<SEC-DOCUMENT>0000950123-11-074158.txt : 20110808
<SEC-HEADER>0000950123-11-074158.hdr.sgml : 20110808
<ACCEPTANCE-DATETIME>20110808101123
ACCESSION NUMBER:		0000950123-11-074158
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110803
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110808
DATE AS OF CHANGE:		20110808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUEL TECH, INC.
		CENTRAL INDEX KEY:			0000846913
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		IRS NUMBER:				205657551
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33059
		FILM NUMBER:		111015916

	BUSINESS ADDRESS:	
		STREET 1:		27601 BELLA VISTA PARKWAY
		CITY:			WARRENVILLE
		STATE:			IL
		ZIP:			60555
		BUSINESS PHONE:		6308454433

	MAIL ADDRESS:	
		STREET 1:		27601 BELLA VISTA PARKWAY
		CITY:			WARRENVILLE
		STATE:			IL
		ZIP:			60555

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUEL TECH N V
		DATE OF NAME CHANGE:	19930510
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>y92284e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported) August&nbsp;3, 2011</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>FUEL TECH, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B><BR>
(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-33059</B><BR>
(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20-5657551</B><BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>Fuel Tech, Inc.<BR>

27601 Bella Vista Parkway<BR>

Warrenville, IL 60555-1617<BR>

630-845-4500</B></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(Address and telephone number of principal executive offices)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provision:</B></DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 "ITEM 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers." -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 5.02.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B><I>Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers; Compensatory Arrangements of Certain Officers.</I></B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On recommendation of the Compensation and Nominating Committee of Fuel Tech, Inc. (&#147;Fuel Tech&#148;),
the Fuel Tech Board of Directors (&#147;Board&#148;) voted on August&nbsp;3, 2011 to elect W. Grant Gregory and
George F. MacCormack to fill Fuel Tech&#146;s two open directorships. On August&nbsp;8, 2011, Fuel Tech
issued a press release announcing the appointment of Messrs.&nbsp;Gregory and MacCormack to its Board, a
copy of which as Exhibit&nbsp;99.1 to this Form 8-K.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Gregory is Vice Chairman of Cerberus Capital Management, L.P. since 2005, and has served as
Chairman of Gregory &#038; Hoenemeyer, Inc. (<I>merchant banking</I>) since 1988. Mr.&nbsp;Gregory retired in 1988
as Chairman of the Board of Touche Ross &#038; Co., now Deloitte &#038; Touche. Mr.&nbsp;MacCormack is a retired
Group Vice President of E.I. du Pont de Nemours and Company (&#147;DuPont&#148;), where he worked from 1968
until his retirement in 2003. During his career with DuPont, among other things, Mr.&nbsp;MacCormack
had oversight responsibility over a portfolio of chemical and fiber strategic business units, as
well as several major international joint ventures. Mr.&nbsp;Gregory and Mr.&nbsp;MacCormack each have
served or are serving on a number of boards in a variety of capacities providing each of them broad
corporate governance experience.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neither of their elections was pursuant to any arrangement or understanding with any person. There
are no related party transactions between either Mr.&nbsp;Gregory or Mr.&nbsp;MacCormack and Fuel Tech. As a
member of Fuel Tech&#146;s Board of Directors (&#147;Director&#148;), each of Mr.&nbsp;Gregory and Mr.&nbsp;MacCormack will
participate in Fuel Tech&#146;s compensation arrangements for non-employee Directors, payable in
arrears, which are annual retainers of $25,000 for Board service; meeting fees of $1,200 for a
Board meeting or if a Director is a committee member, attendance at a committee meeting that is not
connected with a Board meeting or otherwise for a day of service as a Director and requested by the
Chairman; and $600 for a committee meeting attended by a committee member that occurs in
conjunction with a Board meeting. In addition, under the Fuel Tech, Inc. Incentive Plan, each
non-employee director is awarded, as of the first business day following the annual meeting of
stockholders, a non-qualified stock option for 10,000 shares of Fuel Tech common stock for a term
of 10&nbsp;years vesting immediately. Also, under Fuel Tech&#146;s Deferred Compensation Plan for Directors,
as non-employee directors, Mr.&nbsp;Gregory and Mr.&nbsp;MacCormack each are entitled to elect to defer
Director fees in either cash with interest or share equivalent &#147;Units&#148; until fixed dates, including
the date of retirement from the Board, when the deferred amounts will be distributed either in Fuel
Tech common stock or in cash in a lump sum or over a period of five years as elected by the
Director.</DIV>

<!-- link2 "Item&nbsp;9.01 Financial Statements and Exhibits" -->

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits</B></TD>
</TR>
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fuel Tech, Inc. Press Release dated August&nbsp;8, 2011.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 " SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Fuel Tech, Inc.</B><BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: August 8, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Albert G. Grigonis
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Albert G. Grigonis&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice President, General Counsel
and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>y92284exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="y92284y9228400.gif" alt="(Fuel_Logo)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CONTACT:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David S. Collins<br>
Chief Financial Officer<br>
(630)&nbsp;845-4500</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>FOR IMMEDIATE RELEASE</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="63%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tracy H. Krumme<br>
Vice President, Investor Relations<br>
(203)&nbsp;425-9830</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>FUEL TECH ELECTS W. GRANT GREGORY AND GEORGE F. MACCORMACK TO ITS BOARD OF DIRECTORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WARRENVILLE, Ill., Aug. 8, 2011 </B>&#151; Fuel Tech, Inc. (NASDAQ: FTEK), a world leader in
advanced engineering solutions for the optimization of combustion systems and emissions control in
utility and industrial applications, today announced the election of Mr.&nbsp;W. Grant Gregory and Mr.
