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<SEC-DOCUMENT>0000950123-05-004255.txt : 20060607
<SEC-HEADER>0000950123-05-004255.hdr.sgml : 20060607
<ACCEPTANCE-DATETIME>20050408161716
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-05-004255
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20050408

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NAPCO SECURITY SYSTEMS INC
		CENTRAL INDEX KEY:			0000069633
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATIONS EQUIPMENT, NEC [3669]
		IRS NUMBER:				112277818
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		333 BAYVIEW AVE
		CITY:			AMITYVILLE
		STATE:			NY
		ZIP:			11701
		BUSINESS PHONE:		5168429400

	MAIL ADDRESS:	
		STREET 1:		333 BAYVIEW AVE
		STREET 2:		XXXXXXXXXXXXXXXXXXX
		CITY:			AMITYVILLE
		STATE:			NY
		ZIP:			11701
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<P align="center" style="font-size: 14pt"><FONT face="Helvetica,Arial,sans-serif"><B>SHAPIRO FORMAN ALLEN MILLER &#038; M</B><FONT style="font-variant: SMALL-CAPS"><B>c</B></FONT><B>PHERSON LLP</B></FONT>


<DIV align="center" style="font-size: 9pt"><FONT face="Helvetica,Arial,sans-serif">380 MADISON AVENUE</FONT></DIV>


<DIV align="center" style="font-size: 9pt"><FONT face="Helvetica,Arial,sans-serif">NEW YORK, NEW YORK 10017</FONT></DIV>


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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top" nowrap>STUART L. SHAPIRO<BR>
ROBERT W. FORMAN<BR>
MICHAEL I. ALLEN<BR>
LAURIE J. M<FONT style="font-variant: SMALL-CAPS">c</FONT>PHERSON<BR>
MATTHEW J. SAVA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>(212) 972-4900<BR>
FAX (212)&nbsp;557-1275
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>JOAN DACEY-SEIB<BR>
<FONT style="font-variant: SMALL-CAPS">of counsel</FONT><BR>
<FONT style="font-size: 8pt">&nbsp;<BR>
YORAM J. MILLER<BR>
JASON C. VIGNA</FONT></TD>
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<P align="left" style="font-size: 10pt">&nbsp;



<P align="left" style="font-size: 10pt">&nbsp;



<P align="left" style="font-size: 10pt">&nbsp;



<P align="left" style="font-size: 10pt; margin-left: 50%">April&nbsp;8, 2005


<P align="left" style="font-size: 10pt; margin-left: 50%">&nbsp;


<P align="left" style="font-size: 10pt">Mr.&nbsp;Larry Spirgel<BR>
Assistant Director<BR>
Division of Corporate Finance<BR>
Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Mail Stop 04-07<BR>
Washington, DC 20549<BR>
&nbsp;

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Napco Security Systems, Inc<BR>
Form&nbsp;10-K for the fiscal year ended June&nbsp;30, 2004<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed September&nbsp;27, 2004<BR>&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;10-Q
for the quarter ended September&nbsp;30, 2004<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;10-Q for the quarter ended December&nbsp;31, 2004<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;000-10004</TD>
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<P align="left" style="font-size: 10pt">Dear Mr.&nbsp;Spirgel:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We represent Napco Security Systems, Inc. (&#147;Napco&#148; or the &#147;Company&#148;) and write in response to
the Staff&#146;s comment letter dated March&nbsp;22, 2005.

<P align="left" style="font-size: 10pt"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>In future filings, Napco will provide a discussion of its expected future operating
performance arising from known material trends and uncertainties to the extent management
believes it is reasonably predictable. In addition, Napco will provide an overview of its
current business, economic and other factors impacting its business and the current challenges
and areas of focus for its business.</TD>
</TR>


</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="left" style="font-size: 10pt">Mr.&nbsp;Larry Spirgel<BR>
April&nbsp;8, 2005<BR>
Page 2<BR>
&nbsp;


