-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TTDORbV5Dm63c8ZrAvc4Eam6rYc6Vr9L5i8ERwGIxgSLS/p37Chdt3Ooa5W5mtxt
 POLEgDGLR93AWuXIVyPPBA==

<SEC-DOCUMENT>0000899681-07-000582.txt : 20070809
<SEC-HEADER>0000899681-07-000582.hdr.sgml : 20070809
<ACCEPTANCE-DATETIME>20070809123033
ACCESSION NUMBER:		0000899681-07-000582
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070808
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070809
DATE AS OF CHANGE:		20070809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYSTEMAX INC
		CENTRAL INDEX KEY:			0000945114
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		IRS NUMBER:				113262067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13792
		FILM NUMBER:		071038824

	BUSINESS ADDRESS:	
		STREET 1:		22 HARBOR PARK DR
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5166087000

	MAIL ADDRESS:	
		STREET 1:		11 HARBOR PARK DRIVE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GLOBAL DIRECTMAIL CORP
		DATE OF NAME CHANGE:	19950509
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>systemax-8k_080807.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>8-K</TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=4>SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>WASHINGTON, D.C. 20549</FONT></P>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=4><B>FORM 8-K</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(D) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent" FSL="Default" -->
<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Date
of Report (Date of Earliest Event Reported): August 8, 2007 </FONT></P>

<P ALIGN=CENTER><FONT SIZE=4><B>Systemax Inc.</B></FONT> <BR>
<FONT SIZE=3>(Exact Name of Registrant as Specified in Charter)</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TH><FONT FACE="Times New Roman">Delaware</FONT></TH>
     <TH><FONT FACE="Times New Roman">1-13792</FONT></TH>
     <TH><FONT FACE="Times New Roman">11-3262067</FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=34% ALIGN=CENTER>(State or Other Jurisdiction<BR>
of Incorporation)</TD>
     <TD WIDTH=33% ALIGN=CENTER>(Commission<BR>
File Number)</TD>
     <TD WIDTH=33% ALIGN=CENTER>(IRS Employer<BR>
Identification No.)</TD></TR>
</TABLE>
<BR>

<P ALIGN=CENTER><FONT SIZE=3><B>11 Harbor Park Drive<BR>
Port Washington, New York 11050 </B><BR>
(Address of Principal Executive Offices, including Zip Code)</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Workstation" -->
<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Registrant's
Telephone Number, Including Area Code:&nbsp;&nbsp;<B>(516) 608-7000</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3><B>N.A. </B><BR>
(Former Name or Former Address, if Changed Since Last Report)</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligations of the registrant
under any of the following provisions (see General Instruction A.2 below):
</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>|_|</TD>
<TD WIDTH=95%>Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</TD>
</TR>
</TABLE>
<BR>


<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>|_|</TD>
<TD WIDTH=95%>Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14-12)</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>|_|</TD>
<TD WIDTH=95%>Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240-14d-2(b))
</TD>
</TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT>|_|</TD>
<TD WIDTH=95%>Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CRF 240.13e-4(c))</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Item 2.02</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Results of Operations and Financial Condition</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A press release regarding second quarter 2007 financial results was issued by
the Company on August 8, 2007, a copy of which is filed as an exhibit.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>Item 9.01</U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial Statements and Exhibits</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(a)&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements of Business Acquired</I>
&#150; not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Workstation" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(b)&nbsp;&nbsp;&nbsp;&nbsp; Pro Forma Financial Information </I>
&#150; not applicable </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para (List) Deep Ind" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>(c)&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</I> </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=15% ALIGN=LEFT></TD>
<TD WIDTH=5% ALIGN=LEFT>99.1</TD>
<TD WIDTH=80%>
Press Release of Systemax Inc., dated August 8, 2007, regarding financial
results for second quarter of 2007</TD>
</TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Workstation" -->
<P ALIGN=CENTER><FONT SIZE=3>SIGNATURES</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Large Indent" FSL="Default" -->
<P><FONT SIZE=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=50% ALIGN=LEFT></TD>
<TD WIDTH=50%>
SYSTEMAX INC.<BR><BR>
By: <U>/s/ Curt Rush&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Curt Rush<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: General Counsel and Secretary</TD>
</TR>
</TABLE>
<BR>



<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Default" -->
<P ALIGN=LEFT><FONT SIZE=3>Dated:&nbsp;&nbsp;August 8, 2007</FONT></P>
<BR><BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>Exhibit Index</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10% ALIGN=LEFT>99.1</TD>
<TD WIDTH=90%>
Press Release of Systemax Inc., dated August 8, 2007, regarding financial
results for the second quarter of 2007</TD>
</TR>
</TABLE>
<BR>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>systemax-ex991_080807.htm
<DESCRIPTION>EXHIBITI 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Workstation" -->
<P ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Exhibit 99.1</FONT></P>

