

de cec f fee Dad a c fee WF , ee ae e e eee ad

egagee.

B' H A E M

Aa F Taffc 2,800,000,000H Ad 12,000

F T H 233,333

2013 Ad Reee $12,350,000

Aa Ad Egagee 60,000,000

R A E $0.21

Aa Ad Egagee NA 26,700,000

Aa F Taffc NA 2,700,000,000

F T C R 0.99%


32/93

Page 32f 93

Te Bg ebe ee e adee dead e ae f ad fa:

Eac fa a a dffee ae. Pae /bae ad ae ced e e eea e

cad fa ge ce:6

Ne a e f ee A Dad/Ea Cec, Vde , ad Da Ad a

gaaee e f f egagee.

G A Q P & A U

Ge e acce g ee a adg age (Ge adeg af WILOC.c)

a Ge be a. Hee a cee f e adg age. We ee a a ge ad7:

A R E C

A Dad/Ea Cec $1.5000

Vde $1.2000

Da Ad $0.4000

Pae Da Ad $0.0002


33/93

Page 33f 93

We ee Ad, ce e ced d:

Te ad e adg age, WILOC.c ae a e b f e age. Ue ae c d.

Da ad a e b f eb age ae a fac f e ae adee caed

e fd a e . Te da ad ae a e e ad.

If e ce a e ad, f e ae Sa ee g f a US . Ica,

WILOC ad f WF Lca ad ed be a gecaed ce af (e ee

a Hacea ca).

Te e ad a bg.c ad. I e a affae dea. Pcg affae dea ae ee e.

Ge ge ad f a ccef b a e. We cc e bae, ae a

bg.c age affae badg e eade:

(://.bg.c/de.?ad=332146;d=27ffb8111eadd98bb5e5e19dd4886eb4;dcd=1&

ag=egb).


34/93

Page 34f 93

O O A E P, P, PC A P

Te ad a Pad be ae a f a ece e da bae a e :

Pe be:

We fd a e Pe be ad PC be aea deca, e ae ad.


35/93

Page 35f 93

Le cae Ge adg age ad Bg adg age ad. Te Bg ad cae

e f age & ee e ac e de ad befe bag f acce:

G ( ,

)

If e ae acce fee f g, Ge be a, Ue ae geeed a ac H&M

Dad Beca ad, a e b (e fd gecaa e ae aa bee geeed

a ae ad):


36/93

Page 36f 93

Oce e a ad, e ee a abg M&M ad (aga, gecaa. We ee e ae M&M

ca eac e):

I fac, ee afe eg 100 f , e a ee ad (eee): Te H&M ad, e

M&M ad, ad a Pe ad. A ee ac da ad.

Bg be a, e e ad, a ce e a dad ad:


37/93

Page 37f 93

G W P R V L

WILOC.c e affc a Aea de ee ae ca daa f . I gba a

894,546 ad a Sa 41,2758:

Bg adg age af, .bg.e , e e ad aed 20X 42,227

:

See Aed F f:

Saeb.c affc ag g a e

Fa, a a dad (OS + Add cbed) ce Jaa 2013 f Bg ad

450,000, eea ad 180,000 f Ge.


38/93

Page 38f 93

G C D

O ebe, Ge ca9:

Zed f e Ge Meda ec:

We fd e abe ca e, a e c b e be a de :


39/93

Page 39f 93

T N S S

Ge ca10:

Y N G . N , .


40/93

Page 40f 93

2013 R O R < 1

Te JB aa eae a Ge geeaed 78 f Ne eee 2013 1:

Te JB aa eae f 78 f 2013 Ne eee ce a Ge a

d e e (eca, Ge ed dce eee b a ee ege 2011).

Ne eee eae Offadg + Rag, e Ge eea:


41/93

Page 41f 93

Ga C Reeac beee a aca Ge 2013 Ne eee ae a 10% f a e

ca ca f e fg ea:

Pa aaged geeae $2.4 2013 eee e Oe Mbe Ecage

ege a e f 2.2 , $1 e e ea.

Ee f Ge ee ee a ag e f 500,000 , Ge eeed a $500,000 e ea, e Pa e.

Ge beeed ae 165 WF ag ae, e ee ae 90 cae ed

e Wee Badbad Aace.

Reca, e af f Ge ae ed b Teea, eaed $1

f e aed ee ege. I dffc beee a Ge geeae 80 eee

e e e/face e ea 1% f a a.

