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(a)
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the
Second Amended and Restated Articles of Incorporation of the Company,
as
amended (the “Articles of
Incorporation”);
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(b)
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the
Bylaws of the Company (the
“Bylaws”);
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(c)
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resolutions
of the Board of Directors of the Company adopted by written consent
dated
June 8, 2007 (the “Resolutions”);
and
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(d)
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the
Registration Statement, including the prospectus included therein
(the
“Prospectus”), which provides that it will be supplemented in the future
by one or more supplements to the Prospectus (each a “Prospectus
Supplement”).
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1.
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The
Company has the authority pursuant to its Articles of Incorporation
to
issue up to 100,000,000 shares of Common Stock. Upon adoption by
the
Company’s Board of Directors (the “Board”) or a duly constituted and
empowered committee thereof (a “Committee”) of resolutions in sufficient
form and content under the Washington Business Corporation Act (the
“WBCA”), as then in effect, and the Company’s Articles of Incorporation
and Bylaws, as then in effect, to authorize a particular issuance
of
Common Stock (including any issuance of Common Stock (i) upon the
exchange
or conversion of any validly issued, fully paid and non-assessable
Preferred Stock that are exchangeable or convertible into Common
Stock or
(ii) upon the exercise of any validly issued Securities Warrants
exercisable for Common Stock) and upon the issuance and delivery
of and
payment for such Common Stock in the manner contemplated by such
resolutions and by the Registration Statement, the Prospectus and
the
related Prospectus Supplement (and in the case of the issuance of
Common
Stock pursuant to clauses (i) or (ii) above, upon the satisfaction
of and
compliance with the conditions to such exchange, conversion or exercise),
such Common Stock will be validly issued, fully paid and
non-assessable.
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2.
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The
Company has the authority pursuant to its Articles of Incorporation
to
issue up to 5,000,000 shares of Preferred Stock. Upon (a) adoption
by the
Board or a Committee of resolutions in sufficient form and content
under
the WBCA, as then in effect, and the Company’s Articles of Incorporation
and Bylaws, as then in effect, to (i) designate a series or class
of
Preferred Stock and (ii) authorize a particular issuance of shares
of such
series or class of Preferred Stock (including any issuance of shares
of a
series or class of Preferred Stock upon (x) the exercise of any validly
issued Securities Warrants exercisable for Preferred Stock), (b)
the
filing of the resolutions designating such series or class in accordance
with the WBCA as then in effect, (c) the taking of any other action
necessary under the WBCA, as then in effect, to create such class
or
series and (d) the issuance and delivery of and payment for such
Preferred
Stock in the manner contemplated by such resolutions and by the
Registration Statement, the Prospectus and the related Prospectus
Supplement (and in the case of the issuance of Preferred Stock pursuant
to
clause (x) above, upon the satisfaction of and compliance with the
conditions to the exercise, exchange, conversion or deposit), such
Preferred Stock of such series or class will be validly issued, fully
paid
and non-assessable.
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3.
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When
(a) the Board or a Committee has adopted resolutions in sufficient
form
and content under the WBCA, as then in effect, and the Company’s Articles
of Incorporation and Bylaws, as then in effect, to authorize the
creation,
issuance and delivery of any Securities Warrants, (b) a warrant agreement
for the Securities Warrants has been duly authorized, executed and
delivered by the Company and the warrant agent and (c) the instruments
representing such Securities Warrants have been duly authenticated
by the
warrant agent and duly executed and delivered by the Company against
payment therefor in accordance with the terms of such resolutions
and the
warrant agreement and as contemplated by the Registration Statement,
the
Prospectus and the related Prospectus Supplement, such Securities
Warrants
will constitute binding obligations of the
Company.
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(a)
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Our
opinions stated above are subject to the effect of any applicable
bankruptcy, insolvency (including, without limitation, all laws relating
to fraudulent transfers), reorganization, moratorium or other similar
laws
of general application affecting creditors’
rights.
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(b)
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Our
opinions stated above are subject to the effect of general principles
of
equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing, and other similar doctrines
affecting the enforceability of agreements generally (regardless
of
whether enforcement is considered in a proceeding in equity or at
law).
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(c)
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In
rendering the opinions set forth above, we have assumed that, at
the time
of the authentication and delivery of a series of Securities, (i)
the
Resolutions and any other applicable resolutions referred to above
will
not have been modified or rescinded, (ii) there will not have occurred
any
change in the law affecting the authorization, execution, delivery,
validity or enforceability of the Securities, the Registration Statement
and any required post-effective amendment thereto, (iii) the Registration
Statement, the Prospectus and any and all Prospectus Supplements
required
by applicable law have all become effective under the Securities
Act of
1933, as amended, and will be effective at such time, (iv) such Securities
will be issued and sold with such terms and in such manner as is
described
in the Registration Statement (as amended from time to time), the
Prospectus included therein (as amended from time to time) and any
related
Prospectus Supplement and in compliance with the Securities Act of
1933,
as amended, the rules and regulations thereunder, and any applicable
state
securities laws, all as then in effect, (v) none of the particular
terms
of a series of Securities will violate any applicable law, (vi) neither
the issuance and sale of such Securities nor the compliance by the
Company
with the terms thereof will result in a violation of the Articles
of
Incorporation or Bylaws of the Company as then in effect, any agreement
or
instrument then binding upon the Company or any order then in effect
of
any court or governmental body having jurisdiction over the Company,
(vii)
with respect to the issuance of Securities that are equity securities,
the
Company has a sufficient number of securities of that class or series
of
equity securities authorized under its Articles of Incorporation
as then
in effect and (viii) with respect to the issuance of any Securities
that
are exercisable for or exchangeable or convertible into any class
or
series of equity securities, the Company has a sufficient number
of
securities of such class or series of equity securities issuable
on
exercise, exchange or conversion of such Securities authorized under
its
Articles of Incorporation as then in
effect.
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(d)
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We
express no opinion as to the enforceability of (i) provisions that
relate
to choice of law, (ii) waivers by the Company of any statutory or
constitutional rights or remedies or (iii) terms which excuse any
person
or entity from liability for, or require the Company to indemnify
such
person or entity against, such person’s or entity’s negligence or willful
misconduct.
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| Very truly yours, | ||
| Dorsey & Whitney LLP | ||
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