<IMG SRC="systemax.jpg">

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3><U>FOR IMMEDIATE RELEASE</U> </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>INVESTOR CONTACT:<BR>
Donna Gehnrich <BR>
(516) 608-7020</FONT></H1>

<!-- MARKER FORMAT-SHEET="Page Rule Single" FSL="Default" -->
     <HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE>

<!-- MARKER FORMAT-SHEET="Stroock Head Major Center Bold" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3><B><U>SYSTEMAX REPORTS SECOND QUARTER RESULTS</U>  </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Second Quarter Highlights: <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;Sales: $647 million, up 18%<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;Operating Income: $20
million, up 90%<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;Net Income: $ 13.8 million, up 94%<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;Diluted Earnings Per Share:
$.37 vs. $.19</FONT></H1>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3><B>PORT WASHINGTON, NY</B>, August 8, 2007 &#150; Systemax Inc.
<B>(NYSE:SYX)</B> today announced results for the second quarter and six months
ended June 30, 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Net sales for the quarter increased 18% to $647 million compared
to $547 million in the second quarter of 2006. Sales of technology products
(computers, computer supplies and consumer electronics) grew by 19% and sales of
industrial products grew by 12%. Gross margin improved to 15.3% from 14.1% in
the second quarter of 2006 and operating income was $20.1 million compared to
$10.6 million in the second quarter of 2006. Net income was $13.8 million, or
$.37 per diluted share, compared to $7.1 million, or $.19 per diluted share, in
the second quarter of 2006. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>For the six months ended June 30, 2007, net sales increased 18%
to $ 1.3 billion from $1.1 billion during the same period last year. Net income
increased 12% to $27.7 million or $.73 per diluted share compared to $24.7
million or $.67 per diluted share a year ago. Included in net income for the six
months ended June 30, 2007 is an after tax gain of approximately $1.5 million or
$.04 per diluted share related to a lawsuit settlement and included in net
income for the six months ended June 30, 2006 is an after tax gain of $4.3
million, or $.12 per diluted share from the sale of a warehouse facility.
</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Richard Leeds, Chairman and Chief Executive Officer, said "I am
very pleased with second quarter 2007 consolidated results, highlighted by our
18% growth in sales, improved gross margin and 90% growth in operating income.
Although we are still in an intensely competitive environment, we experienced
less price discounting in the quarter and we are pleased that our consolidated
gross margin has shown improvement in the last two consecutive quarters. Gross
margin improved from 12.9% in the fourth quarter of 2006 to 14.3% in the first
quarter of 2007 and 15.3% in the second quarter of 2007. We also maintained good
control over our cost structure as selling, general and administrative expense
as a percentage of sales in the quarter was flat at 12.2 % compared to the
second quarter 2006, despite increased consulting and staffing costs associated
with the requirements of Section 404 of the Sarbanes-Oxley Act." </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Gilbert Fiorentino, Chief Executive Officer of TigerDirect.com
and the technology products segment, noted, "the trend of strong sales growth in
both the North American and European markets continued in the second quarter.
North American technology product sales grew 15% in the quarter, driven by
growth in all sales channels. European sales grew 26% overall, 17 % after taking
into account exchange rate effects, in the second quarter driven primarily by
growth in internet sales and public sector customers." </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Richard Leeds, commenting on other operations, noted "in the
industrial products segment, sales grew 12 % in the second quarter compared to 2006,
driven primarily by increased internet sales and continuing competitive advantages due to
our worldwide sourcing and aggressive pricing strategies. Industrial product sales
transacted via the internet grew 34% in the second quarter of 2007. " </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Workstation" -->
<P><FONT SIZE=3>Larry Reinhold, Chief Financial Officer, noted that the
Company's overall financial condition remains solid as evidenced by its working
capital of $231 million, which included cash and equivalents of $82 million.
Cash flow from operations for the quarter was approximately $27 million and for
the first six months of 2007 was over $45 million. Operationally, days sales
outstanding were 25 days at June 30, 2007 and inventory turned at an annual rate
of approximately 9 times during the quarter. Our effective tax rate was 36.1%
for the first six months of 2007, up slightly from the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P><FONT SIZE=3>Systemax Inc. (<U>www.systemax.com</U>), a Fortune 1000 company,
utilizes an integrated system of branded e-commerce web sites, direct mail
catalogs and relationship marketers to sell personal computers, computer
supplies, consumer electronics and industrial products in North America and
Europe. It also manufactures and sells personal computers under the Systemax and
Ultra brands. </FONT></P>
<BR><BR><BR>