Id ea beee Ge caed 2013 Ne Reee a eceed e a

faca ac e d, e a ae e. Te a beee be f

a Ge be eg d a e f.2

Va ag/ffadg Scce eece ae ee ead f, ae fed bGe eee ca. Se f ee eece ad e ae aae f a cac

beee e ca ad Ge.3

Bg de ee Ge a a ag ae, e ebe.

A P M, G R + O R


42/93

Page 42f 93

90 O L W B E, G C 165 R P

Te b aa a ( agage, f ead caef, defe) Ge a 165 Wf ag

ae:5

A 2013, GOE 83 C

( 125 ), 20 3.5

, 110 1 130

F .

Baed ecede ae, a Jea Gaca Ma a ded e, ae, a

bead f ee eee a ae e e JB aa ee ege eae e

beee a f e fa JB aa de (a bc fg) ae gae f

Ge. Fee, e agage e JB aa e decbe e 165 f ag ae ac

e I beee, e eae agage.

165 f ag ae dffc beee, ge e Wee Badbad Ecage 906

:


43/93

Page 43f 93


44/93

Page 44f 93

If e # f ae be beeed, Ge geeae ea 500,000, e ea, ag +

ffadg eee, e ae:

Pa ece dced ad ged 30 cae e Oe Mbe Ecage ege 7. Ge a

Pa a bee ee e ae f a ea e fd dffc beee Ge a aee

ce 165 cae ag acce e.

Baed cea d ee, 500,000 e ae dffc beee. 500,000 e

ae, a 165 ae, be.

Ica, f Ge a fee a 165 ae, e eee e ae bece ee e cedbe,

ad caed Rag ad Offadg eee, ee e dffc beee:

B G ,

Ge Bg a a ag cce e ebe8:

Ge 2013 Rag + Offadg

Reee e Pae

Rag + Offadg Reee 77,900,000Pae 165

R 472,121

Rag + Offadg Reee 77,900,000 77,900,000 77,900,000 77,900,000 77,900,000 77,900,000

Pae 165 125 100 75 50 25

R 472,121 623,200 779,000 1,038,667 1,558,000 3,116,000


45/93

Page 45f 93

Bg de Ge a a ag ad ffad ae9:

Pbe ea Bg de Ge a a ag/ffadg ae:

Bg a Ge ag/ffadg ae

Bg a Ge ag/ffadg ae, b e ee age/ac ee a, ad

e eee a, eg

I ee cae, beef a Ge e ag + ffadg eee e a 10% f

a e ca a caed be.


46/93

Page 46f 93

O S W S

I ec e dc e fe ae a beef a Ge age a caade. We

a e agabe ad fee ad Ge ad.

G A, M&A A S.L.

Le Ge ad a ca caed M&A Ade, S.L f Madd. T ca age

ee Sa. Ge ee be e bcaded ad ce. I eceedg

ae f a $1$2 b ae ae ca ce a ad. I 2013, Ge ad fee

aed 68,500. Bg ad Pa ad $1.7 ad $1.1 eece.1

We ed M&A Ade, S.L. ffce, c a e f a aae, a aae ce

( a aea a dd ee e a affe aea). Te ad ffce a a 810 . Tee ee

e d g a. We baed e ad be cad2:

He dd ae a be ea adde (c e age), e e ga acc e

bac f be cad:


47/93

Page 47f 93

G A F I B 5%10% P S

Tg GOW 40,00070,000 ad fee de a e e e (.e. e abe a),

ae ee ee ee ce cae Ge ad fee a a % f eee, e ee3:

I a 68,500 ad fee ebe f a ca 182,600,000 f eee (a f c eed

be de Sa), dde ea ad de f bdae? Of ce . Te abd

ad fee e f e, a e 90% f Ge ea eee d e.

O fdg ad ae ce e fg accg d aeage4:

According to CFO.com , Public companies with revenues between $25 million and $99 million

pay an average $419,300 for an audit5

A F % R

2009 2010 2011 2012 2013

Bg 1.80% 1.86% 1.57%

Pa 0.67% 0.84% 0.97%

Rc 0.50% 0.84% 0.48%

Gg 0.00% 0.46% 0.44%

eea 0.89% 0.70% .a.

