<PAGE>
U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 1997
[ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
------------- ------------------
Commission file number 0-21753
Service Systems International, Ltd.
----------------------------------------
(Exact name of small business issuer as
specified in its charter)
Nevada 88-0263701
- --------------------------------------------------------------------------------
(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
2800 Ingleton Avenue, Burnaby, B.C. Canada V5E 3S5
- --------------------------------------------------------------------------------
(Address of principal executive offices)
604-451-1069
- --------------------------------------------------------------------------------
(Issuer's telephone number)
12840 16th Avenue, Suite 203, White Rock, B.C. Canada V4A 1N6
- --------------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes X No
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by court. Yes No
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: 5,279,338 as of
May 31, 1997.
Transitional Small Business Disclosure Format (check one):
Yes No X
---- ----
<PAGE>
INDEX
- --------------------------------------------------------------------------------
PART I FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS.....................................2
Consolidated Balance Sheets as of May 31, 1997 and August 31, 1996 (unaudited).3
Consolidated Statements of Operation for the nine months ended
May 31, 1997 ( unaudited)..................................................4
Consolidated Statements of Cash Flows for the nine months ended
May 31, 1997 ( unaudited)..................................................5
Computation of Per-Share Income................................................6
Statement of Pro Forma Information.............................................7
Notes to the FINANCIAL STATEMENTS........................................8 and 9
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITIONS...........................10 and 11
Part II Other Information....................................................12
Signatures....................................................................13
1
<PAGE>
Part 1. Financial Information
Item 1. FINANCIAL STATEMENTS (UNAUDITED)
2
<PAGE>
Service Systems International, Ltd.
(A Development Stage Company)
Balance Sheet As of May 31, 1997
and August 31, 1996
(Unaudited) (Audited)
Consolidated Non-Consolidated
May 31, 1997 August 31, 1996
(see Note 1)
ASSETS
Current assets:
Cash $ 10,084 $ 56,988
Accounts receivable 70,116 -
Inventory 421,815 -
Prepaid expenses 13,160 -
Held to maturity investment -
Research credit receivable 237,794 -
Stockholder advance - 192
---------- ----------
752,970 57,180
Notes Receivable - Affiliate - 125,000
Capital Assets (Note 4) 185,843 43,600
Intangible Assets (Note 5) 35,638 -
---------- ----------
$974,451 $225,780
---------- ----------
---------- ----------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $124,274 $ -
Accrued liabilities 11,311 -
Vacation pay payable 10,375 -
Customer deposits 7,242 -
Loans from related parties 749,770 81,833
---------- ----------
902,972 81,833
Long Term Debt (Note 6) 1,469,660 -
---------- ----------
2,372,633 81,833
---------- ----------
Stockholders' equity:
Common stock, $.001 par value,
50,000,000 shares authorized, 5,279,338
and 3,348,000 issued and outstanding
respectively 55,239 3,348
Additional paid-in capital 1,798,956 382,344
Deficit accumulated during development stage (3,246,019) (241,218)
Foreign exchange translation adjustment (6,359) (527)
---------- ----------
(1,398,182) 143,947
---------- ----------
974,451 $225,780
---------- ----------
---------- ----------
See accompanying notes to financial statements.
3
<PAGE>
Service Systems International, Ltd.
(A Development Stage Company)
Consolidated Statement of Operations
For the three months and nine months
periods ended May 31, 1997
(Unaudited)
Three months Nine months
------------ -----------
Project Revenue $ 0 $ 25,074
Project costs 10,778 58,450
------------- -----------
Gross Profit (Loss) (10,778) (33,376)
------------- -----------
Expenses
General and administrative 132,133 288,476
Research and development 98,882 175,532
Selling 47,152 103,707
------------- -----------
278,167 567,715
------------- -----------
Net Loss from Operations Before Other Items (288,945) (601,091)
Other Items
Goodwill expensed - (2,347,351)
Interest Income - 1,435
Miscellaneous Income - 20,263
Adjustment of revenue (Note 3) (78,057) (78,057)
------------- -----------
Net Loss for the period (367,002) (3,004,801)
------------- -----------
------------- -----------
Net Loss per share $ (0. 07) $ (0.65)
------------- -----------
------------- -----------
Weighted average shares outstanding 5,266.005 4,656,448
------------- -----------
------------- -----------
See accompanying notes to financial statements.
4
<PAGE>
Service Systems International, Ltd.