<!-- MARKER FORMAT-SHEET="Head Center Italic" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I><B>SYSTEMAX INC.</B></I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT><FONT SIZE=3>Condensed Consolidated Statements of Operations &#150;
Unaudited</FONT></P>

<!-- MARKER FORMAT-SHEET="Stroock Head Minor Center" FSL="Default" -->
<P ALIGN=CENTER><FONT SIZE=3>(In thousands, except per share amounts)</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN="TOP">
     <TH><FONT FACE="Times New Roman">&nbsp;</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended</FONT></TH>
</TR>
<TR VALIGN="Top">
     <TH><FONT FACE="Times New Roman">&nbsp;</FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>June 30,</U></FONT></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>June 30,</U></FONT></TH>
</TR>
<TR VALIGN="Top">
     <TH><FONT FACE="Times New Roman">&nbsp;</FONT></TH>
     <TH ALIGN="Right"><FONT FACE="Times New Roman"><U>2007</U></FONT></TH>
     <TH ALIGN="Right"><FONT FACE="Times New Roman"><U>2006</U></FONT></TH>
     <TH ALIGN="Right"><FONT FACE="Times New Roman"><U>2007</U></FONT></TH>
     <TH ALIGN="Right"><FONT FACE="Times New Roman"><U>2006</U></FONT></TH></TR>
<TR VALIGN="Top">
     <TD WIDTH=44% ALIGN=LEFT>Net sales</TD>
     <TD WIDTH=14% ALIGN=RIGHT>$647,102</TD>
     <TD WIDTH=14% ALIGN=RIGHT>$547,242</TD>
     <TD WIDTH=14% ALIGN=RIGHT>$1,323,224</TD>
     <TD WIDTH=14% ALIGN=RIGHT>$1,122,150</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Cost of sales</TD>
     <TD ALIGN=RIGHT>547,784<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>469,872<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>1,127,232<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>954,017<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Gross profit</TD>
     <TD ALIGN=RIGHT>99,318</TD>
     <TD ALIGN=RIGHT>77,370</TD>
     <TD ALIGN=RIGHT>195,992</TD>
     <TD ALIGN=RIGHT>168,133</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT><I>Gross margin</I></TD>
     <TD ALIGN=RIGHT><I>15.3%</I></TD>
     <TD ALIGN=RIGHT><I>14.1%</I></TD>
     <TD ALIGN=RIGHT><I>14.8%</I></TD>
     <TD ALIGN=RIGHT><I>15.0%</I></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Selling, general and administrative expenses</TD>
     <TD ALIGN=RIGHT>79,249<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>66,796<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>154,386<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>136,681<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Operating income</TD>
     <TD ALIGN=RIGHT>20,069</TD>
     <TD ALIGN=RIGHT>10,574</TD>
     <TD ALIGN=RIGHT>41,606</TD>
     <TD ALIGN=RIGHT>31,452</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT><I>Operating margin</I></TD>
     <TD ALIGN=RIGHT><I>3.1%</I></TD>
     <TD ALIGN=RIGHT><I>1.9%</I></TD>
     <TD ALIGN=RIGHT><I>3.1%</I></TD>
     <TD ALIGN=RIGHT><I>2.8%</I></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Interest and other (income) expense, net</TD>
     <TD ALIGN=RIGHT>(956)<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>(145)<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>(1,698)<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>(6,768)<HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Income before income taxes</TD>
     <TD ALIGN=RIGHT>21,025</TD>
     <TD ALIGN=RIGHT>10,719</TD>
     <TD ALIGN=RIGHT>43,304</TD>
     <TD ALIGN=RIGHT>38,220</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Provision for income taxes</TD>
     <TD ALIGN=RIGHT>7,263</TD>
     <TD ALIGN=RIGHT>3,613</TD>
     <TD ALIGN=RIGHT>15,647</TD>
     <TD ALIGN=RIGHT>13,557</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT><I>Effective tax rate</I></TD>
     <TD ALIGN=RIGHT><I>34.5%</I><HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT><I>33.7%</I><HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT><I>36.1%</I><HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT><I>35.5%</I><HR SIZE="1" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Net income</TD>
     <TD ALIGN=RIGHT>$13,762<HR SIZE="2" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>$7,106<HR SIZE="2" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>$27,657<HR SIZE="2" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>$24,663<HR SIZE="2" WIDTH="80%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT><I>Net margin</I></TD>
     <TD ALIGN=RIGHT><I>2.1%</I></TD>
     <TD ALIGN=RIGHT><I>1.3%</I></TD>
     <TD ALIGN=RIGHT><I>2.1%</I></TD>
     <TD ALIGN=RIGHT><I>2.2%</I></TD></TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=44% ALIGN=LEFT>Net income per common share:</TD>
     <TD WIDTH=14% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=14% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=14% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=14% ALIGN=RIGHT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Basic</TD>
     <TD ALIGN=RIGHT>$.38</TD>
     <TD ALIGN=RIGHT>$.20</TD>
     <TD ALIGN=RIGHT>$.77</TD>
     <TD ALIGN=RIGHT>$.71</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Diluted</TD>
     <TD ALIGN=RIGHT>$.37</TD>
     <TD ALIGN=RIGHT>$.19</TD>
     <TD ALIGN=RIGHT>$.73</TD>
     <TD ALIGN=RIGHT>$.67</TD></TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN=Bottom>
     <TD WIDTH=44% ALIGN=LEFT>Weighted average common and common equivalent shares:</TD>
     <TD WIDTH=14% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=14% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=14% ALIGN=RIGHT>&nbsp;</TD>
     <TD WIDTH=14% ALIGN=RIGHT>&nbsp;</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Basic</TD>
     <TD ALIGN=RIGHT>36,006</TD>
     <TD ALIGN=RIGHT>35,229</TD>
     <TD ALIGN=RIGHT>35,863</TD>
     <TD ALIGN=RIGHT>34,802</TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT>Diluted</TD>
     <TD ALIGN=RIGHT>37,686</TD>
     <TD ALIGN=RIGHT>36,981</TD>
     <TD ALIGN=RIGHT>37,644</TD>
     <TD ALIGN=RIGHT>36,563</TD></TR>
</TABLE>
<BR><BR><BR><BR>




