<SEC-DOCUMENT>0001437749-15-018178.txt : 20160419
<SEC-HEADER>0001437749-15-018178.hdr.sgml : 20160419
<ACCEPTANCE-DATETIME>20151007164523
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001437749-15-018178
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151007

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETHAN ALLEN INTERIORS INC
		CENTRAL INDEX KEY:			0000896156
		STANDARD INDUSTRIAL CLASSIFICATION:	WOOD HOUSEHOLD FURNITURE, (NO UPHOLSTERED) [2511]
		IRS NUMBER:				061275288
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ETHAN ALLEN DR
		STREET 2:		PO BOX 1966
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06811
		BUSINESS PHONE:		2037438000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P id=PARA1 style="TEXT-ALIGN: right; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, Times, serif"><U>withers </U><U>Bergman</U><SUP style="vertical-align: baseline; position: relative; bottom:.33em;"> LLP</SUP></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"> </FONT></P>
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<P id=PARA4 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">October 5, 2015</FONT></P>
<P id=PARA5 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Via E-mail</B></FONT></P>
<P id=PARA6 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Daniel F. Duchovny, Special Counsel</FONT></P>
<P id=PARA7 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Office of Mergers and Acquisitions</FONT></P>
<P id=PARA8 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">United States Securities and Exchange </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Commission</FONT></P>
<P id=PARA9 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Division of Corporation Finance</FONT></P>
<P id=PARA10 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Washington, D.C. 20549</FONT></P></TD>
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<P id=PARA11 style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">660 Steamboat Road, Greenwich, </FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Connecticut 06830-7150 t: +1 203 302 4100</FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">f: +1 203 869 0558 </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><U>www.withersworldwide.com</U></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P></TD></TR></TABLE>
<P id=PARA13 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA97 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>Re:&nbsp;</B></P></TD>
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<P id=PARA98 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>Ethan Allen Interiors Inc.</B></P></TD></TR>
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<P id=PARA99 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA101 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><B>Public Soliciting Statements dated September 20, 2015 File No. 001-11692</B></P></TD></TR></TABLE>
<P id=PARA15 style="TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 36pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA17 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Dear Mr. Duchovny:</FONT></P>
<P id=PARA20 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA19 style="TEXT-ALIGN: justify; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">This letter is submitted in response to the comments of the staff (the "Staff&#39;) of the Office of Mergers and Acquisitions of the Division of Corporation Finance of the United States Securities and</FONT></P>
<P id=PARA21 style="TEXT-ALIGN: justify; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Exchange Commission (the "Commission") set forth in your letter dated September 29, 2015 relating to Ethan Allen Interiors Inc. (the "Company").</FONT></P>
<P id=PARA23 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA22 style="TEXT-ALIGN: left; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">For your convenience, I set forth each comment from your letter in bold typeface and include the Company&#39;s response below it. We have reviewed your statements and have the following comments.</FONT></P>
<P id=PARA25 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA24 style="TEXT-ALIGN: left; MARGIN: 0pt 50.4pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>1. Please file the soliciting statements made by Mr. Kathwari to the Danbury News-Times on September 20, 2015 in an article entitled "Ethan Allen CEO says share price is going up." These statements include:</B></FONT></P>
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<P id=PARA28 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&#9679;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P></TD>
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<P id=PARA29 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>that the company stock could be worth more than $41 per share in the next two years;</B></FONT></P></TD></TR>
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<P id=PARA33 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&#9679;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P></TD>
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<P id=PARA34 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>that the company will have sales of $1 billion in the next two years;</B></FONT></P></TD></TR>
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<P id=PARA38 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&#9679;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P></TD>
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<P id=PARA39 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>that he expects as much as 15% to 20% of the company&#39;s sales to be from online sales in the next two years; and</B></FONT></P></TD></TR>
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<P id=PARA43 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&#9679;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT></P></TD>
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<P id=PARA44 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 50.4pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>that starting in fiscal year 2017 the company will be in a great position to leverage all the things it has done.</B></FONT></P></TD></TR></TABLE>
<P id=PARA31 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA45 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I>Response:</I></FONT></P>
<P id=PARA48 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA47 style="TEXT-ALIGN: left; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company acknowledges the Staffs comment and advises the Staff that the statements attributed to Mr. Kathwari in the above referenced article are inferences made by the reporter based on statements made by Sandell Asset Management Corp. ("Sandell") and quotes from Mr. Kathwari at the Company&#39;s 2015 Investor Conference on September 16, 2015, the transcript of which was filed on September 21, 2015, as soliciting materials pursuant to Rule 14a-12 under the Securities Exchange Act of 1934, as amended.</FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA49 style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 65%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif">Withersworldwide </FONT></P>
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<P id=PARA51 style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 65%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif">London Geneva Zurich Milan Padua Hong </FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 65%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif">Kong </FONT><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif">Singapore Tokyo British Virgin </FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 65%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif">Islands New York Greenwich New Haven </FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 65%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif">San Francisco Los Angeles Rancho Santa </FONT></P>
