-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NtFo99U32YpYrsvYWmc09XU3TC4t/unkWji9/FZwpOdIemPuvlGKlePEVjSu7qnh
 DKisa08mhz2pIH9K9uFn8g==

<SEC-DOCUMENT>0001144204-07-021783.txt : 20070501
<SEC-HEADER>0001144204-07-021783.hdr.sgml : 20070501
<ACCEPTANCE-DATETIME>20070501105401
ACCESSION NUMBER:		0001144204-07-021783
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20070430
FILED AS OF DATE:		20070501
DATE AS OF CHANGE:		20070501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RADCOM LTD
		CENTRAL INDEX KEY:			0001016838
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER PERIPHERAL EQUIPMENT, NEC [3577]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29452
		FILM NUMBER:		07804117

	BUSINESS ADDRESS:	
		STREET 1:		24 RAOUL WALLENBERG STREET
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			69719
		BUSINESS PHONE:		2123108007

	MAIL ADDRESS:	
		STREET 1:		26 RAOUL WALLENBERG STREET
		STREET 2:		TEL AVIV 69719
		CITY:			ISREAL
		STATE:			L3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v073103_6k.htm
<TEXT>
<html>
  <head>
    <title>
</title>
</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 15pt; FONT-FAMILY: Times New Roman"><strong>FORM
      6-K </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Report
      of
      Foreign Private Issuer</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Rule 13a-16 or 15d-16 of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      the
      month of:&#160;April 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commission
      File Number: 0-29452</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 23pt; FONT-FAMILY: Times New Roman"><strong>RADCOM
      LTD.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Translation
      of Registrant&#8217;s Name into English)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>24
      Raoul Wallenberg Street, Tel Aviv 69719, Israel</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of Principal Executive Offices)</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark whether the registrant files or will file annual reports under
      cover Form 20-F or Form 40-F: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
      20-F&#160;<font style="DISPLAY: inline; FONT-FAMILY: Wingdings">x</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Form:40-F <font style="FONT-FAMILY: Wingdings">o</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)(1): N/A</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark if the registrant is submitting the Form 6-K in paper as permitted
      by Regulation S-T Rule 101(b)(7): N/A</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
      by check mark whether by furnishing the information contained in this Form,
      the
      registrant is also thereby furnishing the information to the Commission pursuant
      to </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Rule
      12g3-2(b)</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      under
      the Securities Exchange Act of 1934: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yes&#160;<font style="FONT-FAMILY: Wingdings">o</font>
      No <font style="FONT-FAMILY: Wingdings">x</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
&#8220;Yes&#8221;
      is marked, indicate below the file number assigned to the registrant in
      connection with </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Rule
      12g3-2(b)</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>82-
      N/A</u></font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
      FINANCIAL STATEMENTS ATTACHED TO THIS FORM 6-K ARE HEREBY INCORPORATED BY
      REFERENCE INTO RADCOM LTD.&#8217;S (&#8220;RADCOM&#8221;) REGISTRATION STATEMENTS ON FORM S-8
      (REGISTRATION STATEMENT NOS. 333-07964, 333-13244, 333-13246, 333-13248,
      333-13250, 333-13252, 333-13254, 333-14236, 333-111931, 333-123981), AND ON
      FORM
      F-3 (REGISTRATION STATEMENT NO. 333-115475), AND SHALL BE A PART THEREOF FROM
      THE DATE ON WHICH THIS REPORT IS FILED, TO THE EXTENT NOT SUPERSEDED BY
      DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONTENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      report on Form 6-K of Radcom consists of the following documents, which are
      attached hereto and incorporated by reference herein:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1.&#160;&#160;</strong></font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release: </font><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RADCOM
                ANNOUNCES PRELIMINARY FIRST QUARTER 2007
                RESULTS</font></strong></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2.&#160;&#160;</strong></font></td>
            <td valign="top">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release: </font><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RADCOM&#160;ANNOUNCES
                FIRST QUARTER 2007 RESULTS</font></strong></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act 1934, the registrant has
      duly
      caused this report to be signed on its behalf by the undersigned, thereunto
      duly
      authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="50%">&#160;</td>
            <td width="50%">
              <div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Radcom
                  Ltd.</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant)</font></div>
              </div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="50%"><font size="2">Dated: May 1, 2007.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></td>
            <td width="50%">
              <div><font size="2">By:&#160; <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                Jonathan Burgin</u></font></font></div>
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jonathan
                Burgin</font></div>
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Financial Officer</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBITS
      INDEX</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <div>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="line-height: 1.25;">
                <td align="left" style="width: 81pt;"><font size="2">Exhibit Number</font></td>
                <td align="left">
                  <div align="left"><font size="2">Description of
                    Exhibits</font></div>
                </td>
              </tr>

          </table>
        </div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 36pt;">&#160;</td>
              <td>&#160;</td>
            </tr>

        </table>
        <div>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="line-height: 1.25;">
                <td align="left" style="width: 81pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>99.1.</strong></font></td>
                <td align="left">
                  <div align="left">
                    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                          Release: </font><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RADCOM
                          ANNOUNCES PRELIMINARY FIRST QUARTER 2007
                          RESULTS</font></strong></div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>

          </table>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="line-height: 1.25;">
                <td align="left" style="width: 81pt;">&#160;</td>
                <td align="left">&#160;</td>
              </tr>

          </table>
          <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

              <tr valign="top" style="line-height: 1.25;">
                <td align="left" style="width: 81pt;"><strong><font size="2">99.2.</font></strong></td>
                <td align="left">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                    Release: </font><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RADCOM&#160;ANNOUNCES
                    FIRST QUARTER 2007
                    RESULTS</font></strong></div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v073103_ex99-1.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vintage-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td valign="bottom" width="50%"><img src="logo.jpg" alt=""></td>
              <td valign="bottom" width="50%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><img src="news.jpg" alt=""></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div><br>
          <hr style="COLOR: black" align="left" noshade size="1" width="100%">
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Contact:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jonathan
        Burgin</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CFO</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(972)
        3-645-5004</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">jonathanb@radcom.com</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>FOR
          IMMEDIATE RELEASE</u></strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>RADCOM
          ANNOUNCES PRELIMINARY FIRST QUARTER 2007 RESULTS </u></strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>-
          Full Earnings Release and Conference Call Scheduled for Monday, April
          30</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup><strong><em>th</em></strong></sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>
          -</em></strong></font><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TEL-AVIV,
          Israel&#8212; April 5, 2007-- RADCOM Ltd. (RADCOM) (NASDAQ and TASE: RDCM) today
          announced preliminary financial results for the first quarter ended March
          31,
          2007, together with the schedule for its first quarter earnings release
          and
          conference call.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based
          on
          preliminary data, Management expects the Company&#8217;s first quarter revenues to be
          approximately $3.4 million, which is significantly lower than its revenues
          of
          $5.1 million for the first quarter of 2006, and to post a net loss for
          the
          period. This reflects weakness in the Company&#8217;s execution of sales in the Far
          East and the U.S. The Company plans to publish its full results on Monday,
          April
          30th, and to hold an interactive conference call on the same day to provide
          more
          detail and to answer investors&#8217; questions. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;We
          are
          disappointed in our first quarter sales, which reflect execution issues
          that we
          are now strongly focused on solving, together with the &#8216;lumpiness&#8217; of our sales
          model, whose larger average-sized deals increase the implications of the
          timing
          of each deal,&#8221; commented Mr. David Ripstein, RADCOM&#8217;s new President and CEO as
          of April 1, 2007. &#8220;We are currently evaluating our work plan for the U.S. and
          the Far East with the goal of confirming our projections and guidance.
          If the
          need arises, we will update investors at the end of the month when we publish
          our full results.&#8221; </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
          Ripstein continued, &#8220;At the same time, we see no change in the market
          opportunity, which we believe is large and growing, and we continue to
          believe
          strongly in our product advantage. We remain confident in our overall strategy
          and in the Company&#8217;s significant potential.&#8221;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">##</font></div>
      </div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RADCOM
        develops, manufactures, markets and supports innovative network test and
        service
        monitoring solutions for communications service providers and equipment vendors.
        The company specializes in Next Generation Cellular as well as Voice, Data
        and
        Video over IP networks. Its solutions are used in the development and
        installation of network equipment and in the maintenance of operational
        networks. The company&#8217;s products facilitate fault management, network service
        performance monitoring and analysis, troubleshooting and pre-mediation. RADCOM&#8217;s
        shares are listed on both the Nasdaq Global Market and the Tel Aviv Stock
        Exchange under the symbol RDCM. For more information, please visit </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>www.RADCOM.com</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Risks
        Regarding Forward Looking Statements</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Certain
        statements made herein that use the words ``estimate,'' ``project,'' ``intend,''
        ``expect&#8221;, ''believe`` and similar expressions are intended to identify
        forward-looking statements within the meaning of the Private Securities
        Litigation Reform Act of 1995. These forward-looking statements involve known
        and unknown risks and uncertainties which could cause the actual results,
        performance or achievements of the Company to be materially different from
        those
        which may be expressed or implied by such statements, including, among others,
        changes in general economic and business conditions and specifically, decline
        in
        demand to the Company's products, inability to timely develop and introduce
        new
        technologies, products and applications and loss of market share and pressure
        on
        prices resulting from competition. For additional information regarding these
        and other risks and uncertainties associated with the Company's business,
        reference is made to the Company's reports filed from time to time with the
        Securities and Exchange Commission. The Company does not undertake to update
        forward-looking statements. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````6@``_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0(!`0$"`@(!`0("`@("`@("`@,"
M`P,#`P(#`P0$!`0$`P4%!04%!0<'!P<'"`@("`@("`@("`$!`0$"`@(%`P,%
M!P4$!0<("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@(_\``$0@`10#V`P$1``(1`0,1`?_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0(%`@,$!@8%!0$#!F\!`@,$$04&(1(`!S%!$PA1(F$4<8$RD0FA(_#!
M0K$5T1;A\5(S%R1B&$,T)8(*&7)3)F.21#6B5+(:<S;"TB=%-T;B\H.3H[-D
M52C#TRDXX_-'2%9E*CDZ24I76%E:9G1UA(5G=G=HAH>4E:2EM+7$Q=35Y.7T
M]9:7IJ>VM\;'UM?FY_;W:6IX>7J(B8J8F9JHJ:JXN;K(R<K8V=KHZ>KX^?H1
M``$#`@,$!P8#!`,&!P<!:0$"`Q$`!"$%$C$&0?!180<3(G&!D:&QP0@RT13A
M(_%"%5()%C-BTG(D@L*2DT,7<X.BLF,E-%/BLS4F1%1D154G"H2T&!D:*"DJ
M-C<X.3I&1TA)2E976%E:969G:&EJ='5V=WAY>H6&AXB)BI25EI>8F9JCI*6F
MIZBIJK6VM[BYNL/$Q<;'R,G*T]35UM?8V=KCY.7FY^CIZO+S]/7V]_CY^O_:
M``P#`0`"$0,1`#\`V^OQ"?Q&O3M^&ST?PWJIUUK:[&<8S?7KA/2OI#@*T=3F
MK-F)G:TT>'TU;44L?DTD3>=5U,LB10QZLVYHT=!F>8M6C"GG#"$[?;''X;3L
M`)@&3.S'LDSO>Z\_+9<WJ5($G`:E3H0#Q6H)4H#8EM#CSA0RR\XC46ZW_P#"
MCS\1CJ;1TF)=(,-R)Z:,!GQQJG#,-H\%GS=C:8=2X;3J^&UV)YBE%)5QR5%1
M)(9X,+HY"%C"[0'\R%LV[5K@MI=80$H*E"#B3I`Q/1.L&!B"G[B"178#LX_J
MI,J39@9K=J=NRD%6D%+2=0$!&(6HH4E<.*("TJ3^Q00=1?!^.C^+K3X315[>
MK3#JF:IGKX)$?IQD0(`E-!Y;`1X>AW(TQ8:V)`N"+@IG.U:_%NEW2CQ*4(@_
MPA)Z>.KHX;<<)47_`%7&XBU=T%+2M,*)E<$$X""[A]IDR9"A`24R?5'XZ/XN
MM%!@U0/5IAU0U?1S//')TXR)M\QJFIIE=?+P]""@16`O:XU!%QSUWVK7[;;:
MM*/&F=AP\2DQMQ^WJV^M>/\`5<;B/2E"EI*"`3*S)P5@.]\(((21XC@5!0D!
