<SEC-DOCUMENT>0001104659-11-002198.txt : 20110421
<SEC-HEADER>0001104659-11-002198.hdr.sgml : 20110421
<ACCEPTANCE-DATETIME>20110120165202
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-11-002198
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TUCOWS INC /PA/
		CENTRAL INDEX KEY:			0000909494
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				232707366
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		96 MOWAT AVENUE
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M6K 3M1
		BUSINESS PHONE:		4165350123

	MAIL ADDRESS:	
		STREET 1:		96 MOWAT AVENUE
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M6K 3M1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFONAUTICS INC
		DATE OF NAME CHANGE:	19960426

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INFONAUTICS CORP
		DATE OF NAME CHANGE:	19960315
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>


  </head>
<body lang="EN-US">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan, Lewis&nbsp;&amp; Bockius LLP</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1701 Market Street<br>   Philadelphia, PA&nbsp; 19103-2921<br>   Tel.&nbsp; 215.963.5000<br>   Fax: 215.963.5001</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.morganlewis.com</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="176" height="43" src="g43721bci001.jpg" alt="GRAPHIC"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Joanne R. Soslow</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partner</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">215.963.5262</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">jsoslow@morganlewis.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">January&nbsp;20, 2011</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR AND FACSIMILE (703) 813-6981</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States Securities and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC&#160; 20549-3628</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Patrick Gilmore</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Branch Chief</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jamie John</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Staff Accountant</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tucows Inc.</font></b></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31,   2009</font></b></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed March&nbsp;22, 2010</font></b></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;001-32600</font></b></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Gilmore:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of Tucows Inc. (&#147;<u>Tucows</u>&#148; or the &#147;<u>Company</u>&#148;), we are responding to the comments of the Staff (the &#147;<u>Staff</u>&#148;) of the Securities and Exchange Commission (the &#147;<u>Commission</u>&#148;) contained in your letter, dated January&nbsp;6, 2011, to Mr.&nbsp;Michael Cooperman, Principal Financial and Accounting Officer of the Company, with respect to the Company&#146;s Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2009 (the &#147;<u>Form&nbsp;10-K</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In response to your letter, set forth below is the Staff&#146;s comment in bold followed by the Company&#146;s response.&#160; Enclosed with this letter is an acknowledgement executed by the Company in accordance with the Staff&#146;s request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kyang\11-4372-1\task4436664\4372-1-bc.htm',USER='Kyangb',CD='Jan 20 15:33 2011' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States Securities and<br> Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January 20, 2011</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 2</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;position:relative;top:.5pt;">Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31, 2009</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;position:relative;top:.5pt;">Item 8. Financial Statements and Supplementary Data</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;position:relative;top:.5pt;">Note 2 - Significant Accounting Policies</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;position:relative;top:.5pt;">(e)&nbsp;Goodwill and Intangible Assets, page&nbsp;F-9</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;position:relative;top:.5pt;">1.