<SEC-DOCUMENT>0000050493-15-000006.txt : 20150401
<SEC-HEADER>0000050493-15-000006.hdr.sgml : 20150401
<ACCEPTANCE-DATETIME>20150220140108
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000050493-15-000006
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INGLES MARKETS INC
		CENTRAL INDEX KEY:			0000050493
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		IRS NUMBER:				560846267
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 6676
		CITY:			ASHEVILLE
		STATE:			NC
		ZIP:			28816
		BUSINESS PHONE:		828-669-2941

	MAIL ADDRESS:	
		STREET 1:		P O BOX 6676
		CITY:			ASHEVILLE
		STATE:			NC
		ZIP:			28816
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			Response to Feb 5 2015 comment letter 02-20-15
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">Greenberg Traurig, LLP</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Suite 2500</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">3333 Piedmont Rd NE</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Atlanta, GA 30305</font>
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		<p style="margin:0pt;punctuation-wrap:hanging;line-height:normal;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 7pt">
			<font style="display: inline;font-family:Arial;font-size:7pt;">&nbsp;</font>
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			<font style="display: inline;font-family:Arial;font-size:7pt;">&nbsp;</font>
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		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Times New Roman;font-size: 7pt">
			<font style="display: inline;font-family:Arial;font-size:7pt;">Gerald L. Baxter</font>
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		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Times New Roman;font-size: 7pt">
			<font style="display: inline;font-family:Arial;font-size:7pt;">Tel. 678.553.2430</font>
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		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Times New Roman;font-size: 7pt">
			<font style="display: inline;font-family:Arial;font-size:7pt;">Fax 678.553.2431</font>
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		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Times New Roman;font-size: 7pt">
			<font style="display: inline;font-family:Arial;font-size:7pt;">BaxterG@gtlaw.com</font>
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		<p style="margin:0pt;punctuation-wrap:hanging;line-height:normal;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
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		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;vertical-align:baseline;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">VIA FEDERAL EXPRESS and EDGAR</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">February 20, 2015</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">Ms. </font><font style="display: inline;">Ma</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">L</font><font style="display: inline;">. Ransom</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">c/o Mr. </font><font style="display: inline;">Di</font><font style="display: inline;">e</font><font style="display: inline;">trich</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">A. </font><font style="display: inline;">K</font><font style="display: inline;">ing</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">100 F. Street, N.E.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">United States Securities and Exchange Commission</font>
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			<font style="display: inline;">Washington, D.C. 20549</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt -1pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="text-indent:0pt;margin-left:0pt; padding-right:22pt;"><font style="display: inline;">Re:</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;"></font><font style="display: inline;">I</font><font style="display: inline;">n</font><font style="display: inline;">gles </font><font style="display: inline;">M</font><font style="display: inline;">a</font><font style="display: inline;">r</font><font style="display: inline;">k</font><font style="display: inline;">e</font><font style="display: inline;">ts, I</font><font style="display: inline;">n</font><font style="display: inline;">c</font><font style="display: inline;">o</font><font style="display: inline;">r</font><font style="display: inline;">p</font><font style="display: inline;">o</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">te</font><font style="display: inline;">d</font></font>
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		<p style="margin:0pt -1pt 0pt 36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">F</font><font style="display: inline;">o</font><font style="display: inline;">r</font><font style="display: inline;">m 10</font><font style="display: inline;">-</font><font style="display: inline;">K</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">f</font><font style="display: inline;">or</font><font style="display: inline;"> &nbsp;t</font><font style="display: inline;">h</font><font style="display: inline;">e</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">F</font><font style="display: inline;">is</font><font style="display: inline;">c</font><font style="display: inline;">al Y</font><font style="display: inline;">e</font><font style="display: inline;">ar</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">E</font><font style="display: inline;">nd</font><font style="display: inline;">e</font><font style="display: inline;">d</font><font style="display: inline;"> &nbsp;S</font><font style="display: inline;">e</font><font style="display: inline;">p</font><font style="display: inline;">t</font><font style="display: inline;">e</font><font style="display: inline;">m</font><font style="display: inline;">b</font><font style="display: inline;">e</font><font style="display: inline;">r</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">27, 2014</font>