M/L2_'1_%UH)VIX_5IATJU-'0NLC].,B%HI)J:"I=TV8>HN266S`BQ.E[$>O^
MU:_9<"=*#*4G8?XDA4;3LGUZME>3_5<;B/PI"EI`)!$K,E,I./>C`D:@!B,$
ME2H)5[$OQT?Q=:"=J>/U:8=*M31T+K(_3C(A:*2:F@J7=-F'J+DEELP(L3I>
MQ'K_`+5K]EP)TH,I2=A_B2%1M.R?7JV5Y/\`5<;B/PI"EI`)!$K,E,I./>C`
MD:@!B,$E2H)5[&?QT?Q=:#$L:PR#U:8<8Z>LD2FJ6Z<9$,J1PR21[!;#PI#7
M!8E2;J+$:W]F7:M?V]RMK2@Z%$;")@Q.T_&O-?U7&XCX2\A2TH4)"25J@&")
M5WJ9(&$@)!DG3LAS/XX_XMYS5'E\>K3#UI$Q5Z=J@=.<B><\#5*P!"3AY7W0
MI((4&Y-R=`%O^R5?_P`Q_*Z4?W31,'^E$Q/NGUXTV/ZL+<'0;J7.ZTA6C4N=
M.*HU]Y]Q&!5IB0"$#$%LP;\='\76OQ+!<,G]6F'".HK(TJ:E>G&1!*\<TD<>
MPWP\J`MB5(4&[&Y.ED66]JU_<7*&M*!K4!L)B3$[1\:<=_JN-Q&`IY:EJ0D2
M4@K3($DPKO502,)(4!`.G;/L-_'1_%UKYUIY/5IAT2TU'7.TB=.,B!I9(::>
MI1WWX>PN"%6R@"P&E[D^L.U:_><*=*!"5'8?X4E4;1MCTZ]E>5_5<;B,2I:E
MJ!(`$K$%4)&/>G`$ZB#B<4A29!3ZD_'1_%UJZ+$W;U:8=%+A=&KQR)TXR)>6
M1L0BCWR!\/87V3%;*`+`&U[D^M>U:_<0XK2CP)G8<?$E,;</NGCT>7C_`%7&
MXC2H4I:BX83BL!)B=G>DJ$).$@RJ=4#2>$7XZ?XNU72XU5?[6F&T[8=10O!&
MO3G(BIYBU--3,[&3#I#=@[,1VN=`!8#UKVK7[C;BM*/`F=AQ\24QMP^Z>.SU
MJCG]5UN*PD!2E**R0"2M(&U6/[0R`D%(&!V$J,$*/1Z;?^%3/6SIW4X/A?K8
MZ*X/U8R2L^%T&)]2NGM'5X'F.@HXJ-HJO$ZO"Z^LKZ3%*B:9%<PTK4"@,PC1
MFV1L=[M=K";AP-7"-)C[@<">&!@#K,P-I@;,0.WS^K:3D&6NW^4W3CY2L_LN
MZDZ=.`2H+E1"Q`&DJ4E:4I"G$@.[E/1/K?TF]1W3'*W6;H=GW#NIG3#.:5#Y
M<SCA<XGI)VHZN7#ZF(G1DEIZB"2&:)P'CD1D<!E($OVURV\V%H,I(!'D1(]U
M<LLWRFXL+MRVN$E#K2E(4#M"DJ*5#T((H5./T75[GJ]7N>KU>YZO5[GJ]7N>
MKU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5V.Q_7QYZO5\
M^3_A0=U%Q;J5^)1UARYBXE3#N@6#]/LIY8I/FYGI6I<0R[49XGJ%IM(XYI*C
M'3'(X!9TAC!:RJH@CMAMFN\2O2-82WC&,$OX3M(&D$`S!*B(U&OH'_JL^S^V
ML]SUY@"5.7KBBL&8`8)0V`)(F5K)(B0H`@Z0:HBS#BV*RX0N'X=$DLM%5RO%
M"Q(W"8TT3[B64&RQ%E^/MTY#2;D+:2TK!*2H]<D)'^A'OKHAO;>724K7;#4[
M*4Z3LTA0D[1C!4=NV/6SGTT?AFXGZF/2QC?J>POU0Y6R)T\Z8&MCZUQ8]A>)
M4$64<;I\O8;C=51R3U=3"E4H6MAC6IIE:*0^ZK&17CCE?*NS>TO;%+K=S*)4
M3X8"=DS*A!@29`P`QC&N5W:!_6$[T[L;P*R;,<@*+H1I"7PLN!<]T4Z4$*"B
M(\*E:25)Q6E2:+7#T@]+&(K0PO\`B!81&M-05<P\[I-U?18O(-34"%=^$ZM(
M5]U=&+/HIT+%3^Z^2E*1^>F,/LV8SAXSAC,X"9F,30_;^J_M4(E6Z3X`$X.2
M2>&'=@[8!_B2GQ:2`),GT]_#/Q7U$]#^OG7GTQ^IC+?J#H/3A@8Q3/N2*?`<
MSX#F$0TF$C$A"N'XW&M:OG4U-4+0RFG\FHE@>%75TE\HU3V8MY@F;*X#[F"0
M"`D$P`!.LQP`F`.)%`^W_K$,VRW/V<OWCR-W+4.J`U*5C!5IU@+0VDHF2I84
M1@?2L*:22H<23R-*ZI'&&8DD)$@C1=?!54`?`<AQQQ2S*C)@#T`@>P"*Z@:J
M%?H+T>QCU$YJZXRUG4##>EO3_H#E>;.'6#J;BU+-B\U+1##\4Q5WI<+HJJ&J
MKF2+#99JA8K-'"DDB":01P2C[=O<\YF`\ZI4+4H$@$F8F5&($G"9))@`;2,$
M?JG^LS_8_<=M+1A+]XA+)2A4@*2OO"XL%)G0TE"0KPIA3B(U"=)N?5?Z!<6]
M-W0_H/ZN>G_J-P?U2]"^ON,8GAN"=6,!P&NRU%AN.T8FJ::FE@Q3$JVIDFJ?
MY?B%[I&87I'23WW4<4[Q;I*M+-&8(="E*7P))DR0H*TIG9XI`()$3B17Z9?J
MZS7>[>.YR/.[-NQO6D!:6TZS(@%04%`A,)4D@%0.)!3(,$$RC3X/4YXRC29G
MS@.G&39JB5\T=13AM?C/\D@IZ:2I2H^0PIOFJB\D:IL@!>[`@:<"6[K%LNX'
M?.*:C$%(DS.`^Y('F5`#B1M&2O;-OOO!N_DRKW*;#^8N-R5-:P@Z`)41,E1`
M!\"4J6LPE()-61]3/P[\D="^D'0/K_U$]<N4,`Z9>I_!)<8Z)8Q295S;BN(8
M]ADV$IB#30X7A`J,06!:>MIA4R2TZ+`]1%%+MED2-I2ONR^SRX%QZZ*$R4@Z
M-L@B/OXX](C$\17/;<K^L?WFWDO#:93N^;I]*"M2$O3`!"2H?LR"D:D^+`ZC
M`!P*BX_YH/2Q28>LR_B!81_OWH6E:ECZ3=7V8>7B&PPRA<)!4VB$H#+<Z674
M-PA9W7R5.I/YZ)PP1MQ!Q\8$2)XC`<=DJ'ZL.U32"G=)\D@S+D01CA^SG[8@
MP"22@`Q)6W6'T+Y^Z;^G?*WJ]Z2=2LM^J'TBYSAP>DQKKED>M:IAP'&<8%)5
M087CV&L6J,.DW5=-':>SQSGR:B.GD,*S:WM[.+K*6BM"RM!'BP`@2"/XCJG`
MX<1A(QH0_37]=&6;^9DYEUW;BQN0E!:"G`OOBHPL(\(Q22(@J*T%2R$I2H"O
M+-\1.$)*KE4IJB!I81VE#N(0#K^ZSAQWU4?2(\L#XXZ0?Q_2LL^T-M1L`N<$
MK02/Z4G2`?(J"QMQ2-AQ&U3_`,)5O4?G7"LV>IGTT3-'4=.1B&3\T8<)/YF\
M]-C69J/&,&JMC!Y*98I(<N4UH[1D.&<>9N?9DGV772U6&E6("RD0-F&LS`P&
MW$G:8F8!X"_U@N66=COPAUL0NXMVUN3)!4%K:21XL"4H0D@)TP@':I1K;"]<
MGKBZ`?AY>GC-7J5]1N89<*R3ER2"DPO+^'BCGQ_,.*U.YXL-P>CK*BE%75M'
M')-Y8<;8HY)&*QQNPD9UY*!*C$F/;6$.DQ/`5\[CK%_PI=_&F_$-ZC/DWT+X
M,/3]AM'#F*IKNF&0,`H<S8M399=H*>+$L>S#FB@J1`*1:ORFKZ=:&%'(D9(W
M\HKM*X=`40`<!C!)Q)&.&P2..!JBW$I@G#]<.?0[13YE7"?^%>_0^CQ'K9ES
M.76/,%/E/!,3J\=3$LZ9'ZFT53#0SU=1.U+@&,8ICL=5*L3E46GHWF9E5$4D
M+9'EV8)@*,E!5,%*@0#@9E.H#4#M@)2<(`K25"`E.SQ&=NT$[8.`X`F$\(@"
MK"_2'_PL8S5TGQK&>CWXIWIDQB3,F4</P^%.I/3S!X,,S$V+)0X>DL&/Y8S/
MBE'##-([U,T\]+5Q!&"1)1`$LBVQ1+0"U>*8)(P\S'R3CM`'VUM@E29.WW=>
M.''J^&.YOZE_69T`])OI7SWZQ^KF<4HNB61,"CQYL5I?*>KQ:.LAC?#Z/#H:
MJ2G66LKY)HH:6)W3=)(H9E%V%P9V4^EE4P<//A7ST/6?_P`*B/Q//69ZB<S]
M!_PZ</J.@?37',6DH.FV`89E[":[J378;AE+4&LFQ3$\1DQ6DH]RQO63RTB0
MK1Q1@-.Z133S)TW$(U$A,D`3B,<!,QB28`X],TPM0*93A.R?G!^!]>-8\AY2
M_P"%=&5<_475[*V<>L6:L,P#%)ZVFPFMZC9,S7@M12S4'NA,*Q#':Z@Q!!3U
M1*Q"&6,2J"!YB>[II>EI*L=2R-H5MP&((\*2<%;-.*CI()I(UW;NHH4?%(F9
M@@1@#($8'9"CC!G&SK\+7_A6)G*?J?EOTC?BZ]-Z?I/U!AJ:K!,3]2T&'U&6
M!A6)4-)11PKG++];&B43U$JU3U5?2M#!`QB5J.*'S)XUBU)..`GKPZMO3L&)
M)/G1DTCO%$##CM$1M(Q,X#S)P`E5;R]%6TF(TE-7T%2E915B++25<3!XY(W&
MY65EN""#H>4JBDD&#7RJ/6=^._\`C*>GGU;>L/T]9:]?&,8YEGTT9XSODW+.
M/2Y5R%#5UU+EO/%7EZ">L$>!J#4.GO/M`%U`7]&+,T''"0)C$[0G8/0X;!Y'
M'Q8A,&0@@$D]7[H)CI).W:<(W0_^$V'XAW6K\0WT'3YX]1'4[_._UDR)F;&L
M%SMFPX%18!)2/'+'64>'NF&I%3U9CH:FGF^;2-"1+Y;JTD3RR7)A43.`QP&/
M'9A[(^0="B3!Y'L_&:OGZE]1LE='NG'4#JYU)QZ/*W3KI;@F*YCS]F>6.:6+
M#L%P.@EQ.NJG2F221EA@A=R$5F(%@"=.;48%72DDP*^4-U,_X4J?BTR]4NJ^
M/='?6?FBFZ8T^=*E>D^`YGRITY;&ER[-78G)A\>+QX;@4%(:L01PBI2!4A\P
M$(@33GDK+BDPH!)$X`=7\41YXDF24G"F2T$:L2<3CAAY)V'JD'H.VOH!?@,]
M<_5AU_\`0!TCZE>K?JQ'URS[G^!L?PSJ))@E!E[$5PG%Z.BQ*"@J*?"7DIZD
MTLE3+&M6$IRZ!5,`V>;-5+BE*5JC;A'1`V[(,S@!L`,XP'`(Z".H[.H^_CA$
M1T76\O6Z]SU>KL=C^OCSU>KYV'XXF(3I^*9ZR95C@+87B72\4P--3,K;>EN%
M3CSE9")O><@^8&NME^R`!`_;#;I,C'Q):G$]-P,,?#L_AC'':2:^C_\`JSK=
M*NS:W29A2KF8)!_NH&!!D>D8X[<:I2F),\X_PR.!H!^\3X<@R:SAS$R\KS/Q
M-67]%JEZ;\+/UDM'#"['/V4E+R4\$QM*^#0'65&U"N=A[H3N6S:\G7=T1N1=
M$;2J/][8KEUVN6K:OJ"R]1&/Y9K'CA<88^IGI!@R*K,Y!5=.*LB_!]SIB>3?
