<SEC-DOCUMENT>0001144204-12-046560.txt : 20121217
<SEC-HEADER>0001144204-12-046560.hdr.sgml : 20121217
<ACCEPTANCE-DATETIME>20120816152940
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-046560
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STONERIDGE INC
		CENTRAL INDEX KEY:			0001043337
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				341598949
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9400 EAST MARKET ST
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
		BUSINESS PHONE:		3308562443

	MAIL ADDRESS:	
		STREET 1:		9400 EAST MARKET ST
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
</SEC-HEADER>
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<TYPE>CORRESP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 50%; text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">August 16, 2012<BR>
<BR>
<U>BY EDGAR</U>&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 10pt"><IMG SRC="logo.jpg" ALT="">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Attention:</TD><TD STYLE="text-align: justify">Lyn Shenk, Branch Chief</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Stoneridge, Inc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify">Form
10-K for Fiscal Year Ended December 31, 2011</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0in; text-align: justify">File
No. 001-13337</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ms. Shenk,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of Stoneridge, Inc. (the &ldquo;Company&rdquo;)
this letter respectfully submits our response to the Staff&rsquo;s comment letter dated August 2, 2012 (the &ldquo;Comment Letter&rdquo;)
regarding our Form 10-K for the fiscal year ended December 31, 2011 (the &ldquo;2011 Form 10-K&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The headings and numbers of the responses
set forth below correspond to the headings and numbers in the Comment Letter, and the Company has set forth below, in italics,
the text of the Staff&rsquo;s comment prior to each response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>1. It appears that you conducted a private
offering in the amount of $16.5 million in January of 2012. Please advise why you have not included a section and described this
offering in the recent sales of unregistered securities section or the Form 10-Q for the quarter ended March 31, 2012. Refer to
Item 701 of Regulation S-K. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company did not include
the above-referenced disclosure in its first quarter 2012 Form 10-Q because the Company had previously included the disclosure
on Form 8-K, and therefore it was <U>not</U> required to be disclosed in Item 2 of Part II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Item 2 of Part II of Form 10-Q provides, in
part: &#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.3in; text-align: justify"><B>Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds. </B>(a) Furnish the information required by Item 701 of Regulation S-K (17 CFR
229.701) as to all equity securities of the registrant sold by the registrant during the period covered by the report that were
not registered under the Securities Act. <U>If the Item 701 information previously has been included in a Current Report on Form
8-K (17 CFR 249.308), however, it need not be furnished.</U><B> </B>(emphasis added).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.3in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyn Shenk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 16, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2 of 6</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.3in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.35pt 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We refer the Staff to the Company&rsquo;s
Form 8-K filed with the Commission on January 5, 2012. That Form 8-K included the following disclosure pursuant to Item 701 of
Regulation S-K:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 27pt"><B>Item 3.02 Unregistered Sales of Equity Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">By Form 8-K filed by Stoneridge,
Inc. (the &ldquo;Company&rdquo;) on November 29, 2011 with the Securities and Exchange Commission the Company previously reported
that on November 22, 2011 it, Marcos Ferretti (&ldquo;Ferretti&rdquo;), a Brazilian citizen, Adriana Campos De Cerqueira Leite
(&ldquo;Adriana Leite&rdquo;), a Brazilian citizen (Ferretti and Adriana Leite, the &ldquo;Sellers&rdquo;), Alphabet do Brasil
Ltda., a Brazilian limited company wholly-owned by the Company (&ldquo;Alphabet&rdquo;), PST Eletronica S.A., a Brazilian sociedade
an&ocirc;nima (a joint stock company) (&ldquo;PST&rdquo;), and Sergio De Cerqueira Leite, a Brazilian citizen (&ldquo;Leite&rdquo;),
had entered into an Agreement for the Purchase and Sale of Shares of PST (the &ldquo;PST Purchase Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">On December 29, 2011 and
on January 5, 2012 pursuant to the closing of the PST Purchase Agreement, the Company completed the acquisition of an additional
24% equity interest in PST. The closing occurred in two parts with the first part occurring on December 29, 2011 with Ferretti
(the Company acquiring 8% of PST) and the second part occurring on January 5, 2012 with Adriana Leite (the Company acquiring 16%
of PST). As a result of the closing, the Company now owns 74% of the outstanding equity of PST, which is a Brazil-based electronic
system provider focused on security, infotainment and accessories primarily for the automotive and motorcycle markets. Leite is
PST&rsquo;s President and Chief Executive Officer and pursuant to a separate agreement and in accordance with the PST Purchase
Agreement has agreed to serve as PST President and Chief Executive Officer for the next three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">In exchange for the additional
24% equity interest in PST the Company paid the Sellers $29,668,961 and issued in a private transaction exempt from registration
pursuant to Section 4(2) and Regulation D of the Securities Act of 1933, as amended, to the Sellers&rsquo; permitted nominees 1,940,413
Company common shares. The exempt issuance of the Company common shares was made pursuant to the PST Purchase Agreement to the
