<SEC-DOCUMENT>0001213900-15-001683.txt : 20150312
<SEC-HEADER>0001213900-15-001683.hdr.sgml : 20150312
<ACCEPTANCE-DATETIME>20150312070213
ACCESSION NUMBER:		0001213900-15-001683
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150312
DATE AS OF CHANGE:		20150312

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOVIE MEDICAL CORP
		CENTRAL INDEX KEY:			0000719135
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				112644611
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-200986
		FILM NUMBER:		15694388

	BUSINESS ADDRESS:	
		STREET 1:		5115 ULMERTON RD.
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33760
		BUSINESS PHONE:		727-384-2323

	MAIL ADDRESS:	
		STREET 1:		5115 ULMERTON RD.
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33760

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AN CON GENETICS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>f424b2031215_bovie.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<TITLE></TITLE>
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"text-justify-trim: punctuation; margin: 0 auto !important; padding: 10pt;">

<DIV CLASS="WordSection1" STYLE=
"width: 650px; margin: 0 auto; page: WordSection1;">
<P CLASS="MsoNormal" STYLE=
"text-align: justify; text-justify: inter-ideograph; margin: 0in; margin-bottom: .0001pt; line-height: 120%; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"></P>
<P CLASS="textflush0" ALIGN="right" STYLE=
'margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; line-height: 12.0pt; mso-style-name: textflush; font-size: 12.0pt; font-family: "Times New Roman","serif";'>
<B><FONT LANG="EN-GB" STYLE=
"font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Filed pursuant to Rule 424(b)(2)<BR>
Registration Statement No. 333-200986</FONT></B></P>
<P CLASS="Textflush" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: 12.0pt; margin-left: 0in; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Prospectus Supplement<BR>
(To Prospectus dated December 16, 2014)</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;"><img src="logo.jpg" alt="logo"></FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="UnderwriternameProspectus" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: 3.0pt; margin-left: 0in; mso-style-name: "Underwriter_name \(Prospectus\)"; text-align: center; line-height: 30.0pt; text-autospace: none; font-size: 18.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;'><B>4,800,000 Shares</B><BR> <B>BOVIE
MEDICAL CORPORATION</B></P>
<P CLASS="UnderwriternameProspectus" STYLE="margin: 0in 0in 3pt; mso-style-name: Underwriter_name \(Prospectus\); text-align: center; font: 18pt/20pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><B>Common Stock</B></P>
<P CLASS="UnderwriternameProspectus" STYLE="margin: 0in 0in 3pt; mso-style-name: Underwriter_name \(Prospectus\); text-align: center; font: 18pt/20pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><B>$2.50
per share</B></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; text-autospace: ideograph-numeric ideograph-other; margin: 0in; margin-bottom: .0001pt; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; text-autospace: ideograph-numeric ideograph-other; margin: 0in; margin-bottom: .0001pt; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
______________</P>
<P CLASS="Textind" STYLE=
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<FONT LANG="EN-GB">We are offering 4,800,000 shares of our
common stock, par value $.001 per share, pursuant to this
prospectus supplement and the accompanying prospectus. Our common
stock is listed on the NYSE MKT under the symbol &ldquo;BVX.&rdquo;
On March 10, 2015, the last reported sale price of our common stock
on the NYSE MKT was $3.20 per share.</FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Investing in our common stock involves a high degree of
risk. See &ldquo;Risk factors&rdquo; beginning on page S-8 of this
prospectus supplement. You should review carefully the risks and
uncertainties described under the heading &ldquo;Risk
Factors&rdquo; on Page S-8 of this Prospectus Supplement and on
Page 11 of the accompanying Prospectus and under &ldquo;Risk
Factors&rdquo; in our Annual Report on Form 10-K for the year ended
December 31, 2014 that is incorporated by reference into this
Prospectus Supplement.</FONT></FONT></P>
<P CLASS="Textind" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: Text_ind; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-indent: 24.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"margin-bottom: 10.0pt; text-align: center; line-height: normal; text-autospace: ideograph-numeric ideograph-other; margin: 0in; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
______________</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto !important;">
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font: 10pt Times New Roman,serif; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt">Per
Share</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt">Total</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">Public
offering price</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">$</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="BOTTOM" STYLE="width: 12%; border-top: windowtext 1pt none; border-right-style: none; border-bottom-style: none; border-left-style: none; padding: 0in; border-top-style: solid; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-size: 10pt">2.50</FONT><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">$</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="BOTTOM" STYLE="width: 12%; border-top: windowtext 1pt none; border-right-style: none; border-bottom-style: none; border-left-style: none; padding: 0in; border-top-style: solid; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-size: 10pt">12,000,000</FONT><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">Underwriting
discount<SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">$</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="BOTTOM" STYLE="width: 12%; padding: 0in; text-align: right"><FONT STYLE="font-size: 10pt">0.15</FONT><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">$</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="BOTTOM" STYLE="width: 12%; padding: 0in; text-align: right"><FONT STYLE="font-size: 10pt">720,000</FONT><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">Proceeds,
before expenses, to Bovie Medical Corporation</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">$</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="BOTTOM" STYLE="width: 12%; background-color: #CCEEFF; padding: 0in; text-align: right"><FONT STYLE="font-size: 10pt">2.35</FONT><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">$</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">11,280,000</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="MsoNormal" STYLE=