George F. MacCormack to Fuel Tech&#146;s Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Gregory, 70, has served as Vice Chairman of Cerberus Capital Management, L.P. since 2005,
and has served as Chairman of Gregory &#038; Hoenemeyer, Inc., a merchant banking firm, since 1988. Mr.
Gregory retired as Chairman of the Board after completing 24&nbsp;years with Touche Ross &#038; Co. (Deloitte
Touche Tohmatsu). During his career with Touche Ross, he led global teams in a wide range of
industries and countries while servicing the firm&#146;s 100 largest clients. He played a leadership
role in the opening of the firm&#146;s first office in the People&#146;s Republic of China in Beijing and
served as an Advisor to the Ministry of Finance for the early Joint Ventures, where he was
instrumental in creating the first U.S. Financial Reporting and Accounting courses. Mr.&nbsp;Gregory has
extensive experience with public companies having served as both an outside advisor and as a
corporate director for several New York Stock Exchange (NYSE)&nbsp;member companies. In his outside
director roles, Mr.&nbsp;Gregory has served as chairman of audit, governance, and compensation
committees. Mr.&nbsp;Gregory has also served as chairman of Special Independent Directors&#146; Committees
for NYSE-member companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;MacCormack, 67, is a retired Group Vice President of E.I. du Pont de Nemours and Company
(&#147;DuPont&#148;), where he held a variety of positions with progressive responsibilities from 1968 until
his retirement in 2003. As Group President, Mr.&nbsp;MacCormack had corporate oversight responsibility
for approximately 12,000 employees and a $6&nbsp;billion revenue portfolio of capital and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#151;more&#151;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">energy-intensive global Strategic Business Units. During his career, Mr.&nbsp;MacCormack was credited
with leading a transformation of the Specialty Chemical business unit through restructuring, asset
sales and targeted growth. He has served on the Board of Directors of a large public electric
utility for the last nine years, and has served as Executive Chairman/Vice Chairman of the Board
for four major joint ventures with international partners in Japan, Turkey and Mexico.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas G. Bailey, Chairman, President and Chief Executive Officer, commented, &#147;We are pleased
to elect to our Board these seasoned executives who have impressive experience with leading
corporations. As an authority on Corporate Governance, Audit Committees and Compensation
Committees, as well as on mergers and acquisitions and tax policy, Mr.&nbsp;Gregory has served
successfully in numerous leadership roles as Chairman of the Board, CEO, merchant banker and
director of public, private and non-profit corporations. His extensive experience, coupled with his
in-depth knowledge of the China market, should prove invaluable as Fuel Tech intensifies its
efforts to penetrate the international utility and industrial markets.&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">. Mr.&nbsp;Bailey added, &#147;The strength of Fuel Tech&#146;s board rests on its members and their personal
contributions. Mr.&nbsp;MacCormack&#146;s depth of knowledge in the chemical industry as well as his
corporate oversight and governance responsibility experience make him a valuable addition to
represent the interests of our stockholders. His insight will be instructive as Fuel Tech
continues to provide customers innovative solutions to produce clean, efficient energy.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Gregory graduated with distinction from the University of Nebraska, where he was later
awarded an Honorary Doctorate of Humane Letters, as well as the The Builder Award, the University&#146;s
highest non-academic recognition. He has completed advanced management courses at Harvard
University&#146;s Graduate School of Business, at New York University, and attended the Air Force War
College.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;MacCormack is a graduate of Northeastern University, where he received both a Bachelor of
Science and a Master of Science degree in chemical engineering. He also received an MBA from the
University of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional information on Fuel Tech&#146;s Board of Directors can be accessed at
<U>http://www.ftek.com/en-US/about/management/#board</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Fuel Tech</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel Tech is a leading technology company engaged in the worldwide development,
commercialization and application of state-of-the-art proprietary technologies for air pollution
control, process optimization, and advanced engineering services. These technologies enable
customers to produce both energy and processed materials in a cost-effective and