(A Development Stage Company)
Consolidated Statement of Cash Flows
For the nine month period ended May 31, 1997
(Unaudited)
Nine months
-----------
Net Cash (Used By) Operating Activities $ (464,792)
-----------
Cash flows from investing activities:
Additions to capital assets (1,270)
Additions to intangible assets (6,021)
Increase in notes receivable -
Acquisition of subsidiary (Note 2) 1,537
-----------
Net Cash (Used By) Investing Activities (5,754)
-----------
Cash flows from financing activities:
Proceeds from sale of stock 312,233
Foreign exchange translation adjustment (4,045)
Proceeds from (repayment of)
related party borrowings - net 65,455
-----------
Net Cash Provided from Financing Activities 423,643
-----------
Net Increase (Decrease) in Cash (46,904)
Cash - Beginning of Period 56,988
-----------
Cash - End of Period $ 10,084
-----------
-----------
Income Tax Expense $ -
-----------
-----------
Non-cash Financing Activity
A total of 1,474,918 shares were issued to
acquire 50.689% of a subsidiary (see Note 2)
See accompanying notes to financial statements.
5
<PAGE>
Note 1 Summary of Significant Accounting Policies
The accompanying condensed unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for
interim financial information and with the instruction to form 10-QSB.
Accordingly, they do not include all of the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments
(consisting of normal recurring adjustments) considered necessary for a
fair presentation have been included.
The results of operations for the period presented are not necessarily
indicative of the results to be expected for the full year. Information
for the comparable periods of the fiscal year ended August 31, 1996, is
not provided as the information had not been produced in that format and
is therefore not readily available.
Note 2 Consolidated Financial Statements
These interim financial statements include the accounts of the Company,
and its newly acquired 50.689% owned subsidiary UV Systems Technology
Inc. ("UV"). As UV was acquired on December 1, 1996, results of
operations include only the period from December 1, 1996 to May 31,
1997. Comparative figures only include the accounts of the Company.
Note 3 Adjustment of revenue ($78,057).
The reversal of the sale to the City of Chilliwack, which is fully
discussed in Management's Discussion resulted in an adjustment to the
revenue accounts as reflected on the Statement of Operation. In addition
the Inventory and Accounts receivable accounts were effected.
Inventory 124,793
Revenue 78,057
Accounts receivable (202,850)
Note 4 Capital Assets
Capital assets are stated at cost less accumulated depreciation.
<TABLE>
<CAPTION>
May 31, August 31,
1997 1996
Accumulated Net Book Net Book
Cost Depreciation Value Value
$ $ $ $
<S> <C> <C> <C>
Computer equipment 28,855 5,902 22,953 -
Computer software 3,771 755 3,017 -
Display equipment 31,995 7,999 23,996 -
Office furniture and equipment 25,589 6,397 19,192 -
Plant jigs, dies, moulds,
tools and equipment 115,328 16,547 98,781 43,600
Leasehold improvements 26,858 8,953 17,905 -
-------- -------- -------- --------
232,395 46,552 185,843 43,600
-------- -------- -------- --------
-------- -------- -------- --------
Depreciation per class of asset:
$ $
Computer equipment 2,361 -
Computer software 302 -
Display equipment 3,199 -
Office furniture and equipment 2,559 -
Plant jigs, dies, moulds,
tools and equipment 6,619 -
Leasehold improvements 2,685 -
-------- --------
17,726 -
-------- --------
-------- --------
</TABLE>
Note 5 Intangible Assets
Intangible assets represent legal costs associated with registering
and protecting certain patents and trademarks associated with the
System. These assets will be amortized when the Company completes its
pilot plant testing. Components of the System were patented in the
United States on April 12, 1996. Applications have been made for
patent protection under the International Patent Protection Treaty
covering up to 40 countries.
Note 6 Long Term Debt $1,469,660.
Long Term Debt occurs as a result of the consolidation of UV Systems
Technology Inc. (UVST), and the Company. Preferred shares were issued
in August 1995 by UVST to the two minority stockholders; Working
Opportunity Fund (EVCC) Ltd. (WOF), and MDS Ventures Pacific
Inc.(MDS); together holding 49.31 % of UVST. By agreement signed
December 6, 1996 with WOF, and MDS, the Company will acquire the
remaining common and preferred shares by issuing 250,000 common shares
to each to WOF and MDS for 50 % of the preferred shares (long term
debt) and issuing a joint secured debt instrument for the remaining
50 %. The common shares are transferred on receipt of funding A copy
of this Agreement including details of the purchase transaction was
attached to the 10-QSB for the quarter ended February 28, 1997.
6
<PAGE>
Service Systems International, Ltd.
(A Development Stage Company)
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS AND FINANCIAL
CONDITION.