"line-height: normal; text-autospace: ideograph-numeric ideograph-other; margin: 0in; margin-bottom: .0001pt; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
______________</P>
<P CLASS="Tablefootnotef" STYLE=
"margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; text-indent: -24.0pt; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
(1)<FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
<FONT LANG="EN-GB">In addition to the underwriting discount, we
have agreed to pay up to $100,000 of the fees and expenses of the
underwriter in connection with this offering, which includes the
fees and expenses of the underwriter&rsquo;s counsel. See
&ldquo;Underwriting&rdquo; for more information.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We have granted the underwriter an option to
purchase up to an additional 720,000 shares of common stock from us at
the public offering price, less the underwriting discount, within
30 days from the date of this prospectus supplement to cover
overallotments, if any.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As of January 13, 2015, the aggregate market value
of our outstanding common equity held by non-affiliates was
approximately $63,154,422 based on 17,870,880 shares of
outstanding common stock, of which 1,424,416 shares are held by
affiliates, and a price of $3.84 per share, which was the last
reported sale price of our common stock on the NYSE MKT on January
13, 2015. As of the date of this prospectus supplement, we have not
sold any securities pursuant to General Instruction I.B.6. of Form
S-3 during the prior 12 calendar month period that ends on, and
includes, the date of this prospectus supplement.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 6.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Neither the U.S. Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these
securities or determined if this prospectus supplement is truthful
or complete. Any representation to the contrary is a criminal
offense.</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; text-autospace: ideograph-numeric ideograph-other; margin: 0in; margin-bottom: .0001pt; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
______________</P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"margin-top: 10.5pt; text-align: center; margin: 0in; margin-bottom: .0001pt; line-height: 120%; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<B><FONT LANG="EN-GB" STYLE=
"font-size: 18.0pt; line-height: 120%; font-family: TimesNewRomanPSStd-Bold;">
Craig-Hallum Capital Group</FONT></B></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 13.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">The
date of this prospectus supplement is March 12,
2015</FONT></FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;">&nbsp;</FONT></FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Table
of contents</FONT></FONT></P>
<P CLASS="Tbody" ALIGN="center" STYLE=
"margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 10.0pt; text-align: center; mso-style-name: Tbody; text-indent: -10.0pt; line-height: 11.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Prospectus Supplement</FONT></FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto !important;">
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 9.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">Page</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
About this prospectus supplement</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; border: none; border-top: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-1</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Prospectus supplement summary</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-2</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
The offering</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-6</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Cautionary note regarding forward-looking
statements</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-7</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Risk factors</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-8</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Use of proceeds</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-16</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Dilution</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-16</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Underwriting</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-16</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Incorporation of certain information by
reference</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-18</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Where you can find additional
information</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-19</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Legal matters</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-19</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Experts</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-19</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tbody" ALIGN="center" STYLE=
"margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 10.0pt; text-align: center; mso-style-name: Tbody; text-indent: -10.0pt; line-height: 11.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Prospectus</FONT></FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto !important;">
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 9.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">Page</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
About this prospectus</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; border: none; border-top: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Summary</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
4</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Cautionary note regarding forward-looking
statements</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Risk factors</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Use of proceeds</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of capital stock</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of debt securities</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
14</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of warrants</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Description of units</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