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		<p style="margin:0pt -1pt 0pt 36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">F</font><font style="display: inline;">i</font><font style="display: inline;">l</font><font style="display: inline;">e</font><font style="display: inline;">d</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">D</font><font style="display: inline;">e</font><font style="display: inline;">c</font><font style="display: inline;">e</font><font style="display: inline;">m</font><font style="display: inline;">be</font><font style="display: inline;">r</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">16, 20</font><font style="display: inline;">1</font><font style="display: inline;">4</font>
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		<p style="margin:0pt 237.95pt 0pt 36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">D</font><font style="display: inline;">e</font><font style="display: inline;">f</font><font style="display: inline;">i</font><font style="display: inline;">n</font><font style="display: inline;">itive</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">P</font><font style="display: inline;">r</font><font style="display: inline;">oxy </font><font style="display: inline;">S</font><font style="display: inline;">ta</font><font style="display: inline;">te</font><font style="display: inline;">me</font><font style="display: inline;">n</font><font style="display: inline;">t on </font><font style="display: inline;">S</font><font style="display: inline;">c</font><font style="display: inline;">h</font><font style="display: inline;">e</font><font style="display: inline;">du</font><font style="display: inline;">le 14A </font><font style="display: inline;">F</font><font style="display: inline;">i</font><font style="display: inline;">l</font><font style="display: inline;">e</font><font style="display: inline;">d</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">D</font><font style="display: inline;">e</font><font style="display: inline;">c</font><font style="display: inline;">e</font><font style="display: inline;">m</font><font style="display: inline;">be</font><font style="display: inline;">r</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">23, 20</font><font style="display: inline;">1</font><font style="display: inline;">4</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">F</font><font style="display: inline;">i</font><font style="display: inline;">l</font><font style="display: inline;">e</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">No. 00</font><font style="display: inline;">0</font><font style="display: inline;">-</font><font style="display: inline;">14706</font>
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		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Dear Mr. King:</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">This letter is in response to your letter dated February 5, 2015, with respect to the referenced Form 10-K for the Fiscal Year Ended September 27, 2014 filed on December 16, 2014 and the Definitive Proxy Statement on Schedule 14A filed December 23, 2014.&nbsp; </font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">The following responds on a comment-by-comment basis to the numbered comments in your letter of February 5, 2015.&nbsp; </font>
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		<p style="margin:0pt -1pt 12.6pt 0pt;line-height:13.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">D</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">finit</font><font style="display: inline;text-decoration:underline;">i</font><font style="display: inline;text-decoration:underline;">ve</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">P</font><font style="display: inline;text-decoration:underline;">ro</font><font style="display: inline;text-decoration:underline;">x</font><font style="display: inline;text-decoration:underline;">y</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">S</font><font style="display: inline;text-decoration:underline;">tat</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">m</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">nt on </font><font style="display: inline;text-decoration:underline;">S</font><font style="display: inline;text-decoration:underline;">c</font><font style="display: inline;text-decoration:underline;">h</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">dule 14A</font>
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		<p style="margin:1.45pt -1pt 12.6pt 0pt;line-height:13.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">Exec</font><font style="display: inline;text-decoration:underline;">ut</font><font style="display: inline;text-decoration:underline;">i</font><font style="display: inline;text-decoration:underline;">ve</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">Compens</font><font style="display: inline;text-decoration:underline;">a</font><font style="display: inline;text-decoration:underline;">t</font><font style="display: inline;text-decoration:underline;">i</font><font style="display: inline;text-decoration:underline;">on </font><font style="display: inline;text-decoration:underline;">a</font><font style="display: inline;text-decoration:underline;">nd Oth</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">r</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">I</font><font style="display: inline;text-decoration:underline;">n</font><font style="display: inline;text-decoration:underline;">fo</font><font style="display: inline;text-decoration:underline;">r</font><font style="display: inline;text-decoration:underline;">mation,</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">p</font><font style="display: inline;text-decoration:underline;">a</font><font style="display: inline;text-decoration:underline;">ge</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">9</font>
