LISTING QUALIFICATIONS MAY NOT BE MET
In September of 2003, the Company was notified by the American Stock Exchange (the "Exchange") that the Company may not have been in compliance with certain of the Exchange's continued listing standards. Specifically, the Exchanged questioned whether the Company was then in compliance with the requirement that a company maintain shareholder's equity of at least $4 million and/or not have losses from continuing operations and/or net losses in three of its four most recent fiscal years. As of September 30, 2003 and December 31, 2003, the Company was in compliance with this listing standard since it had
shareholder's equity of at least $4.0 million. If in the future, the Company fails to maintain a sufficient level of shareholder's equity in compliance with those and other listing standards of the Exchange then the Company would be required to submit a plan to the Exchange describing how it intended to re-gain compliance with the requirements within the Exchange's required time frame, which is generally eighteen months. The Company's ability to continue to meet the Exchange's continued listing requirements cannot be assured and if it could not satisfy the exchange that it complies with the listing requirements then the Exchange could de-list the Company's common stock.
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