<SUBMISSION>
<ACCESSION-NUMBER>0001079973-09-000320
<TYPE>NT 10-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20081231
<FILING-DATE>20090330
<DATE-OF-FILING-DATE-CHANGE>20090330
<EFFECTIVENESS-DATE>20090330
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PepperBall Technologies, Inc.
<CIK>0001216199
<ASSIGNED-SIC>3480
<IRS-NUMBER>201978398
<STATE-OF-INCORPORATION>CO
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>NT 10-K
<ACT>34
<FILE-NUMBER>001-32566
<FILM-NUMBER>09712356
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>6142 NANCY RIDGE DRIVE
<STREET2>SUITE 101
<CITY>SAN DIEGO
<STATE>CA
<ZIP>92121
<PHONE>858-638-0236
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>6142 NANCY RIDGE DRIVE
<STREET2>SUITE 101
<CITY>SAN DIEGO
<STATE>CA
<ZIP>92121
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>Security With Advanced Technology, Inc.
<DATE-CHANGED>20061010
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>A4S SECURITY, INC.
<DATE-CHANGED>20050602
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>A4S TECHNOLOGIES INC
<DATE-CHANGED>20030128
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>NT 10-K
<SEQUENCE>1
<FILENAME>pbal_nt10k.htm
<DESCRIPTION>NOTIFICATION OF LATE FILING
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>United States<BR>Securities
and Exchange Commission </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form 12b-25 </FONT></P>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SEC File No. 001-32566<BR>CUSIP
No. 815175104 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTIFICATION OF LATE
FILING </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Check One):&nbsp;&nbsp;<FONT  size=2 FACE=WINGDINGS>x</FONT>   Form
10-K  &nbsp;&nbsp;  <FONT  size=2 FACE=WINGDINGS>o</FONT> Form 20-F                     <BR>
<FONT  size=2 FACE=WINGDINGS>o</FONT> Form 11-K&nbsp;&nbsp;     <FONT  size=2 FACE=WINGDINGS>o</FONT> Form
10-Q &nbsp;&nbsp;<FONT  size=2 FACE=WINGDINGS>o</FONT> Form N-SAR </FONT></P>





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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For Period Ended:
December 31, 2008 </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT  size=2 FACE=WINGDINGS>o</FONT> Transition report
on Form 10-K                                     <BR><FONT  size=2 FACE=WINGDINGS>o</FONT> Transition Report on Form 20-F
<BR>                                   <FONT  size=2 FACE=WINGDINGS>o</FONT> Transition Report on Form 11-K
    <BR>                                <FONT  size=2 FACE=WINGDINGS>o</FONT> Transition Report on Form 10-Q
        <BR>                          <FONT  size=2 FACE=WINGDINGS>o</FONT> Transition Report on Form N-SAR </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the Transition
Period Ended: _________________ </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the notification relates to a
portion of the filing checked above, identify the Item(s) to which the notification
relates. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART I: &#151; REGISTRANT
INFORMATION </FONT></P>






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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>PepperBall Technologies, Inc.</B> </FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Full Name of Registrant</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Former Name if Applicable</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR>






<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%"><FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>6142 Nancy Ridge Drive, Suite 101, San Diego, CA 92121</B> </FONT>
<HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
Address of Principal
Executive Office (Street and Number) City, State and Zip Code

</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR>



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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART II &#151; RULES
12B-25(b) AND (c) </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If the subject report could not be
filed without unreasonable effort or expense and the registrant seeks relief pursuant to
Rule 12b-25(b), the following should be completed. (Check box if appropriate) </FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT  size=2 FACE=WINGDINGS>o</FONT> </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 The reasons described in reasonable detail in Part III of this form could not be
eliminated            without unreasonable effort or expense; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT  size=2 FACE=WINGDINGS>x</FONT> </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 The subject annual report, semi-annual report, transition report on Form 10-K, Form
20-F, Form            11-K or Form N-SAR, or portion thereof, will be filed on or before
the fifteenth calendar day            following the prescribed due date; or the subject
quarterly report or transition report on            Form 10-Q, or portion thereof, will
be filed on or before the 5th calendar day after the            prescribed due date; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT  size=2 FACE=WINGDINGS>o</FONT> </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c)  </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached
if            applicable. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART III &#151; NARRATIVE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>State below in reasonable detail the
reasons why Forms 10-K, 20-F, 10-Q, N-SAR, or the transition report or portion thereof,
could not be filed within the prescribed time period. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PART IV &#151; OTHER
INFORMATION </FONT></H1>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name
and telephone number of person to contact in regard to this notification. </FONT></TD>
</TR>
</TABLE>
<BR>