<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN="Center"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><I><B>SYSTEMAX INC.</B></I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Condensed
Consolidated Balance Sheets</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3>(In thousands)<BR>
(unaudited)</FONT></P>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=100%>
<TR VALIGN="Top">
     <TH><FONT FACE="Times New Roman">&nbsp;</FONT></TH>
     <TH ALIGN="Right"><FONT FACE="Times New Roman">June 30,<BR> <U>2007</U>&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH ALIGN="Right"><FONT FACE="Times New Roman">December 31,<BR> <U>2006</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TH></TR>
<TR VALIGN="Top">
     <TD WIDTH=50% ALIGN=LEFT>Current assets:</TD>
     <TD WIDTH=25% ALIGN=RIGHT></TD>
     <TD WIDTH=25% ALIGN=RIGHT></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>&nbsp;&nbsp;Cash and cash equivalents</TD>
     <TD ALIGN=RIGHT>$81,823</TD>
     <TD ALIGN=RIGHT>$86,964</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>&nbsp;&nbsp;Accounts receivable, net</TD>
     <TD ALIGN=RIGHT>174,966</TD>
     <TD ALIGN=RIGHT>164,615</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>&nbsp;&nbsp;Inventories</TD>
     <TD ALIGN=RIGHT>248,703</TD>
     <TD ALIGN=RIGHT>233,136</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>&nbsp;&nbsp;Prepaid expenses and other current assets</TD>
     <TD ALIGN=RIGHT>32,530<HR SIZE="1" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>34,646<HR SIZE="1" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Total current assets</TD>
     <TD ALIGN=RIGHT>538,022</TD>
     <TD ALIGN=RIGHT>519,361</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Property, plant and equipment, net</TD>
     <TD ALIGN=RIGHT>49,290</TD>
     <TD ALIGN=RIGHT>48,586</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Deferred income taxes and other assets</TD>
     <TD ALIGN=RIGHT>15,001<HR SIZE="1" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>16,214<HR SIZE="1" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Total assets</TD>
     <TD ALIGN=RIGHT>$602,313<HR SIZE="2" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>$584,161<HR SIZE="2" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Current liabilities:</TD>
     <TD ALIGN=RIGHT></TD>
     <TD ALIGN=RIGHT></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>&nbsp;&nbsp;Short-term debt</TD>
     <TD ALIGN=RIGHT>$571</TD>
     <TD ALIGN=RIGHT>$12,788</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>&nbsp;&nbsp;Accounts payable and accrued expenses</TD>
     <TD ALIGN=RIGHT>306,656<HR SIZE="1" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>277,174<HR SIZE="1" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Total current liabilities</TD>
     <TD ALIGN=RIGHT>307,227</TD>
     <TD ALIGN=RIGHT>289,962</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Long-term debt</TD>
     <TD ALIGN=RIGHT>367</TD>
     <TD ALIGN=RIGHT>483</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Other liabilities</TD>
     <TD ALIGN=RIGHT>6,029</TD>
     <TD ALIGN=RIGHT>4,226</TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Shareholders' equity</TD>
     <TD ALIGN=RIGHT>288,690<HR SIZE="1" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>289,490<HR SIZE="1" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
<TR VALIGN="Top">
     <TD ALIGN=LEFT>Total liabilities and shareholders' equity</TD>
     <TD ALIGN=RIGHT>$602,313<HR SIZE="2" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD>
     <TD ALIGN=RIGHT>$584,161<HR SIZE="2" WIDTH="70%" ALIGN="Right" NOSHADE="Noshade"></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5% ALIGN=LEFT></TD>
<TD WIDTH=95%><FONT SIZE=2>Forward-Looking Statements<BR><BR>