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The increase in the inventory reserve of $1,035,000 for fiscal 2004 consists of the
following:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>$206,000 of the increase in the reserve was directly related to a burglar alarm product
developed in the mid-1990&#146;s, which has sold much slower than management expected. In fiscal
2004, Napco decided to discontinue the product. $206,000 represents 100% of the costs of
this product that are included in gross inventory.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>$54,000 of the increase in the inventory reserve represents the costs of components and
subassemblies that were included in gross inventory, which were utilized in a product
developed exclusively for one of Napco&#146;s customers. Such items have been recently made
obsolete due to extensive product modifications requested by the customer, which cost is
being borne by Napco.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>$125,000 of the increase in the inventory reserve was directly related to upgrades in the
design of certain of Napco&#146;s Continental products. The $125,000 represents the costs of
components and subassemblies that are included in gross inventory but have recently been
made obsolete due to these product modifications.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Due to the timing of the disposal of obsolete inventories, there was approximately $245,000
more obsolete inventory on-hand at year-end of June&nbsp;2004 as compared to 2003.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>$133,000 of the increase in the reserve relates to a reduction in forecasted sales of
certain of Napco&#146;s products, which resulted in more finished goods of these products in
inventory than management believes will be used in the 12&nbsp;months following year-end.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>$270,000 of the increase relates to the various other differences between fiscal 2003 and
2004 in the specific reserve reviews performed in each year.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Segment Reporting, page FS-13</U>



<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>Richard Soloway, Napco&#146;s Chief Executive Officer, is Napco&#146;s chief operating decision maker.
He reviews sales on a consolidated basis to assess Napco&#146;s performance. Because of the
substantial overlap in manufacturing facilities and equipment and sales personnel among its
products, there is no meaningful resource allocation among the products. In other words,
substantially all of Napco&#146;s personnel and equipment work on all of the Company&#146;s products. In
addition, substantially all of Napco&#146;s products are sold in the same distribution channels.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
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<P align="left" style="font-size: 10pt">Mr.&nbsp;Larry Spirgel<BR>
April&nbsp;8, 2005<BR>
Page 3<BR>
&nbsp;


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>The realignment of the distribution network consisted of the cessation of business with one
of its major customers that was a distributor. A business decision was made by Napco&#146;s
Management to discontinue selling products to that distributor-customer who, by virtue of its
acquisition by a large industrial company, became a zealous competitor of Napco.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The increase in sales of higher margin products did not result from the decision to realign
the Company&#146;s distribution network. Management does not evaluate the Company&#146;s performance
by type of product or group of products, methods of distribution or type of customer.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>Attached is an organization chart of Napco.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Note 5- Income Taxes, pages FS-16 <FONT style="font-family: WP TypographicSymbols">&#066;</FONT> FS-18</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD>The Internal Revenue Service has not questioned Napco&#146;s qualification for the exemption
provided in IRC section 943 (a) (4)(c). Napco believes that the most likely outcome of an
IRS examination would be a settlement in which all of its NOL as of June&nbsp;30, 2002 would be
eliminated in exchange for the imposition of any tax. Because the IRS has not questioned
the Company&#146;s exemption status, and given the Company&#146;s existing NOL for tax purposes, the
Company does not believe that amending prior disclosures to describe the nature and
significance of IRS Revenue Procedures would be meaningful. The Company will add the
following discussion in the future filings:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:9%; font-size: 10pt">&#147;The Internal Revenue Service has issued a Revenue Procedure which is inconsistent
with the Code exemption described above. <I>The Code is the actual law; a Revenue
Procedure is the IRS&#146;s interpretation of the law. The Code has a higher level of
authority than a Revenue Procedure</I>. Management believes that is has appropriately
relied on the guidance in the Code when filing its income tax return.&#148;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">7.&nbsp;&nbsp;</TD>
    <TD>The removal of the deferred tax asset and the elimination of the valuation allowance had the
effect of increasing net income by $688,000 for Napco's fiscal year ended June&nbsp;30, 2002. The
tax benefit for the fiscal year 2002 is set forth fully in Note 5 to the financial statements
included in Napco&#146;s 10-K for its fiscal year ended 2004. The income tax reconciliation table
clearly indicates the $2.2&nbsp;million increase in Napco&#146;s tax provision as a result of the
assumed utilization of the NOL related to the foreign source income, and the decrease in the
tax provision as a result of the elimination of the valuation allowance of $2.9&nbsp;million. Given
the disclosure and the fact that the removal and elimination</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">3
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<P align="left" style="font-size: 10pt">Mr.&nbsp;Larry Spirgel<BR>
April&nbsp;8, 2005<BR>
Page 4<BR>
&nbsp;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>affected only 2002 net income, we do not believe revising prior disclosure would be
meaningful. In future filings in which fiscal 2002 net income is reported (e.g., selected
financial data in future Forms 10-K), Napco will note the increase in net income resulting
from the foregoing.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>The disclosure referred to in Note 5 was not in error, resulting from the issuance of the
Revenue Procedure. Had the Revenue Procedure not been issued, there would have been no doubt
that the Company qualified for the exemption contemplated by section 943 (a) (4) (c). The
Company would have only eliminated the valuation allowance because the election to treat the
Dominican Republic subsidiary as a U.S. company made it likely that the Company would fully
utilize the NOL in the foreseeable future. However, because of the doubt created by the
Revenue Procedure, Napco wrote off (for book purposes) its NOL. It is management&#146;s opinion,
based upon outside tax advice, that if the IRS were to challenge the Company&#146;s
qualification, the mostly likely settlement would involve the Company agreeing to relinquish
its NOL in exchange for a termination of the matter.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><U>Note 7 <FONT style="font-family: WP TypographicSymbols">&#066;</FONT> Stock Options, pages FS-21</U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD>The non-employee directors referred to in the first and last sentences of Notes 7 are
the same. In September&nbsp;2001, two non-employee directors were each granted 20,000 stock
options under the Plan. The purpose of the Plan and the grant, as disclosed to shareholders
in the Proxy Statement, was to provide incentives to those directors and align their
interest with shareholders. As a result, Napco does not believe that these options trigger
recognition of compensation income. In making this determination, Napco looked to the
guidance in FASB Interpretation No.&nbsp;44, <FONT style="font-family: WP TypographicSymbols">&#065;</FONT>Accounting for Certain Transactions
involving Stock Compensation, an Interpretation of APB Opinion No.&nbsp;25 (&#147;FIN 44&#148;).
The interpretation to question 2 addresses this issue. While non-employee directors do not
qualify as employees, FIN 44 provides a specific exception to require the application of
APB Opinion 25 (i.e. intrinsic value method) to stock compensation granted to non-employee
members of a company&#146;s board of directors &#147;for services provided as a director if the
non-employee director (a)&nbsp;was elected by the grantor&#146;s shareholders.&#148; Napco&#146;s non-employee
directors were all elected by its shareholders. Additionally, the stock compensation was
not granted to the directors for advisory or consulting services in a non-elected capacity
or for services outside their role as a director, such as legal advice, investment banking
advice, or loan guarantees.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Even if the options to non-employee directors were deemed compensatory, the aggregate
compensation expense for these options, utilizing the Black-Scholes method, is $70,000 which
would be evenly allocated over the 5 fiscal years beginning with the fiscal year ended 2001.
In these circumstances, we do not believe that the amount is material.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
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</TABLE>