21</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Plan of distribution</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
22</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Legal matters</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Experts</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Where you can find additional
information</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Incorporation of certain information by
reference</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
24</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
</TABLE>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-i</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
ABOUT THIS PROSPECTUS SUPPLEMENT</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">This prospectus supplement and the accompanying
prospectus are part of a registration statement on Form S-3
(Registration File No. 333-200986) that we filed with the
Securities and Exchange Commission (&ldquo;SEC&rdquo;) utilizing a
&ldquo;shelf&rdquo; registration process. Under this shelf
registration process, we may, from time to time, sell shares of our
common stock and preferred stock, various series of debt securities
and/or warrants to purchase any of such securities, either
individually or in units, in one or more offerings, up to a total
dollar amount of $25,000,000.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">This document is in two parts. The first part is
the prospectus supplement, including the documents incorporated by
reference, which describe the specific terms of this offering. The
second part, the accompanying prospectus, including the documents
incorporated by reference, provides more general information.
Generally, when we refer to this prospectus, we are referring to
both parts of this document combined. We urge you to carefully read
this prospectus supplement and the accompanying prospectus, and the
documents incorporated herein and therein, before buying any of the
securities being offered under this prospectus supplement. This
prospectus supplement may add, update or change information
contained in the accompanying prospectus. To the extent that any
statement that we make in this prospectus supplement is
inconsistent with statements made in the accompanying prospectus or
any documents incorporated by reference therein, the statements
made in this prospectus supplement will be deemed to modify or
supersede those made in the accompanying prospectus and such
documents incorporated by reference therein.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">You should rely only on the information
contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not authorized
anyone to provide you with different information. We are not making
an offer of these securities in any state or jurisdiction where the
offer is not permitted. You should not assume that the information
contained in this prospectus supplement, the accompanying
prospectus or any related free writing prospectus is accurate as of
any date other than the date on the front of the applicable
document or that any information we have incorporated by reference
in this prospectus supplement or the accompanying prospectus is
accurate as of any date other than the date of the document
incorporated by reference. Our business, financial condition,
results of operations and prospects may have changed since those
dates. You should also read and consider the information in the
documents we have referred you to in the section of the
accompanying prospectus entitled &ldquo;Where you can find
additional information.&rdquo;</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">No action is being taken in any jurisdiction
outside the United States to permit a public offering of the common
stock or possession or distribution of this prospectus supplement
or the accompanying prospectus in that jurisdiction. Persons who
come into possession of this prospectus supplement or the
accompanying prospectus in jurisdictions outside the United States
are required to inform themselves about and to observe any
restrictions as to this offering and the distribution of this
prospectus supplement or the accompanying prospectus applicable to
that jurisdiction.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As used in this prospectus, &ldquo;Bovie,&rdquo;
&ldquo;we,&rdquo; &ldquo;our&rdquo; &ldquo;the Company&rdquo; and
&ldquo;us&rdquo; refer to Bovie Medical Corporation, unless stated
otherwise or the context requires otherwise.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-1</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">PROSPECTUS</FONT></FONT> <FONT LANG="EN-GB">SUPPLEMENT
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">SUMMARY</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">This summary highlights selected information contained
elsewhere or incorporated by reference in this prospectus
supplement and the accompanying prospectus. This summary may not
contain all the information that you should consider before
investing in our common stock. You should read the entire
prospectus supplement and the accompanying prospectus carefully,
including &ldquo;Risk factors&rdquo; contained in this prospectus
supplement, the accompanying prospectus and the documents
incorporated by reference herein and therein and the financial
statements incorporated by reference in this prospectus supplement
and the accompanying prospectus, before making an investment
decision. This prospectus supplement may add to, update or change
information in the accompanying prospectus.</FONT></FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Our
Company</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We were incorporated in 1982, under the laws of
the State of Delaware and our principal executive office is located at
4&nbsp;Manhattanville Road, Suite #106, Purchase, New York
10577.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are an energy-based medical device company
specializing in developing, manufacturing, and marketing a range of
electrosurgical products and technologies, as well as related
medical products used in doctor&rsquo;s offices, surgery centers
and hospitals worldwide. Our medical devices are marketed through
Bovie&rsquo;s own well-respected brands (Bovie<FONT CLASS=
"superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">&reg;</FONT>,
Aaron<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">&reg;</FONT>,
IDS<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">&trade;</FONT>
and ICON<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">&trade;</FONT>)
and on a private label basis to distributors throughout the world.