A 0.77% 0.94% 0.87%

GOWEX 0.07% 0.07% 0.06% 0.05% 0.04%


48/93

Page 48f 93

T H I R CEO J G W, S S A R

A f ae ca ge e, e fd a e CEO fe e ead f Ie Rea6:

We fd Feca Mae gg ff e 2013 aa e (e a age e Eg e):


49/93

Page 49f 93

If d beee a e e CEO fe, ae a a e Offeg Cca fg:

G F L E U T R, P C

GOWEX ed ab e EU Taaec Rege, ab ca edg . I caed ae

e 50 ca edg7:

Ge e a egeg, e Taaec Rege ceed bea8:

O, GOE, (

), 90 50 ,

(5000 )


50/93

Page 50f 93

J G M O D ?

Te CEO c Ca Dece SL ad Beg SA. Tg ee ece, Gaca ced e

a 50% f e ae.

I ee Beg SA a ded 20129:

Ge a Beg VC S.A. a Lebg e, ad a cea, e de f e CEO

aca e ae. W , abe e fd a ea f ece eg ae.

L M A B (MAB)

Le Ge a e d ca g bc e MAB, 2010. MAB a ceaed 2008, ad

a e Ued Sae P See/OTC Ld AIM ecage. Tee ae ecage ed

aac e c fad, ad ea e ca fade. Te MAB a ae cae

fa ae, a e febe ega e a acabe e a ae.


51/93

Page 51f 93

J G Q B T

We beee CEO Gaca ae c bgge be ab, b e de ab e

ega f ag e fg e10:

Te CEO ba ab Ge Ne Y Offce, e ge ebe de a Ne Y ffce11:


52/93

Page 52f 93

Ge ebe de a Ne Y ffce (e a ae a Ne Y ffce Qde c) 12:

Baed ega, Ge e eg ffce ace f a ca caed Sec.

Sec de Va Offce ad S Te Offce Rea .

We Ge age f Sec adae beef a Ge ea ae a fac

a e e. Ge cca Ne Y Ge, d e ca eab a e

eae Ne Y eece? I ae ee.

J G M T S F A R T

O J 26, 2006 Adaced Reface Tecge Ic. aced e a f Jea Gaca a a

dec13:

SAN CLEMENTE, Calif., July 24, 2006 (PRIMEZONE) -- Advanced Refractive

Technologies Inc. (ART) (Pink Sheets:ARFR) is pleased to announce the nomination of

two new Directors. Jenaro Garcia Martin is founder and CEO of IBER-X (IBER Band

Exchange SA) located in Madrid, Spain. IBER-X manages $130 million dollars and

offers its services in eight countries.Mr. Garcia Martin is also co-founder of Blue

Emerald Investment Bank, S.A., located in Luxembourg. Blue Emerald

concentrates on restructuring and investing in companies in the $10 to $50 millionvalue level.Mr. Garcia Martin stated, "I am pleased to begin working with ART as an

outside independent director to help position the company to effectively compete in the

market place going forward with its new products and partners."

Sae f Adaced Reface Tecge Ic. ee eea eded. I a acaed e

Cee eee ege fad c.


53/93

Page 53f 93

Te fg de e fa:

://.abaa.c/agae/ace/ed

faggg_ca_ega_ee_cee_cae_g_eee_ege/

://.ec.g/ga/ad/2011/3464567.df

://aee.c/ega/2006/10/e_c

://eb.adf.c/bad/ead_g.a?eage_d=12424610

VJe, Ic. Deb a Adaced Reface Tecge; Ne Tce Sb

://.aeed.c/eeeae/ecdebaadacedeface

ecgeeceb662604.

J G M O C B O K W E

Tee e f eeece a a Ma faca ad. He a de dce

dec a Adaced Reface Tecge, e a Be Eead Iee Ba, S.A., caed Lebg.

T C C RSF.

Ge ca a edfea.g a e e e ecgca dadaaged 14:


54/93

Page 54f 93

Odd, edfea.g aea a a Ge ce a e:

Ge edfea.g da, ad e (a age):

I REDSINFRONTERAS.ORG : ://.ge.c/ccege/f

da/edfea/


55/93

Page 55f 93

I fac, ee edfea.g ge/be bac 2007 a e, e e abacace:

://eb.ace.g/eb/20070421212416/://.edfea.g/de/ec/de

.?=eace&ad=2

T B P P?

T Fec d, Bea Sacce, a e e. He de a a de g ge c

ed fe:


56/93

Page 56f 93

I cea f Be a e beee f e Ge a ad c e.