M67Z@(L-Q5<(I\W>G7.V'8T`L0:M67.&6J*G@<R"S`O6LJK>^Y_=%SR>NQ1T-
MN]X0HZ7$`1PUJ`)B=F`)/`)GA7'C^LT41G.7-MA.IU$GP@K46W/`-4$P.]<A
M,P2O9B:K=Y`M=AZ.;T`_F71K\,CU`]7((%H,\>M;JWA^5<.Q&E>$U-#E7*])
MBU*U0\F*4@:=)?Y#C&&/'1D"*.M!=RQ4+.+KQL<A7XEPIM"$@E(22?&M20@E
M0\+P2OO%>(I`[M*2%.\3>SY5[OKV^J=6"RW:7;[NI"`LJ4TEMKNW'5A!T:64
MA*4)46]:M*?&IU`N^EWK!6]:?PLO6-Z',>I3B_4/TKYV;K%T)PK9AE-'_4^I
MQ7"H\:DI8WF6>8T$.8<5J*B900@D5-"XC.[^[:OMUPD*45M)22`$D``E$2$Z
MMH*C,%*8\91(28HM;_<[Z@[>X>"&F;V[N&$G0M(6EU+;J#(64J,W"6P0`DK1
MXDA6`K%KI$EPNLEB<2124\C1R*0593&2"".X/(2;!"P#TUV,S-U+EBM22"DH
M)!&(((VBK%O4QF#&<1]!_P"$?@M9BTM;A&$](DFPW#S*[4]/-4Q8;'.T:,S*
MC.($$FVVXK<B_)A[8E$O-&(P4(@`8*@8"!CQ.T[22<:YC_U8BRNRS19(4I1M
M),"<&2(G$F,9D_=JP&RJ^>0S74VK!O2CU%SY%Z#_`,6CI/!7A^ET]+T2S!79
M?-#2/`F/U6?(,/-9YI8.LTE/A<$9.QKB)?>0J`\C65\M.[;J-1Q4`-L`:@2!
MP$D[,"<=H!CG!OQN[8_]#(Y6^&TAQRV=4H@`:E-LK2@J'\2DIP"B"?"F3X4Q
M6IF[_D@U/_+VD_\`*R+@$L/[KZ'X&LZ^T#_EE*_QF_\`E1%;"W_"7Y\,'JK]
M0B5D@DKRG2AL(H&IEG_2`Y_1ZD.$9XC$CF,2;E3]+L-V=!S(CLLUFV@&$ZUD
MB"9\"0,00$XGB#/`")'`G^LA=*=[[81(-LUC'_!W?UZ(,;9HLO\`PLH]<4G5
M3U:=(O13E:LGILM^E"DJ:[J;2CYN&"OS5G'"<$Q^G29)6$%0E'ADE,T+A#M:
MHF4L3=5EM@CO(4/#ACZXB?+;LV@S6"2'964R.&&$\<=NP[!@,4G;PV`_^$V/
MX:.3>@OHBZ4]4,>PZG7/O6?"SF7JM(N'Q+-B%3F*FH\4PNBK#B5-YT9PFAD2
M!84(1)9*E@`)W,@2R(&\4JZ="5`K5W1\)TMP$@I.D8+@KGQ2%@!92$@:2ZR\
MTE3*PME24J!!G5@%3()24[-)!DC$Q,#:@6"!833K"BP,&#0A0$(:Y(MVUOKP
M54\229-:\WX@/X"G3_UK?B(=(_7[5Y^ILL-TLRYEO#QTCP_+E!1G&<T99S1-
MB]%C>+8ONJ&KD6FJ$IEHY*0*/EX7DEDA0TSH+RR+B"$J*28V1.W$"08U"02/
M$`24J2H`BS(2'0J(Z3)],-@CIB<(,B(UO/\`A8;ZP,6ROC7IH_#"RE383/DO
M)&$X7U2ZJ8S%1T;5,V9ZF+%,K893HI#-2F"B6HJ)2/>E^:0D^Z05[+:D)"0,
M`(&&$#@.$#HZ-M4+21XL!)]I@"3C./7AT;,+<?\`A--^&XW2CTO+U5Z@8?0X
M?GOJ_BBYFZD1#+^'/+(M=`LV'89#B=5`9JBBIJ,0RHJEXEGJ*IEDD+(R$EO:
M-OG4M`*4E.@DZ@0$@A0&Q)E1$Q)C;@(5W:;FV6NV<*D*2?&@RGQ`D0H0,4XB
M/X=1$8UMSQT5'$LR14D4:U`M.JQH`XU%FL->Y[\.Z2DDF36D;_PL-]`V1ZOH
MUT:_$!Z?Y3PK+^=LD8MC.4.NU5A^!45/7YBPO,F5I$P;$L2Q.&:*1QA,^#K1
MPQM#*SBM`WQQPA684E*`2`,2)X8X">L[!UX"JJ4GIA6P<9QDC$]$XB2(P&TT
M?[_A*W^((_JY_#RR;T1S;B=/4=3/2#1T62,0B6*GI)9L!PR(P8#(L-.JJR1X
M8E/3&0^\\D,CO=B6+;#P[Q3<R4P9E.Q15`@0<((DC'#$D*JRUX@=70>&W'9Q
M!X&9.-:!'KNR_4]3?QGO7;D3^94^7Y<Y>I#/>"+B\>'PR)3"JZV388D\D$)I
M_-*!P[@.K2$79]Q)X]>HUH")VST=!'$&>J>D^1VK5@<</+'\![Y'15\W_"/C
MU<8UTM]4?J7]'F<)*O`L`S[@5%FC+^!U<5-!+08SES&*3"*VE<F.";S*B#$$
M)3;8&%B0A9R6G'RE:#M"QB0#]V`3@!`!$R2K@D>(D0P_9OMW,$0$A6J5$%)!
M&!2</Z0)D*"@!I@G3M'_`/"G'U5U?I6_![]1CX!C[9>SQZB)L)Z79-J?D,,Q
M&&H3-=0TF.4DT.*AXPE1E^BQ.+S%1I$9@Z;6`=%:1)BG0N#QX[/(]8P.S"=N
MRODRUF6,>RUD3"<Q8U@_RN'YZJJ3$<M5K244D=904]5C.#R,D061H[5-'.GO
MJ/L@[;;260^AQY2`"%(PU%)T[`?"2!J29VHE,@I40I)%,N$ETI!QC9!XD@$X
M]6S`]<&OKI?\)[)6?\+GT?*8C&$R-@UKH%8_[ZZ!;W"+<$*+=_;>Y/'8K;2Y
M!V;3LY./3\ME7C\]3M>YZO5V.Q_7QYZO5\Z+\<?_`+.C^MK_`+V?3'_V4^$<
M@[M@VC_%:_WZXKZ1OZLK_J'-M_C7'_*HJE^7_+U/_+Q_X\@2LV<P_NZO,_&M
M@3\*//7I@Z=^AWUUYB]8F1'ZI=`C5K2YNZ:T](E9B6.RU=!@\%+1X<'J*,0U
MKS,ORU3\Q!Y$@$WG0[/,7([LYMV'-W5=\):2XX5=0"$$GA$;1'B)@)E1`KB;
M]<>1;PYCVMV3.23^=_+(*(4E./>+P)60B"83"SI5.DX&J5LRX;Z(\3S!78KE
M#I1UORQENM;$6PS*]7UKP1I:*&JJJAZ2-V?)V)-YE-!)$FM5,"R>\\OO/)'%
M[O7ED@(MDX;2",85.$MB`4X8I&T8#2=65F4?3=VCW.7,J=W@=MG-"-2-#[BD
MF)4EQ9S!:5+23H*D$)(2%#Q$JH_'IK]!?I"]6/0CUB9F]!?J9ZA=-?4]TOR2
M*OKAZ<NKJX#6YBS1DN&@CKJS#,#Q3+F*4M/#A>,-"*?$*A1->:."&5(('D2I
MDO*+-O,,L#5H$!\XC3X=1!_AF!X5Z2"M.M,@:TA>L\_-[+O-<DWO0YOE;K?'
M>6R%:G7EM-)4`5AYLJ?"U7"$!22T\64K:64)=4RMI%0.<*^II<"KJ3"Z48KF
M'%T-)EK+ZQR5%3B-=5,M+!3T]-!>6HEDDE5$BC&YV(4:L.0/N_ECEW>(:0"9
M4-FW]//AMKM)VX;_`%GNWNM=WK[C:"AE93WA@$Q`$2"O$@:$D%1(2""H&ME?