The Company also leverages its expertise in the design, development
and manufacturing of electrosurgical equipment by producing
equipment for large, well-known medical device manufacturers
through original equipment manufacturing (OEM)
agreements.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are also the developer of
J-Plasma<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">&reg;</FONT>;
a patented new plasma-based surgical product which we believe has
the potential to be a transformational product for surgeons.
J-Plasma utilizes a helium ionization process that produces a
stable, focused beam of ionized gas that provides surgeons with
greater precision, minimal invasiveness and an absence of
conductive currents during surgery. While currently in the early
stages of commercialization, J-Plasma has been the subject of five
independent white papers and has been cited therein for its
clinical utility in gynecological surgeries and dermatologic/facial
plastic surgery procedures.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our objective is to achieve profitable,
sustainable growth by increasing our market share in the advanced
energy category, including the commercialization of products that
have the potential to be transformational with respect to the
results they produce for surgeons and patients. In order to achieve
this objective, we plan to leverage our long history in the
industry, along with the reputation for quality and reliability
that the Bovie brand enjoys within the medical community. At the
same time, we will expand our products beyond radio frequency, move
forward with research and developments projects aimed at creating
value within our existing product portfolio and building our
pipeline of new complementary products, and utilize multiple
channels to bring new and existing products to market.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Significant Subsidiaries</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Aaron Medical Industries, Inc. is a wholly-owned
Florida corporation based in Clearwater, Florida. It is principally
engaged in the business of marketing our medical
products.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Company Products</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We group our products into three main
categories: electrosurgery, cauteries, and other products.
Information regarding sales by product categories and related
percentages can be found in our annual and quarterly reports filed
with the SEC. We manufacture and market various medical products,
both under private label and the Bovie&nbsp;brands (Bovie, Aaron,
IDS, ICON and DERM), to distributors worldwide. Additionally, Bovie
has original equipment manufacturing (OEM) agreements with other
medical device manufacturers. These OEM and private label
arrangements and our use of the Bovie brands enable us to gain
greater market share for the distribution of our
products.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Electrosurgery Products</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Electrosurgery is our largest product line and
includes desiccators, generators, electrodes, electrosurgical
pencils and various ancillary disposable products. These
electrosurgical products are used during surgical
procedures</FONT></P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-2</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">in gynecology, urology, plastic surgery,
dermatology, veterinary, and other surgical markets for the cutting
and coagulation of tissue. It is estimated that 80% of all surgical
procedures performed worldwide are conducted by electrosurgery. Our
electrosurgery products fall under two categories, monopolar and
bipolar. Monopolar products require the use of a grounding pad
attached to the patient for the return of the electrical current,
while bipolar products consist of two electrodes; one for the
inbound current and one for the return current and therefore do not
require the use of a grounding pad.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Electrosurgical Disposables</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Resistick</FONT></FONT><FONT LANG="EN-GB">&trade;
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">II</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Resistick II is a trademarked and proprietary
coating that is applied to stainless steel that resist eschar (scab
or scar tissue caused by burning) during surgery. We have
experienced strong demand for this product since its introduction
in 2011, and it represents our continued expansion of the Bovie
line of electrosurgical disposables.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Disposable Laparoscopic Electrodes</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are introducing a line of disposable
laparoscopic electrodes in the first quarter of 2015 in Resitick
coated and stainless steel for use by physicians from a broad group
of specialties including gynecology, general surgery and urology.