This press release contains forward-looking statements about the
Company's performance. These statements are based on management's estimates,
assumptions and projections and are not guarantees of future performance. The
Company assumes no obligation to update these statements. Actual results may
differ materially from results expressed or implied in these statements as the
result of risks, uncertainties and other factors including, but not limited to:
(a) unanticipated variations in sales volume, (b) economic conditions and
exchange rates, (c) actions by competitors, (d) the continuation of key vendor
relationships, (e) the ability to maintain satisfactory loan agreements with
lenders, (f) risks associated with the delivery of merchandise to customers
utilizing common carriers, (g) the operation of the Company's management
information systems, and (h) unanticipated legal and administrative proceedings.
Please refer to "Risk Factors" and the Forward Looking Statements sections
contained in the Company's Form 10-K for a more detailed explanation of the
inherent limitations in such forward-looking statements. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Stroock Head Left" FSL="Workstation" -->
<P ALIGN=LEFT></P>

<!-- MARKER FORMAT-SHEET="Stroock Para Flush" FSL="Default" -->
<P></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1" FSL="Default" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>&#151; End &#151; </FONT></H1>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>systemax.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 systemax.jpg
M_]C_X``02D9)1@`!`0$`2`!(``#__@`<4V]F='=A<F4Z($UI8W)O<V]F="!/
M9F9I8V7_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+#!D2$P\4'1H?'AT:'!P@
M)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_VP!#`0D)"0P+#!@-#1@R
M(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C+_P``1"`!(`.8#`2(``A$!`Q$!_\0`'````@,!`0$!````````
M``````<$!08#"`$"_\0`21```0,#`@,$!@0)"`L``````0(#!``%$082!R$Q
M$T%1D2)A<8&AP105,M$6(S,V4G-TL;(E<H*$DI.4LQ<D-$)%559B@Z/3_\0`
