Clarus Corp CLRS.PK

CLRS.PK is a shell company with no current operating business but instead has about 85 million in cash and 223 million in NOLs. CLRS.pk is seeking to acquire a business in any industry and is being managed by the highly successful investor Warren Kanders. Kanders has a successful track record most notably with AH (NYSE) Armor Holdings. Armor Holdings (AH) had about a 30% compounded growth rate after he took it over.

Taken from the May 5, 2008 first quarter results

Warren B. Kanders, Executive Chairman of Clarus, stated, "While the state of the economy and credit markets continue to be challenging, this has not translated into a slow-down in potentially actionable transaction opportunities under review or materially impacted our ability to seek debt financing. We continue to be actively reviewing potential acquisition opportunities that meet our publicly stated goals of acquiring an industry market leader with solid management teams, strong free cash flow generation and a minimum EBITDA of $25 million."

CLRS currently sells at $5.50 with $5.07 in cash, 223 million in NOLs coupled with Warren Kanders represents a stock with a significant margin of safety. I own shares of CLRS.PK and was buying this Friday 06/28/08. I consider CLRS a compelling opportunity with an excellent risk reward ratio .

RLOG (Rand Logistics): Positives; Strong economic moat, Long term growth opportunities set in place , Upbeat conference call on 7/26/08; Talented management, large NOL's; Negative: excessive dilution from warrants and restricted stock grants.

For me it is a long term hold that could pay off significantly in several years.

IPAS; At 2.00 the stock looks like a buy at or below these prices

I own shares in CLRS.pk and RLOG. no postion in IPAS at this time