These electrodes will be offered in J-hook, L-hook, needle, ball
and spatula design and have an adapter included which makes these
laparoscopic electrodes usable with a 3/32&rdquo; or 4mm
plug.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Cauteries</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Battery Operated Cauteries</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Battery operated cauteries constitute our second
largest product line. Cauteries were originally designed for
precise hemostasis (to stop bleeding) in ophthalmology. The current
use of cauteries has been substantially expanded to include a broad
range of applications Battery operated cauteries are primarily
sterile one-time use products. We&nbsp;have continued to improve
our offering and now have a snap design cautery which has a patent
pending. It features a switch mechanism that dramatically reduces
the potential for accidental activation. We manufacture one of the
broadest lines of cauteries in the world, including but not limited
to, a line of replaceable battery and replaceable tip cauteries,
which are popular in veterinary and overseas markets.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Other
Products</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Battery Operated Medical Lights</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We manufacture and market a variety of specialty
lighting instruments for use in ophthalmology as well as distribute
specialty lighting instruments for general surgery, hip replacement
surgery and for the placement of endotracheal tubes in emergency
and surgical procedures. We also manufacture and market
physicians&rsquo; office use penlights.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Nerve Locator Stimulator</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We manufacture a nerve locator stimulator
primarily used for identifying motor nerves in hand and facial
reconstructive surgery. This instrument is a sterile,
self-contained, battery-operated unit, for one time use.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">J-Plasma Products</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">ICON GS</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Bovie&rsquo;s J-Plasma technology is the
foundation for the ICON GS plasma system, which utilizes a helium
ionization process producing a stable thin focused beam of ionized
gas that can be controlled in a wide range of temperatures and
intensities, providing the surgeon greater control and
predictability with minimal thermal damage to surrounding tissue.
The development of this helium plasma generator also includes the
design of a new proprietary handpiece.</FONT></P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-3</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The 510(k) cleared and CE mark approved Bovie
Ultimate generator will eventually replace the ICON GS plasma
system. In addition to the J-Plasma technology, the Bovie Ultimate
will have the IDS 310 capability, offering users monopolar, bipolar
and plasma features, all in one generator.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">J-Plasma Disposable Portfolio</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We offer different hand pieces for open and
laparoscopic procedures. The helium-based plasma generated from
these devices have been shown to cause less thermal damage to
tissue than C02 laser, argon plasma and RF energy products
currently available on the market.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The most recent product launched in the J-plasma
portfolio is the Pistol Grip handpiece. This product offers
improved ergonomics and is providing an increased rate of adoption
of the technology. Bovie will continue to launch products from a
rich pipeline that will allow surgeons to treat from a variety of
surgical specialties.</FONT></P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-4</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Recent Developments</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">On
March 11, 2015, the Company entered into an exchange agreement (the &ldquo;Exchange Agreement&rdquo;) with the holders (the
&ldquo;Series A Holders&rdquo;) of its Series A 6% Convertible Preferred Stock (the &ldquo;Series A Preferred Stock&rdquo;)
and common stock purchase warrants (the &ldquo;December 2013 Warrants&rdquo;) issued by the Company in December 2013 pursuant
to which the Series A Holders have agreed to exchange all of their shares of Series A Preferred Stock and all of their
December 2013 Warrants for 3,588,139 shares of our newly created Series B Convertible Preferred Stock (&ldquo;Series B