environmentally sustainable manner.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s nitrogen oxide (NOx) reduction technologies include advanced combustion
modification techniques &#151; such as Low NOx Burners and Over-Fire Air systems &#151; and post-combustion
NOx control approaches, including NOxOUT<SUP style="FONT-size: 85%; vertical-align: text-top"><SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> </SUP>and HERT&#153; SNCR systems as well as systems that
incorporate ASCR&#153; (Advanced Selective Catalytic Reduction), CASCADE&#153;, ULTRA&#153; and
NOxOUT-SCR<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> processes. These technologies have established Fuel Tech as a leader in NOx
reduction, with installations on over 640 units worldwide, where coal, fuel oil, natural gas,
municipal waste, biomass and other fuels are utilized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s FUEL CHEM<SUP style="FONT-size: 85%; vertical-align: text-top">&#174;</SUP> technology revolves around the unique application of
chemicals to improve the efficiency, reliability, fuel flexibility and environmental status of
combustion units by controlling slagging, fouling, corrosion, opacity and operational issues
associated with sulfur trioxide, ammonium bisulfate, particulate matter (PM<SUB style="FONT-size: 85%; vertical-align: text-bottom">2.5</SUB>), carbon
dioxide and NOx. The Company has experienced with this technology, in the form of a customizable
FUEL CHEM program, on over 110 combustion units burning a wide variety of fuels including coal,
heavy oil, biomass, and municipal waste.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel Tech also provides a range of combustion optimization services, including airflow
testing, coal flow testing and boiler tuning, as well as services to help optimize selective
catalytic reduction system performance, including catalyst management services and ammonia
injection grid tuning. In addition, flow corrective devices and physical and computational
modeling services are available to optimize flue gas distribution and mixing in both power plant
and industrial applications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of Fuel Tech&#146;s products and services rely heavily on the Company&#146;s exceptional
Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed,
high-end visualization software. These capabilities, coupled with the Company&#146;s innovative
technologies and multi-disciplined team approach, enable Fuel Tech to provide practical solutions
to some of our customers&#146; most challenging problems. For more information, visit Fuel Tech&#146;s web
site at <U>www.ftek.com</U>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This press release may contain statements of a forward-looking nature regarding future events.
These statements are only predictions and actual events may differ materially. Please refer to
documents that Fuel Tech files from time to time with the Securities and Exchange Commission for a
discussion of certain factors that could cause actual results to differ materially from those
contained in the forward-looking statements.</I>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>y92284y9228400.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 y92284y9228400.gif
M1TE&.#EA+`%V`/<``&UU?'%S<W)S<W1T='=W=WEY>7Q\?`%=K0%?KP)>K@1<
MJ0A<IP)AL0%FN@)FN!]JK"9NKS!TLD!^MD>$NDZ(NU6'LV*`FH2$A(N,C)&1
MD9>8F)Z?H*2GJ:"NNJVPLY.LPY:WTJ>_TK['T,?.U<K4W,+7Y\/:ZLK?[='D
M\-?G\.+J[^;K[NKM[^_Q\>_[_?+S\_+V]O+]_____P$``SH`0U<`7$X`24\`
M1%,`5W,`7',`>64`=#,`;5P`,G,`36T`:68`=&0`+FP`;```````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````!+:C```#I-N&ACY:!6YP!CTF!CPV```#ACP
M:````!+:6````!+;>)#I(!+:Q!+:Q!CTF)-R9%%=Z````!4``````````%,`
M&``"?```&0```1CY:````!CP:!+;B)$`70`!-0```%%=Z``KH1+:S)#I(!+;
M6)#I()$B,/___Y$B*)%L=@```8P)!Y%L/@```````%%=Z!8`/)?NZ```````
M``@``)?LX)?NZ!+@N!+@N(P)!Q+;`!+@LE%=Z``````!-1+;@)#V7)#V80`!
M-0```%%=Z!+;7)%J&A+;Q)#I(``!-0``?A+;D("4,!+@>!+@?````!+;Q)#V
M7)#V80```!+@?!+@>!+;H%%=Z!+@2)#I(```````?A+;U("4,```?A+@?!+@
M6(#G<H#FRP!`!5Z"2````"'Y!```````+``````L`78`AVUU?'%S<W)S<W1T
M='=W=WEY>7Q\?`%=K0%?KP)>K@1<J0A<IP)AL0%FN@)FN!]JK"9NKS!TLD!^
MMD>$NDZ(NU6'LV*`FH2$A(N,C)&1D9>8F)Z?H*2GJ:"NNJVPLY.LPY:WTJ>_
MTK['T,?.U<K4W,+7Y\/:ZLK?[='D\-?G\.+J[^;K[NKM[^_Q\>_[_?+S\_+V
M]O+]_____P$``SH`0U<`7$X`24\`1%,`5W,`7',`>64`=#,`;5P`,G,`36T`
M:68`=&0`+FP`;```````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````````````````````````!+:C```
M#I-N&ACY:!6YP!CTF!CPV```#ACP:````!+:6````!+;>)#I(!+:Q!+:Q!CT
MF)-R9%%=Z````!4``````````%,`&``"?```&0```1CY:````!CP:!+;B)$`
M70`!-0```%%=Z``KH1+:S)#I(!+;6)#I()$B,/___Y$B*)%L=@```8P)!Y%L
M/@```````%%=Z!8`/)?NZ`````````@``)?LX)?NZ!+@N!+@N(P)!Q+;`!+@
MLE%=Z``````!-1+;@)#V7)#V80`!-0```%%=Z!+;7)%J&A+;Q)#I(``!-0``
M?A+;D("4,!+@>!+@?````!+;Q)#V7)#V80```!+@?!+@>!+;H%%=Z!+@2)#I
M(```````?A+;U("4,```?A+@?!+@6(#G<H#FRP!`!5Z"2`````C^`&4('$BP
MH,&#"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FR
MI<N7,&/*G$FSILV;.#VJ$.%A0X8+`0(4*'`A@P8/(E2\:/EB:<ZG4'.^&+$!