M&@$``@,!`0````````````````(!`P4$!O_$`#,1``("`0,"`@<'!0$`````
M``$"``,1!!(A,4$%$Q0B,E%AL?`T@9&AP='A%3-#<?%2_]T`!``H_]H`#`,!
M``(1`Q$`/P!_T5'FSHUNB.2YCZ&6&QE2UG`%8.9Q?LS+I1%A2Y"0<;SA`/LS
MS\P*LKI>SV1F4VWUU>VV(Q**Q5EXGV&[2$1G>UA/+.$]N!L)\-P/+WXK:U#U
MO6<,,1J[4M&4.84444DLA1111"%%%%$(457NWZSL/+9>NT%MQ!VJ0N0@%)\"
M">52X\EB8PE^,\V\RK.UQM04D]W(BI*D<D10RDX!G6BOASCEC/KK@ME]SK*4
MW^K0!_%FE)C@9[R114%5K;=_+29CA]4A2/@@@5R5IVU.?E8B7OURU.?Q$U&6
M]TL"U]R?P_D2>Y(89&77FVQ_W*`J&Y?;0U^4NL)'\Z0@?.N:=-6)!RFS6\'Q
M^C(^ZNPLMJ3TMD(>QA/W4>M&`H'4D_@/WD=6J=/I^U>[</ZRC[ZY_A?IO_GU
MM_Q*/OJ;]3VP_P##8?\`<)^ZOPNPV=8PNTP5>V.@_*H]>.#I>X;\OVD8:NTX
M3@7VV_XE'WUT3J:PK^S>K>?ZRC[ZYN:2TZZ,+L=O/]72/E4)[AYI-_.^R1QG
M]`J1^XBCU_A+`-">I8?@?U$NF[O;7?R=PB+S^B\D_.I25H6,H4%#Q!S6'D\)
M-*OY[-F5'_5OD_Q9JGD<%XR256Z^2F%=W:("OB"*C<X[2U=/H'_S%?\`:_L8
MTJ*34C0.O;7E5MOJY"1T2W+6A7DKE\:J)&J>(NFE8N"Y:$`]9+"5I/\`3QS\
MZ7S<=1.E/!1=]GN5OAT/X<Q^44DX'&JZM$"?;8LA/>6E*;5\Q6QM'%G3ER4E
MN2IZ`Z>7X].49_G#YXIA:IE%_@NMI&2F1\.?YF[HKFR\U)92\PZAUI8RE:%!
M0(]1%%63*(QP8I.,-T=5<85J2HAE#7;K2#R4HD@9]@!\ZS6C=%NZN<E$3$Q6
M8X3N66]Y)5G``R/`]]:/C#;'476%<PDEEQKL%*\%))(\P?@:RFDM6R]*7!;S
M+8>CO`!YDG&X#H0>XC)\ZVZ=WHP\KK/.:@IZ8?.]G^.)7WRT/6&]2;:^I*G&
M%8W)Z*!&0?(BG9PWO+ETT>T9+F78KACE:CS4``4_`@>ZHT!G16O)"Y_T9+LY
M21VK;BU(<&!@<@<$8`YBN>L]+6ZW\/Y[-KBAE+3B96T*)Y@@$\R?]W-<]URV
MA:G!#<3KT^G:@M=605P>\W8<0HX"TD^`-"EI3]I0'M->=M"RC$UM:G"<!3W9
MG^D"GYUI.,$KM-10HP/)F-N/M4H_("JCHL6BO/42U?$0:#;MZ'&,QRI6E7V5
M`^PUQE3X<%`7,EL1TGH7G`@?&E#H::K3FB+]J`("G2M##.[IN'RRL'W5C6&[
MGJJ_-LJ>5(FREX"W5\O'W`#PJ5T66;+<"0_B.$7"^LW:>BXMXMDY>R)<8DA?
MZ+3R5'R!J85!(RH@#Q-><-1Z8N.DIK#4MQLJ<3O;=84<<CSZ@$$5L;?=+KK+
MAQ<;7M7+N,9QH).1N<05`C)/4C!Y^RA]&``RMP9-?B#%BCIAAV]_PF+U>0=8
M7<@Y!EN?Q&G-PU6G\`[:G<-WXSEGG^452%E17H4MV+);+;[2BA:#U21U%;7A
MSI^[*U%;+N(:_J_<O\?D8^RI/3.>O*NS55AJ<$]/SXF=HK674DA<Y_+)CR)`
M!).`.\U6N:ALC3A;<O%O0L=4JDH!_?2GXH:HERKX[9F'EMPXP"7$I..T61DY
M\0,XQZJH[)H.\WZS.W.&&0TDJ"$+40IPCKMY8]7/%<::-=@>QL9FC9X@WF&N
MI,XGH%B2Q*;#D=YMYL]%-J"AYBNBE)2,J4![37F:R7V?I^X(EP7E(4DC>WGT
M7!X*'>*;NOX$C4^E[6Y`+*>T<2^.V=2V-JD'',GKSI;=)Y;@$\'O&IU_FULP
M7D=INTK0HX2I)/J-1!>+8J7]$3<8ADYQV(?3OSX8SFDO:]):JAF2U;G(@=DM
