Rob Goldman - October 31, 2021

Today may be Halloween but this company is anything but scary, except for its positioning, of course. By the way, our PURA recommendation earlier this month ran from $0.06 to $0.25 in 2 weeks before major profit-taking ensued and we believe a similar return could happen in the near term in this situation.

FAST FACTS

• LandStar (OTC – LDSR) is engaged in a cybersecurity roll-up and just closed a key acquisition, with more on the way, and a $10M annual revenue-run rate is set to occur beginning in early 2019. The most recent deal, ARALOC, recorded $500K in 2017 EBIT, and the Company’s SaaS model is all about huge revenue growth and high profitability.

• We initiated coverage of this award-winner last week and recent news has prompted us to consider raising our financial forecasts and price target.

• LandStar’s new Personal Privacy Compliance solution to support the medical marijuana industry represents a pivot toward becoming an emerging leader in one of cybersecurity’s most important markets. Moreover, it solves a critical, unmet need in the market and warrants a substantially higher valuation for these shares.

• An $8B market, privacy protection for medical marijuana consumers is not directly enforced on a federal level, and is limited on a state level, but looms on the horizon. LandStar has an active, proven solution in place in Canada and it will soon be offered to related US medical marijuana consumers and vendors

• Whether it is the enterprise level with GDPR, other cyber offerings, the medical marijuana personal privacy protection, potentially HIPAA regulations, or its offering for Facebook users, LandStar’s Data443™ is poised to be a high-growth, very profitable, diversified cybersecurity player--with leadership in Privacy Compliance.

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SENIOR ANALYST: ROBERT GOLDMAN Rob Goldman founded Goldman Small Cap Research in 2009 and has over 20 years of investment and company research experience as a senior research analyst and as a portfolio and mutual fund manager. During his tenure as a sell side analyst, Rob was a senior member of Piper Jaffray's Technology and Communications teams. Prior to joining Piper, Rob led Josephthal & Co.'s Washington-based Emerging Growth Research Group. In addition to his sell-side experience Rob served as Chief Investment Officer of a boutique investment management firm and Blue and White Investment Management, where he managed Small Cap Growth portfolios and The Blue and White Fund.

ANALYST CERTIFICATION I, Robert Goldman, hereby certify that the view expressed in this research report accurately reflect my personal views about the subject securities and issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the recommendations or views expressed in this research report.

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