MU3_@[YXDZ!]$:CH+U]RCEZGZ28?59=H_31GG,`RA#7PIF/$S69GPD0K6HLN(
M5&^7Y=J8>:6=S52RL5:7]Z,A:_(V[#]T$!($!Q1E3BSB1WB@?&I24)0("`E*
M$)'VUQ?^E;ZK$[L=^Z<I+SKSKI+R)3(7W1T*T,N&4!LE,`:U+U*2F5.*2GX7
M/X7WJZZ>>M["L[9\PWIOC/2"MP3->2>K\N6\P/FW%JK+>;L/CPF:.)$PM8X3
M-/#%(E0S*1%"\9%I2K+=T]U#:K(:>#J9A:`HI!P4"-2#K!2%3"2B500L%,T1
M_4[]4ZM\GK&]_ESF7W%G<!UIPJ.O`(U(='=@$*4A)"D*2XWW0A4*(50AU#Z>
MYAZ19DZD=),V4_RV9NE&+8_EC'8?959>Q&IP>37QN:>]QH>XTY!=ZR6[HI,@
M@X@Q(/$&"1(.!@D=9VUW'W&SUO,]TVKIH%+3C,HU;>[@]V3PDHTDD8$F1A%'
M;]1U,E/Z)?PH62X^9Z.T4C+YTD@!,%`ILK,RQWM<JM@3=B-S$F2>U=W6\CQ`
MP5CK&(P.)QXC9@1AQ//_`/JQ&$-V6:!.$FT)PXFWF<-L[2<3,S1#^1+74ZC@
M^ER&F/IE_%0J'1#5QY8Z+)3.2OF"-^I6Z0+^G5B"43=^A8:#WT[/(5BM0W<>
M$"-:<9Q!D1`CSG'HP.T<_M^%*_Z&&R@</RMQ_P`IJZY]WK1&<W?\D&I_Y>TG
M_E9%P$6']U]#\#69O:!_RRE?XS?_`"HBM@O_`(3!.O\`M;=?8X(@:LQ=*WJ9
MQ+31LM$C9]1TVO')*ZM,\+$1[%!12SZ+')D1V8*'Y,`A1EU6R8'[.95C]N$8
MR)(XP1P'_K(0/[86QP_XF:P_Y^'=G/"J@/\`A2=#EA?QZO4/_G#B\GI]59JZ
M9G-U1:H1WP?_`#2Y`2M(:!&8J(E>QCNP-["]N2LEG4HIG3J`$\1MQQP@3(X3
MMK!1KQ.Z=NSC&./E'#&?9%?4`]'RL?3MTYGE-6M154TLE53U\24^(0R&H=2E
M5%&L:I-I=U"*`38*!Q'E;`:MD("0D)`$`R!`B).)C9)Q.TXUMMWO!JZ>>&'L
MHS'%U7KW/5ZODO?\*P<EYLRG^-!Z@\P8TX.`]3\`Z?XME!E2-&%#2Y+PS`98
MV9/>8?-X9,XW^W3MQY?B2"J,!`PZR>@2?$<3.$"<``C;O6GGE(TPIN!L3C()
MU>$X_<4RL!<"/L")^G#Z'</-%T$P.241&HJJJK?=#)',BP/)YT$0D@9HG$,<
M@B5H@L6U0(DCB"1K5Q:E'4K$GB=IQVGK^.W::9RUTJ"D\$D`81AI3Z\>.-'`
MXW1E5"/_``IUQVBP7\$+UKP5$],M=CT.2*'!J">>&%ZJ9NHN`U$JP+,09)(J
M>&:?8@+;8V8"RDCPT:AK)`D;-L\/?M/`2>%;"2=G//.-:RG_``B@Q.2CZT^L
MJG@CC2#%<+R%25L;16D=Q_7&N29)`_V5$&QE*F]QJ-MF2.I:-PE4@+A0`PF"
M4DD8:H$)!@QB)DQ#:TNI(_HD]>.!V8QMG@>.S&J#_4L&?\>+U;ED,D<?JNS8
M9`@LP7_/^1<D`ZZVN?@/9Q5=,JTHTF<9XX8*'3QPZNJ8-*4N)205;/.)QZ<>
M`Z/G5@/XRW3N'\,/\;'HOZONF^%#`<GYJPOI;UMP7)F7+X.C5&&XQ29<S%AK
MR;&C+XG48/554X"E"*P!@PW*=/O2$"=I]\'9Z#W'HI,E&WV[(VG''83.)\\1
MQ(O?\*F_6K7^MCU>]!_1ST5Q?^MF4^B>%Y/IJ3"%2*EBKNH'4..JKD>*LFG%
M-/3R83+A/E3J5C#R2W8K;:T'`H@CB)VB.'KY$8;9X4FLU!X)=!&DC"1CCL((
MX$8D<?#L@BJ\_P`=KTXY2])F??21T,R%2X=2Y3ROT:RA)@TU!\O4/B>_/G4"
MFDQ.NJ((*:.HK*TTPFGD5`CLQ*A%LH;R=IQD]R=8\:Y"SJ()7)@ZIT@SI2?M
M3I3"=,4K=8:4Z5H,I5L.()2)"93CI,8D`[3@53-?0G_X3R$M^%SZ0S>X_J3A
M`';PP^B&MN*M0)P$58A7''G"KS^;K5>YZO5V.Q_7QYZO5\Z[\;QZ!/Q2_6T:
MZFFJ(OYATQ&R*=(6W_YJ<(L;O%*+6TM;Z_#D,=JRV`L=XDJ&EK80G'5<<2E7
MLCUKZ/OZM)+I[-[700#JN-H)P[T=!'/"J5JHQFLK3"C1PF:3RD9@[*NXV!8*
MH)`[FP^CF/SA25'3@)PG$QYP)]@\JS?O0KO53B9/Q]?C5G?03R9_PK?6G5QQ
M/400=0<NTDU;&X,*54=/@<Y@8A"!(J3([*6OM938`@G(S<12$[GW:5?=I<(Q
MX'NP#$8@E*@#Q(/0:Y:]I^:VS_U"63;3B5+;MVTK`()2>^2J%`&4F%),'&"#
ML(JK[F.%=0*LZ_!UJ(\.]6/J,JHT,4^(=`<V4M7/$R1324_]8L)8Q^803M(9
MQ:QT8Z6)Y-O8K=*3F*$SM5A.P$Z<8D=&,8QU21R@_K++9E#=HZ4XJ=8"R,%*
M0G\R0G5!P!42F00"20).)/\`T/=*L&]0_KRZ%=+\3\J?!,AAL]YS!Q.BH&$>
M7<8PRHPND<SQ5#A*_$OEJ9VCC,BI(6C!<`@F[-<G?4Y^92DJ"5`1B)!"M1U;
M/"#)!^[[=I`(F_K&NTJP:R5W)0I'?KMRX95XA_E-J$I"`%'4I(<4%*T!(1*5
M%1`&3U[8_E#U#>L[U3=3,5PS",YX3CF=<2HLM5C4]-B5(V%965,I4$D$]13Q
MO,DL&'B<2.BDF5CM4':$._6\5P,X=[DEK22GPJ/BC#4<3BH`2`8$`28DSM].
MWTY[LV6Y-M:7MJBZ!A93=,LJ4VX$PXF(5@'2\M,J44]XI(.F``]]-O5*H]'O
M7WHSZD>F-14=/,3Z1YLP;'<R2Y=%-AM3C.!1XA`,;PJH*A(Y8<2H!+3R+-=/
M>5R"4%O;@YW<.9TPAYSPK4E!4M1"4@F`HJ,Z0F9/][J&PFB[ZK/IQW>S3<"\
M8L66K)U'[<*;0&@I:"%*#G=Z-27`D!6K4)"%E*BVD4?S\9GI15Y']:_6/J?A
MF3)\N=-?4M'1YTR#F(>5+AF.5M;EO#&S!+25,!*2O'B<LK5`OO5I%+`;UN]V
MC[O*L\P#J8+3I*DF9Q)E4SB/$20-D1&`H.?0SO\`V.9=G*+(OZ[^V0L/-J/C
M;"5+::3&W3W32(Z`0,#@$/ZFX7@]"WX2%7+AS4%+6=)_D\-JWK$J/F9*2BP>
MIF0Q^3&T3HU2?=9F#+]FVU@IIVJ6SI4AR"4@K!.F`),@##&1C,F3..$"#OZL
MW>/+&GLQL>]2+AP6ZTME4J(0UI<(DXZ%$)4`!I.$#8*_^0_76BC>^FJLRW@G
MI)_$PS9F6*JP_#LX89T>RWT]S?)44]'@>*8['U!IJ^IPFGGJ(6%9B,<$\%1\
MK3R&1(&:5U";6Y)&76=PO=Y]*1,*2H](`.V.B`K&1!'\6,<XM^-X<O5]0&5N
MH<20U;+"U"5!(?'=-ZE)\*=;JFT(*CBM:4[5IDC&<)57"$IR#OK:B!(CX`Q2
M?-&__`Q$#XVX!+!/CGH!_#YUG'VAO@6`;XN+0!_FGO#/H@@=<<,1L0?\)>5P
MP>J;U%U%2DJUZ?YI8**:*$-N$J=0I7CE=J:4I"3&KEEDCNZ*I8W"-D'V9.%-
MJG!,%Q6).(/=_P`(@R2-4XB$R<1(K@;_`%CJ@=\;:9@6S0.!_P"/NQCLB8.$
M["/)%_\`"S+T0X'D/JYZ=_Q`L#P'%<3POK0SY&ZR/#/1P8;1Y@P&@CJ\"D5I
MTF;YC$</AJHG4PNNRA0[E-U>6TM.+6-!QZ#Q^'QX[#PP72,8,F>??6R+_P`)
MQ?7)TY]7OX:70?`\.SH<9ZQ=%,*ARKUCP#$<8IL2S!%B>#11TBUU8JQ4\OEX
M@BBH@=D>ZDJ\LDJ2GE4HTX4XJ3XCM/.SA5_'+52M:WU,_P#"E3TE>E/\4?#?
M0OG^NPS-'1.MR]EJES;ZA\!Q*">+)'4?%\P5=)4X;C9JI8J0X;3X?)1U%34P
MS;Z1O,219&W+#Y:5`CGR.)^`Z#LF'5)`$$'5SPCYU4M_PLR]!^(YLRMT"_$H
MRW1XMFO`>GU'2]->L6$4DQCAP7"*_$*W&<"Q?8F%5`B@>NK9Z.JFJ*E!YLU'
M'&A:1R&@UX]0PF)PX"?(\>.'EC-,5#`;.3/NZ(ZZN+_X3.>M[!O5A^'Y@.0L
MQYX_K5Z@_3+529/ZV4M34QSXI&*:KK%P6KJF*123?.T4-TJF2TKQ3*6:2*4\
MNE)!,DF23C$@$S$)`$#8(Z,23B4ELV0DF2K42K40D3))@!(3]HA(D3I`DJ,F
MMC#EJ4UH$?\`"N_\3+H+U4H^E7X<_2G,6']2,V])LV8[F[U'XA05$I.6<8P7
M).(X+AN#+/'')!)/*N/U3U2C<:>2!(WLYD5$[[HTD1.SA@)5`.S:#C[)(F:<
M4%)&!B8]FV#Y_NDT=?\`X26>AW+'1;T[P>I6HRRE#U,ZYX3_`#+,>(56,IB-
M9!A51B58,$@BIJ2EBAID?#C%4DM*\K&H:_EC]&*-*"W"0=@`/W;<3.)*3MCP
MC`@@DD0E5</NI:2RI(`'B'A`5X@,2J`H@@`I$E('B2`5+)TZO4>N$U'X[GJQ
MIX<)K)L3;U89K$Q2LB*SLWJ"V@11?*E@2&"@;F-P3XV"LZP4G")Z#UP9G#CC
MZ8;:2+*8X[//CCS\>.X'_P`*J_1C#UC_``R^AGK$P1)7Q7T?+!19WPQ*VCI%
MKLGY[Q'!</J'WRTKO+/38I0T!@4':L<M1[C,0RT%QI2#,8CR/4<1Z1C,#IIB
MX2O6`F"),]6!@C#'HC#`DSA!T\OP/?2[B7JP_$+Z/08?DBNJ^F'2'%:#,O4?
M%EG$M-AM71EZ'+K[Z;#:A9'7$I8I?EY(I5GCCE,H\E9G%5,^+5!.T3T3CC*M
MDB!`)&`^V2/*MV_RRI!*/*3)DC"08VF!LB`!A5K'_"PS!LM98]?WI]P)L*JD
MI*+H7D0.D-1%`5,N?>HDI]V2GD]_<9"Q)NQ(N002V@ETN`)C$=!VR.O]1TF:
ML-4DDR,/.<9)/7AP$8[9PW&?^$\?E#\+CTC%%;<^2L&*O=;:8;1*P(`/B-#?
MP[:V#Q7)YZ*\G9[?CZ5>=SU6KW/5ZNQV/Z^//5ZM#G_A2%Z<,U='_6-6>I*#
M+F+572GU.TF43B74&;RGPFDSK@.#5V6Y,%C-/&#"S8;AE)5QBH:\KM+Y981L
ML<,=L5HZ6D.@`I.E)B9&@N&2#A"N\@0<-!D"03W6_JN^V.P.[KF3W#J$W%L\
M="-BEMO`*G'`Z7$J!(PE;:2`HI*];?$:*'%Z:HIZ@M'%42)(=A&X&.59@+L"
M.ZZZ<Q^9=*%2*Z8[Q9<WF#:FUR$J(.&W!04-H/$8X;*-MEWU78[D_P!'=1Z*
MLG](<A91Z<XI_)I,RYQPO`JG#\RXM6X+'AL*U]7-2UJ4;UM2N$TXJZD4HDFV
MG<;NY:1'^T^_<96V4HA:5I)(42`LRJ"5&,=@Q2(&D#2(PN[+_H%W+W2S=K,K
M-Z[4\RK4D+=1H)P@*2AI&H",`HD8S]P205?D<5F[1C_21ZH^I'HOZTS==NDE
M'A6(9RGPB/!):3&Z:IJ\/-"F.T&/L/+HZFDDW228>D;'S/\`)LVVS[741[O;
MT7.6+*F@DSM"A((/#W`X0>N)%8\=O7TT9#VB,-M9DZ^V&U)4"TI"3*0L"=;:
M_P#CAZ-@ZY,QBGXF&;J;*W5C+/23TH=#_31-UCP^GH<T9IZ;Y%JLJXK"]&6>
MFJZ>2FQ22(5-.\DDE/)+%(8G=G2SG<!`GM+OD?W-#:#$`A)!&R2DS(V`]&`Z
M!$)I_J[]RS?M7CEU?NO-.)<EQ]"]12K5"I:Q258D""=LSC5;)))))N3J3[2>
M1X36>BE$F3MJ+6T5)B5'5X=7TR5E#7Q20UM)(H>.6&5"CHRG0JP)!''&7EMK
M"DF%`R"-H(XT7YIE=M?6R[:X0'&74E*TJ$I4E0A22#@002"#M%6K9>_%GZSG
MTN],/2/UEZ!]'_55TPZ0Q44>2L0ZF9*GS#BU/+AU&^'4]5OI\2HZ85*4\C1>
M<E.KLI8,6#/ND=/:I?\`=!O0V4CJ)P]5'V[>DU@0]_5M[D.7ZKPW5\'5DDE+
MK*,3]Q&FW&G5C(3"1)``3``M-^-[UBJNC5#Z>\7]'/I\Q_HKAE'#0X9TUKLC
M9AJ<&IJ:FHWH(HX:.3,9@C1(7,2*B`*EE4*``/#M2ON[T%MHIVQI,3),_=MD
MSYX[:1L?U9NXC3_?(N[]*Q.(>:!QZ^XGWT5&7UQ9$F@BA_X;8]+<0AB$2NG2
M:Q-IVG#&^*G4%K>[;3OXW)KK?>Z>)*DIQ3IPU)PF?X5"#_?"%$8$QA0B3_5Z
M[H`?\6YEU?Y2,/(=W$;3_C&=M%MZU>HC-G5:FP3"\1PW`.EG2W)PF?)G1').