M=DLM3$%6S()Q@^KRJ$YP_OS#I0X83;B3S"IC8(^-,-)7DYL$0ZZ[`(J,?DF5
M'ALEZ4^TPT.JW5A*1[S7XB7&%<$E4*9'DI'4LNA>/(TFKCI;6FH(["Y;L>2S
M%;[-*A+04C'4DYZ^)J):=+:CLUR9G0Y$%MUI0/*<WA0[P>?,&H&D3;[8S&.N
MMW?VSB/FH4J\6R"O9+N,2.O]%UY*3\35'K>1=_J=$6SO,,2)!PMUR0ELH1W[
M22.9\1TI61.'-^N,HI2[!)/I+7]+2O'K.W)JNG3HZ[G;$MU&JL1ME:9,>$6[
MVV<K;$N$20KP:>2L_`U+)"1DD`>)I`O\/K]!E%"G8*'$'*5?3$(/J(R0::NG
MXTR[Z-=ME]<:>>*5,+<;=2YN3CT5$@_:&?AFINH1`&5LB1I]5982KI@S3AUL
MG`6DD^NAWLE(*'=A2H8(7C!I"HT1J*VW)#B!$#L=T+03,;2<@Y!P59%:CB';
M+KJ2Y0S#^B_1F&!R5+;3Z:N:N15X;1[JDZ5-P`<8,5=;9L+&L@CM]"76H>%]
M@OA+L';;Y6<E3`!0H=^4=/+%6ELX>Z8M<=+:;6S(6!Z3LE/:*4?'GR'N`JKX
M:Z4?L,*3,G);^ER"$IV+"P&QZQRYG]PK=UR64UHY"\S8K\3UEM"J[D#W9_60
M;?:(%JWB!&3&0LY4VWD(SXA/0'V45.HI0`.DI9F<Y8Y,B7.V1+Q;W8,YD.L.
M#!2>[P(/<:2VJ>&ERLI<DV_=.@CGZ(_&-CUCO]H\A4CB1>;K"UG(9BW&8PUV
M;92AMY24_9'<#6HX3WAVX6R>Q,G.R)2'@L!YPJ4$%('+/=D&M*M;-/7YH.0>
MTQK6IU5QI88(SS$Y&E/PI+<F,ZMIYL[D+0<$&G]IZY_AGH=:GPD//-+C/X'+
M?C&?>"#[Z3VO$0D:UN28&SL=XSLZ!>T;L?TLTR.#Z%C2TM1^PJ8K;_83FK]9
MAJ19WXG/X?E+VISD<Q/0WE6^ZQWE`I7'>2HCP*59^5:'B/+$O7,\I.4-[&T^
MY`S\<U"UI!^KM8W2.!A/;EQ(]2O2'[ZJGG7KE<%.*])Y]SS)-=2@,19\/GB<
M+$HK4_'Y9C=MNF';AP=1`9'^M/H,E`/+<K=N`]Z0!2B9=EVFXI=;+D>7'7D'
M&%(4/57HJ?<H6D=.L.R@X8T=#;`[).3TP.7NK'/W'17$"Z-03%E-SW@0W("`
MVKDDGF<G/(=X-<&GO8;B5RI),U-5I4.Q58!P`,>^4L#B/`N:F6M66:-+[/DF
M2EH**<]<I/R\J:%CC61,03+)'B(8D`'M(S82%X\<>'/K2/UGHYW24MA/TD2(
M\@*+:]NU0QC((]XK6\&YSQ=N<`J)8"4O)'<E6<'SY>53J*4-7F5'C\I&DU%B
MW^5<.??WF%U?^>-X_:W/XC3FX:_F#;O_`"?YBJ3.K_SQO'[6Y_$:<W#0@Z"M
MW/H7?\Q5-K/LZ_=\HGA_VI_O^<3NMOSUN_[0JI]CXBWC3]I:ML1B&IELJ(+J
M%%7,DGHH>-0-;?GK=_VA5,[0%MM+N@F)<JW0WW$=J5K<92I7)1ZDCPJVUT6E
M2XR./E**$L?4.*VVGGYQ)DY)-.+5=EN-[X>Z=8ML54AQ#;*U)20,#LL9YGUU
M0_Z1K)_T5`\T?_.M+Q%@3;OI.U"V6]U9[1*^Q805=FG8>6`.@SBDM=RZ;AMY
M[RRBI!59M;=QVR/F)2\.]*7RT:K1+GV];#`96G>I23S/3H:C:ZTA?KIK";,@
MVUQZ.YLVK2I(!P@`]3ZJ_7#:PWFW:M0_.MLN.R&%C>ZTI*<G'>:CZ_T]>YVL
MYTB';)C["@C:XVTHI.$`'F*@,?2,[AT^N\8H/1`-I]KIWZ?Z_2;+1EDN-MT#
M<($R*IJ4Z7MC9().4`#H<=:6(T!JG(_D=W^VC[Z96B+9<(?#VXQ)41]F2LO;
M6G$$*.4`#`]M*P:3U)D?R+<?[A7W44,=[^L.OUWAJ4!KK]4GCZ[3_]!TW'3E