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G S W 0.00 S

Ga C Reeac beee GOW ad ALGOW ae 0.00 e ae f e fg ea:

GOW a aca eee, a e cacae, ae e a 10 . Tee ae

e be a a gg cce.

Te ca deb eg ca. Te da f e ca a e

be. We d ee cacae be ega c ad ab f eeea.

Becae e eed eee ae aea accae (e 90% accae), ea e

ca ca f ae accae, ad ee faca aee ae fae. Te dded eage becae c a a a caed aga c

caa Ge a aed.

T , 1.00

Aa aed UK bc WF ea Sec f 23 1. Aa ad 15,500 acce

a e f aac. T ae e f 1,657 e. Baed e

aa, GOW beee 0.13 ad 0.81 e ae:

Ee f ee beee Ge ad 100,000 , ae d be 2.31 e ae.

G E GOW 2013 R

Ga Reed

Teec 2.4 25.4

Wee 5.75 157.2

T R 8.2 182.6

GOWEX V A A

Vae e 1,657

c f a 5,530

(aa eae) 35,000

Sae adg 71,850,000

GOW' V L 0.13

GOW' V H 0.81


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A A: CFO M U R P

T CFO G, F M, 2 G T L C

Ge ffeg cca e a Le Ifaca a e f age ce:

I fac Le Ifaca e g e, a a bee defc ce e 1990:

I be decbed a e a, ga, ad aae

I ebe de aea .efaca.c

Sce: ://.ae.e/IfeEea/480799/LINE_INFORMATICA_SL.


SeaSTe S.L. 54.7% 47.4%

Pae Cg, S.L. 16.5% 18.5%

Le Ifaca , S.L. 14.1% 12.7%


T % 86.7% 78.6%


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T L I P

Te CFO f Ge, Facc Mae, a bee a eeeae f Le Ifaca fea ce

2001


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Ge CFO a a aage f Pae Cg, Ge Teec 2dage ce, 2005 ad

2006.

S:Ae.e Facc Mae Mae Maga, Le Ifaca Pfea SL, PaeCg Y S SL


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Pae Cg ad Le Ifaca Pfea a ae a c eee / aage.

Le Ifaca Pfea ebe de , ee f be: ://.e.e/


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Scee f Le faca Pfea ebe f e a a e e ebe:

://eb.ace.g/eb/20110408153243/://.e.e/

Te abe cee aed 2011. We fd a a cee f e ebe aed 2006

deca (e de gee f a be a):

Sce: ://eb.ace.g/eb/20060110041708/://.e.e/

://eec.cc.e:8080/c/dce_ba/ge_fe?d=8381813637d347cbacb6

19bbf4296bb6&gId=10138


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CFO F M

Led (bed Ge) ded:

://.ed.c/b/faccae/14/a05/529

ge ebe de bga f e CFO, ead ed:

Sce: ://.ge.c/e/abge/ea/


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Ge ffeg cca de e adda fa, b de e e Le

Ifaca Pfea Pae Cg:

C. I. NETCOM TIC BROKER GROUP SL AS TIC BROKER SL A F

Afe SeaSe, Le Ifaca Pfea, ad Pae Cg, e e 2 age ce 2008,

ee AS TIC BROKER SL ad C. I. NETCOM TIC BROKER GROUP SL:

C. I. NETCOM TIC BROKER GROUP SL a caed 2008 ad a ea eae ca. A a e,

e db ee eee ae ea:

://.ea.c/deceea/ceccbeg_5445684_L65_46.


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AS TIC BROKER SL S F

J e C. I. NETCOM TIC BROKER GROUP SL, AS TIC BROKER SL a ea eae ca, caed

2008:

Sce: ://.ea.c/deceea/acbe_5465981_L65_08.

G T R D N A S P

Te ffeg cca be cdaed a:


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Te 20.99 e 24.912 eee (bed ed, age) d ea 26.26

a eec eee be ( ed b):


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A B: E SS G

I SST = G?

Ge ee ecede eeb Ge ecged ae ef (e.g. REDSINFRONTERAS.ORG), e

deed f SeaSTe effece a a f Ge f e fg ea:

Seae ad Ge ee ed IP Addee '83.150.193.0 83.150.193.255'

://.c.c/be/adde/83.150.193.0

Ge ad SeaSe ae e ae Abe cac f IP addee '83.150.193.0

83.150.193.255'. Abe cac = '@ge.c'


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D 213.190.0.0/19 S G

Sce: ://.c.c/be/adde/213.190.0.0213.190.31.255

Sce: ://./e/_e/172670/Le_S_Ge_S_A.


