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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Huntway Refining Company
(Name of Issuer)
Common Stock
(Title of Class of Securities)
447309105
(CUSIP Number)
Christopher J. Rupright, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
December 31, 1999
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-
1(e), 13d-1(f) or 13d-1(g), check the following box / /.
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits.
See Rule 13d-7(b) for other parties to whom copies are to be
sent.
* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in
a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
Potential persons who are to respond to the collection of
information contained in this form are not required to respond
unless the form displays a currently valid OMB control number.
SEC 1746 (10-97)
<PAGE>
SCHEDULE 13D
CUSIP No. 447309105 Page 2 of 13 Pages
- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Capital Management, LLC
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- ----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) / /
- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 472,267
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
---------------------------------------------
10 SHARED DISPOSITIVE POWER
472,267
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
472,267
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO and IA
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 447309105 Page 3 of 13 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Lighthouse Investors, LLC
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- -----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) / /
- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,333,333
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
---------------------------------------------
10 SHARED DISPOSITIVE POWER
7,333,333
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,333,333
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.9
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 447309105 Page 4 of 13 Pages
- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Lighthouse Capital, LLC
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)/ X /
(b)/ /
- -----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) / /
- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ---------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,333,333
REPORTING --------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER-
WITH -0-
---------------------------------------------
10 SHARED DISPOSITIVE POWER
7,333,333
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,333,333
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
32.9
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 447309105 Page 5 of 13 Pages
- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Richard S. Spencer III
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)/X /
(b)/ /
- -----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
AF and PF
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) / /
- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 145,282
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 7,805,620
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 145,282
---------------------------------------------
10 SHARED DISPOSITIVE POWER
7,805,620
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,950,902
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.6
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 447309105 Page 6 of 13 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Partners, L.P.
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
- -----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) / /
- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 380,631
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
---------------------------------------------
10 SHARED DISPOSITIVE POWER
380,631
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
380,631
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.7
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 447309105 Page 7 of 13 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Small Cap Fund, L.P.
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
- -----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) / /
- ----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ----------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 91,636
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
---------------------------------------------
10 SHARED DISPOSITIVE POWER
91,636
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,636
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. 447309105 Page 8 of 13 Pages
- -----------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Eric Christopher Brudos
- -----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)/X /
(b)/ /
- -----------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- -----------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(E) / /
- -----------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 4,587
BENEFICIALLY ---------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING ---------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 4,587
---------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- -----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,587
- -----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
/ /
- -----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.02
- -----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION.
<PAGE>
CUSIP No. 447309105 Page 9 of 13 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to Common Stock (the "Stock") of Huntway
Refining Company ("HWY"). The principal executive office of HWY
is located at 25129 The Old Road, Suite 322, Newhall, California
91381.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in
Instruction C of Schedule 13D and, where applicable, their
respective places of organization, general partners, directors,
executive officers and controlling persons, and the information
regarding them, are as follows:
(a) Westcliff Capital Management, LLC ("WCM") and Lighthouse
Capital, LLC ("LHC"), both California limited liability
companies; Westcliff Partners, L.P. ("WP") and Westcliff Small
Cap Fund, LP ("WSC"), both California limited partnerships;
Lighthouse Investors, LLC, a Delaware limited liability company
("LHI"); and Eric Christopher Brudos ("Brudos") and Richard S.
Spencer III ("Spencer").
(b) The business address of WCM, LHC, WP, WSC, LHI, Brudos and
Spencer is 200 Seventh Avenue, Suite 105, Santa Cruz, California
95062.
(c) WCM is the investment adviser to and a general partner of WP
and WSC, which are investment limited partnerships. LHC is the
manager of LHI, which is an investment limited liability company.
Spencer is the sole manager of WCM and LHC. Brudos is an
employee of WCM.
(d) During the last five years, none of such persons has been
convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors).
(e) During the last five years, none of such persons was a party
to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or
is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws.
(f) Spencer is a citizen of the United States of America.
<PAGE>
CUSIP No. 447309105 Page 10 of 13 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were
as follows:
Purchaser Source of Funds Amount
WCM Funds Under Management(1) $ 286,832.16
WP Working Capital $ 177,785.32
WSC Working Capital $ 109,046.84
Spencer Personal Funds (2) $ 87,743.34
LHC Funds of Affiliate (3) $11,000,000.00
LHI Working Capital $11,000,000.00
Brudos Personal Funds $ 4,290.84
(1) Consists of funds of WP invested in Stock.
(2) Represents Stock owned by an individual retirement account
of Spencer's wife and owned by a revocable trust of which Spencer
is trustee.
(3) Consists of funds of LHI invested in Notes (as defined
below).