The following discussion and analysis should be read in conjunction with the
Company Financial Statements and Notes thereto. Information discussed herein may
include forward-looking statements regarding events or the financial performance
of the Company, and are subject to a number of risks and other factors which
could cause the actual results to differ materially from those contained in the
forward-looking statements. Among such factors are: general business and
economic conditions; customer acceptance and demand for the Company's products;
the Company's overall ability to design, test and introduce new products on a
timely basis; the nature of the markets addressed by the Company's products; and
other risk factors listed from time to time in documents filed by the Company
with the SEC.
BASIS OF PRESENTATION
Information for the comparable periods of the fiscal year ended August 31, 1996,
is not provided as the information had not been produced in that format and is
therefore not readily available.
MANAGEMENT'S DISCUSSION
The Company is a development stage company which was incorporated in the State
of Nevada in August 1990, and remained inactive until September 1995. The
initiation of the Company's current business was accomplished by the
acquisition of a majority interest in UV Systems Technology Inc. (UVST) as
discussed below. Through UVST, the Company manufactures and markets the Ultra
Guard-TM- ultra violet based patented water treatment system. These products
are sold primarily for municipal wastewater disinfection, however the system can
also be adapted for treatment of process and industrial wastewater ( where it is
currently being applied through UVST's Japanese agent) and for potable water,
bottled products and agriculture and aquaculture water treatment.
In September 1995 the Company initiated a marketing distribution agreement
with UVST, which manufactures equipment using proprietary ultraviolet light
technology for the microbiological disinfection of industrial and municipal
wastewater. In July 1996 the Company entered into a funding agreement with
UVST, whereby the Company provided 50% of UVST's operating cash needs for a
six-month period, during which time the companies planned to complete a
merger. On December 1, 1996, the Company acquired 50.69% of the common stock
of UVST from two principals and the minority stockholders. On December 6,
1996, the Company entered into an agreement with the remaining two minority
stockholders, Working Opportunity Fund (EVCC) Ltd. and MDS Ventures Pacific
Inc., to acquire the remaining 49.31% common stock and their preferred stock.
A copy of this Agreement was filed with the Company's Form 10QSB on April 21,
1997. The effect of these transactions when completed will give the Company
100% ownership of UVST.
UVST, also a development stage company, was incorporated as 479393 B.C. Ltd.
pursuant to the Company Act of British Columbia, Canada. On August 14, 1995,
479393 B.C. Ltd.'s name was changed to UV Systems Technology, Inc. UVST has
developed and patented an ultraviolet disinfection system called the Ultra
Guard-TM-System ("the System"). UVST holds various patents on System
components and ultraviolet lamps. One full scale pilot plant System had
previously been sold in New Zealand and a promotion full scale demonstration
System had been sold into Western Canada.
During the past three months the Company has continued with its System
development and testing programs. These programs include the development of
both a mechanical and electronic automatic cleaning system to remove the
fouling build-up due to suspended solids prevalent in wastewater. The
program of development on the mechanical cleaner has shown that the method
chosen is viable and does perform the function desired and the Company now
has an automatic cleaning method available for resale. Refinements of the
cleaning method are continuing and are expected to be completed in the first
quarter of fiscal 1998. A temperature control system for use within the
System reactor was also completed and is also available for sale as an
attachment to the System. The program on the electronic ultrasonic cleaning
system is moving forward with the supplier of the ultrasonic equipment;
partnering with the Company, providing the test equipment at no cost.
Delivery of equipment is scheduled for early August 1997. During this
quarter the Company through it's agents continued product marketing. The
Company has made proposals to potential clients during this reporting period
which in total amounted to potential contract worth of approximately $3.6
million. None of these proposals has yet resulted in contracts with the
Company.
In March 1997 the Company received an order for a full scale System for
treatment of up to one-fifth of the sewage effluent of Quebec City. In June,
1997 the client requested that the order be delayed until the end of the
current year disinfection period (Oct 31,1997). During this non-treatment
period the client will have access to and be able to install equipment which
will vary the effluent flow to the five treatment channels now containing
the competitor's (Trojan Technologies Inc.) equipment. These changes will
adjust the effluent flow to allow for differences between the method of
effluent flow control used by the Company's UV system and that used by the
competitor's UV system. The planned installation of the Company's UV system
would then take place and testing is expected to occur in January 1998. On
successful completion of testing, the Company plans to negotiate for the
installation of a system for treatment of effluent in the four remaining
channels, which if successful would result in a total project value estimated
at $2.0 million. In addition, the Company plans to make proposals for the
retrofit of the competitor equipment at another site of approximately equal
size in the same city.
