PHD Consulting Services (“PHD”)
is not a law firm and does not provide legal advice. However, PHD has an individual on its staff that
is also licensed as an attorney providing legal advice in his separate capacity as an attorney.
A
consulting relationship with PHD does not provide the legal and professional protections that normally exist
under an attorney-client relationship, such as: (i) attorney-client privileged communications and; (ii) prohibitions against
an attorney having relationships with clients, representing other persons with conflicting interests, receiving referral fees
from third-party vendors, or prospectively limiting liability for malpractice through a contractual provision in a client
agreement.
If a securities regulator has initiated an investigation or enforcement action
alleging an individual or firm has violated an applicable law, the individual or firm will need to retain separate legal representation
before the securities regulator.