ORLANDO, Fla., Sept. 24, 2008 (GLOBE NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., today announced that it has dropped research coverage on Newtek Business Services, Inc. (Nasdaq:NEWT).
RedChip Companies' initial rating of "Speculative Buy" and target price of $3.50 and later ratings of "Buy" and target prices of $3.50 are no longer active. For further information on RedChip Companies, our rating system and our dropping coverage policy, please visit http://www.redchip.com/independent/redchipresearch.asp?show=dropped and review any and all pertinent policies and disclosures.
About Newtek Business Services
Newtek is a direct distributor of business and financial services to 88,000 small and medium-sized businesses, acting through it's wholly and majority owned subsidiaries. Newtek provides electronic merchant payment processing to more than 13,400 small business merchants and specializes in providing small business loans guaranteed by Small Business Administration. In addition, Newtek provides business brokerage, tax filings, advisory services, payroll services and business plan preparation, and deals in insurance products.
About RedChip Independent(tm)
RedChip Companies, Inc. is a well-established source of independent research and information on the small-cap market. Dedicated to "Discovering Tomorrow's Blue Chips Today,"(tm) its analysts seek out up-and-coming and undiscovered small-cap companies before they show up on Wall Street's radar screen. To view the full versions of RedChip Independent equity research reports, subscribe to RedChip's Research Community online by visiting http://www.redchip.com/research/researchmain.asp or call 1-800-REDCHIP.
The RedChip Companies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2761
Disclosure
Neither RedChip Companies nor the analyst has received any compensation from Newtek Business Services, Inc. or any other party for the writing and preparation of the equity research report(s). The analyst(s) contributing to the report(s) do not hold any shares of the subject securities. The report(s) are based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures, or other derivatives related to such securities.