The Company had been unable to complete testing of the full scale
demonstration system, at the City of Chilliwack located in Western Canada,
due to excessive flows through the Sewage Treatment Plant (flows near double
those contracted for). The City was unable to fund the increased cost of the
UV equipment required to treat the excessive flows at this time. As a
compromise the Company agreed to defer and reverse the sale subject to
release of deposit security and continued site use for demonstration,
research and development. The release of deposit security provided the
Company with $102,232 cash towards its operations (See Results of Operations
for the Nine Months Ended May 31, 1997 and Liquidity). Testing of the
prototype mechanical cleaning system was performed and continues at this site.
Rework on a previously delivered project identified a manufacturing defect
in a purchased electrical component. Having identified the problem permitted
the final repairs to be accomplished. Management believes that the solution
of this problem will significantly reduce or eliminate the potential of any
future repair costs to the Company from these components in existing and
future projects.
7
<PAGE>
RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED MAY 31, 1997
During the three -month period ended May 31, 1997, the Company had no revenues.
This report is the second report for the company. Since no operations occurred
during the same period in the fiscal period ended August 31, 1996, no meaningful
comparison is practicable at this time.
During this period total cost due to previously delivered projects amounted
to $10,778. Operational costs amounting to $278,167 including, General and
Administrative Expenses of $132,133, Research and development of $98,882 and
Selling Expenses of $ 47,152; totalling $288,945 for the three month
period. The adjustment of revenue reported under Other Items resulted in an
increase to the loss for the three month and nine month periods in the amount
of $78,057 bringing the total adjusted loss for the three month period to
$367,002. The Consolidated Balance Sheet was effected as well by the
reversal of sale, as discussed in Management's Discussion. Accounts
receivable were reduced by $202,850 to $70,116, Customer deposits were
reduced by $109,059 to $7,242 held for maturity investments were reduced from
$220,417 to $0, and inventory was increased by $126,506. Cash made available
to operations was $102,232.
Operation losses of $288,167 for this three month period, plus the previously
reported six month period loss provided a before Other Items total loss of
$567,715 for the nine months. Included in Other Items are amounts incurred
due in part to the acquisition of UVST and in part to the reversal of
previous year gross revenue contributed from the sale to the City of
Chilliwack (See Management's Discussion). This negative Adjustment to
revenue amounted to $78,057.
LIQUIDITY
During the six months ended May 31, 1997, the Company financed its operation
in part from proceeds of sales of restricted common stock. Warrants were
converted to common stock at $1.25 per share for a total of $50,000.
Management/shareholders loans contributed $99,366 and the release of sale
(noted above) of the security deposit resulting from the reversal of sale to
the City of Chilliweck contributed $102,232. In the short term the Company
will continue to fund its operation through internal sources, through private
placements of its securities and/or through debt financing. For the longer
term, the Company is exploring alternatives to raise additional capital
including issuances of additional securities in either private placements or
through a public offering. These funds will be used to purchase fixed plant
and demonstration equipment, increase engineering and sales staff as
necessary and finance operations. Through it agents and representative, the
Company will aggressively advertise and work to generate revenue through
sales of projects which will be purchased during the next 3 to 6 months.
Failure to receive these funds may be expected to have a material adverse
effect on the company.
8
<PAGE>
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None
ITEM 2. CHANGES IN SECURITIES
None
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4. SUBMISSIONS OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
The address of the Company's main headquarters has been
changed from 12840 16th Avenue, Suite 203, White Rock, B.C.
Canada to 2800 Ingleton Avenue, Burnaby, B.C. Canada V5E 3S5
and the new phone number is (604) 451-1069
ITEM 6. EXHIBITS AND REPORTS on Form 8-K
(a) Exhibits (exhibit reference numbers refer to Item 601 of
Regulation S-B)
Exhibit Number Description
- -------------- -----------
(3)(i) Articles of
Incorporation(1)
(3)(ii) Bylaws(1)
(10)(i) Agreement Between
Communaute Urbaine
de Quebec and UV Systems
Technology, Inc, dated
March 7, 1997(2)
(10)(ii) Agreement, as
amended among
UV Systems Technology,
Inc., John Gaetz,
Douglas Sommerville,
Working Opportunity
Fund, MDS Ventures Pacific
Inc. and the Company dated
December 6, 1996(2)
(10)(iii) Agreement between
Douglas Sommerville
and the Company dated
December 7, 1996(2)
(10)(iv) Agreement between
John Gaetz and
the Company dated
December 6, 1996(2)
(10)(v) Sample Agreement
among minority
shareholders of UV
Systems Technology, Inc.
and the Company, each
dated February 28, 1997(2)
(11) Statement re:
computation of per
share earnings
(23) Consent of experts
and counsel
(27) Financial Data
Schedule
(99) Audited financial
Statements for UV
System Technology, Inc.
as of August 31, 1996(2)
(1) Incorporated by reference to the Registrant's Form 10SB effective
January 17, 1997.