<P style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 65%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif">Fe San Diego</FONT></P>
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<P id=PARA53 style="TEXT-ALIGN: right; MARGIN: 0pt 16.2pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif">Withers SBL</FONT></P></DIV>
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<P id=PARA49 style="TEXT-ALIGN: right; MARGIN: 0pt 0pt 0pt 65%; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P></DIV>
<P id=PARA102.2 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA56 style="TEXT-ALIGN: left; MARGIN: 0pt 10.8pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Sandell has stated publicly on several occasions that it believes that the Company&#39;s stock price may be worth as much as $41 per share. For example, a press release filed as Exhibit 1 to Sandell&#39;s Schedule 13D amendment filed on August 18, 2015, includes the following statement, "Sandell believes that either path would result in a value of at least $41 per share delivered to shareholders." These statements, not Mr. Kathwari, are the source of the reporter&#39;s identification of $41 as a stock price threshold to be exceeded if the Company is successful in accomplishing its stated goals.</FONT></P>
<P id=PARA59 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA58 style="TEXT-ALIGN: left; MARGIN: 0pt 14.4pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The quotes from Mr. Kathwari that the above referenced article does draw from include <I>(emphasis added):</I></FONT></P>
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<P id=PARA63 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&#9679;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I></I><I></I></FONT></P></TD>
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<P id=PARA64 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">"So today we are positioned well. I think that as I said, and I&#39;ve said that before, that this year or so, I know that the time horizon is different for us, <I>the time horizon is a two to three years investment to do what we have done, </I>and then go where we have. I recall the same thing in early 90s, when we made the major change of our products, of our offerings, our manufacturing. <I>That time it took us two, three years, then we saw the growth and then up to a $1 billion. I think that we are somewhat, you can say, parallel in that position today."</I></FONT></P></TD></TR></TABLE>
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<P id=PARA68 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&#9679;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I></I></FONT></P></TD>
<TD style="VERTICAL-ALIGN: top">
<P id=PARA69 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">"They are &#8212; right now our business is relatively very small, I would say that when you take a look at some of the lifestyle companies they&#39;re doing 50% of their business on e-commerce. I think that <I>our objective is to go to 15% to 20%."</I></FONT></P></TD></TR></TABLE>
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<P id=PARA73 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.6pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>&#9679;</B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><I></I></FONT></P></TD>
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<P id=PARA74 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.6pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B></B></FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">"I think that the opportunity now is starting <I>maybe fiscal 20171 think we &#39;re going to be in a great position in my view of leveraging all the things we have done </I>to start to increase. And the good news is that to increase by 10% to 20% we need to make sure we can service it and our logistics is there, we can deliver products, and we are getting that ready too. So I&#39;ll say that fiscal year 2017, starting there we have the opportunity, an opportunity of substantially increasing our business."</FONT></P></TD></TR></TABLE>
<P id=PARA76 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA75 style="TEXT-ALIGN: left; MARGIN: 0pt 14.4pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>2. On a related note, please be aware that oral statements remain subject to Rule 14a-9. Each statement or assertion of opinion or belief must be clearly characterized as such, and a reasonable factual basis must exist for each such opinion or belief. Support for opinions or beliefs should be self-evident, disclosed in the proxy statement or provided to the staff on a supplemental basis. Please provide support or explanation for the statements listed above in comment 1.</B></FONT></P>
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<P id=PARA77 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company acknowledges the Staff&#39;s comment. The Company&#39;s statements reflect management&#39;s current beliefs with respect to future events and are based on information currently available to management. As stated during the conference referenced above, the Company&#39;s statements regarding its business outlook constitute forward-looking statements and as such are subject to both unknown and known risks and uncertainties.</FONT></P>
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<P id=PARA79 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On behalf of the Company, I hereby acknowledge that:</FONT></P>
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<P id=PARA81 style="TEXT-ALIGN: left; MARGIN: 0pt 39.6pt 0pt 3.6pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 3.6pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">the Company is responsible for the adequacy and accuracy of the disclosure in the Proxy Statement;</FONT></P>
<P id=PARA83 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA82 style="TEXT-ALIGN: left; MARGIN: 0pt 25.2pt 0pt 3.6pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 3.6pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to filings of the Company; and</FONT></P>
<P id=PARA85 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA84 style="TEXT-ALIGN: left; MARGIN: 0pt 25.2pt 0pt 3.6pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 3.6pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&#9679;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">the Company 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>
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<P id=PARA86 style="TEXT-ALIGN: left; MARGIN: 0pt 3.6pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Thank you very much for your attention to our response. I would welcome the opportunity to discuss further any of the points discussed in this letter or to provide supplementary materials that will assist in your review. If you have any questions, please call me at (203) 302-4084.</FONT></P>
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<P id=PARA104.6 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sincerely,</FONT></P></TD>
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<P id=PARA104.14 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&nbsp;M. Ridgway Barker </FONT></P></TD>
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<P id=PARA104.18 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">M. Ridgway Barker</FONT></P></TD>
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