Cardinal Research LLC
Cardinal Research LLC is an equity research, institutional investment and corporate consulting
company specializing in several key industries and focusing primarily on medium, small and micro
capitalization companies.

Cardinal Research also works closely with John Celentano, President of Skyline Marketing, which
specializes in telecom market analysis and strategic consulting.  Additionally, Cardinal Research
provides industry research and consulting, primarily for corporate entities in the telecommunications
industry.  Please see the
Corporate Services section of our website.

Cardinal’s primary research initiative includes focused research for institutional clients and an
institutional marketing relationship with a brokerage and trading firm.  Specifically, Cardinal Research
focuses on the telecommunications and capital goods industries.  Research includes periodic update
reports on companies in each industry as well as brief descriptive reports and timely
recommendations.
 
BIOGRAPHIES:

Theodore J. Moreau, CFA - Principal
Ted Moreau, CFA is Principal of Cardinal Research LLC.  Prior to heading up Cardinal Research, Ted
worked as a Financial Analyst for 34 years, including 23 years at Robert W. Baird & Co. Inc.  Ted’s
previous experience also includes Senior Utility Analyst with First National Bank of Chicago, and Analyst
at George E. Phelps Company and Blunt Ellis & Loewi. Ted has been honored three times as one of the
country's top Communications Analysts in The Wall Street Journal's annual "Best on the Street" survey
and also distinguished himself as an Institutional Investor "Home Run Hitter". He received his BBA and
MBA from the University of Wisconsin-Madison.


Ted J. Moreau, Jr., Principal
Ted Moreau is a principal and analyst for Cardinal Research LLC and maintains over seven years
experience in the telecom and investment industries. After graduating in Finance from the University of
Wisconsin-Madison, Ted started his career as a Telecom Equipment Market Analyst at Emerson.

John Celentano
John is President of Skyline Marketing Group.  John's consulting focus covers optical networking,
broadband access, next generation switching, wireless, and DC power systems.  John has over 30
years of experience in the telecom industry, and has worked in engineering and management at Bell
Canada, in product marketing at Nortel Networks, and in consulting at NBI.  John holds a degree in
electrical engineering from McMaster University, has studied marketing at the University of California,
Santa Barbara, and is a management graduate of the Bell System Center for Technical Education.
© Copyright 2008
Cardinal Research LLC
758 N. Broadway - Suite 1224 -  Milwaukee, WI 53202
Cardinal: of foremost importance, valuable, paramount, esteemed, salient, distinctive,
fundamental, material, primary, notable, imperative, outstanding, critical, capital, chief and  
foremost.  We believe these definitions best describe the character of our firm.