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		<p style="margin:1.45pt -1pt 12.65pt 0pt;line-height:13.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">Elem</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">nts of E</font><font style="display: inline;text-decoration:underline;">x</font><font style="display: inline;text-decoration:underline;">ec</font><font style="display: inline;text-decoration:underline;">ut</font><font style="display: inline;text-decoration:underline;">i</font><font style="display: inline;text-decoration:underline;">ve</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">Compens</font><font style="display: inline;text-decoration:underline;">a</font><font style="display: inline;text-decoration:underline;">t</font><font style="display: inline;text-decoration:underline;">i</font><font style="display: inline;text-decoration:underline;">on, p</font><font style="display: inline;text-decoration:underline;">a</font><font style="display: inline;text-decoration:underline;">ge</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">10</font>
		</p>
		<p style="margin:1.45pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">COMMENT</font><font style="display: inline;">:</font>
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		<p style="margin:1.45pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">1.&nbsp; </font><font style="display: inline;">P</font><font style="display: inline;">le</font><font style="display: inline;">a</font><font style="display: inline;">se tell us</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the p</font><font style="display: inline;">r</font><font style="display: inline;">o</font><font style="display: inline;">ce</font><font style="display: inline;">ss</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">b</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">whi</font><font style="display: inline;">c</font><font style="display: inline;">h &nbsp;</font><font style="display: inline;">M</font><font style="display: inline;">r.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">I</font><font style="display: inline;">n</font><font style="display: inline;">g</font><font style="display: inline;">le&#x2019;s 20</font><font style="display: inline;">1</font><font style="display: inline;">4 bonus w</font><font style="display: inline;">a</font><font style="display: inline;">s det</font><font style="display: inline;">e</font><font style="display: inline;">rmin</font><font style="display: inline;">e</font><font style="display: inline;">d.</font>
		</p>
		<p style="margin:1.45pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">RESPONSE</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:1.45pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">As has been the case for over ten</font><font style="display: inline;"> years</font><font style="display: inline;">, in early December 2014, Ronald Freeman, the </font>
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		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Arial;font-size: 8pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">Ms. </font><font style="display: inline;">Ma</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">L</font><font style="display: inline;">. Ransom</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">United</font><font style="display: inline;"> States Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">February 20, 2015</font>

		</p>

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			<font style="display: inline;">Page </font><font style="display: inline;">2</font><font style="display: inline;"> of </font><font style="display: inline;">2</font>

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			&nbsp;

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		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="text-indent:0pt;margin-left:0pt; padding-right:178pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:center"><font style="display: inline;text-decoration:underline;"></font></font>

		</p>

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			&nbsp;

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</div>
		<p style="margin:1.45pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Company&#x2019;s Chief Financial Officer, provided a spreadsheet to Mr. Ingle and James W. Lanning, President of the Company, which provided current salary, prior year bonus and salary increase information for approximately 22 individuals, including Mr. Ingle and Mr. Lanning, and all other executive officers and officers of the Company.&nbsp;&nbsp;Mr. Ingle and Mr. Lanning then determined jointly a proposed current year bonus and base salary increase, if any, for themselves and all other executive officers and officers on the list.&nbsp;&nbsp;Their proposals were subjectively based on the financial results of the Company and the individual performance of such executive officers and officers.&nbsp;&nbsp;As has been the case since fiscal year 2007, the proposed base salary increases and bonuses for Mr. Ingle and Mr. Lanning were the same.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Following the completion of the list by Mr. Ingle and Mr. Lanning, Mr. Freeman provided the list to the members of the Audit/Compensation Committee for their review and where appropriate, their approval. As described in the Company&#x2019;s Definitive Proxy Statement (see pages 5 and 9), t</font><font style="display: inline;">he Audit/Compensation Committee is required by resolution of the Board of Directors to approve any increases in compensation that the Company will pay to an employee whose base salary is in excess of $150,000, all incentive compensation that the Company will pay to executive officers and any incentive payments in excess of $25,000 that the Company will pay to any other employee who does not work in one of the Company&#x2019;s supermarkets.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:1.45pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Mr. Freeman convened a meeting of the Audit/Compensation Committee on December 8, 2014, at which time the Committee approved the increases in base salary, the incentive compensation to be paid to executive officers and others in excess of $25,000, as described above.</font>