M"465LFX545--31U=1!AF%HOG5%0U()-\[2O&SR+!Y<;F/C.>[VW>:>%:4)$S
M"4@=/\6*H$G`JB23M)-3%V3_`$X[H=GCCEY8!P.K04*6XXI:BCPD(C#5I#:`
M@$*4`DZ<5K*RHYAQ.'$9H(Z=O,IJ;WE<@B\C`@D!O8#8:>)X46K)0,=IH7[V
M9RW>.)2C%"<?4X3CT##8#B>!K:'_`.$N72_.=5U*ZW]9Z+#F.1,P8WE?+B8C
M-/3PT\E1DREQ:OK9J=3&\L[++F2"F78RJ&6H#V:(!LA.RYF+90.DE*M7&4E2
M8QP@$I((`,Z%@G!0G@K]?>^F69UO@+>T7J<M$H9<Q24:DJ[V$Z23J3K*5A0$
M*21&!-;I_J.]-W1#U<=&LZ^GWU%]/:/JCT@ZAP)3YLR=6O40I.D4R5$;QU%%
M)#44\T<B*\<T$B2(P#(RD`\E%20=M8<MN%)PK0`]5/\`PE\_$O\`0CGS%NK7
MX1G7_'\Z8+!)BZ8,N%YP'3[J?0X'71T+O238E23X30UBJ:4M(R34YD*+L@+6
M'$R=27)(F1$C_.V^0.&)Q.`&TJGKAI/]S!Q!!!@QX1B#@9*IB$RG#$XD%KZX
M]*?^%=O7G",(RWU&QSK1+AU!@N,QU^7\"SWD[*$&*4)F>CK(JF#)6+88<3W1
MJH6.I$SLI)0&-[M:QS!+@(C`P1@08]1(,DRG_%D;!2=YDMH'B3XB/XDDSIU8
M"28T[8$!7A,*PHUWH,_X2-=2<SYUP;.'KMS3AV*Y8-(M)+TRRO7XM1PTXAPK
M#H:2IKL0J((*J5T(JHY*2".%=\<<BU+(S0<TIUTE:4#2,-)49DQQ2"#`F-J2
M<0`D0266[JC&!`D@\.)QQ`VX'`'$X[":WO<+])O1A?3=B/I,S3E2'.?0+%\M
M+D^MZ:5^Y\.3+"8:N$1X;$(C&T<4-.JQQ%"K(%4J5*@\?*1H"=@B,,*,6WW$
MOETJ*EE6KQ>+'#IF9(D@S))G;6BCZ_/^$K/K3]+W6K-GJO\`P?>K^(/A6%5K
MXID?I;39LQ+*O4S++X@%IJJGP7,+U$,5;3Q)-4/YE764U0L%H2:N6\LNW3J,
MGGR`&'I36`''G]8CW[)HL_5W)O\`PKRZIT."=-<]XCU@ER7@-<@H<&PW..0L
MJ5.+TDT45"*/$,7RCB.'SXFLD#_IXIYIDTDE=;K(P36]PEP':%<9!`PD&)`]
M(&(Q&$4XJU6BW#A(TJ,?<"J<=J,5)&&!(C8!@1([_AF?\))NHF,8SE'J9Z_X
MJ'$L%G@K6Q7TYX?B&(TB4WS>%T_RYQ7&<*J*:=JJFGDG1J2CV0%XTE6OFCW4
M\B1\W+CB`@:$R2HF"82H8`3_`!B2#P`Q`)$>*H0J(*A@.$GC)((@#80#))@X
M2/H&=$NC63^A'3[`NGF2Z3Y;"\'@BCDF.P25$J(%>:3RDC0R2-=W944%B38"
MP!LHR:90V$_OKYAWJ._!Y_&9C_$*ZW^LS$?P]:O&,+SKU?QSJ52Y,P//^1<9
MB--7]3I,WK10U=-6FH=6(,0DDH4<(1(\*_8XD!!(*L"#)]G`QU[8]*4!*28.
M`/6`8\^'1.R8KZ.N(=(H_5SZ!<P]!.J>`8ATGJ>OG32KRQGK`JM<'Q/%\IUV
M9<MFEF'Z&2MH9JS#9:JZNCR1&6,%69;$J0"!UBD[S:7`0KQ`]/'SK7S_`.$Z
MWX,/7O\`#>Q'U#?[2N6:?"L^XYFUZ;#LR8+F8XC@F8<L8(E50835"E@B#0[O
M,K*F%IO*E,-8B2HDB21(QW9+DJ@@;,,0<03,G:#&`D8R3,#SK1D$$'IV@].!
MXB0)'Q`QKW_X4]?A4_B<>N[\0'(_53TY>EFEZE=%L#Z=93RKE[.F'9RR_'45
M=7A>.YBQBI_F-%CTV#RT,L4N..FR(U,+0B*45`DDEIZ>CMPA"P5`SL$`G;&.
M`,0>)@#:<*?T*T:AL'6)]A,^L1TFMAC\`;)WJ6Z1^AWI_P!#/5=Z=ZSTX]2N
MC$466L&R]48WA^9/YY@F&8+A*0XU\S@JO34WS$_S$?RAE=X_*!+6=>*@9I*T
MG1X3MDG9USY<>F3!J]/FZ>KW/5ZNQV/Z^//5Z@@Z[=!>D/J9Z7YFZ,==<AT/
M4CIGF](TQ[*N(1EX9##(LT4J,A5XIHG4/%-&RR1N`R,K`$5<0%(*3L4"#Y*!
M!&'2"0>JC/)\YN<ON4OVZBAQ)D$8$&M1WU<_\);H9L[_`,^])/77$,#RKB.*
MU%1#T[S7ACXU!@M!6U$<D5-18XN)15>RD=MD(J:>HG>.-1+.\I,KQ1G?9>PO
M4NV\)5$)_A&..,$QIF!_2XA.S/#<;^L(WGM&K=G,VT7@:5!<4I272CI"@%)U
MI.A4Z?&$086==5L87_PG=_$(K:>'YK->3Z:O*8N]331UV<I8D6CPX5-'MDER
M_"6\^8/'+=!Y:`.GG,?*#UQV-Y4D^"Y<(E.VW2#]WCP#Y^U.*<?&KPG0/%4S
MM_UFP*R#9N1'_,PK;C_P$#HXD]6R?47_``G<_$(JWH8SFO)\;28;B%3B=J_.
M)$-=31U<L$$9?+Z>9%((H=\K;'3>X6*38OF[=[&<J`.FY</B3'[!(\.&HG]N
M84/%"<0J$RI.HZ=-?UFX).JS<`&S_*%='6R..&TX8XG"NF_X3N_B$.F,24N:
MLH3+08=15-'OK\XQF6NFDHXJF"2V7VV11&:7RY4WN^Q-T4>]O*\>QG*@4S<N
M8J,_Y.G!,*TD?M\5&$@I,!,J\2M(U>;_`*S<%))LG)ZKA73'%H<,<)Z!(QKD
M_P#PG<_$'9<7>ES9D^=*##:&IHV:NSE'YM?,]''4P2?\9\E(HFFF"2IO=]B[
MHHP[>5[_`&&LJE/^4N8J,_Y.G!/BTD?M\5'PRDZ0F50I6D!5;?\`K.=22563
M@,G_`)B#P,`_W(;1CA/`=)'J[_A.W^(2E-F*KPO->3ZR'#L2@IL#,^(9QIVJ
MJ&9:MO/G6/`)S#*!!'^BC$R>\UY1M7S+,]B^5E20JY<`TG5#"#"L("9?&I)\
M7B.DX)\)U>'R?ZSC]EJ-DYJPP%P>@]+0/5LXXQ4^;_A.KZ^(ZO#VCSME23!*
MK&:RCJ<0-3FT5,>$0-3&*K2`8,RM4.DSEJ=I%C4JH6=]S&.H[%,O@S<JG0"/
MV*(*_%*2>_D)$)A4%1DRA)`"FT_UGA+.K\BX%1L_,*C8./<SMD?;PP!IOH?^
M$[GXA$E/EZJQ/->3Z.'$,2FIL=,%?G&H-+0Q+2-Y\`DR_`9I2)I/T4GDI[JV
ME.YO+\[V,Y4%*";EPC2-,L)$JQD*A\Z4CP^(:B9/A&D:GG?ZS<!!(LW"K'#\
MPJ.K'N2?=Y3L'A_PG=_$(1,'DJ<UY0B6OPZMJ:W979RD\JNBDK(Z:!+Y?7?%
M(88O,E?8Z;WVQ2;%\W0[&\J)5_E+F"A'^3IQ3"=1/[?!0\4)$A4)E2=1T[>_
MK-@`--FX3A_S$*Z>IH\,<0,>@8UCJ?\`A.K^("^$P3U>9\F25L^'?-4]`]9G
M%X3B`Q=J+R/,_J\6$7RJF;S3&'\S]'Y6P^=S;?8[E?>'_*7`G5M[A,Z=(,QW
M_P!VOPZ9C3X]4^"D=W_69-N:$JL'%`[9?P&"O^!&=@'#;A(VQ:S_`(3E^O>E
M>OC7&\DNT>'8?4X7NJ<W`3UU3'22SP2;,O/Y<48EFV2KO=]B;HH][>4XSV/Y
M:0-5TZ/$J?V"<$@JTD?MQ*CX24X!,F%*TC4RY_60684`,N,=;W5/!D\<,8Z<
M#A1M.D__``EOS3G+',+INN'7#%,5R?)#AD^:<C8'E@X&C3U44%1\K4XO5XO+
M-58>Q$BU*T\%)4-&0!)$VX%C=?L_#"4NNX/81L4$["3&'B`E(Q4`1KQP`@3M
MM^MG.]YF'K"R;3;V*U#^EWKC<"6UJ!@)49*PB"4GNY*=1<W$_2MZ0.C_`*3,
MHS97Z69/P_*=-/*;T&%TB8=A\,,<U1)''!2T[&.-&>JFG<#[4LLDA]]V)DNV
MLFF9T"),]/OZA`'```````85W=X\^ZIQQ16I1DD[29)D])))))))).-&NXJI
M-7N>KU1Y*2EEE2>6FCEGBMY<S(K.NT[A8D7%CKSU>J1SU>KW/5ZO<]7JPR4]
M/,\4DT"2O`;PNRJQ0W!NI(T.@[<]7JS<]7J]SU>KW/5ZO<]7J]SU>KW/5ZO<
M]7J]SU>KW/5ZNQV/Z^//5ZNN>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5
M[GJ]1!_Q#?1_U@]:72KISTXZ,^L[.WH=QK*&<J3,N9.I^09:J''<8PBGR[C.
M#O@IDIJ^A58):C$H*EC*)4W4Z_H]VV2/T`[=GG%70LB8V^WVUID_AK>E#\1[
MU_\`J._%P],N-_C@>HGI]CGX>V=I<@]/\]T>;\SS4N8IZO,F<<'^?KZ$XXDD
M"B3+44BQP5&Y$D>-)``#QN^8;4I19E/B!&I15"0J2#&B5%.&H0)Q*5#PUHNK
MCALZ`/QC'SJX3\9G\;+U9>@7U\Y/]*G1C,?0CIGTRQ3HOA_4W'NIW6+*/6[,
MUL2GSIC>6YZ*$]&(\4J(H_E\.CF5IZ!8EVR[Z@,T49<K0!-&"S=^()^)_P!'