Company&rsquo;s existing PST joint venture partners&rsquo; permitted nominees, without the assistance of any underwriters, brokers
or agents and without a general solicitation or general advertisement. The PST Purchase Agreement and the permitted nominee certificates
delivered pursuant to the PST Purchase Agreement included customary representations by the Sellers and their permitted nominees
as to their accredited investor status and financial sophistication, etc. The total consideration the Company agreed to pay pursuant
to the PST Purchase Agreement was negotiated over the course of several months of discussions among the parties to the PST Purchase
Agreement. The Company also used valuations prepared by a third party accounting firm in determining the consideration to be paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyn Shenk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 16, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 3  of 6</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Business, page 1 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>2. We note your disclosure on pages
3 and 53 relating to your obligation to fulfill your customers&rsquo; purchasing requirements for the entire production life of
the vehicles. Please confirm that in your future filings you will revise your Business and MD&amp;A sections to disclose whether
pricing pressures from vehicle manufacturers have materially affected your operating results. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In future filings, the Company will disclose
whether customer pricing pressures have materially affected operating results. Please note that customer pricing pressures did
not have a material effect on the Company&rsquo;s results of operations for the periods presented. To the extent that statement
remains accurate the Company will provide a similar statement in future filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Item 1A. Risk Factors, page 7 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>3. We note your disclosure in the first
paragraph of this section that you included &ldquo;some of the principal risks and uncertainties that may affect [your] business.&rdquo;
All material risks should be discussed in this section. Please confirm that in your future filings, you will revise this paragraph
to clarify that you have discussed all known material risks. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company believes that its Risk Factor
disclosure fully complies with the disclosure rules. The Company has disclosed the most significant risk factors in its Form 10-K
for the year ended December 31, 2011. We agree with the Staff that the lead-in paragraph&rsquo;s use of the word &ldquo;some&rdquo;
was not appropriate in that it could incorrectly leave the impression that the Company&rsquo;s Risk Factor disclosure was not complete.
Therefore, in future filings, we will revise the lead-in to Risk Factors to the effect that the Company&rsquo;s Risk Factors includes
a discussion of &ldquo;all&rdquo; of the most significant risks or, alternatively, eliminate the lead-in altogether. We note that
Regulation S-K Item 503(c) calls for &ldquo;a discussion of the most significant factors that make the offering speculative or
risky.&rdquo; In addition, the Staff has provided guidance that Risk Factor disclosure should not present risks that could apply
to any issuer or offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Covenants in our credit facility, page 11 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>4. In your future filings, please revise
this risk factor and MD&amp;A section to disclose whether covenants of your credit facility are acting to restrict your financing
flexibility. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In future filings, the Company will disclose
whether covenants of our credit facility are acting to restrict our financing flexibility in both the risk factor and MD&amp;A
sections. To date, our credit facility covenants have not restricted our financing options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyn Shenk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 16, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 4  of 6</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notes to Consolidated Financial Statements </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Note 2: Summary of Significant Accounting Policies </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Net Income (Loss) Per Share, page 55</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>5. You disclose the number of performance-based
restricted common shares outstanding in each period presented that were not included in the computation of diluted per share amounts
of those periods because not all vesting conditions had been achieved by the end of the respective periods. Please explain to us
your consideration of Accounting Standards Codification 260-10-45-28A, 45-31 and 45.32, and how your treatment complies with these
provisions. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with <I>Accounting Standards
Codification </I>sections<I> </I>260-10-45-28A, 45-31 and 45.32<I>, </I>the Company assesses the achievement of the conditions
within the performance based awards in including performance based awards in the weighted average diluted shares outstanding computation
as if the reporting period were the end of the contingency period. The Company only includes contingently issuable restricted shares
(or portion thereof) in the weighted average diluted shares outstanding if all necessary conditions have been satisfied by the
end of the period in accordance with section 260-10-45-48 (as referred to by 260-10-45-31). The Company has modified its disclosure
in its Form 10-Q for the quarter ended June 30, 2012 to state that &ldquo;the shares were not included in the computation of earnings
per share because not all vesting conditions were expected to be achieved as of June 30, 2012 and 2011.&rdquo; A similar statement
will be included in the Company&rsquo;s Annual Report on Form 10-K for 2012, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Note 5: Income Taxes, page 60 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>6. You disclose that excluding the tax