MIO28YND)$A3*=J-Q(VYQGH?56?+/X-OO'36CGEO+3L4\IY*$*'O42?(56<3X
MU[N$>VP+=!EOL!)<>[%LJ&[D$@X\.?G5)H'0KTJZ//W^W26V&$@MM/H4E+BB
M>_Q`QT]8KOK0"K>[<>[Z(F9;83?Y:)S_`.OH&5E[TOK2_P!U>N,RTJ[5S`PA
M:`E('(`>ETI@<,K+<;'9)C%RC*CN+D[TI*@<C:!GD3X5CN(6G+K*U4M5LM,I
M<5++:$EAD[!@=!@8K6\++;/MEBF-7"(_&<5)W)2\@I)&U//G5M[[M..1VX^C
M*=-6%U1X.>>3_P`E-Q*T7/N5X9N=IAJD*>1M?2C&0I/17/Q'+W5CXG#[4LB8
MRT];'F6UK2E;JB,(&>9Z]PK4\3$7Z\WMN+!M=P<AQ$\EM,+*5K5@D@@<\<AY
MUCXMCU7;YK$IFT7,.LK2X@B.L\QS'=5U#.*@-P^OOG/J4K-['8>O;_D]"Q(K
M4&&S$83M990&T)\`!@5VJ/!DJF0(\E;+C"W6PI33B2E2"1S!!\*D5C'.>9Z`
M8QQ"BBBHDS`\1=$/ZA#5RMH2J<RC8MHG':HZC!\1D^W-)Z1:[G;GBA^%*CN#
MEZ3:DFO3]%=M.M:M=I&1,[4>')<^\'!GFZSZ2O=\D);BP'@@GTGG4E*$CQ)/
MRYT_M/65G3]DC6U@[@TGTEXQO4>9/G5G7-]11'<6GJE)(\J2_5-=QT$LTNB3
M3Y(.3$UQ?@=AJ.+-2,)DQ]I/BI)Q^XIK.:'@?66L[8R1E*7@ZKV(]+Y5PO\`
MJFZ:E4P;DZA08!"`A`2!G&3\!6^X2:=?:<D7R2T4(6CLH^X8W`G*E#U<@,^V
MM%B:=-ANN,3(4+J-9E!QG/[Q@ZBLS>H+#+MKBMG;)]%>,[5`Y!\P*0DRP:AT
MQ<DN+B26765[FY#224Y'>%#E7H^BLVC5-2",9$V-5HEO(;.")YQEN:FU;,;+
M[<R<ZD;48:Y)'N``]M-WA]I%W3%L=<F%/TZ407$I.0VD=$Y[SS.:V-%-=JS8
MNP#`BZ?0K4_F,VYHE.(&BKJWJ&5<H4-V5$E*[3+*2M2%'J"!SZ\\^NN/#^UW
MZ-JR`IV%<&825+*][:TMCT#USRZXIXT4WIK>7L(^$3^G)YOF@D<YBGXC:$GR
MKFY>K4PJ0ET#MV4<UA0&-P'>"`.G.L`U(OUOC/6YI<^.R]D.,`*2%=QR*]+T
M5->N95"L,XD7>&J[EU;&8A-)Z`NEZN#+DR*[%MZ5!3BW4E)6/!(/,Y\>E,3B
M7%NLBR0V[,W*4ZF1Z0B[LA.T]<=W2MO15;ZMGL#D=.TMKT*5U&L'KWBDX>P-
M2Q]5(<NC-R1&[%8)D;]N>6.M1]<V[5+^KYCEN8NBHI"-A8W[/L#.,<NN:<=%
M3Z6?,\S:.F)'H(\KRMQZYF&T;%N[.@Y[4]N6F<2]V:7MW:?8&,9Y]:68M.ML
M_P"S7K_V5Z%HH35E&)VCF%FA#JJ[CQ,'Q%L-VN-MB3;2Y([>,DI=9:60I:3C
MF`.I!'3UTJ8DC4R)H;BNW420<!*%.;O*O25%33JS6FTKF+?H!:^\,1$-<M,Z
MUB*84KZQDN/M]JOL7%K[-1)]%1!Z]#[ZV6BG+[9])7A4R!/<G(7OCMNH45+)
M2``,]P(YTQZ*A]677:RB-7H5K?>K&(*-9];RY[3;J+RTEUT!;BE.!*03S)\`
M*V'$:S7WZ9`D60W!QOL>R<1'6LX*>A(![P>OJIFT5)UC%@V!Q(70*$9-QY[S
M`<-';\PU+M]ZB3DI![5EZ2E7L*<GW$#VU?OW&]1WMJ8:7TJ6I*5):4-N%#!/
M,\BD*]^*T%%4O:&<MCK.BNDH@3<>(44453+X44440A7P@*!!&0>1!HHHA*M&
MF+"VZ'$6:`E8.0H1T9_=5H````,`=`***DL3U,555>@GVBBBHC0HHHHA"BBB
JB$****(0HHHHA"BBBB$****(0HHHHA"BBBB$****(0HHHHA"BBBB$__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