MOP0NI_XB^><B=&>M/J5QFER/G+TU9.Z9X'U/K<GU_3G/%3E2*FFQ7"\?GHL9
M_F$,&*5]3.D4R1QQK&2?=D'&U+`3JF!M]*NP@N$!())V`8R3LJLG\+__`(4;
M>L'UH^MCTH>G#JGG+TY46$=;L>S+@?4WI;@.3.MV6^HN7GP#*6.8XE0E7FJN
MJ<OF&IJ\*BIX%6KEJG\Y%>EA<OY6T%1)D1CASPQ\\/8&@2-HY]GN^%'"]27K
M)_X4)>G_`-;_`*8?1A@E/Z/<W3^N+&.K1],><L6P_K(LM'@/33"QFR3^M+8;
M64J4]5)AU3#'&*&GG1I@P9E7](SAB<*V*/OU,_&.]*_X<>"]&NAOXM7J>RQT
MS]:69<GT>:L^X/DO*'4W,&5*J#$,6Q'#$J<*J,,R[5,E*9L.FBCBJ2)P$NX-
MP[^->HD/XFWJ#_$`]07XMG1'\(CT@>LK!_P^,F9WZ-XKU$ZA=:*C!L)Q;-V:
MGJL1Q/"CAN6H,4>&::JI(L-,\:T%523I&*RH:5EI47E$.`R!P_?\Z<[P!,`8
MGC^'S.WA@)FN+U+=4?Q'_P#A.QZL_0I1YA_$-S_^)[T"];^8TP'J/T/SSE[%
M<UYRI*7+57EC#<2ERJ:C,%7528G5)C4IH((9X8S,8TJ(ZMOTG%S;;+CNA*M"
M"LQJE4))VJ4E..D1,"29*$;0'7DZFE/$@:=(C`$X'$#`1X<3P)$DDS1NOQ</
MQRO6SZ&_Q+*3T6]'<:Z"93Z:X_T^PG.N#9]ZGY'ZW9AK*:JJ9JZEJ,.E'2&I
MQBJG9OY>\\<B86B)&2LC@KO<FM;P..+3_05I_P!Y2KH_ON$X<9P"43,4>KTW
M?BSOT+]`N5?7S^+;ZE^E.$],?4EG:##/3=GSHYDWJ_4Y5."U666J:.GFH,Q8
M(^/QU4]1@N*3NU13>6J[`)+.L:K)\^?/D\,*WA.!FG7U"]%L1_',Z2>CWU3>
M@7\4KJ?Z/_3O@E1GY:['NG<&:\LUW42#^LE#EXFICFQ3`9:<4,^7:U*<U=',
M?](+A%&Y9%#):"5!8))2=,&(5'A)P,I!VI&DG8%)VTIMW&T@Z@3LB"!Q$S(,
MX2!T$@X@%*M?W_A.CZ=_7M^(STMZ=^N?/7XQ/7F@I?3GUW.'=0/3WC6<,[9I
MRSG?`,LX=E3-1PZJ:;,U`T2UBU\\$WG)4PE&6\)`D67;*V.Z6%)5WF&DA0TB
M#)E)229&`A28.)G8&R8()V0?F!CU''C.S"K0,F?\*3.CO0CU_P#XC7I;_$KZ
MO9+Z#]-/3=FNAP/TMXEE[I[U-Q/'<S4<\V(3UK8O48+/F6G66@@2CC9A34PG
M>5G15"F-0[D.<?GF"YITPXXB)G^YN+;G8-NF8X3$F).G`)PZ!\*6_P"'/^,Y
MZGO6-^$5^);^(;G#`.G\6>O21-U:AZ(X/@N6LRX1@F*0]/\`IG0YXP^JQBDQ
M+,N*5+?-RURK+##51;$4@.6.X'00I."BDJ&W224S_>E24**>@J0DD;4I.`>N
M4-H>4$G4D$P1,$<#B$F#UA)Z@:*9^&7^,K^+-^)%ZANA'2G*V=?2A!@&-81A
M'4?U!Y8PK)?J/R_G#`>GF%YFRQ38]A]%69THWP.IQ>:GQX0TYI)ZJFW;G\]5
M\J1Z!:2H@'$1/5(!Q]"#Y$'8:3%)`Q$5?+F_\9G\-S(OK'I/0!F?U$347JZK
MLPX)E6FZ0PY)ZAUKG',Q14M100'$J'`IL-5)(ZV)WF-2(HU):1T"L5N3%>TF
MM5#_`(4Y_BB>J+_;'7T=^BKU!8AZ=8O1!D]L[>I7':'JN>DU?FO$\QT>'XO#
M@=&),;P&7&GI<*FIJB"DP^2:JE>IE6*/?#<NI=3H*=(DD&<9$3(&,09$R"?"
M(($SX`GD5L4]'?Q7<<]4'X&V??Q..A$F5Z/KCTNZ49NS/G_(N*X?48I@.%]0
M.G.!U&)8[@]3AN%8_#604M7)0N]!YM<LZTE135$BMN\MFT)(`U8X<,,??Q_?
MQJH4#6KWE_\`X57?BFY_RGD.?HOA?I?]0/6_/C`4OI#R7TR]4&*=2*81TU16
MU1=)I(,'G^5@IFEF^4Q.>R>\H8*^VBU0*VJ`G42!S[/?5T_XU?XC_P",O^%?
M62]<<C8-Z;>H'I#ZK]1\!R)T*PS'\/ZE5W4>@K,;RS58J?YPF%5V"88*9)L(
MJ]KPRR2!7C!#7;;Y:PD3T5=*-2@!QJUS(U/^--'Z/^LLW46N],E1Z_ZG,%&>
M@M'A*]4!T8I\K++@RU(QHU2+CIKVC_F93R"T>_Y;4+YH%J;"8X\^SXDU:/SU
M;KW/5ZO<]7J]SU>KW/5ZO<]7J]SU>KW/5ZO<]7J]SU>K66_!=_V'_P#AR[\:
MW_9!_P`^W^=#_.1B7^V__G#_`,UO^;O^NW]?\U_*?U8_J]_O]\OYC^;_`"WG
M_H_E_P#>C]-Y//4ZJ(.S;U]>SJ\\=G71;OQJ?]EG_ATS(/\`U?\`?[;/^8#"
MO^K*OZN_\ZL_SBXY_P`E7_G+?\E;_>C_`)%?]Y/]UYZFJ4M%_L1?\,=>MC_;
M^/K?/I8_K]!_G.'JB%:.NHQ3Y;*/\D_DG\O-C@_\Q^2^2^:_T?YSS_._17Y9
M,3^_Y4ZB8,<XCG'XQ1<?PV?^&R?^'.^A?^T7_MV?\."?R^?_`&-_]N7YKS_E
M?Y9COSO]7OD/T>SR_F;?S#]%\QL^6_TB_$:^XUF=.KPSLG:=/OG3US&--HVX
M;:O+]<'^S1_PZ]^##_G,_P`YO^TWY_7C_9+_`*I?U+_J+Y?]1</_`*W_`-;O
MZP_Z?L_E>SY3Y#W]^_\`>V\5\*H-M7,<U5JU1O\`A2-_PP[_`##HU_PYS_6#
M_:<_D6/?YH_\U.W_`#H_U:^2K?)^<O\`Z'\C_,_^23_-?T?SOF^3^@_F7+C1
MH5JB(XSTC9PV3MPB>,4X)_#V\*KM_"3_`.6?;_APFJ_SD?[0W_#B?\ZR=_F@
M_P!M7^5_UD_K+M@_D_\`)OY%_HO\SM\C\I_-?](_WG^1_>Y[A29>T;8_=Z_*
M)FKGL9_V4/\`EI1RIN_SY?[;O^9F39Y7^:'_`#(_YL/DZS_+?-_\:?S_`.:=
MOE_T_P`SMO\`Z!YG$-KW&M?=_=J\>W[M*8F</MT_;A_G33F%;%4?E^7'Y.WR
MMH\K;;;MMI:VEK<6&K&9QKTF[RY-N[=M.W;MW7MX;]+_`$Z<\*\-M:X__"8+
M_8'_`-@;JY_PW5_G@_S)?YW\?_K/_GK_`*F?UI_K3_4S*OS/RG]1O]$_E_RG
MRGE[_P!+YOFW]W9S5>,TZ_A&?['_`/PY5^-O_L\?Y\O\^_\`G`P?_;'_`,YW
M^;[^IO\`./Y[FO\`DG]3_P"KG^_3Y#ROG/EOG=?E?)\S])S0[K_6^[C_`('H
MTS_%.CPZ]4]Y/C[S5WG[352N^UZQKTSI3]NF(TB/MPF(U3XM4ZO%-$__``Q?
M^&[?^&9/Q@_\S?\`M)_[*'SO6S_:T_SE?YJ_\YW\[_S64G]</ZN?U=_T/YC^
M6>1Y/\Q]SYG_`%=_-([J/V6C1P[O1W<<.[[O]GHC[>[\&F-/ABMWVO\`,+[S
M3JDS&G3.,Z='AB=FGP[(PHC?X?G^97_.3Z'O\R?_``\I_F&_K3TQ_P`SG];_
M`.4_[/W\A_GN&?R?^<?RG_0OZJ>7Y7S/R_Z/Y3=Y>EN7,T7>".$3[Y^,^^M\
M>3=Y;[;[K';MV[KV\-^E_ITY4T\B)QK51_#6_P"&+?YYZ_\`_.-_(O\`:4_V
MA,\_[4/^U=_F`_SA?UZ\^+^8?RG^K7^^_P#D/\P^<^3^7]WYCYK9[FWB2X[F
M!WL<-L;9$>NK3']]$8Q7L9,3'K'']>N-M$D]&7_#:W^RS^.A_L>?[9'^P3_*
MNH'^TW_*?\R'^:R_G-_//\U?G?HOFOZO[MV_3^5>1\Q^F^0XLQYYY]E5=TSZ
M\)YZ-OPFN?JR_P"&C?\`AF_\&W_./_M0?RG^N9_X;D_J7_FA_P!JNWS>)>3Y
M/\N_T'^7>;_+/^2;_I/G?RKSO](W\V9IKP:3LTXST=?ZU9M_PHB_V./^&^?2
M=_PXI_GX_J5_G4R3_5G_`#8_YI_\X/\`G"_J3F'Y3^>_SO\`WP^7Y7SGS/R'
DZ'YC9Y7Z'C:XT'5LI2)[T:>G#HVX;<?+WULJ#L?U\>7INO_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>news.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 news.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````6@``_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0(!`0$"`@(!`0("`@("`@("`@,"
M`P,#`P(#`P0$!`0$`P4%!04%!0<'!P<'"`@("`@("`@("`$!`0$"`@(%`P,%
M!P4$!0<("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@(_\``$0@`1`"T`P$1``(1`0,1`?_$`:(````&`@,!````````
M``````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)``H+
M$``"`0(%`@,$!@8%!0$#!F\!`@,$$04&(1(`!S%!$PA1(F$4<8$RD0FA(_#!