on the PST gain, 2011 tax expense increased compared to 2010 due to improved performance of your European operations. It appears
that the results of your Mexico operations decreased significantly in 2011 compared to 2010, but it is not clear how this affected
the tax provision. Please explain to us and disclose as appropriate how the results of your Mexico operations are reflected in
your tax provision. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The change in the tax provision related
to our Mexican operations from period to period does not necessarily correlate to the change in the financial results of the North
American portion of our Electronics segment for two reasons. First, our Mexican subsidiaries are taxed as &ldquo;Maquiladoras&rdquo;
which perform manufacturing services for certain of our U.S. operations on a cost plus basis. The residual profit related to the
North American portion of our Electronics segment forms part of the basis of our U.S. tax provision, therefore, fluctuations in
the profitability of the North American portion of our Electronics segment primarily impact the U.S. income tax provision. Second,
the Mexican tax system is comprised of both a traditional income tax as well as a flat or minimum tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyn Shenk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 16, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 5  of 6</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company did not comment on the results
of our Mexican operations in the 2011 Form 10-K as those subsidiaries<FONT STYLE="color: black"> did not significantly impact our
2011 tax provision as compared to our 2010 tax provision. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>7. You disclose that the valuation allowance
represents the amount of tax benefit related to U.S., state and foreign net operating losses, credits and other deferred tax assets
that will more likely than not be unrealized. However, you further disclose that you believe that you should ultimately generate
sufficient U.S. taxable income during the remaining tax loss and credit carry forward periods in order to realize substantially
all of the benefits of the net operating losses and credits before they expire. This latter statement appears to contradict the
need for the valuation allowance. Please clarify for us the basis for a valuation allowance and its amount at December 31, 2011.
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Response</U></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statement regarding the belief that
the Company would generate sufficient taxable income to ultimately utilize remaining U.S. net operating losses and credit carry-forwards
before they expire should not have been included in Footnote 5 and will be removed in future filings, as appropriate. The disclosure
should have read &ldquo;The Company has concluded that at December 31, 2011 that it is more likely than not that sufficient taxable
income will <U>not</U> be generated (with objective evidence) to utilize remaining U.S. net operating losses and credit carry-forwards.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The conclusion that a valuation allowance
was warranted at December 31, 2011 was based on our evaluation of the available evidence, both positive and negative, including
an analysis of the four sources of future income in accordance with ASC 740 Income Taxes. Specifically:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(1)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">We do not have the potential to carryback net operating losses and credits;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(2)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">We have taken into consideration the future reversal of taxable temporary
differences based on the periods in which they will reverse;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(3)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">We have not identified planning ideas that we consider prudent and feasible
and that we would implement taking into consideration the significant number of years remaining in the carry forward periods; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(4)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">We did not rely on future income due to (a) recent losses due to economic
instability and goodwill impairments, (b) fluctuations in earnings, (c) economic uncertainty, and (d) the impact of those items
on the reliability of accurately forecasting future earnings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 50%"></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyn Shenk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 16, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 6  of 6</P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acknowledges that (i) the Company
is responsible for the adequacy and accuracy of the disclosures in its filings, (ii) 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 (iii) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions or comments regarding
the foregoing do not hesitate to contact the undersigned at 330-856-2443.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sincerely,&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ George E. Strickler&nbsp;</P>

<HR ALIGN="LEFT" NOSHADE SIZE="1" STYLE="color: Black; width: 30%; margin-top: 3pt; margin-bottom: 3pt">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">George E. Strickler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Executive Vice President, Chief
Financial Officer and Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Patrick Kuhn, Securities and Exchange Commission</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify">Doug
Jones, Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify">Tonya
Aldave, Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify">Max
Web, Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0in; text-align: justify"></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
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