(2) Incorporated by reference into the Registrant's Form 10QSB filed on
April 21, 1997
(b) Reports on Form 8-K
On April 30, 1997, the Registrant filed a Form 8-K
reflecting a sale by the Registrant of the Registrant's
common stock pursuant to Regulation S.
9
<PAGE>
Signatures
In accordance with the requirements of the Exchange Act, the Registrant caused
this report to be signed on its behalf by the undersigned, hereunto duly
authorized.
Dated: Service Systems International Ltd.
By:
-------------------------
Ken Fielding, President
-------------------------
John Gaetz, Chief
Financial Officer
10
<PAGE>
SERVICE SYSTEMS INTERNATIONAL, INC.
EXHIBIT LIST INDEX
Exhibit Number Description Method of Filing
- -------------- ----------- ----------------
(3)(i) Articles of
Incorporation(1)
(3)(ii) Bylaws(1)
(10)(i) Agreement Between
Communaute Urbaine
de Quebec and UV Systems
Technology, Inc, dated
March 7, 1997(2)
(10)(ii) Agreement, as
amended among
UV Systems Technology,
Inc., John Gaetz,
Douglas Sommerville,
Working Opportunity
Fund, MDS Ventures Pacific
Inc. and the Company dated
December 6, 1996(2)
(10)(iii) Agreement between
Douglas Sommerville
and the Company dated
December 7, 1996(2)
(10)(iv) Agreement between
John Gaetz and
the Company dated
December 6, 1996(2)
(10)(v) Sample Agreement
among minority
shareholders of UV
Systems Technology, Inc.
and the Company, each
dated February 28, 1997(2)
(11) Statement re: Filed herewith
computation of per electronically
share earnings
(23) Consent of experts Filed herewith
and counsel electronically
<PAGE>
(27) Financial Data Filed electronically
Schedule herewith
(99) Audited financial
Statements for UV
System Technology, Inc.
as of August 31, 1996(2)
(1) Incorporated by reference to the Registrant's Form 10SB effective
January 17, 1997.
(2) Incorporated by reference into the Registrant's Form 10QSB filed on
April 21, 1997
<PAGE>
Service Systems International, Ltd.
Computation of Per-Share Income
Treasury Stock Method
As Modified for 20% Test
PERIOD ENDED MAY 31, 1997
NINE MONTHS
Weighted average number of shares outstanding 4,656,448
------------
------------
Total common and common equivalent shares 4,656,448
------------
------------
Net income (loss) for the period $ (3,004,801)
------------
------------
Total common and common equivalent shares 4,656,448
------------
------------
Loss per common and common equivalent shares $ (0.65)
------------
------------
Earnings per share:
The earnings per share is computed by dividing the net income (loss) for the
period by the weighted average number of common shares outstanding for the
period. Common stock equivalents are excluded from the computation if their
effect would be anti-dilutive.
<PAGE>
CONSENT OF CHARTERED ACCOUNTANTS
Board of Directors
Service Systems International Ltd.
We consent to the use of our report dated November 22, 1996 on the financial
statements of UV Systems Technology Inc. as of August 31, 1996 that are
included in the Form 10-SB for Service Systems International Ltd.
/s/ Elliott Tulk Pryce Anderson
Vancouver, BC, Canada
July 10, 1997
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> AUG-31-1996
<PERIOD-START> SEP-01-1996
<PERIOD-END> MAY-31-1997
<CASH> 10,084
<SECURITIES> 0
<RECEIVABLES> 70,116
<ALLOWANCES> 0
<INVENTORY> 421,815
<CURRENT-ASSETS> 752,969
<PP&E> 232,395
<DEPRECIATION> 46,552
<TOTAL-ASSETS> 974,450
<CURRENT-LIABILITIES> 902,972
<BONDS> 0
0
0
<COMMON> 5,279,338
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 974,450
<SALES> 25,074
<TOTAL-REVENUES> 46,772
<CGS> 0
<TOTAL-COSTS> 58,450
<OTHER-EXPENSES> 567,716
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (579,394)
<INCOME-TAX> 0
<INCOME-CONTINUING> (579,394)
<DISCONTINUED> 0
<EXTRAORDINARY> (2,425,408)
<CHANGES> 0
<NET-INCOME> (3,004,802)
<EPS-PRIMARY> (0.65)
<EPS-DILUTED> (0.65)
</TABLE>