M0X&@6"]<O8I5A(@-'EC(<!JUK-FS&5EXP(!5:-`,58?*#8!!X`L1&C:`52$R
M!MJ_@$^J!1IT:&$/'H`:-JR!H(H,&3SDY<O1J5\9+,@&WLS9H@C";MU>X%FX
M,-<-!5]@R*`B\0;-%IL6#"&VL^W;#5]L,,TU*`:JI>=>]6"01=&I&"Z,Z-B4
MQ8?:N*-+%ZB"K5"Y7#&H-7W=<``1!T?^!&BL.P#QC4M+?+@\O7WG$:"Q7]7N
M@;=\H<L/UC]?7P/LBDM]\(%[!&XV0F]M%::">&[)Q]4%T*4&5'[U::>1"Q&`
M4."&9ZE`6`$8:)!!<E>)8%R"",ZGD`CC#51AA!65L$`('-:(TU*J855`!APD
MQ<*",E#U$X+<H9;0B?G)4%\&,,JP4U(N-/3!`B;8:"5,[`G$@8XZ8K!!DG;M
MU--/;9V7T&Z-#;2;D06M$,(&`H:`@D&RJ?#``W->J6=*FKE0P@8`M.5=4.#I
M)<((F1'TPH*2>:!"DP.)5T"2)YI9D`LF?!`!!!)\4`(*$8:@0`11#J0""93M
MJ>I$68YEEU/^*8`@P0(`!(KB6T$*&N(&AT;(UJY(*450!N81Q&(`8!84`PJR
M+J``!!1\$,(),5!PP`28AO!!!16$D.JJX#J49:NQ1K!`!!78FB)^,A`[EZ!$
M'>4!F8(6!=8(&M!5T&X9_*=9#.H]H(`""T`P`00,0!#!`PLL0,$)KH8K<43L
MQ1""N1F2`%IH;C7&H(,)!G7!HR/PI$%RMQ9PKU(>?N=0K!,XRP`##C1`,`55
MCO7?Q#P?1)8),4<00I3UH=C;<KLMAEUW5Z59$`LE2V;5H`%<H`%0%^RLJ&4F
M4.#`UPU,0&//9.>VE',+//!!GB>NZQMF6SD(,IL)+8KUR42"1^?^0+()U#4#
M#3!P``6MEFWX0#%<9H*Y#]LEP[$ANT5<T3K*+;E#Q&8PUH(\_:IU02E,>0`#
M#UB[0`F'IWX0"'>"X)=LY1&I(U_YR@VRRPTE#>.QR1H$<`0*S+P`""Y,H`#A
MJB?OPI020/QTW$SCRD+<MK_[K4+U3?HT4'0;=,*4"@N^G@PHF%OEY\E;F64*
M%!R?0G@-"C?<XY57OQ6D!QVK-T'Y7K""#(FK&.L6("V!86L@)GA`!1R7/G`E
M3B#L4\!Z^D:0W5R'-T%!6OSL%X!^.81!^W-1!EWEE*XM0`(E<$'[(I`GIX3@
M`:B+6`/!Q0(*#(^!!<D7T[92-;&X:X?^EG,:0QAD*8$0$8#4F=+PHO2!44&L
M5=LJW`RMM)08-'%`2"P.6]Y5FL:T;6FV*]8'@U)$N+4(@""```'S%(*TQ7!K
M5D0=^J;HGJ6`0()2C!3TB&*5H*"&0?:AWEQ"N!`&=6\LOP)8!<[UQA282T,^
M<U((\DC'#9W@`1)X'PX)\C&Y>.E0(^`+OD@4N:4AZR&&Y)N:`F`!&S[`=01I
M'Q85DJA*7JE:5))A_B[HG0OP2C-0,]G40C8R5/J1;T[9@`48]@%-RJ:-X[,E
MV=)#P(:P2#@)XHM7$)6:J%4%:Q`Y(D%B,,`'C(T@EZ1`J>KFE#E*$S<4P%-#
MLN>=>OI0*!?^"%&P8`0U0Z$*?P,YEID`-JL'6```X'D=`"N0R=R\TTHIJ.8\
M=WA!##3%.B';$5@.M13*@4@#'/!`*&$C4(&4P(9"*UI"9?.!!^3LH60#P>D<
M4C3Y725K.0)C1O.I%[RAR&I(091*OU>P9BJ)4`19W#EAVK.6:I(A].3E?)K"
M%9LNIBL"^1%/?*(5H]6J`LS,TU%QAYD*0)*I$B.+!)!G32`:1G/3DVIWYGI*
MGY%@JR<+```6=BX`>`DI)-!AD@2$UIY5,0(3,"80?4-5MT:OAYL\2`DD<"<`
MC(A(6\F/>BA9V#W%`+$/48$@*]K8ZLW5@UGTW4GO=%#MO(`$(QC^4U>+J0*C
M=I9G+_CL!#A+$!98!V06?8$@+=<T@3Q09UD-P2(S%(+B&D2T5<NMG&YK6!E0
M``)/94CM0%:`S`S7<@$XI$!0H*D3@N!]12NCDZ27*MY2MT8R7>I"/,I%I2C&
MK>\BI)^NNX!NL<>"X"%I4#CPWNI"L'3'+:2@2H.LG,*+8R,4R/<P]@%J.<ZW
M5>,+;`!<8+2X\R)3TI`[<P1AI+I+=BCZ40CBV=\09'<@),`5G;9XO0Z#Y,,+
MZ5L,<!R1%%#V?%`M\8!E8,%;8>6K%*"P"2BY)3$6A$&:L_%)*!@1R^B2(Y>$
M84.@&SG->31!M0+`,M/FJ74B!,,%J#'^D<DHY6E*>%9K8TC2AG*!KG87<FX)
M\S+O%($/U)C*`CG6!@*810\!H)B$!F``C\MH][;9N%D]@:110.E*6_K2F$9!