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		<p style="margin:1.45pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">COMMENT</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">2.&nbsp; </font><font style="display: inline;">P</font><font style="display: inline;">le</font><font style="display: inline;">a</font><font style="display: inline;">se tell us wh</font><font style="display: inline;">a</font><font style="display: inline;">t rol</font><font style="display: inline;">e</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">i</font><font style="display: inline;">f &nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">n</font><font style="display: inline;">y</font><font style="display: inline;">, Mr.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">I</font><font style="display: inline;">n</font><font style="display: inline;">g</font><font style="display: inline;">le</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">p</font><font style="display: inline;">l</font><font style="display: inline;">a</font><font style="display: inline;">y</font><font style="display: inline;">s in </font><font style="display: inline;">s</font><font style="display: inline;">e</font><font style="display: inline;">t</font><font style="display: inline;">t</font><font style="display: inline;">ing</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">his comp</font><font style="display: inline;">e</font><font style="display: inline;">nsation.</font>
		</p>
		<p style="margin:0pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">RESPONSE</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Please see the response to Comment No. 1 above.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">COMMENT</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">3.&nbsp; </font><font style="display: inline;">P</font><font style="display: inline;">le</font><font style="display: inline;">a</font><font style="display: inline;">se</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">tell us wh</font><font style="display: inline;">a</font><font style="display: inline;">t cons</font><font style="display: inline;">i</font><font style="display: inline;">d</font><font style="display: inline;">e</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">t</font><font style="display: inline;">i</font><font style="display: inline;">on</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">y</font><font style="display: inline;">ou</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">g</font><font style="display: inline;">a</font><font style="display: inline;">ve</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to </font><font style="display: inline;">t</font><font style="display: inline;">he</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">no</font><font style="display: inline;">n</font><font style="display: inline;">-af</font><font style="display: inline;">filiate</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">vot</font><font style="display: inline;">i</font><font style="display: inline;">n</font><font style="display: inline;">g</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">r</font><font style="display: inline;">e</font><font style="display: inline;">sul</font><font style="display: inline;">t</font><font style="display: inline;">s of the</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">most r</font><font style="display: inline;">e</font><font style="display: inline;">ce</font><font style="display: inline;">nt</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">dviso</font><font style="display: inline;">r</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">vote on </font><font style="display: inline;">e</font><font style="display: inline;">x</font><font style="display: inline;">ec</font><font style="display: inline;">ut</font><font style="display: inline;">i</font><font style="display: inline;">ve</font><font style="display: inline;"> &nbsp;c</font><font style="display: inline;">ompens</font><font style="display: inline;">a</font><font style="display: inline;">t</font><font style="display: inline;">i</font><font style="display: inline;">on in det</font><font style="display: inline;">e</font><font style="display: inline;">rmining </font><font style="display: inline;">e</font><font style="display: inline;">x</font><font style="display: inline;">ec</font><font style="display: inline;">ut</font><font style="display: inline;">i</font><font style="display: inline;">ve</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">c</font><font style="display: inline;">ompens</font><font style="display: inline;">a</font><font style="display: inline;">t</font><font style="display: inline;">i</font><font style="display: inline;">on d</font><font style="display: inline;">ec</font><font style="display: inline;">is</font><font style="display: inline;">i</font><font style="display: inline;">ons </font><font style="display: inline;">a</font><font style="display: inline;">nd pol</font><font style="display: inline;">i</font><font style="display: inline;">c</font><font style="display: inline;">ies.&nbsp;&nbsp;Ple</font><font style="display: inline;">a</font><font style="display: inline;">se</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">s</font><font style="display: inline;">e</font><font style="display: inline;">e</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">I</font><font style="display: inline;">tem 402</font><font style="display: inline;">(</font><font style="display: inline;">b</font><font style="display: inline;">)</font><font style="display: inline;"> (vii) of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">R</font><font style="display: inline;">e</font><font style="display: inline;">g</font><font style="display: inline;">ulation </font><font style="display: inline;">S</font><font style="display: inline;">-</font><font style="display: inline;">K.</font>
		</p>