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     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="15%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Jeffrey G. McGonegal</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="10%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(303)         </FONT><HR WIDTH=50% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="15%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">475-3786</FONT><HR WIDTH=85% SIZE=1 COLOR=BLACK NOSHADE></TD>
     <TD WIDTH="50%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Name)</FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Area  Code) </FONT></TD>
     <TD ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Telephone Number)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR>




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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)&nbsp;&nbsp;&nbsp;&nbsp; Have all
other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act
of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months
or for such shorter period that the registrant was required to file such reports(s) been
filed? If answer is no, identity report(s) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<FONT  size=2 FACE=WINGDINGS>x</FONT>&nbsp;&nbsp;Yes &nbsp;&nbsp;&nbsp;&nbsp;
<FONT  size=2 FACE=WINGDINGS>o</FONT> &nbsp;&nbsp;No

</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)&nbsp;&nbsp;&nbsp;&nbsp; Is it
anticipated that any significant change in results of operations from the corresponding
period for the last fiscal year will be reflected by the earnings statements to be
included in the subject report or portion thereof? </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<FONT  size=2 FACE=WINGDINGS>x</FONT>&nbsp;&nbsp;Yes &nbsp;&nbsp;&nbsp;&nbsp;
<FONT  size=2 FACE=WINGDINGS>o</FONT> &nbsp;&nbsp;No

</FONT></P>



<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If so, attach an explanation of the
anticipated change, both narratively and quantitatively, and, if appropriate, state the
reasons why a reasonable estimate of the results cannot be made. </FONT></P>


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<BR><BR>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="3">PepperBall Technologies, Inc.</FONT><HR WIDTH=30% SIZE=1 COLOR=BLACK NOSHADE></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100%" ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name of Registrant as Specified in Charter </FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>has caused this notification to be
signed on its behalf by the undersigned thereunto duly authorized. </FONT></P>



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<TR VALIGN="TOP">
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 30, 2009</FONT></TD>
     <TD WIDTH="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
     <TD WIDTH="57%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ Jeffrey G. McGonegal</FONT><HR WIDTH="30%" SIZE="1" COLOR="Black" ALIGN="Left"></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Jeffrey G. McGonegal, Chief Financial Officer</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<BR><BR><BR><BR><BR><BR>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a result of the extensive
accounting and financial reporting matters associated with the completion of the merger
between PepperBall Technologies, Inc., (formerly &#151; Security With Advanced Technology,
Inc.) (&#147;PBAL&#148;), and PepperBall Technologies, Inc., of San Diego, California,
(&#147;Old-PepperBall&#148;) effective as of September 19, 2008, combined with delays in
processing certain accounting documents, the Registrant&#146;s Report on Form 10-K
regarding the period ended December 31, 2008 could not be timely filed without
unreasonable effort or expense. Based upon the terms of the merger, including among other
factors, that as of closing, the then former stockholders of Old-PepperBall owned
approximately 70% of the total voting common shares of the combined entity, the
acquisition has been accounted for as an acquisition of PBAL by Old-PepperBall. The
acquisition was structured and agreed to as a 50 /50 merger however since a number of the
then existing PBAL shareholders held their rights as preferred shares that were not
converted as of closing, the Old-PepperBall shareholders, when their common share rights
were issued at closing, held the higher percentage of voting rights. Accordingly, for all
historical periods presented, the financial results and historical financial statements of
Old-PepperBall are reported and the results of operations of PBAL are included from the
September 19, 2008, date of acquisition forward. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a result of delays in accumulating
the necessary information, the audit of the Company&#146;s financial statements for the
year ended December 31, 2008 has not been completed by the Company&#146;s Independent
Registered Public Accounting Firm. The Company preliminarily expects to report the
following results of operations for the years ended December 31, 2008 and 2007: </FONT></P>






<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1>2008</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=2><FONT FACE="Times New Roman" SIZE=1>2007</FONT><HR WIDTH=100% SIZE=1 COLOR=BLACK NOSHADE></TH>
     <TH COLSPAN=1><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=46% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Net sales</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=4% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH=19% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  3,310,000</FONT></TD>
        <TD WIDTH=7% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD WIDTH=19% ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>  3,264,000</FONT></TD>
        <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3>&nbsp;</TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Operating income (loss)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> (1,788,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>   (876,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
     <TD COLSPAN=3>&nbsp;</TD>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=3></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>Net loss</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> (1,816,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2>$</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman" SIZE=2> (1,266,000</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman" SIZE=2>)</FONT></TD></TR>
<TR>
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<TR>
     <TD COLSPAN=3></TD>
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</TABLE>










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