M"E`@:8!>)'1D=M[6C&@:7R)%!"]8@=1J90$(,.P!$3BHDR/+/[U6@`*XSC6N
M(\!K7?OZU[^6[Z,5\L('0.#8R$ZVLI?M:E?#^L4=*<$B2P>"$YAY(!RPE6\X
M0()-JX?%G.)6K;"ZY0+L=6`#.X"ZURVX=;O[W>I.]P$&-J-A.^0#!P@<X!K`
M[W[[^]_\GIG`#U`!1UL$8"U-&V(_``(0E.#A(+"`Q"6^J;2I,6T4`,&2Q^)-
M#*#:O;L!`,+^9M:`F@'\Y``WN<D/$`%HIY7'&4'!`P!G<I3;G.0.8(`"A!V2
M%'R;KPT+NM#3=B<(5.`#!_7E1K_%`J'`):A-@BX``$=RF_/[:UBOF<IG!K8#
MS%)B+@A!"$1@\(W<D>LJ3WG6L][OG+<<T"1A`0I,4`(0A,#NZIEXK883UY_"
MQ2L;P^=??;2;"T2`ZC37>LYIIG6!Z[MF-$^\SM]XDABXX/)E#XG%HL7PS&/$
M6CFO><ZOKOBU8[W?7N_+HE?/^H&X(`-A'G>:`17[VG>0!7?M21\31)B],O[?
M7T-[P$W.=7W3[.H,()6B6<_\YB<:(3%00=UO/8$)X/KH)?!T]%7^D(+N>S\%
MCRK<V;C???*KX/Q+(2\(!&3;DCCR`*&'/.,7;W7DGTX][,]_Y_>6*88W_/\-
MQQ==`VP$Z&N\QFOC5EX+H'/.TC`&%5[%$34BTAL6H``E!S8X!S;&5W(!-SJ+
M=WS\YG4G4(`D^&M^%EEA=UT*,&\K&&\K:%YFUC<)1'1W4H.O=&5+X4HV6(,M
M)P,GL`$@T"T@(%8D(2.D1WR15W4G1W+7@@(5@&Y0.&\+M#5+\810"(4+\#Y-
M%&_PUH7N)G`$`P`%8`$@&#@!MP`64"QP9Q>ULP$2D&]M5WS])G`"]X$T]V^3
M=T=>N(?PI@`2\#IDP0(@8"[!0X=K%SC^\S8!HD80^!9PB-<`,W40*8`P&\AO
MQV-<ZZ=<T502^`9Y\5>'2KB$@',`U?8`P$=UE'=<)S!R^]9U`U(\<'B!O\>!