</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;position:relative;top:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">We note your response to prior comment 6. Your response indicates that you compared the enterprise value to &#147;carrying value of the net operational assets of the reporting unit, being the entire Company adjusted for the non-operational assets and liabilities.&#148; Please explain what you mean by this statement and tell us how you determined that this was appropriate when comparing to the Company&#146;s enterprise value.</font></b></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">Response</font></u><font size="2" style="font-size:10.0pt;position:relative;top:.5pt;">:</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As indicated in the prior response to comment 6, the Company has determined that it has one reporting unit and it performs impairment testing on this consolidated level.&#160; The Company assesses impairment using both a market capitalization approach and a discounted cash flow analysis to determine &#147;fair value.&#148;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The comparison of the Company&#146;s enterprise value to the &#147;carrying value of the net operational assets of the reporting unit, being the entire Company adjusted for the non-operational assets and liabilities&#148; is the comparison used in the first step of the market capitalization approach.&#160; The Company&#146;s market capitalization approach uses the Company&#146;s enterprise value as a measure of fair value and compares it to the carrying value of the net operational assets of the Company. The enterprise value is determined by taking the Company&#146;s market capitalization, which for the December&nbsp;31, 2009 impairment testing was calculated by multiplying the closing price of the Company&#146;s stock on December&nbsp;30, 2009 by the number of shares outstanding at that time, adding the value of the Company&#146;s debt, and adjusting for non-operational assets and liabilities.&#160; The &#147;carrying value of the net operational assets of the reporting unit&#148; is determined by taking the carrying value of the Company&#146;s total net assets and adjusting this amount for<b>  </b>non-operational assets and liabilities.&#160; The Company felt that these adjustments to the carrying value were appropriate to ensure a meaningful comparison between the carrying value on one hand and fair value, measured either by the market capitalization or discounted cash flow approach, on the other hand.&#160; The same conclusion of no impairment would be reached had no adjustments been made for non-operational amounts in the determination of fair value used for impairment testing purposes.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In conducting the December&nbsp;31, 2009 impairment testing, the Company made only one adjustment for non-operational amounts, which related to excess cash.&#160; This adjustment did not have an impact on the results of the Company&#146;s impairment testing.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">* * * * * * * * * * * * * * * * * * * * * * * *</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_235618_7056"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\kyang\11-4372-1\task4436664\4372-1-bc.htm',USER='Kyangb',CD='Jan 20 15:33 2011' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt 41.0pt;text-indent:-36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States Securities and<br> Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January 20, 2011</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 3</font></p>
