i can argue with all the points u have made. when u are a young company trying to establish itself and u dump the treasury to appease the debt financier u send the wrong message. the dividend play would only have worked if we had a huge treasury or we knew we were expecting immediate replacement capital. with regards to the acquisition, talk is cheap. might we not be in a better position as a company if the treasury was not off loaded to its "sharehholders" in pursuit of that acquisition? i am not arguing that we have not experienced price appreciation from the lows but i am stating that the BOD has had nothing to do with this and their few decisions have not benefited the sharehholder....yet they granted themselves options. i would like the BOD to address what we are doing with the office space we rented? or is this again a well thought out move by the "shoes" on the BOD? please point out your favorite BOD decision that has benefited the share price? teremoto