		<p style="margin:0pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">RESPONSE</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">The majority of non-affiliated shares that were voted at the annual meeting approved the fiscal 2013 compensation paid to named executives and with the compensation program and policies outlined in the proxy statement.&nbsp;&nbsp;Only 36.9% of non-affiliated shares eligible to vote expressed a preference on the frequency of say on pay that differed from the Board&#x2019;s recommendation.&nbsp;&nbsp;The </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Arial;font-size: 8pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">Ms. </font><font style="display: inline;">Ma</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">L</font><font style="display: inline;">. Ransom</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">United</font><font style="display: inline;"> States Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">February 20, 2015</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">Page </font><font style="display: inline;">3</font><font style="display: inline;"> of </font><font style="display: inline;">3</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="text-indent:0pt;margin-left:0pt; padding-right:178pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:center"><font style="display: inline;text-decoration:underline;"></font></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-size:12pt;">non-affiliated shareholders thus expressed substantial agreement with the Board of Directors&#x2019; executive compensation decisions and policies.&nbsp; </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">The Company believes that a significant reason for the approval of it shareholders of such compensation decisions and policies is the fact that the cash compensation paid to its named executives is well below average in comparison with other publicly held companies in its industry, size and geographic region.&nbsp;&nbsp;Further, the Company does not have a current stock option or stock compensation program.&nbsp;&nbsp;These circumstances benefit non-affiliated shareholders. Nevertheless, the Company will continue to consider the vote results regarding frequency of say on pay advisory votes when next required in the proxy statement following the year ending September, 2016.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt -1pt 12.6pt 0pt;line-height:13.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">T</font><font style="display: inline;text-decoration:underline;">ra</font><font style="display: inline;text-decoration:underline;">nsa</font><font style="display: inline;text-decoration:underline;">c</font><font style="display: inline;text-decoration:underline;">t</font><font style="display: inline;text-decoration:underline;">i</font><font style="display: inline;text-decoration:underline;">ons with Relat</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">d &nbsp;</font><font style="display: inline;text-decoration:underline;">P</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">rsons, p</font><font style="display: inline;text-decoration:underline;">a</font><font style="display: inline;text-decoration:underline;">g</font><font style="display: inline;text-decoration:underline;">e</font><font style="display: inline;text-decoration:underline;">&nbsp;</font><font style="display: inline;text-decoration:underline;">16</font>
		</p>
		<p style="margin:0pt -1pt 12.6pt 0pt;line-height:13.55pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">COMMENT</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 12pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">4. </font><font style="display: inline;">P</font><font style="display: inline;">le</font><font style="display: inline;">a</font><font style="display: inline;">se tell us</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">y</font><font style="display: inline;">our</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Co</font><font style="display: inline;">m</font><font style="display: inline;">m</font><font style="display: inline;">i</font><font style="display: inline;">t</font><font style="display: inline;">t</font><font style="display: inline;">ee</font><font style="display: inline;">s&#x2019; polici</font><font style="display: inline;">e</font><font style="display: inline;">s and</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">pr</font><font style="display: inline;">o</font><font style="display: inline;">ce</font><font style="display: inline;">dur</font><font style="display: inline;">e</font><font style="display: inline;">s</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">for</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the </font><font style="display: inline;">r</font><font style="display: inline;">e</font><font style="display: inline;">vie</font><font style="display: inline;">w</font><font style="display: inline;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">ppro</font><font style="display: inline;">va</font><font style="display: inline;">l, or r</font><font style="display: inline;">a</font><font style="display: inline;">t</font><font style="display: inline;">i</font><font style="display: inline;">fi</font><font style="display: inline;">ca</font><font style="display: inline;">t</font><font style="display: inline;">i</font><font style="display: inline;">on of </font><font style="display: inline;">c</font><font style="display: inline;">o</font><font style="display: inline;">v</font><font style="display: inline;">e</font><font style="display: inline;">r</font><font style="display: inline;">e</font><font style="display: inline;">d</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">t</font><font style="display: inline;">ransa</font><font style="display: inline;">c</font><font style="display: inline;">t</font><font style="display: inline;">i</font><font style="display: inline;">ons. </font><font style="display: inline;"> &nbsp;P</font><font style="display: inline;">le</font><font style="display: inline;">a</font><font style="display: inline;">se</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">s</font><font style="display: inline;">e</font><font style="display: inline;">e</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">I</font><font