M_F:',Z,`![57M(AS"1,HA&00(C`<DWA\Q4=\;8=U=6B&H\>!R8<"H*=UP&=Z
M&MAO$F00(3`!ZL9XCI=U-+-O++>(,E`\Q[=X7W,`$G!M`R%3P6>&@5-OU"%V
M+B88AQ=\T[AO54>'=!B"#_`]\"=Z@J-\B',9()!O(`@V.R<#)F"/]NB(^!B*
MPA,HK;9O^E9R#&`!0T$""G$@$#B0:$=R&2A\%.EOCH=Z%6:*P=>0*!F*D$AY
M:$.0\U>+54?^?'Z873(R.A1Y?*F76L;UC%07<#VX8Y`&<Q=AA!,Y>F##;$@)
M`1^`(?EVDI;X=9!F7009<!0)`7/2B*U8?R=W+1XPA@M(>A3Y`($"(0G1,D8"
M/C5(@P^`C([GD3OXEIGB@=.HE<R8?&*Q%"-H@:&'<MN8A-7H%/@6DQRH90=Q
M2<@'-@Z0DY?A>1G1B47)=0EC`MV7:9>6`@"S`+)8?)&H*.0S<W'X-0I0<"[P
MAAU)BS4'?*27>B00`?V(F#,CEAU4EMQC%RF0*6$6`B:0FZS3C1HH<*^4F\`9
MG"8`BRI)ES27D^3#F@HI?QQHBY*7,)HDCL<8@CVHDS(PD"<I?_7^QI@;X4@2
MF9D-,#@1T43:>)R[A1!M))$:>$,)))=[.9>G2'(*@#HH0(DAN7BRUCU.H9$A
MI`(6]!L$<7:-YV_FB(Y)98IT:74'Z8,2H`#3R)PS8Y,W"9FH:%(FV8H1.B#M
MA#B@EX]N]SY"R1$EH)?'2'/N^#*'EX$U@YP&82WVB(S[*`.-2(L`EY(>>0#8
M=9TN27P.H`!B&``$IDL5DA]384&CT4ZYA8TU-W^)"96J=)T.NHUSJ)6O^3XI
MH*04R8WJMH-,RJ,*`$F!N:2`,Y^<*6$S!X)<)YXO$:;'"#;5Z3O_,:)%"38N
M99W)J81:-SA^X:(PV:-#]Z<,TS!89"W^CHB,$&`K(10#(C`B>A-;UI$!)A*4
M/FB*]WAZN900U5*(HT>,?]JI#;-`5@1_J`>9"C`!&G=Y+I!&K>F1.O>*2JJB
MR9==31$@\!>38\IS)-$W[U>0D<>BZ$.K$WEUUZ)0L_&5#YIZE^21%YB8#Y.;
MDO:LT'H"N<D7]2F1.$=P&<!WC/(3&N`5&Z`5.R)2_B*CM1J+*Q<!=_DJZ.29
M5V=\$V`"DN:LS^JLP,D7V+F,=*@VZ'A'<]B*U5@"GBE\39H:`J%"HEI\@`,!
MX*@2)K"`=VA\![!$*<`"%%NQ%9L"520#[Q>L)9>3_T&>LMAON22@RE@S7QH1
M,F6M^W:0G,/^$Y`!%QN0%[S"30IAL.O8>`/[.3*UBU=7C0^QBL2XK`QP0U&)
ME_8YI0?91*('>9M9$`F$IE2GIVMJ@>UJA@*'6`>8M5C+0@,A*HYH?`H;62S`
MFB+9C0?$I^SXF@L+IP,!>LRXHCF*$"&:K*>'?"NI$-72CZ8)B2^E$%74H2#I
ML;G%'I?DA3$J`;-XDFJS?OKW`<_(D#IW5BPQFJ(:A\@G..W&;A&Z6[(!N+\G
MM7&*F1?8KM5HF"`Y,Q'P*=$:K1H&092HGH)#`1UQK_7XC]#Q'S*WK)`7.!%@
M`I2VNL^:*G**AZ@+HE>V.%K+:PH4`PFTK%G:L5<(A:=WD@DS)R'^NA%/2Z/Q
M1W_^*)^S5*W<&X*0]+%-B9@U,U-W](&7FS!)Z6HTXD(6*(<Y=[(;D;>?2*!?
M]Q\A`(=H1Z?&UFS)9FSF9%S8V+\428HU2VF;IFF:E@),5*O6JG(/6K7.&YY3
M>+T:T41@F9G+N(P,6:=^<7:!L[L)L[;AR)H8&'GH*I5RF)DV*CR+B)6\&K8`
M4A#)"HJDU[2^4P$07(PY-SIMZ7B7*B.&>*[0X7D8\H@A^7A;=YHX)[XO(9UU
M*W\JN[3#NI-`_*)2*UG&JH2IEP*46IY.*8WE>)X0A,))R*S<F1`#&:SCR'(N
M-Q`R5YXON8M(.#,34!N.^8$K*KGB,A#^1CB2L]B_3QRLBQ>W+=&\>SFZY%BH
M8)EZ1JNB(8BKY/JU(DLC7IMX)5N&`*>8,C"BR<B$3GIPA'J'=\BB![&_IP>2
M-"J2X8E%*G"T\T<Z1`@1`8*9"#N+TPF6,3FP:^J2N^S!QB?$<@2E&@BCM>QZ
M6'J'.?<`*I"WQ+B0Q]RO@5.G`]&)=<MOUHP1D9QV$JG#!H'-BF>UY0F>D=A&