<P align="left" style="font-size: 10pt">Mr.&nbsp;Larry Spirgel<BR>
April&nbsp;8, 2005<BR>
Page 5<BR>
&nbsp;


<P align="left" style="font-size: 10pt"><U>Quarterly Results, page FS- 25 </U>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">9.&nbsp;&nbsp;</TD>
    <TD>Napco&#146;s fiscal year begins on July 1 and ends on June&nbsp;30. Historically, the end users of
Napco&#146;s products want to install Napco&#146;s products prior to the summer; therefore sales of its
products peak in the period April 1 through June&nbsp;30, Napco&#146;s fiscal fourth quarter, and are
reduced in the period July 1 through September&nbsp;30, Napco&#146;s fiscal first quarter. To a lesser
degree, sales in Europe are also adversely impacted in the period July 1 through September&nbsp;30
because of European vacation patterns, i.e., many distributors and installers are closed for
the month of August. In future filings, Napco will discuss such quarterly fluctuations.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">If you have any questions or comments regarding the foregoing, please contact me.



<P align="left" style="font-size: 10pt; margin-left: 50%">Very truly yours,


<P align="left" style="font-size: 10pt; margin-left: 50%"><U>/s/ ROBERT W. FORMAN</U>


<P align="left" style="font-size: 10pt; margin-left: 50%">Robert W. Forman


<P align="left" style="font-size: 10pt">RWF/cpl



<P align="left" style="font-size: 10pt">cc: Kevin Buchel



<P align="center" style="font-size: 10pt">5
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<P align="center" style="font-size: 10pt"><IMG src="y07687y0768700.gif" alt="(ORGANIZATIONAL CHART)">




<P align="center" style="font-size: 10pt">
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