style="display: inline;">t</font><font style="display: inline;">e</font><font style="display: inline;">m 404(b)</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">of R</font><font style="display: inline;">e</font><font style="display: inline;">g</font><font style="display: inline;">ulation </font><font style="display: inline;">S</font><font style="display: inline;">-</font><font style="display: inline;">K. </font><font style="display: inline;">&nbsp;</font><font style="display: inline;">I</font><font style="display: inline;">n th</font><font style="display: inline;">i</font><font style="display: inline;">s re</font><font style="display: inline;">g</font><font style="display: inline;">a</font><font style="display: inline;">rd,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">we</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">note</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">y</font><font style="display: inline;">o</font><font style="display: inline;">u</font><font style="display: inline;">r &nbsp;</font><font style="display: inline;">re</font><font style="display: inline;">s</font><font style="display: inline;">p</font><font style="display: inline;">onse</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">d</font><font style="display: inline;">a</font><font style="display: inline;">ted M</font><font style="display: inline;">a</font><font style="display: inline;">r</font><font style="display: inline;">c</font><font style="display: inline;">h 29, 2</font><font style="display: inline;">0</font><font style="display: inline;">10 to our </font><font style="display: inline;">c</font><font style="display: inline;">om</font><font style="display: inline;">m</font><font style="display: inline;">e</font><font style="display: inline;">nt </font><font style="display: inline;">l</font><font style="display: inline;">e</font><font style="display: inline;">t</font><font style="display: inline;">t</font><font style="display: inline;">e</font><font style="display: inline;">r</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">d</font><font style="display: inline;">a</font><font style="display: inline;">ted M</font><font style="display: inline;">a</font><font style="display: inline;">r</font><font style="display: inline;">c</font><font style="display: inline;">h 8, 2010.</font>
		</p>
		<p style="margin:1.45pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">RESPONSE</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Following the death of Robert P. Ingle, founder and Chief Executive Officer of the Company</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">,</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> in March 2011 and the subsequent election of Robert P. Ingle II to succeed his father as Chief Executive Officer, the Board of Directors adopted a written related party transaction policy in December 2011.&nbsp;&nbsp;This policy requires all related persons and their immediate family members (as defined by applicable securities laws) to notify the Company&#x2019;s Chief Financial Officer in advance of any upcoming transaction in excess of $120,000 that may be considered a transaction with a related person.&nbsp;&nbsp;The Company&#x2019;s Audit/Compensation Committee has sole authority to approve or disapprove a transaction. In making such decisions, the Committee is charged with determining whether or not the terms of any related party transaction are no less favorable to the Company than those that would be available from unaffiliated third parties in arms-length transactions.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">In future Proxy Statements, the Company intends to replace the first and last paragraph of the section &#x201C;Transactions with Related Persons&#x201D; in its 2014 Proxy Statement to read as follows:</font>
		</p>
		<p style="margin:1.45pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:1.45pt 36pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#x201C;The Company monitors certain relationships and related party transactions by requiring each director and executive officer to notify the Company&#x2019;s Chief Financial Officer in advance of any upcoming transactions that may be considered a transaction with a related person. The Company has adopted a formal written </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Arial;font-size: 8pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">Ms. </font><font style="display: inline;">Ma</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">L</font><font style="display: inline;">. Ransom</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">United</font><font style="display: inline;"> States Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">February 20, 2015</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">Page </font><font style="display: inline;">4</font><font style="display: inline;"> of </font><font style="display: inline;">4</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="text-indent:0pt;margin-left:0pt; padding-right:178pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:center"><font style="display: inline;text-decoration:underline;"></font></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:1.45pt 36pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">Related Party Transactions policy approved by the Board of Directors to ensure compliance with the above guidelines, NASDAQ rules, and SEC regulations. In addition, each director and executive officer completes an annual questionnaire to disclose any transactions with related persons.&#x201D;</font>
		</p>
		<p style="margin:1.45pt 36pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#x201C;All potential related party transactions are reviewed by the Audit/Compensation Committee, which has sole authority to approve or disapprove a transaction.&nbsp;&nbsp;The Audit/Compensation Committee does not intend to enter into any transactions in the future with or involving any executive officers or directors or any members of their immediate family on terms that would be less favorable to the Company than those that would be available from unaffiliated third parties in arms-length transactions.&#x201D;</font>
