The Company believes that it currently meets all of the listing qualifications of the NASDAQ Capital Market, except that its current stock price is less than minimum required bid price of $4 per share. In an effort to increase the stock price, the Company's board of directors authorized management to seek the written consent of the largest holders of the Company's common stock to authorize a reverse split of between 1-for-2 to 1-for-10 at any time prior to March 31, 2008, if at all, as the board of directors determines is necessary to meet the listing requirements in the prevailing market conditions. On November 13, 2007, management received the consent of stockholders holding 62.7% of the outstanding shares of the Company's common stock to effect such a reverse stock split.

The Company intends to file a preliminary information statement on Schedule 14C with the SEC announcing the written consent of holders of a majority of its common stock to authorize the reverse split. It must give the SEC ten days to comment on the filing before filing a definite information statement and mailing a copy to all stockholders. The Company hopes to file the charter amendment to effect the reverse split in mid-to-late December.

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