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Saturday, 12/27/2014 3:22:14 PM

Saturday, December 27, 2014 3:22:14 PM

Post# of 23997
RESEARCH AND PRODUCT DEVELOPMENT

We have conducted research and product development of electronic distribution systems and services since our inception in 1998. Research and product development expenditures were approximately $272,987 and $117,970 in the years ended December 31, 2007 and 2006, respectively.

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