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Seae.c adde = 213.190.7.50 accdg ://.e247.c/fd

addefebe.


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A C: G P C F F

G F C P, C F

Accdg e Teecae (ad fd eeee), IbeX b ACE f E3 ca, ae :

A C E (ACE) (H K) I (),

, E3 . I'

A. C ,

2006, I CEO J G. I J C

C . E42

2002, G. I 300 I L A

E300 2002. 1 2003

Sce: ://.eecae.c/e/bebacefe3caae

380374#.U5U6EPdU4

Te be cced ed (fd e ffeg cca), e Ge/Ibe a fa Ca (a

e ACE Hg Kg ac) faed eab. Ge de ee e, e ffeg cca,

a a Ca e a, a aa.c , de ee e Ge aced Ace Aa:


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Page 71f 93

I ge age: Ge aca ae AceAa a a ce, ffeg cca ( e

f e fac Ge /ed AceAa), e f a e:

If e ded, ://.aceaa.c , I edec ://.e.c/

I fac, accdg abac ace ace, ://.aceaa.cdd e 2010 (e

e f e ffeg cca):


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Te ace edec ://.e.cead:

://eb.ace.g/eb/20110101134339/://.e.c/

Ace f Aa.c (e, aed e be.c ) daeaed, ad e ace

ad e ae e be.c dd (cca 2003):

AaX a bda f IbeX ead e be IbeX a Ee ad Laaeca

ae, ad baed Hg Kg.

://eb.ace.g/eb/20031229053739/://.aa.c/

a e aced e f aa.c abaded afe 2003 (e ebe a f

ge a daed).


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A D: P R D M C S

Ce f e ed (e.g. eda ace, bg, ec):

I ca ee ed a a be f b e a cae HTC a . T ab 510

a e ://.agea.c/gefeefceea

05272622/

Ge fee WF Pa e a ae e

://.ee.c/2012/07/04/gefeefaeaae

e/

Fee WF e ba Pa: a eed ad dag F

://.01.//569083/

/

U C A N C S

A ae cca (b eg) e ecage beee a Ge a e ad CEO Jea Gaca:


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Ca Sce ://e.c/aa/_ee

Te fg e a caed ab ee e ece. Ufae, e Aa Pee, e

dd ea bac:


75/93

Page 75f 93


76/93

Page 76f 93

://e.c/be772US/_ee

A :


77/93

Page 77f 93

We e aca ag ae aca e. We ec a a f e 5 a ag ae f e

ca. F eae:

Nea a e 5 a ag ae age. De d e a e, b ge eee:


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Se aca ead e a 1 a ag, b a a 5 a:

Me ee, Gge Pa a e:


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81/93

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P ee Pe a e:

Sce: ://e.ae.c//a/feefge/d454964689?=8

W ,


83/93

Page 83f 93

A E: E R D

C C

#

H

H

L

*

T

V**

C

P

Y

A Ca Sa 2 face

Aacc Face 45 C 95,334 95,334

Aacc b Face 2 T a 89,800 89,800

A ca a de Gada a Sa 39 C 120, 000 120,000

A c ea de Ca aa a Sa 3 C

Ae Sa 73 C 171,528 4 42,882

Ae Sa 5 C

Bacae Face 51 C 177,000 177,000

Bacea Sa 2 C

Bacea Sa 16 C

Beg Beg 1 Ta

Bee Face 6 C 130,716 130,716

Bba B Sa 10 Ta

Bba Sa 34 C

Bdea Face 24 C 193,000 4 48,250

Be Ae Agea 60 C

Be A e b A g e a 21 Ta

Bge Kg Sa 8 face

Bg Sa 217 C 306,028 306,028

Ba Sa 140 C 18,000 1 18,000

Caf&aa Sa 16 face

Caf&e Sa 179 face

Cae Sa 39 C

Caee Face 33 C

Cea Sa 4 C

Cg Sa 17 face

C S ge e g Sa 75 Ta

C de a F ea Sa 15 C

Deba Sa 19 Ta

Dea Sa 14 face

Dba UAE 10 Ta 0 0

Db Iead 48 C 0 0

Eba Sa 25 C 5,044 5,044

ETS*** Sa 26 C 41,000 3 4,000

G Sa 141 C 50,000 1 50,000

G Sa 22 C

Ga Sa 166 C 165,000 3 55,000

Gd C Agea 48 C

Gaada Sa 40 C

Lage Sa 21 C 1,271 1 1,271

Laae Sa 1 Ta

Lege Beg 10 C

Laa Sa 12 face

L Agee U.S 1 C

Madd Sa 53 C 32,700 1 32,700

Mad d Ca f a Sa 4 f ac e

Madd b Sa 10 Ta 279,560 3 93,187

Madd Sa 213 C

Mad d e aa Sa 3 f ac e

Maaga Sa 2 C

Maaga Sa 52 C

Maca Sa 9 C

Mec Sa 5 C

Meca Sa 4 C

Mee Sa 22 C 40,000 1 40,000

Mca Sa 24 C

Na Ia 22 C

Ne Y**** U.S 2297 C 200,000 .a 200,000

Nce Face 31 C 88,000 1 88,000

Oee***** Sa 69 C 27,962 1 27,962

Oed Sa 14 C

Pa&c Sa 89 face

Paa Sa 10 C

Pega Face 28 C 60,304 60,304

PeNe Cg 11 C

P Cae Sa 13 face

P e d e S a a Ma a S a 39 C

Pe de Ra Sa 21 C

RATP Face 66 Ta

RDT 13 Face 127 Ta 123,630 123,630

Sa Facc U.S 402 C 0 .a 0

Saag Ce 10 C

Sad Aaba UAE 4 Ta

Sega Sa 12 Ta

Seag Beg 4 Rag

Sea Sa 31 C

Saa UAE 2 Ta

SNCF Face 25 Ta

Sde Sa 13 face

Vaadd Sa 21 C 301,695 301,695

V e Fa c eS Me * ** *** Face 27 C 120, 379 3 40,126

5,530 2,837,951 2,150,929

E G' T E R

Ta aa ae f a cac fd 2,150,929

Ta Addeabe 4,121

Aeage eee e 522

Ta Ge e WF a 5,530

I 2,886,347

Reed Egeeg eee 40,500,000

A R % R 7%


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A :

a. Sce: Reece ca ce & Ge a a f A 2, 2014. Ge a added ce A

(ecfca Ccag ad Ma), ee, ee ae Teea ed a Ge e. Teefe, a

dced e e, e ea ea f ee ee (eeca f a

egeeg eee eece).

b. F e f e cac daed e age, cac da . M cac ae 1 4 ea da. T be aded ae a cac e ae a ed f ee ea. F

eae a $300,000 cac bece a $100,000 cac a ea ba.

c. I e eae f ge e egeeg eee e b g ad ce, e Ta aa ae f a

cac fd e f e ae e c ed Pae e ea fd e age abe.

d. Ta addeabe ae e ee e ee abe cae a cac.

e. Aeage eee e = Ta aa ae f a cac fd dded b Ta addeabe

f. Ta Ge e WF a e f a .

g. Ied a aa eee e dc f Aeage eee e ad Ta Ge

T :

*Baed be eae

**We f aaabe e aa aed e ae f e cac ecded VAT

***Cac Te cde 29,000 f ae, ad 4,000 e ea aeace ae

****Ne Y eaed baed $900,000 beee 5 ee.

*****We dead e Oee cac a 60,000 e ea

******Udead a cac a aca aaded Aaea

We ed ac ecfc cac, ee e ca be 100% cea a ecfc cac ced ecfc a a cac ae g ae fa. A e ca be 100% cea a e ae g

ceea fa f e ae aead ceaed ecfc cac.

A a ae eae, ee e fg cac e e age:


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Sae Cac c f Ae

Sce: ://ede.aa.e/ba/2012/05/10/201207756.df


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A F: A A F

B


87/93

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88/93

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WILOC.c eb ag:


89/93

Page 89f 93

Bg.e:

Sce: Saeb


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E N

I

1. GOW fg, Bg, Pa, ad Teea fg.

2. Accdg e Fde f Mee: Tee abe STAND ALONE fee WF be

e ge f e.

3. A UK WF S 23

://.//2012/07/02/

23/

A R 90% L R

1. GOW, Bg, Pa GOOG, MSFT, FB fg.

2. GOW fg, Ga C Reeac caca.

3. Bg, Pa, Rc, Gg, Teea, ad GOW fg.

G T & H M M

1. I O P E M I A Seebe 26, 2000 , WSJ Ee

2. I G B P O F , N 22000, J

K J ://2../.?=&=77

3. I ACE E3 , ://..//

3380374

4. Cea Ge Maagee

5. ://../6. ://.// .