M_9JGZB01L$*VH]N1"MF*/+J[!XG!&6&_!4E_TRE_D%>=]BO!X4DX.Y.]RIBA
MY&.?NYMVM?AXR<<>[S?.(8@\:R@1''F:Q!<!:C80WMFN*?Q[O9QSYR@0V.S&
M]%MEZ1'!/QS^S1S+SUMGE2^AR!A:?'P8;[)KIE0YD2=J$!5=M@B\OW.XJ:LL
MP5SWER85/%L7@J/,SL;%PTA8<ZALC5_)R-R+@:>IF"AL?":WS1,QHTQ,?ZQJ
MJ[P9T6ML=@[*CD7Y`-:':]67UFE-`<7,KR,,@HBL+!20@8[HTAJ\MQ&ZAX(3
MB;2ZRE0'SJG!8W-,E=.8TP>!E2$;@NS6A9&8K.E<,W/]7/!8V6+7;:3)R0WP
MOYN";,H[NE9K,Y1\$FAKN03G:%6DI*&7IFS%F4"KC!THN_79E%G9`-#B:]5'
M`=8W`<]A%TD\O:,(D!JQL\.GSV\JB1%@V%6'UKG&UKD=+9H$L!_^J6\1($55
M](1=*$$`*Z'X^WV_FP(G,(\\*C@N[1)/NY##)[CLA)`(>KF^G,I4&XHG6P(2
M*L^I]T#XO7H_8Y+'_-[WC(T_37]/71`C"J&C."#/IVB8YRH<J<E72TG2+7K:
MS(\#>H:4MZ[OS'AJNA("6:N>Z(A:S1!*BYHE3=>TW9.;#3&!:;?57,QX>\VT
M/9%#>^$7`;[%S82C3:[,J6]DFEJ`QE)3Z<+E;1`HT*#?^91);,I4IWQ61JMR
MJ.%^/&5M2Y">"'F#8Z#0UZ%ENZ"ZE++,.,)ZFL3O'((A_1`L\(;KR(3"G1%M
M?.01RK5:\P+NG+8LYVF<J;3RO++OF['^/EC`Q9V8+4?$*OO*=)*D0/S3FYW,
M*?':+/Z45Y80Q/F=MXA%%!0"(Y>EHW=#1&S'KVQYJ.KI+I`XG^XW"%IZ@0,!
M`)CJ__<!&-D0^-S?.9L0@?RP/;H>SB?J"\ZO&"JL$;"(J3KGU%MOC=C4X4GC
M>'FF>+K%+<&1I/>(=3K13Z.<ROV:U;;`ZN&P`9YS.4J>2\MOG"(!$A`!X#[N
MX0[NXHZ1X@S:/YS=+8C8"?':'FUR[EX0>`ZU.$KNY)Z\J2L#HM++!*HV=_<!
MLW+BP3<P`S*V4%N.QQV@.TI\1.L2[6.^5.=VI?*K2R&.>7ZCL+8I*QC6(PR:
M!X^XQAA_B.C^A9G[`);IYT?(QQZ<YFNN$'`MM%0WY`>!\"&+KS.];@L`,>==
MJ.38;D"O>!)Y+5$BZ'/ILP9ALZ<;HRXQC/U:ATCOM\K,W1S+V`_;RN'9@X(^
MPAMXB,0;T.Q-HQ1*H?AZX.+BMA-/C37]Z)\LNM#H]4<^I5+[694+BK\'T$PL
M.!.0)RL^YEPN0]F[G!Z[[$9MT?PFV`NAM/IL<^IKC)`X-C(<SS:*Z#=$GM'\
MPO&,^$1NDM$HVE$9SBX9]Z)8G@AL1_&-F"C7U"9+`6PC[>OKTA]+M6P9GE&>
M$M"\^"NZPA$AW2/)C7>?G8[HLS$`X(DGS+6(@?X&`7RAVMM[FL'^G)AE7C<"
MT<:/U^R3_33+#(VI/\75##%+X6.'CO5X*/2#(U:@C.+SF]24.XZ&:L(GL8JQ
M6,$#SA"9NO+XV*9<GW,$5"H-^Z#&?_P`T8#!P`8'*,@X\4!@`P<,'#2`&%$B
M0X8/#WR0D5'CQHTQ*AQH.-#!0X@&.9XTL8!B19(3(8YL*/%`!8XE'H!T.5!G
MQ8@''GQP(>.%C!@?#D0<27%!B),933QP*%"D@YE-K5[%FE4C"`4O&8J$N*"$
M5JLG(AR%^;*EU*@0&2CX&4.CT;01&;AT&;(@"!D@CMY=F'<B3`9BR2*$@),E
MR:4:7PSE:!3O9(DZ'R[@6S."@J->=0+^IGA@P82Q&8>FB``ZID`(**Q*MMLS
M\V':M65\9#OPP.X#$5+8SB@7Q8>;!U0_A)FTH&@*I3.ZV,Q;^G3JT^'^GL"Y
M^G;KO@]SU;X[O`((OZ^ZD!">^_H#Y$\(Y9CB`P0%G.^N9=!>000006LN4$`G
M!0`<\*"F7OA(P/K>>L`UX!Z\BH4*(*"P0@@BP!`"C"#4J(0/HILN/]X&C."#
M$N3:2(4/5F2Q11=?=)&I%V"DL4:FM!H*!`DJX)$"'G^48,.K5*RQR!=#B.&Q
MIH:C``(`IWN@Q!#,.XF%$Z[$\DH53E#!JA=*`#-,,4U(DD,S'4/A!!32S))-