M0K$5T1;A\5(S%R1B&$,T)8(*&7)3)F.21#6B5+(:<S;"TB=%-T;B\H.3H[-D
M52C#TRDXX_-'2%9E*CDZ24I76%E:9G1UA(5G=G=HAH>4E:2EM+7$Q=35Y.7T
M]9:7IJ>VM\;'UM?FY_;W:6IX>7J(B8J8F9JHJ:JXN;K(R<K8V=KHZ>KX^?H1
M``$#`@,$!P8#!`,&!P<!:0$"`Q$`!"$%$C$&0?!180<3(G&!D:&QP0@RT13A
M(_%"%5()%C-BTG(D@L*2DT,7<X.BLF,E-%/BLS4F1%1D154G"H2T&!D:*"DJ
M-C<X.3I&1TA)2E976%E:969G:&EJ='5V=WAY>H6&AXB)BI25EI>8F9JCI*6F
MIZBIJK6VM[BYNL/$Q<;'R,G*T]35UM?8V=KCY.7FY^CIZO+S]/7V]_CY^O_:
M``P#`0`"$0,1`#\`W^.>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7
MN>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU
M>YZO5[GJ]7N>KU>YZO5[GJ]1:_4#U)Z]=.DP6LZ.=$(NL5!+',^8HABJ4%73
M&,KM6&(HYE+`FPTUYZO55W6?C,5F%XC5X7BW0B3#ZW#IY*?$J5\0(F@EAD,<
MB,C(OO*0002->6PKU759`S=19^R/E'.V'[129JPZCKXHT<2*GS,"RE-RZ':2
M5N/9RM>I7<]7J!KK=FSJ[D[*L.+]'.FE-U3S`LZK6Y>J,33"]M.18R)(Z/N8
M']VW;7FZ]56&/?BR9[RIG6LZ;9C]-=1A^?<.JEHJS+0Q!WJ!5/M*(JB*YWA@
M5TU!'-P*]5@?0?JWZB^I&-S-U-]/0Z29/^6$E-BE5BJ2X@U0P)6-J0HK*--3
M?0Z6\>:KU&QYJO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ]7N>KU>YZO5[GJ
M]7N>KU>YZO5[GJ]7N>KU>YZO4A^IF=,.Z==/<YYZQ:I%)A^5,-JZVIJ2`0@@
MA9P2&T[VYZO5JT9D],N/9M])F.^L"JB=\R9BS76UF*T@<L@P>HF='D5`%'^]
M$A8MK[J^'-UZKAOPG>LR=0?3S)T^KZI'QWI+5&C2#=9SAE5NGIFVD=E(=21?
MZN:KU6D\]7JQ3SPTL$U342"*"G1GFE/940;B3]`'/5ZJ$_1?DB+U'>N_KAZB
M<<HA78!T^Q2HEP2IV*::3$F9J"C8$,WO)%!YJVT[?1S9KU7X\U7J]SU>KW/5
MZO<]7J]SU>KW/5ZO<]7J]SU>KW/5ZO<]7J]SU>KW/5ZO<]7J]SU>KW/5ZO<]
M7J]SU>JL3\5//]9@G0/">FN!U7EYCZP8Q1X314R,!(\(D6216UT1_L$D>-N>
MKU&RRMT&R_2>F/!O3]B5$O\`)WRRF$8M2MMVF>:GW3M[J@6\YF;[//5ZM?'T
M09XQ/TI>M.HZ>9LD>APG&JZJRMF<N=B^]*?DZAP+C;O"/V['PUYNO5M+\U7J
M+!ZRNJR]&O3=U1SHD_R^)##Y*'`FN!>NQ`?*Q"]P>[]QJ._QYZO4$?X:_2).
ME7I;R=455*L&/]02^.8Q)J9-E2;4Z,;`>[$`0![>;->H_?-5Z@TZ@=9NE'2J
M&&?J/U#PG):5!VPC$*V&G9B;=E=MWB/#GJ]4GI[U9Z:=6*"IQ3IKGC#<[8?1
M/Y=75X=51U*1O_A;8=#SU>I:XCB6'X/0U6*8K6Q8=AU"ADK*Z9UCBB1>[,S$
M`#GJ]089*Z^=%NH^8L0RCD/J?@N;,SX4LCXA@5#70SU,2POY;DHIO[K&QMVY
MZO4+G/5ZD13]2^G]5G*?IY39QP^HSS2QF6IRHE3&U<D:KO+-$#<`#4\]7J6<
MTT-/#+45$JP00*SSSNP5$11N+,6L``!<D\]7J#W('5[I?U5&+GIQGO#,Z?R"
M7R,9&'U4=0::4_NN$.ATYZO4(C,J*SNP1$!+N38`#4DD\]7J!(^I7H`,X19`
M/6#`/ZY33?+Q9=_F-/\`,M-K[@&ZU]#X\]7J&_GJ]7N>KU>YZO5[GJ]7N>KU
M>YZO53-U<_Z>,_$UZ7=-X9/GLJ=`Z(8IF&$W$<=7$16R1R;0;[CY(6YO[W<#
MFZ]5S/-5ZM<C\7'HQ69%ZMY3Z\9?B^1P_.RQ4V(5<9(,>-4`,T<FM_?>-;Z:
M#8.>KU73>DCK)3==O3_T\Z@)*),1J*-:/,2C]S$:$"GG!U-B2NZWQYZO413\
M2?%J[JEU$].GI3R],6J\^8U#B&9D0DJE)%((46=>VP[BX)T&WFQ7JMIP7"*#
M+^#X3@.%P_+X9@E-!28=3_X(*:)88U^I5`YJO57)ZW?7#5]%\1P[HMT;P],W
M]<<XHL%'2Q?I1A353>5"S*!9I6/V4]FI(L+[BO4C\C^E[I/T&Z:X]U_]8]?%
MU1ZG5U(:O,N)8V_S,5(WO2)14D<S;"Y+`:*/>-@-!S5>HGWX5N&YBQ#KQUDZ
MLY=PJIRUT<IJ;$VJZ!$9:0+4U+55-2(B71GA10;+>P6PYZO49KJ)E7JAZSL'
MSAU+ZGYGKNB?I+RM35\N6\HQGY?%,PQ408BOJ]ZV2!FC]Q7\+&W/5ZB+_A+=
M-:O-/J8Q//F'3U-)ESIOAU7([GW6G;$0U'!#(Z>Z3M)9E'>WLYNO5L>=0LVT
M60\C9MSGB,P@H\LX?55D\QVV7R8BX)WD#O;N>:KU:_GX7F0LT=9_4SGOU&YC
MFF:ERN]9455>TC-Y^*XUY@6`&VHCB)-M`%L`/9NO5?WU-PR#&.G6>L,JGDCI
MZS"<065XGV2`?*N?=8=CIS5>J@G\&&AQ=^KW5C$8"Z8+!E^"'$#L_1/-)B"/
M$-UM&`5B![+_`%[KU'+]9OJ%Q#,/J!Z6>C'`\Q3Y)P/J#54"]3<Z4<HCK5HZ
MZ1A'2T\G:,OL(=KW%Q]7A7J3?73\(_IKCN#4-9T$QF;(.;L.EB)6NJ)JJDJ(
MPWO&ZV9)%^TI7^BWA7JM5Z<Y=Q;*'3W(>4\>QELQ8YEC!L+P[&LP-N+5U714
M,5--4'?K>5T+F^NO-5ZEGSU>KW/5ZO<]7J]SU>IFS'CM#EC`,:S'B4JPT&!T
ML]75R.X10D$9D/O-H+VMSU>JI7\+K`*S/>8?4-ZG\:W3U74;'9Z'`9Y%?<M)
M%,:IE!8D#8'C0#4V&IYLUZK@^:KU%3]:?1./KSZ=\^Y,AA5\<I*<XCEF4[05
MKJ$&=!N)%@VVS:ZCGJ]527X/G6T9;SSG;H)CTS4L6;4;$\MQ2EEVXC0J(YX0
MKD!2T5VL-25YN*]1E?3M'#Z@_P`0[KIUK>/YO+'1JE&`93JW4NK56YZ4@78@
M&.\ITO;2W-5ZK'_4%U=PKH7T?SSU.Q5KKENBE?#J?0F>M=2E/$M]"6<@6)`^
M(YZO5KF^B_$.L&;NMV;_`%#X?T3K^NF?3+/+@>(LT=+@U#B]9NW35%1.UT$<
M9"QA+E0;:<V*]5G>,>BCKKZHLR8=F;U@=3H<,RIAS+)AW1W*Y=::(B0^[+4R
M$@L4T,B@F^H"^.J]5DO3SIODCI1E7"\E=/\`+M/EG+F$1A*6@ITM>W=Y'-V=
MR=2S$D\]7JKE_%AZS_YN?3]2].L)J%@QCJM4?(RP(2K)A=,HEJ#86&QO=CM\
M1SU>I;_A@=&#TJ],^#X[B%-Y&8>J<QQG$2R!)!2E?*I(V!`:ZI<Z_P"+FS7J
M`W\6SU'T64>G-#T$P"LW9IS\4J,S"-K-283"P8*UK_Y=O=VD"ZW(.EN>KU')
M]!_1RFZ+^F3IO@;42TN/YCHX\:S3*"K-)5XFHJ`"PULD;(H![6YJO4\>M3J_
M0]%?3AU(S7-6BEQ>LHI,.RS%<AYJ^N'R\:@(=UANNQ'8:G3GJ]0(_AE>GZLZ
M)^GVEQK,-%)19PZI2IB^*4THVO!1F(+21;3<@[#O/MW#33GJ]5=7XLO2_,W3
M_KCDGU`9=CDI\+S!#30G%(@VVDQ?#',J;VTUE4W`O:RGZ.>KU7'^D#U!8?ZD
MNAN5NH$;+#F"%309RPX.K-!B5*`DA-K&T@M(IL+@Z#GJ]1G^>KU>YZO5[GJ]
M7N>KU>YZO56W^*+UJ3I;Z;<6RO0U`3,'567^3TD8<"1:5E,M2]A[P&Q2`PMK
M8>//5ZA?]`W3^'IUZ3^D6%+`(*W&:#^;XK;0/48G(:G=V4_8*#7FS7J.+S5>
MKBRJZLCJ'1P0Z$7!!T((//5ZM3?UMY`S-Z6_5KF/&\B5L^5X<;F..Y*Q6G*J
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M?>OV2/3#T]PK#,/H_P"=YPJX8<(Z6],Z(AZZOJ4B6"GC6-`Q6)!MW,5M;FP)
MKU:ZOJ>Z?YHP#KSTL@ZQXM+B?5[J/)A^-=3UDD+4]!%BV)K%2T45B`HIX8V1
MK-W]G/&O5M3XQC66NGF59L5QS$H<"RSEFE7SZZHD2.*&"",*+LY`[+S5>JK7
M+F!XU^(/UQP7JCCM#/AGI8Z-U@?(V$U,+0G-.+1%B:GW@"8$TL>]KBXN1S=>
MJT'-&>\C]/XL%3-N9*'*L.-3K18"E5-'3K45&WW88@U@6MV4<U7J!GU==+LM
M=8O3QU(RQF"6""G7#9Z_"L7E9%2EJZ.,U,,H<AK691V[]N>KU5\?@P8-C-'T
MIZO8Q5P218+C6-T*X-*Q.R62EHW2<J/@60$^-OASU>JY[GJ]7N>KU>YZO5[G
MJ]06=7:#K#B65OENB6/X)EO-[3(3B>.TM364:P`^^!'3:EB.WQ^X^KU5"=:?
MPV?5OZ@<R0YHZH^H++>/5]&CQX73"FQ**FHXI"&9(8T@T!(%R22;"YT'/5ZC
MQ>GOI/ZS^E\F3LL=0.L&4LZ]-,MP0TE121X;7C&&I*>+RHDCJ'6-;JH4>\.P
M]MR?5ZCV<]7J]SU>JL[\1STFYB]2&"]+\3R+A"XAFO*^*K38E(75",%K3^G[
MLNB,H?OX6'?FZ]5AN3LM4.3<I99REAL:Q4&6:"DH*1%%ALI(%@!\.^VYYJO4
M`/J\]-V'>J'H[BO3R:O7!L<@E2MRMC3*76GKH+[=RWU1P=K>-B;$'7GJ]52_
M1#T,_B*='\0Q'+N0^J>'],,J8Q*QQ+$X,1@KH&]Y4\U:9X)&5V47NH4Z6)YZ
MO5:MZ;?2;EGH*^*9LQ?'JKJ7U?S2O_&KZF8H3)52!B7:&G#EO)A!-@JG4`?1
MS<UZC:<U7JH-ZR?AJ^HU?4EBO5;HAFN@HL/QO%9<7P[,<U8*6LPBIJ&+N#&5
M8R`,S6V@^Z;$'QW7JL:]//H[H.F&-KU0ZL9NGZT=<JB)8Y,\8@&>'#D`V^7A
M\,I(B%N[``GGJ]12O7_^'SU)Z]=2</ZP]'\7I9<?EI*:CQK+]=5&D*M1L?*G
M@G;<`;,05TM86YJO4K>F7H-ZQYYILO-ZQ^N5?U)R[@`C_E_2NEJ#\BX@V^6M
M=,%7S@I2]M?;NOS9KU6GX1A&%X!AE#@N"4$6%X3AD:PT&'P((XHHT%@JJN@Y
MJO57C^(;Z/\`/'JBRWDZOZ=8]#19IR-+.]-@=7,\%+6).HU$@-DD4@;6([:>
M-^>KU%QZ9^CWU[YKRG3=)NMO7A<K]'X]M/C&%4=5'B>*UF&HJ@TJ5"1J0C7-
MR[DZ>(TYL&O5;ATQZ:90Z09'P#IYD7#!A66LN1>50P>Z9').YI)655W2.3=F
MMJ>:KU+WGJ]7N>KU,?\`QI?^E'_R(YZO5[_C2_\`2C_Y$<]7J]_QI?\`I1_\
MB.>KU>_XTO\`TH_^1'/5ZO?\:7_I1_\`(CGJ]7O^-+_TH_\`D1SU>KW_`!I?