		</p>
		<p style="margin:0pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">COMMENT</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 12.85pt 22.5pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">5.&nbsp; </font><font style="display: inline;">P</font><font style="display: inline;">le</font><font style="display: inline;">a</font><font style="display: inline;">se</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">tell us how</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">y</font><font style="display: inline;">o</font><font style="display: inline;">u</font><font style="display: inline;">r</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">R</font><font style="display: inline;">e</font><font style="display: inline;">lat</font><font style="display: inline;">e</font><font style="display: inline;">d &nbsp;</font><font style="display: inline;">P</font><font style="display: inline;">a</font><font style="display: inline;">r</font><font style="display: inline;">t</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">T</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">nsa</font><font style="display: inline;">c</font><font style="display: inline;">t</font><font style="display: inline;">i</font><font style="display: inline;">ons</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">pol</font><font style="display: inline;">ic</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">is evide</font><font style="display: inline;">n</font><font style="display: inline;">c</font><font style="display: inline;">ed. </font><font style="display: inline;">&nbsp;</font><font style="display: inline;">I</font><font style="display: inline;">n</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">ddi</font><font style="display: inline;">t</font><font style="display: inline;">ion, ple</font><font style="display: inline;">a</font><font style="display: inline;">se</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">tell us the m</font><font style="display: inline;">a</font><font style="display: inline;">te</font><font style="display: inline;">r</font><font style="display: inline;">i</font><font style="display: inline;">a</font><font style="display: inline;">l &nbsp;</font><font style="display: inline;">t</font><font style="display: inline;">e</font><font style="display: inline;">rms of</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">y</font><font style="display: inline;">our </font><font style="display: inline;">p</font><font style="display: inline;">ol</font><font style="display: inline;">i</font><font style="display: inline;">c</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">nd</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">wh</font><font style="display: inline;">a</font><font style="display: inline;">t conside</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">t</font><font style="display: inline;">i</font><font style="display: inline;">on</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">y</font><font style="display: inline;">ou</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">h</font><font style="display: inline;">a</font><font style="display: inline;">ve</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">g</font><font style="display: inline;">iven to </font><font style="display: inline;">f</font><font style="display: inline;">iling</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the poli</font><font style="display: inline;">c</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">s</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">n &nbsp;</font><font style="display: inline;">e</font><font style="display: inline;">x</font><font style="display: inline;">hib</font><font style="display: inline;">i</font><font style="display: inline;">t</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">y</font><font style="display: inline;">our</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">filin</font><font style="display: inline;">g</font><font style="display: inline;">s</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">or</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">to</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">pos</font><font style="display: inline;">t</font><font style="display: inline;">ing</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">it</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">on</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">y</font><font style="display: inline;">our</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">w</font><font style="display: inline;">e</font><font style="display: inline;">bsi</font><font style="display: inline;">t</font><font style="display: inline;">e</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt -1pt 12.8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">RESPONSE</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt 0pt 12.85pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">The Company&#x2019;s Related Party Transactions Policy is a written policy adopted by the Company&#x2019;s Board of Directors in December 2011.&nbsp;&nbsp;The material terms of the policy are described above in response to Comment No. 4.&nbsp;&nbsp;The Company has not filed the policy as an exhibit to its 1934 Act filings or posted it on its website because there is no legal requirement to do so.&nbsp;&nbsp;Notwithstanding the lack of a legal requirement, the Company has concluded that it will post the policy on its website. </font>
		</p>
		<p style="margin:0pt 0pt 12.85pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">_________________________________________</font>
		</p>