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons have acquired the Stock for investment
purposes. Spencer, however, is a member of the Board of
Directors of HWY and will influence control of HWY as such a
member.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in
Item 2 of this statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
WCM 472,267 2.1 -0- 472,267 -0- 472,267
WP 380,631 1.7 -0- 380,631 -0- 380,631
WSC 91,636 0.4 -0- 91,636 -0- 91,636
Spencer7,950,902 35.6 145,282 7,805,620 145,282 7,805,620
LHC 7,333,333 32.9 -0- 7,333,333 -0- 7,333,333
LHI 7,333,333 32.9 -0- 7,333,333 -0- 7,333,333
Brudos 4,587 0.02 4,587 -0- 4,587 -0-
<PAGE>
CUSIP No. 447309105 Page 11 of 13 Pages
The persons filing this statement have effected the following
transactions in the Stock in the past 60 days:
Purchase Number Price
Name or Sale Date of Shares Per Share
WP (1) 12-31-99 91,636 (1)
WSC (1) 12-31-99 91,636 (1)
(1) Represents Stock distributed by WP to certain of its limited
partners, each of whom then contributed such common stock to WSC.
The total number of shares beneficially owned by the group on
behalf of which this filing is made remains unchanged.
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
WCM is the general partner of WP and WSC, pursuant to a limited
partnership agreements providing to WCM the authority, among
other things, to invest the funds of WP and WSC in Stock, to vote
and dispose of Stock and to file this statement on behalf of WP
and WSC. Pursuant to such limited partnership agreements, the
general partner of WP and WSC is entitled to allocations based on
assets under management and realized and unrealized gains. LHC
is the manager of LHI, pursuant to an operating agreement
providing to LHC the authority, among other things, to invest the
funds of LHI in the Notes, to vote and dispose of Stock and to
file this statement on behalf of LHI. Pursuant to such operating
agreement, the managers of LHI are entitled to allocations based
on assets under management and realized and unrealized gains.
LHI is a party to an Amended and Restated Registration Rights
Agreement with HWY, providing to HWY the right to have any Stock
obtained on conversion of the Notes registered under the
Securities Act of 1933, as amended, under certain conditions at
the request of LHI.
<PAGE>
CUSIP No. 447309105 Page 12 of 13 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule
13D or 13G.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I
certify that the information set forth in this statement is true,
complete and correct.
DATED: January 7, 2000.
WESTCLIFF PARTNERS, L.P. /s/ Richard S. Spencer III
Richard S. Spencer III
By: Westcliff Capital Management, LLC
General Partner
/s/ Eric Christopher Brudos
By:/s/ Richard S. Spencer III Eric Christopher Brudos
Richard S. Spencer III, Manager
WESTCLIFF SMALL CAP FUND, L.P.
By: Westcliff Capital Management, LLC
General Partner
By:/s/ Richard S. Spencer III
Richard S. Spencer III, Manager
WESTCLIFF CAPITAL MANAGEMENT, LLC
By: /s/ Richard S. Spencer III
Richard S. Spencer III, Manager
LIGHTHOUSE CAPITAL, LLC LIGHTHOUSE INVESTORS, LLC
By: /s/ Richard S. Spencer III By: Lighthouse Capital, LLC,
Richard S. Spencer III, Manager Manager
By: /s/ Richard S. Spencer III
Richard S. Spencer III,
Manager
<PAGE>
SCHEDULE 13D
CUSIP No. 447309105 Page 13 of 13 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and
Exchange Commission (the "SEC") any and all statements on
Schedule 13D or Schedule 13G (and any amendments or supplements
thereto) required under section 13(d) of the Securities Exchange
Act of 1934, as amended, in connection with purchases by the
undersigned of Common Stock of Huntway Refining Company. For
that purpose, the undersigned hereby constitute and appoint
Westcliff Capital Management, LLC, a California limited liability
company, as their true and lawful agent and attorney-in-fact,
with full power and authority for and on behalf of the
undersigned to prepare or cause to be prepared, sign, file with
the SEC and furnish to any other person all certificates,
instruments, agreements and documents necessary to comply with
section 13(d) and section 16(a) of the Securities Exchange Act of
1934, as amended, in connection with said purchases, and to do
and perform every act necessary and proper to be done incident to
the exercise of the foregoing power, as fully as the undersigned
might or could do if personally present.
DATED: January 7, 2000.
WESTCLIFF PARTNERS, L.P. /s/ Richard S. Spencer III
Richard S. Spencer III
By: Westcliff Capital Management, LLC
General Partner
/s/ Eric Christopher Brudos
By: /s/ Richard S. Spencer III Eric Christopher Brudos
Richard S. Spencer III, Manager
WESTCLIFF SMALL CAP FUND, L.P.
By: Westcliff Capital Management, LLC
General Partner
By:/s/ Richard S. Spencer III
Richard S. Spencer III, Manager LIGHTHOUSE INVESTORS, LLC
WESTCLIFF CAPITAL MANAGEMENT, LLC By: Lighthouse Capital, LLC,
Manager
By: /s/ Richard S. Spencer III By: /s/ Richard S. Spencer III
Richard S. Spencer III, Manager Richard S. Spencer III,
Manager
LIGHTHOUSE CAPITAL, LLC
By: /s/ Richard S. Spencer III
Richard S. Spencer III, Manager
ETR\3804\008\1080264.01
