<SEC-DOCUMENT>0001104659-17-035742.txt : 20170712
<SEC-HEADER>0001104659-17-035742.hdr.sgml : 20170712
<ACCEPTANCE-DATETIME>20170526165756
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-17-035742
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170526

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Select Energy Services, Inc.
		CENTRAL INDEX KEY:			0001693256
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				814561945
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1820 NORTH I-35
		STREET 2:		P.O. BOX 1715
		CITY:			GAINESVILLE
		STATE:			TX
		ZIP:			76241
		BUSINESS PHONE:		(940) 668-1818

	MAIL ADDRESS:	
		STREET 1:		1820 NORTH I-35
		STREET 2:		P.O. BOX 1715
		CITY:			GAINESVILLE
		STATE:			TX
		ZIP:			76241
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>





  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="384" height="69" src="g113643bci001.gif" alt="GRAPHIC"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 26, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H. Roger Schwall</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Director</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C.&#160; 20549-3561</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Select   Energy Services,&nbsp;Inc.</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration   Statement on Form&nbsp;S-1</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed   April&nbsp;28, 2017</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File   No.&nbsp;333-217557</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below are the responses of Select Energy Services,&nbsp;Inc. (the &#147;<b><i style="font-weight:bold;">Company</i></b>&#148;, &#147;<b><i style="font-weight:bold;">we</i></b>,&#148; &#147;<b><i style="font-weight:bold;">us</i></b>&#148; or &#147;<b><i style="font-weight:bold;">our</i></b>&#148;) to comments received from the staff of the Division of Corporation Finance (the &#147;<b><i style="font-weight:bold;">Staff</i></b>&#148;) of the Securities and Exchange Commission (the &#147;<b><i style="font-weight:bold;">Commission</i></b>&#148;) by letter dated May&nbsp;19, 2017, with respect to Registration Statement on Form&nbsp;S-1, File No.&nbsp;333-217557, filed with the Commission on April&nbsp;28, 2017 (the &#147;<b><i style="font-weight:bold;">Registration Statement</i></b>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Concurrently with the submission of this letter, we are publicly filing Amendment No.&nbsp;1 to the Registration Statement on Form&nbsp;S-1 (&#147;<b><i style="font-weight:bold;">Filing No.&nbsp;2</i></b>&#148;) via EDGAR.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For your convenience, each response is prefaced by the exact text of the Staff&#146;s corresponding comment in bold, italicized text.&#160; All references to page&nbsp;numbers and captions correspond to the Filing No.&nbsp;2 unless otherwise specified.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Shares Eligible for Future Sale, page&nbsp;116</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">1.</font></i></b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">With regard to the 42,540,511 shares subject to the lock-up agreements, please file as exhibits the two agreements cited in the bullet points at the bottom of page&nbsp;116.</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE</font></u>: We acknowledge the Staff&#146;s comment and have filed the form of lock-up agreements as exhibits 10.11 and 10.12.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">2.</font></i></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><i style="font-weight:bold;">You indicate that &#147;In connection with the 144A Offering, all of [y]our directors and officers, Legacy Owner Holdco and the Contributing Legacy Owners agreed not to sell or otherwise transfer or dispose of any common stock for a period of 180 days from the date of effectiveness of this registration statement.&#148; You also state that, &#147;In connection with our IPO, we, all of our directors and officers and certain of our shareholders agreed not to sell or otherwise transfer or dispose of any common stock for a period of 180 days from April&nbsp;20, 2017. You also indicate that 42,540,511 shares underlie both</i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105330\17-11364-3\task8451137\11364-3-bc.htm',USER='105330',CD='May 26 20:48 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 26, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">lock-up agreements. It is unclear if these lock-up agreements cover the same shares. Please revise your filing to resolve the ambiguity concerning the lock-up period to which your officers and directors are subject; that is, it is not clear whether their shares are subject to a lock-up agreement of 180 days from April&nbsp;20, 2017, or 180 days from the effectiveness of this registration statement. Please advise or revise.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESPONSE</font></u>: We acknowledge the Staff&#146;s comments and advise the Staff that the shares owned by our officers and directors and certain of our shareholders are subject to both lock-up periods (180 days from April&nbsp;20, 2017 and 180 days from the effectiveness of the Registration Statement). In connection with the 144A Offering, our directors and officers agreed to a lock-up period of 180 days from the date of effectiveness of the Registration Statement, which may be waived by FBR Capital Markets&nbsp;&amp; Co. In connection with our initial public offering (the &#147;IPO&#148;), the directors and officers agreed to a lock-up period of 180 days from April&nbsp;20, 2017 (the date of effectiveness of the registration statement for the IPO), which may be waived by the representatives of the underwriters in the IPO. We have revised our disclosure on pages 119 through 121 of the Registration Statement to clarify that our directors and officers and certain of our shareholders are subject to both lock-up periods.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_050605_7820"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105330\17-11364-3\task8451137\11364-3-bc.htm',USER='105330',CD='May 26 20:48 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May 26, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 3</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have any questions with respect to the foregoing or if any additional supplemental information is required by the Staff, please contact David Oelman of Vinson&nbsp;&amp; Elkins L.L.P. at (713) 758-3708.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very   truly yours,</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SELECT   ENERGY SERVICES,&nbsp;INC.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John   D. Schmitz</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John D.   Schmitz</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief   Executive Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosures</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; David Oelman, Vinson&nbsp;&amp; Elkins L.L.P.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.2pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alan Beck, Vinson&nbsp;&amp; Elkins L.L.P.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_050732_7056"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\105330\17-11364-3\task8451137\11364-3-bc.htm',USER='105330',CD='May 26 20:48 2017' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g113643bci001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g113643bci001.gif
M1TE&.#EA@ %% /<   ,  0H"!0T&"0\("Q(*#14.$1<0$QD2%1P6&!\8&R(;
M'24>(2<@(BDA)"TF*"\H*C$K+34N,#8P,CHT-3TV.#\X.D(\/44_0$= 0DE#
M14Q&2$Y)2E),355/45904EI455U76%]96F)<761?8&9A8FIE9FQG:&YI:G-N
M;G1O<'9Q<WIU=GQW>'YY>8)^?O0G)_4L+?4O,?4T-/4W./4X-_4Y.O4^0?9
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MZ_#O\/'P[_3S\_GW]_CW^/CX]_[^_@
M
M
M
M
M
M
M
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M PO_LDY?WD@<')LA3Q]3(40 @*>^-J@3?0D #5@R01A59QB[:'"IZYR)$C
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M@W,#<0$#>2X%P*;E VA;=U_'"#'^!(=:"7:0%GE<.%!N"#&9'(<#IUAT/L"
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M"C  "?!S \$&K++H3EX!)CH0'% ?"@ "*G "%I C " !X>,%1/[-?*+D(V&
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M%)4TX("JB1H09$(3@:0!3@28F4M(0$$D8< Q?NI(&Y3"%)J=04_920L;##
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1NM6][OX)+)K=[X:W$@," #L!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