		<p style="margin:0pt 0pt 12.9pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">T</font><font style="display: inline;">h</font><font style="display: inline;">e</font><font style="display: inline;"> &nbsp;C</font><font style="display: inline;">ompa</font><font style="display: inline;">n</font><font style="display: inline;">y has asked me to </font><font style="display: inline;">ac</font><font style="display: inline;">knowl</font><font style="display: inline;">e</font><font style="display: inline;">d</font><font style="display: inline;">ge on its behalf </font><font style="display: inline;">that:</font>
		</p>
		<p style="margin:0pt 0pt 12.85pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Symbol;">&#xF0B7;</font><font style="display: inline;font-family:Symbol;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 11.4pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">Co</font><font style="display: inline;">mpa</font><font style="display: inline;">n</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">is r</font><font style="display: inline;">e</font><font style="display: inline;">spons</font><font style="display: inline;">i</font><font style="display: inline;">b</font><font style="display: inline;">le </font><font style="display: inline;">f</font><font style="display: inline;">or</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">the </font><font style="display: inline;">a</font><font style="display: inline;">d</font><font style="display: inline;">e</font><font style="display: inline;">qu</font><font style="display: inline;">a</font><font style="display: inline;">c</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">nd </font><font style="display: inline;">a</font><font style="display: inline;">cc</font><font style="display: inline;">u</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">c</font><font style="display: inline;">y</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">of the</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">disclosu</font><font style="display: inline;">r</font><font style="display: inline;">e</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">in </font><font style="display: inline;">t</font><font style="display: inline;">he</font><font style="display: inline;"> &nbsp;f</font><font style="display: inline;">i</font><font style="display: inline;">l</font><font style="display: inline;">in</font><font style="display: inline;">g</font><font style="display: inline;">;</font>
		</p>
		<p style="margin:0pt 0pt 12.85pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Symbol;">&#xF0B7;</font><font style="display: inline;font-family:Symbol;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 11.4pt 0pt 0pt;"></font><font style="display: inline;">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font>
		</p>
		<p style="margin:0pt 0pt 12.85pt 54pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-family:Symbol;">&#xF0B7;</font><font style="display: inline;font-family:Symbol;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 11.4pt 0pt 0pt;"></font><font style="display: inline;">the </font><font style="display: inline;">Co</font><font style="display: inline;">mpa</font><font style="display: inline;">n</font><font style="display: inline;">y</font><font style="display: inline;"> may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Arial;font-size: 8pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">Ms. </font><font style="display: inline;">Ma</font><font style="display: inline;">r</font><font style="display: inline;">a</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">L</font><font style="display: inline;">. Ransom</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">United</font><font style="display: inline;"> States Securities and Exchange Commission</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">February 20, 2015</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;">Page </font><font style="display: inline;">5</font><font style="display: inline;"> of </font><font style="display: inline;">5</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			<font style="text-indent:0pt;margin-left:0pt; padding-right:178pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:center"><font style="display: inline;text-decoration:underline;"></font></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt 0pt 12pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font><font style="display: inline;">Thank you for your time and consideration.&nbsp;&nbsp;We look forward to your response.</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Sincerely yours, </font><br /><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 0pt 234pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">/s/ Gerald L. Baxter</font><br /><font style="display: inline;"></font><br /><font style="display: inline;">Gerald L. Baxter</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">GLB: mb</font><br /><font style="display: inline;">Enclosure</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:24.80pt;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:22.45pt;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:138.15pt;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:24.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">cc:</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:22.45pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:138.15pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Robert P. Ingle, II</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:24.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:22.45pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:138.15pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Ronald Freeman</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:24.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:22.45pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:138.15pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Theodore I. Blum, Esq.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:24.80pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:22.45pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:138.15pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;punctuation-wrap:hanging;vertical-align:baseline;font-family:Arial;font-size: 8pt">

			&nbsp;

		</p>

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</SEC-DOCUMENT>