<p style="margin:0in 0in .0001pt 41.0pt;text-indent:-36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 41.0pt;text-indent:-36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">If you have any questions, please feel free to contact me at (215) 963-5262.</font></p>
<p style="margin:0in 0in .0001pt 41.0pt;text-indent:-36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 41.0pt;text-indent:-36.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">Sincerely,</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">/s/ JOANNE R. SOSLOW</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">Joanne R. Soslow</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">cc:</font></p>    </td>
<td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">Michael Cooperman (Tucows   Inc.)</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="95%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:95.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">Elliott Noss (Tucows Inc.)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">Enclosure</font></p>    </td>   </tr>
<tr height="0">
<td width="33" style="border:none;"></td>
<td width="341" style="border:none;"></td>
<td width="374" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_235751_5335"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\kyang\11-4372-1\task4436664\4372-1-bc.htm',USER='Kyangb',CD='Jan 20 15:33 2011' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">January&nbsp;20, 2011</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR AND FACSIMILE (703) 813-6981</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States Securities and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC&#160; 20549-3628</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Patrick Gilmore</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Branch Chief</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jamie John</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Staff Accountant</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tucows Inc.</font></b></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;10-K for the Fiscal Year Ended December&nbsp;31,   2009</font></b></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Filed March&nbsp;22, 2010</font></b></p>    </td>   </tr>
<tr>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.6%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:48.18%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">File No.&nbsp;001-32600</font></b></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Gilmore:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the comments of the Staff of the Securities and Exchange Commission (the &#147;<u>Commission</u>&#148;) contained in your letter, dated January&nbsp;6, 2011, to Mr.&nbsp;Michael Cooperman, Principal Financial and Accounting Officer of Tucows Inc. (the &#147;<u>Company</u>&#148;), with respect to the above referenced filing, the Company hereby acknowledges the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 60.0pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company is responsible for the adequacy and accuracy of the disclosure in the above-referenced filing;</font></p>
<p style="margin:0in 0in .0001pt 60.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 60.0pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></p>
<p style="margin:0in 0in .0001pt 60.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 60.0pt;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt 60.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have authorized our counsel, Morgan, Lewis&nbsp;&amp; Bockius LLP, to prepare and submit, on behalf of the Company, a response to your specific comments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TUCOWS INC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   ELLIOT NOSS</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Elliot   Noss</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.78%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief   Executive Officer</font></p>    </td>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\kyang\11-4372-1\task4436664\4372-1-bc.htm',USER='Kyangb',CD='Jan 20 15:33 2011' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g43721bci001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g43721bci001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MP``+"``K`+`!`1$`_\0`'P```04!`0$!`0$```````````$"`P0%!@<("0H+