M*A^$3`842@#^8<4**/"QQP]`*`$%%,_$*DY`<20JAC\Y,G10V@0]R8432@BA
MSCU#,(&%JY14E*.A#LVT4T8'-3341`_[=-&-2NV45*)P1%75K#!]M54(6Y4U
M5:T.E:M6LCCE\`5>;5T4UE@O]14^6U%\K%9=A5545V"?A39:::>EMEIKK\4V
M6VVWY;9;6UE0@05P5="5!6>K/-=<;]'5]-Q3HWV!W(S`9=:Q=>_5:H,+]L4`
M@Q&TRD`$X$;(P%D5_`5.A'^!?2&#A37:X.'#6-#`4F`)=E@&#S#8H..F1-C@
MW!$DQK=:<3/80%UF,1T!`W4UA1EB#>P]286(7Q#8-$9+?>$"B6G^)2O.$2X0
M=.@N:_,@@V=?P$"$H88>X861FU*!9*PR\"#:$3QP%UL6?,[(`PU0'HJ%#3)`
MV(,+S@Y9XXXQR%H&F]'^E^E_1Q@[8XW'AMOL?\T>.V<1QM9`8A$R*$"#+I-N
MNN:S,[99;+U!SB#C#3B&>ZBDPP[\I!'8'@IK&0`O/*//.U?!`[$W.'JCP0.6
M`>\"4A8!@PM$8"%NO&%_@>O8V;9TZZ1#MCEQDBG/V0/DYUV]R]P/)U=L#300
M(?6A>A=>89RWW3BC#117H8"H.=Y=AGY'%O^%`ASVH`"YX59A[-@QB/T"#UJ>
M^>RMB>XY7*QSOX`,:C<RN*6(?"^8WM;^"M"Z^7E@;AH+0,0XMK<1J(!L_1*!
M"`+P+]AU;`0BN``#AZ:\`N#N`B>[W]EB%S";T<\#`5">_3CB01$4@`5#NUD-
M[[>YVHG@A3@+8,L4-L$-P+"&N*L<[C;RO?V)*P`!TY?<L(:W#0CPB?=#&0BS
M-C3-A2R#'M@`R+8ENB-6[7;?,YW"0O@^%H`P>!AH6-P.)P./R5!C&5#!"05(
MOSEJP%^I<Y\?CR:H_FF,?J,#FVDP`+[NH2PC&LA:U500O_N)3RBWRV/O0GC#
M1%XR>1]46@8JUD8X2FV28F-:W&"G$;61:P0++.3\,H*U/-8M9)#LF0?,-3T9
MV+%QJV1E"*7^=D(WKE`&HC37YJ8W%#0><XMP;%GP1M8QIV6KEN;C6,<BUDDZ
M5G%O,H"D]^ZG1SIJP&X@A`PM"Z"\QD'RE1K09M9`6(#;<62./1-<`>)40VU2
M+X^68@$&R'6VZ2W08W*S(1B_MDC"6<R0'`G8*T7I1WF*<@,ES*3<UFB:"S"T
M<C@[)#@CZ;*#SLM?&IR>'X?X-)?ED8$]\^@MX[:!^SUQ>GU#&#@5M[$WQB]G
M(_O@_;JFJ.X=;&&N#*#<G-:X8YJP2W;K'B)'%L"#OG)KD+P?(G.GM(P\M:L:
M2*I&PCDTBSD28MY\@:7$EI'#O>![:H5C3M$847W.2U#P--TD3[C^.:&H%6QD
M/>A:-5+,T3TR;E_[U^82&;4^QDU)!T6C8`=+3DO]$Y$VFUE?!<A5BJ&,=:;+
MIF.252]JB2Y\N#O<#1?8LG$^C6A\K9W&3FC!*GKL;#=L&@M@.#+-*:V59@L9
MUM**5\<TSJIF*]@274:QK(G.F2_8H!45%@"GN9&+(]@@SC+@4)T",76^Y5\=
MGVG.QC4L9VRU9&H#>K3:#:5Q);PC`IM;18HY#6Q,$YAS![O`S?:.J\I4FEN;
M.U.'C<"AV(5CR=8;M@N(LFX9:+#`P!BVVLYTI!@07</NUE'8;:QR^S*;P%@`
M893YM7)M<XQ*P8GAE'%D:">.UW9')]#^%<-3H)1+H-N$`M8<NZ[!&0OGP4YL
MJ<O9N'H)/AAW&W:!',_1>U4\6)?T-3UR(:R&E=MB<ELV%+#&S31H&QL'<T;3
M^L%XP0CL*`9-9\F2&6M>W)4;9.(D9YH))6H'DA=AL?O2<&WDAG`V39_EQL!3
M"=K-<IXD1VY(9XTDNBF+[BID;LC`JJ7U,19+ZTFD]C!Q:41E!^9THY4X.DQ;
MK(V$WG2C)0T9%2C,-!8KJ5G)W.9NU1"29SLOK76]:^"@+8/Z&]Y0>9VI5F<0
MT,-&=K+]K#KE25/9SX9VM*4];6I7V]K7QG:VM;UM;G?;V]\&=[C%/6YRE]O<
8YT9WNM6];G8-M]O=[X9WO.4][V$'!``[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