7. GO O C

8.

9. A. PJ G I

10.S SL, ://..:8080///?=83818136

3734761942966&I=10138

11.GOW Offeg Cca

12.S

a. ://eb.ace.g/eb/20110130112751/://eae.c/eae/

b. ://eb.ace.g/eb/20090221173541/://.eae.c/eae/1565.

13.GOW Offeg Cca

14.GOW Offeg cca, ad aa e

15.Cea Ge Maagee

16.Ga C Reeac ega

17.Ge Offeg Cca


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GOW 100K, A 35K, W 5K

1. Cea GOW Maagee

2. H e Ge.c a ad e Ge fee f be a, a f A 2014. JB

Caa Ia Re, Feba 2014. Ga C Reeac ega.

3. Cea GOW Maagee4. GOW Offeg Cca

5. JBCaaMae GOW Ia Re, Feba 2014.

6. Teea fg, ad cea aagee.

7. Mee Fde: I ed a e a e e e cae c ae a

ea. Ted e eeg. Ng cae f .

8. Ge H e Ge.c a ad e Ge fee f be a, a f A 2014.

9. JB Caa Ia Re, Feba 2014.

10.Ge H e Ge.c a ad e Ge fee f be a, a f A 2014.

11.Gge Pa Se

12. OS Ae APP e13.Ge Ma Paa Pe Reeae Je 52014 ://.ge.c/e/geada

aaeadeagefeefecaaecaeaeec

2/#a.JGJ57ZH.df

14.Wdba

15.://...///201309/26/5690672.

16.://ace.g/eb/ f ca.ge.c ad ://ca.ge.c/

17.://e.cc.c/eeae/1437076/GOWEXadCcAceGbaSaegc

ReaBSaWFCecSfCe?_ed=

Cc a eade Sce: ://2.be.c/de.?ac=g&ec=83

2013 E R < 3

1. Cea Ee V

2. F ece PDF eea, cded e (a ee) eac Ge CEO

3. O cea GOW aagee, ad GCR ega

4. ://.cedc.c/eeeae/abbegaceeaeead

eeadbadbadcecad GCR ega

5. O cea GOW aagee

6. O cea Teea

7. GCR ega

8. Va Ge e eeae, fg, ad aee. Egeeg eee eae f

JBCaa, b ae ce GOW a d e.

9. ://.ge.c/e/fce/gefca/


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2013 A R 2

1. Cea Ee V fde f MWee

2. Bg fg, ad ebe. GOW a, ace, aea, aae, ec.

3. JBCaaMae GOW Ia e Feba 2014

4. Bg.c f adee (bc aaabe)5. Sce: ://.ge.c/e/fce/geeda/

6. GCR Iega fdg

7. Wc.c

8. Aea.c

9. Ge ebe, e eda ec. Ge A.

10.

2013 R O R < 1


2. GCR ega fdg

3.

4. Pa fg


6. ://.baace.c/ebe/ebefe/

7. Pa Feba 12, 2014 e eea

8. ://.ge.c/e/fce/geag/

9. ://.bg.c/beece/#3980

10.://.bg.c/beece/agcaeffad/

O S W S

1. GOW, B, P

2. GCR I

3. GOW, B, GOGO, T, P

4. ://.facaeece.g/fef/dad/2012%20Fa/2012016.df

5.

http://ww2.cfo.com/accounting-tax/2011/06/little-change-in-audit-fees/

6. GOW

7. ://.aee.g/e/defa/fe/dce/Ddgdaa.df

8. ://.aee.g/e/defa/fe/dce/Taaec%20Rege%20ea%20ae%20ad

%20%20ced_FULL%20ARTICLE.df

9. ://ecae.c/cae//B90934

10.://e.c/e_e/a/463903528021274624

11.://e.c/e_e/a/478848147939426304

12.N N Y ://..////


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13.A PR http://globenewswire.com/news-

release/2006/07/24/346094/102605/en/Advanced-Refractive-Technologies-Announces-

Nomination-of-Two-Directors.html#sthash.uQPrV92c.dpuf

14.Ge Offeg Cca

G S W 0.00 S

1. A UK WF S 23

://.//2012/07/02/

23/

let’s gowex: la charada pescanova (a pescanovan charade)

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