M^E'_`,B.>KU>_P"-+_TH_P#D1SU>KW_&E_Z4?_(CGJ]7O^-+_P!*/_D1SU>K
MW_&E_P"E'_R(YZO5[_C2_P#2C_Y$<]7J]_QI?^E'_P`B.>KU>_XTO_2C_P"1
M'/5ZO?\`&E_Z4?\`R(YZO5[_`(TO_2C_`.1'/5ZO?\:7_I1_\B.>KU>_XTO_
M`$H_^1'/5ZO?\:7_`*4?_(CGJ]7O^-+_`-*/_D1SU>J71_S?S6^?^6\G:=OD
5^;NW7'??I:U^>KU.//5ZO<]7J__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>v073103_ex99-2.htm
<TEXT>
<html>
  <head>
    <title>
</title>
</head>
  <body bgcolor="#ffffff">
    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td valign="bottom" width="50%"><img src="logo.jpg"></td>
            <td valign="bottom" width="50%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><img src="news.jpg"></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;

      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Contact:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jonathan
        Burgin</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CFO</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(972)
        3-645-5004</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">jonathanb@radcom.com</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>FOR
      IMMEDIATE RELEASE</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>RADCOM
      ANNOUNCES FIRST QUARTER 2007 RESULTS </u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TEL-AVIV,
      Israel - April 30, 2007-- RADCOM Ltd. (RADCOM) (NASDAQ and TASE:
      RDCM)</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      today
      announced financial results for the first quarter ended March 31, 2007.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues
      for the first quarter of 2007 were $3.2 million compared with $5.1 million
      in
      the first quarter of 2006. On the basis of U.S. generally accepted accounted
      principles (GAAP), the period&#8217;s net loss was $2.9 million, or $0.18 per ordinary
      share (basic and diluted), including non-cash share-based compensation expense
      of $126,000 taken in respect of Statement of Financial Accounting Standards
      No.
      123 (revised 2004), "Share-Based Payment" ("SFAS 123R"). SFAS 123R requires
      that
      companies recognize the fair value of share-based incentives as compensation.
      This compares to a net loss for the first quarter of 2006 of $119,000, or $0.01
      per ordinary share (basic and diluted), which included a non-cash share-based
      compensation expense of $128,000. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company is also presenting its results on a non-GAAP basis excluding share-based
      compensation in order to provide investors with insight into its underlying
      operating results. On a non-GAAP basis, RADCOM&#8217;s net loss for the first quarter
      of 2007 was $2.8 million, or $0.17 per ordinary share (basic and diluted).
      This
      compares to net income for the first quarter of 2006 of $9,000, or $0.00 per
      ordinary share (basic and diluted). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Commenting
      on the results, Mr. David Ripstein, RADCOM&#8217;s President and CEO since April 1,
      2007, said, &#8220;As we mentioned in the pre-release, we are disappointed with our
      first quarter sales, which were well below our internal projections for the
      quarter. After intensive analysis, we have identified the primary reasons for
      the shortfall. First, a number of NGN Cellular projects that we had projected
      to
      close during the quarter have been pushed out; but importantly, they have not
      been cancelled and we have not lost them to competitors. In addition, we have
      identified a number of execution problems in our organization, including sales
      execution issues in North America and the Far East. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;In
      view
      of this information, we have revised our work plan. On the one hand, we will
      work in a thorough and systematic manner to improve our execution throughout
      the
      organization and sales channels. On the other hand, we will work to expand
      the
      number of live deals that we are working on at any one time. This will enable
      us
      to increase the probability of closing multiple deals per quarter.&#8221;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Ripstein concluded, &#8220;As we mentioned in the pre-release, we see no change in the
      market opportunity, which we believe is large and growing, and we continue
      to
      believe strongly in our product advantage. We remain confident in our abilities
      and overall strategy, and in the Company&#8217;s significant potential.&#8221; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Guidance</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following statement is forward-looking in nature, and actual results may differ
      materially. Please see below under &#8220;Risks Regarding Forward Looking Statements.&#8221;
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Following
      an assessment of the Company&#8217;s pipeline and prospects, and given the shortfall
      of its first quarter results and the changing projections of its customers,
      management is reducing its guidance, forecasting revenues of $21-$23 million
      for
      2007. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Conference
      Call Information</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RADCOM&#8217;s
      management will hold an interactive conference call today, April 30</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      2007,
      at 9:00 AM EDT (16:00 Israel Time) to discuss the results and to answer investor
      and analyst questions. To participate, please call one of the following numbers
      approximately five minutes before the call is scheduled to begin:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">&#167;</font></font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                the US (toll free): (888) 281-1167</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">&#167;</font></font></div>
              </div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                Israel (toll free): 1-800-227-297</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">&#167;</font></font></div>
              </div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                other locations (not toll free):
                +972-3-918-0609</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      replay
      of the call will be available after the call on April 30</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      until
      midnight May 7</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      2007.
      To access the replay, please call one of the following numbers: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">&#167;</font></font></div>
              </div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                the US (toll free): (877) 456-0009</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">&#167;</font></font></div>
              </div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                Israel (not toll free): 03-925-5929</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">&#167;</font></font></div>
              </div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">From
                other locations (not toll free):
                +972-3-925-5929</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      conference call will also be accessable online at </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">www.radcom.com</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">###</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non-GAAP
      Information</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
      non-GAAP financial measures are included in this press release. These non-GAAP
      financial measures are provided to enhance the user's overall understanding
      of
      our financial performance. By excluding non-cash equity based compensation
      that
      has been expensed in accordance with SFAS 123R, our non-GAAP results provide
      information to both management and investors that is useful in assessing
      RADCOM&#8217;s core operating performance and in evaluating and comparing our results
      of operations on a consistent basis from period to period. These non-GAAP
      financial measures are also used by management to evaluate financial results
      and
      to plan and forecast future periods. The presentation of this additional
      information is not meant to be considered a substitute for the corresponding
      financial measures prepared in accordance with generally accepted accounting
      principles.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RADCOM
      develops, manufactures, markets and supports innovative network test and service
      monitoring solutions for communications service providers and equipment vendors.
      The Company specializes in Next Generation Cellular as well as Voice, Data
      and
      Video over IP networks. Its solutions are used in the development and
      installation of network equipment and in the maintenance of operational
      networks. The Company&#8217;s products facilitate fault management, network service
      performance monitoring and analysis, troubleshooting and pre-mediation. RADCOM&#8217;s
      shares are listed on both the Nasdaq Global Market and the Tel Aviv Stock
      Exchange under the symbol RDCM. For more information, please visit </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">www.RADCOM.com</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Risks
      Regarding Forward Looking Statements</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><em>Certain
      statements made herein that use the words ``estimate,'' ``project,'' ``intend,''
      ``expect&#8221;, ''believe`` and similar expressions are intended to identify
      forward-looking statements within the meaning of the Private Securities
      Litigation Reform Act of 1995. These forward-looking statements involve known
      and unknown risks and uncertainties which could cause the actual results,
      performance or achievements of the Company to be materially different from
      those
      which may be expressed or implied by such statements, including, among others,
      changes in general economic and business conditions and specifically, decline
      in
      demand to the Company's products, inability to timely develop and introduce
      new
      technologies, products and applications and loss of market share and pressure
      on
      prices resulting from competition. For additional information regarding these
      and other risks and uncertainties associated with the Company's business,
      reference is made to the Company's reports filed from time to time with the
      Securities and Exchange Commission. The Company does not undertake to update
      forward-looking statements. </em></font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">&#160;</div>
      <div>
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>RADCOM
        Ltd.</strong></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated
      Statements of Operations</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1000's
      of U.S. dollars, except per share data)<br></font></div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="5" valign="bottom" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Three
                months ended March 31,</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2007</strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup><strong>a</strong></sup></font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>2006</strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup><strong>b</strong></sup></font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(unaudited)</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(unaudited)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales
                </font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,233</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">5,080</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cost
                of sales</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,458
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,615
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Gross
                profit </strong></font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,775
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,465
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Research
                and development, gross</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,923
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,563
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Less
                - royalty-bearing participation</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">450
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">450
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Research
                and development, net</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,473</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,113</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales
                and marketing </font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,652
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,099
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
                and administrative</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">576
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">470
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                operating expenses</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4,701
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,682
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Operating
                loss</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(2,926</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(217</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc;">&#160;</td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financing
                income, net</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">119</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">98</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Taxes
                on income</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(115</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Net
                loss</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(2,922</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(119</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white;">&#160;</td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="71%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                loss per ordinary share (basic and diluted)</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(0.18</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(0.01</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="71%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weighted
                average number of ordinary shares used in computing net loss per
                share
                (basic and diluted)</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">16,278,392
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">15,243,579
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white solid;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>Notes:</strong>&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>a:</strong>
      The Company&#8217;s results for the first quarter of 2007 according to U.S. GAAP
      include non-cash share-based compensation expense of $126,000 allocated as
      follows: $2,000 to cost of sales, $20,000 to research and development, $48,000
      to sales and marketing and $56,000 to general and administrative. Non-GAAP
      results for the period do not include these share-based compensation
      expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><strong>b:</strong>
      The Company&#8217;s results for the first quarter of 2006 according to U.S. GAAP
      include non-cash share-based compensation expense of $128,000 allocated as
      follows: $3,000 to cost of sales, $27,000 to research and development, $43,000
      to sales and marketing and $55,000 to general and administrative. Non-GAAP
      results for the period do not include these share-based compensation
      expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>RADCOM
        Ltd.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Consolidated
        Balance Sheets</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1000's
        of U.S. dollars)</font><br></div>
    </div>
    <div align="left">
      <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

          <tr>
            <td align="left" valign="bottom" width="51%" style="border-bottom: medium none;">&#160;</td>
            <td width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
                of</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: medium none;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
                of</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: medium none;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>March
                31, 2007</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>December
                31, 2006</strong></font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td width="2%" style="border-bottom: #ffffff thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(unaudited)</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(unaudited)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ffffff thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Current
                Assets </strong></font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                and cash equivalents </font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,222
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,007
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short
                term bank deposits</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">6,002
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,060
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trade
                receivables, net </font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">9,931
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">12,583
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventories
                </font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,903
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,493
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tax
                assets</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">-
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">115</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                current assets</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,225
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">825</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                Current Assets</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">23,283
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">26,083
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">&#160;</td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Assets
                held for severance benefits</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,224
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,187
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">&#160;</td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Property
                and equipment, net</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,632
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,408
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                Assets</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">27,139
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">29,678
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">&#160;</td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Liabilities
                and Shareholders' Equity</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Current
                Liabilities </strong></font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trade
                payables</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,043
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,551
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
                deferred revenue</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,686
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,534
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                payables and accrued expenses </font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,985
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4,346
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                Current Liabilities</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,714
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">8,431
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">&#160;</td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Long-Term
                Liabilities </strong></font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-term
                deferred revenue</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">822
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">1,109
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Liability
                for employees' severance pay benefits</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,935
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,896
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                Long-term Liabilities</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">3,757
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">4,005
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                Liabilities</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">12,471
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">12,436
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">&#160;</td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Shareholders'
                Equity </strong></font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Share
                capital </font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">122
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">120
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
                paid-in capital</font></div>
            </td>
            <td width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">47,888
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">47,542
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accumulated
                deficit</font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(33,342</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">(30,420</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: white solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                Shareholders' Equity</font></div>
            </td>
            <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">14,668
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">17,242
                </font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="#ccffcc">
            <td align="left" valign="bottom" width="51%" style="border-bottom: #ccffcc solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Total
                Liabilities and Shareholders' Equity</strong></font></div>
            </td>
            <td width="2%" style="border-bottom: #ccffcc thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">27,139
                </font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">29,678</font></div>
            </td>
            <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc solid;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