M_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$(
M(T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI
MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W
M^/GZ_]H`"`$!```_`-+XPV5U9)8ZGHC3P7BO)+,8964,B`,25S@XZ_G7>>%-
M?A\3>&K+5HL`SQ_O%'\#CAA^8-5?'&KW&E^'I(M/YU&]S!:C/1MI+/\`15#-
M^`KG?@S;I/X/74YWDGO)9Y%:661G(4'``R>!7H>1G&1GTI:*898Q((S(H<]%
MSR?PI]%%%%>3?''3;$66DWBVL27,UZ(Y)E4!W4KT)')Z"O4;&PL]-M5MK&UB
MMH5Z1Q(%4?@*L4BLK9VL#C@X-+145Q`MS;2V[LRK*A0E&PP!&.#V-4/#FA6W
MAK1(=+M9YYHH2Q#SON;DDGG\:TDD21=T;JXZ94YK`UJ*.X\5Z';RH'C>*[WJ
MPR&&Q01^M<7X!>3P5X^U3P3=.?LET3<Z>S'KQG'XJ,?5#71C_BH-7UG6#\UI
MIMO+867HTF/WSC\0$!_V37"^&/$]QX8^!TU[9X^U->O;PL1D(S8.[\!D_7%>
MA6/@;29-`CM[^)KF]EB#37SN3.9",E@_48/0#@5P3:[K-]\._$^FWNJW2:AX
M=G\K[3"^UITW%0'/4]&]^GX[2^$;QO#=AXL@U;49]7M-,$L$"N/*)\KY4"XZ
M#_QX]>M0Z/IN@:G\'I=3O_*DNVMY9KB^D;,ZSC.#O/(((``^GK5KPGH.N_\`
M"':-<6DLMM?7I`U"XN+B1G6WW$_(K$@.5V\XXS6?KUMIGA_X@^'9/#^IS"XO
M+WR;^(7C3!U)'WMQ/)R:N^);2[;XO:):1ZSJ$4%_;S,R)+Q%A&SY?'RY`Z]1
MDX-1>)=$MO!_B_PO?Z+-=PO?7XMKI9+EY!,K$`YW$\\FO4:\P^./_('T7_L(
MC_T$UZ<.@KB/'^KW@U;0_#=BDCG4Y7>X2*81/)$@R4#G[N[OWP,=ZH77AS63
MK6F76B>&H='BCDV7ZK=ILN8#@,K*O4XSSUIO@1/[!\=^(?"UXSR%L7-G)*Y8
MM"?X<D]LC\C5#P5=QV'Q.O8'C=;+5HGETIGD9@%5R#MR>`VUC]`*W;72+744
M\4ZS^^2.X>6&V\N9UVK&N'=<'C=(&Z>E<A9W6H0_![P_>+;W%]81WSR:G#$Q
MW2PB1^#ZKGK^&>*[?P=<>#]9U0ZQX8EA@E%LT5Q9QIY1P64JS)TR-I&0/XNM
M,OM7U";QQIMRGA[5#I]I#-&]QY'5GVX(7.<#;CIWJM\3?"NH:W#I>L:"'35K
M&=`C*,,$8CD_[IP?INKH&M8_#/A%--L[.ZO/*MS$J01[FD8@Y)[#))))]:\Y
M\,^#=1U#X<7OA+5M.O-/O'NC<6LTD68PV!C)&<="#]:[K2?$&J66A16VJ:!J
M+:K;1B)HX(M\<[`8#+(/E`/7DC%<Q/X/U33OA_KL4EK)>:[X@E,TT=N-RQDL
M"%W=,#)Y]^*Z[3);J'P)';_/IEY:Z<L9ENTVI#((\;B>A`(S7!^'6UN#3HII
M?AS#J\^XR-J/VE%^U$G(DPPYSV/TQ4FL>,M8\6)':6V@ZE`-,O$_MG387S+)
M$>@!&"1PV1[CM5SQ+:ZG?W?AO4](\+74&FZ5>K(UN(UCG8$C)$78#;U)!R>P
MYJ]K,6I7/Q+\/ZRNBWWV2R@D2X81AMA=6`'!YZC.,_C4OQ"M-0U#6O#;V.F7
METFG7Z7-P\4?"H".F2,GCI7=1OYL2R!67<`<,,$?45YS\6=+UOQ%;V%CHVC7
M%RUI<^>\I9%3I@`9;)Z_I740>)-1:U5Y_"FK1S;?FC4PL,^Q\RN1\0Z'XLUO
M[)XLMK(VVK:;>%K;3I9%/[@`#!(.-Q()//0X[5TVE^(?$6M-%$/#,^DX(^T3
MWKKM4=PBCEB>Q.`.OM65\0O#&JZAK6C:SH&Y+U'-G/(O\$,@(+GV7+?G3O'W
MA:]?2]&O/#,.-1T69%ME`S^[.%(/L,*3[9KHI+#^R/")TVT@EN6CM3"JQ@;G
M8KC)R1U/)/O7)>#X_$GA?PII-G+H5U(+225;Z!#&6*.Q973YOFQQD9[FKNB:
M#YOQ$D\266C2Z39?83#()5$;7$I8'.P'@`#DG&2!]:[JBBBBBLKQ/H:^)/#E
M[H[3M`+I-HD49VD$$<=QD<BL[3CXPLM/AL9M/TJ>2%!&+I;MT1@!@$IL)!]@
M:O:%H(TJ6]O;B5;C4=1D$EU.J;5.!A54=E4<#//<UL4444444444445G1ZW;
MSWEQ;6T4\YM9%BF>-,JC''&>^,\XSBI[V_AL1")-S27$@BAC099VP3@?@"?H
M*33]1@U**1X-P:&5H94<89''4'\P?H145KK-O>%1%'-S<R6WS*!ATSN[]/E/
M-&I:U9Z3/:17C/&MV_EI+MRBMVW'^')(`)XR15FWNDN;;SPCHN6!#CD8)!Z?
M2HM,U*#5[&.]M<F"4!D8X^8$9SP?TZ@YJ.PUFVU&ZN+>!)`UO(\;E@`-RD`]
M\]^N*E.HPC5AIFU_/,'GYQ\NW=MZ^N:6]OX;!8C+N+SR"*)%&6=SDX'X`GZ`
MTFGZC!J*3&'<KP2F&6-QAD<8X/X$'Z$56LO$%G?ZE)I\2S+-&9`=R<'RV"MR
M#ZL.O6K%QJEO;:C;V#9-Q<JSHHQRJD`GD\XW#@<XS5RJ>JZG;:/I\E]=EQ#%
MC=L7<<9ZX]NI]@:LR2;(FD56DP,A4Y+?2J>FZM'J9E\JWGC$,CQ,TB@#<IP1
MP3WJ_52UU&&\N[RVC5P]G((Y"PP"2H88]>&%)J6J6VE112W18)+,D(*KG#,<
M`GT&>IJ2_O$T^PGO94D>.",R.L:[F(`R<#O5/2]?M-7EECM4F_=.48NH`R`#
MD<\C#*<_[0KF+RZGTGQS+:V,AAAO9H9)T'(9B0">>F1UQBMSQE^YT9+Z/Y;B
MSN$D@D'5&)VD^_RLPP?6I_"RJ=&6Y(_?74CS3/\`WW)QG\@!^%8FAS2#QKJ.
MG[O]%@GDGCC_`+KL`6.>O.YN.G-:^KJMSKNGV$Z++:W,,Z31.H(<87@U)X=7
MRO"]LB%L)&P!9B3P3CD\GZU1\#8DTJYN2JK)<7)>0HH4,VU1G`X!XYP.>O6L
MSPI=S'Q9J=N6'EM=7#$;!DD,O?&?PI_B"_N;/QW;?9Y=F^T1&P`<J9AD5L>,
M1Y>A_;$XGLYHY8''5&SMS[\,1@^M2>%0'T?[6PS/=RO+,_=VSMS^2@?A7+Z`
M[1>+UEC.U[J^OHIR!_K%7:R@_0DX/7DUM>)SYNO:+:R*K1-.LF"HR&5U((/4
M?AU'!XKJ*Y_Q.B7,UI9SHLMO+%<,\;J"&(C./YFK'A&:2?PCI4LKEW:UCRQZ
MGBJG@R5Y;/4BYR?[3N.W^UFNCKBM+O[I?'^I6@EQ#+=Y=<#G$"XYZ]A4_C9%
MN(;R&95>.+2IYD!'W7!7##W%=)I\C7&EVLDIWM)`C.2.I*C-<YX-TZULKJX-
5O%L)MXP?F)Z22J.I_NHH^B@=J__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