Preferred Stock&rdquo;) immediately prior to the consummation of the offering pursuant to this prospectus supplement,
provided that this offering has gross proceeds to us of at least $8,000,000.&nbsp;The Series A Holders have agreed
to exchange 3,500,000 shares of Series A Preferred Stock and December 2013 Warrants to purchase 5,250,000 shares of
the Company&rsquo;s common stock in exchange for 3,588,139 shares of our newly created Series B Preferred Stock. Each share
of Series B Preferred Stock is convertible into two (2) shares of our common stock. Pursuant to a registration rights
agreement (the &ldquo;Registration Rights Agreement&rdquo;), the Company has granted the holders of Series B Preferred Stock
certain registration rights for the shares of common stock issuable upon the conversion of the Series B Preferred Stock. A
description of this transaction and copies of the Exchange Agreement, Registration Rights Agreement and Certificate of
Designation are contained in a Current Report on Form 8-K filed with the Securities and Exchange Commission on March 11,
2015. In connection with this exchange, the special committee of our board of directors has engaged an independent investment
banking firm to serve as financial advisor to provide professional valuation, financial and market related advice and
assistance.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The Company intends to file a
Certificate of Designation of Preferences, Rights and Limitations
of Series B Preferred Stock (the &ldquo;Certificate of
Designation&rdquo;) with the Secretary of State of Delaware in
connection with the closing of the exchange. The Certificate of Designation sets
forth the rights, preferences and privileges of the Series B
Preferred Stock. The following is a summary of the rights,
privileges and preferences of the Series B Preferred
Stock:</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Dividends:</FONT></FONT><FONT CLASS="apple-converted-space"
STYLE="mso-style-name: apple-converted-space;"><FONT LANG=
"EN-GB">&emsp;</FONT></FONT><FONT LANG="EN-GB">The Series B
Preferred Stock will have no dividend rights.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Liquidation Preference:&emsp;</FONT></FONT><FONT LANG=
"EN-GB">The Series B Preferred Stock will have no liquidation
preference.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Redemption Rights:&emsp;</FONT></FONT><FONT LANG=
"EN-GB">The Series B Preferred Stock will have no redemption
rights.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Voting Rights:</FONT></FONT><FONT CLASS=
"apple-converted-space" STYLE=
"mso-style-name: apple-converted-space;"><FONT LANG=
"EN-GB">&emsp;</FONT></FONT><FONT LANG="EN-GB">The holders of the
Series B Preferred Stock will vote together with holders of the
common stock on all matters, on an as-converted to common stock
basis, and will not vote as a separate class or series, except with
respect to amendments to the terms of the Series B Preferred Stock
while at least 25% of the shares of the Series B Preferred Stock
remain outstanding.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Conversion:</FONT></FONT><FONT LANG="EN-GB">&emsp;The
holder will have the right to convert the Series B Preferred Stock into
shares of common stock at a conversion ratio of one (1) share of
Series B Preferred to two (2) shares of common stock, subject to
adjustments for stock dividends, splits, combinations and similar
events as described in the Certificate of Designations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Beneficial Ownership Limitation</FONT></FONT><FONT LANG=
"EN-GB">:&emsp;The holders of the Series B Preferred Stock will
be subject to a beneficial ownership limitation such that such holder
(together with such holder&rsquo;s affiliates, and any other person
whose beneficial ownership of common stock would be aggregated with
the holder&rsquo;s for purposes of Section 13(d) of the Securities
Exchange Act of 1934, as amended, and the applicable regulations of
the Securities and Exchange Commission, including any
&ldquo;group&rdquo; of which the Holder is a member) shall not have
the right to convert any portion of the Series B Preferred Stock,
to the extent that, after giving effect to an attempted conversion
set forth on an applicable Notice of Conversion, such holder would
beneficially own a number of shares of Common Stock in excess of
9.985% if the number of shares of common stock outstanding
immediately after giving effect to the issuance pursuant to a
conversion of the Series B Preferred Stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Board Appointment Rights</FONT></FONT><FONT LANG=
"EN-GB">:&emsp;Under the terms of the transaction documents
relating to the issuance of the Series A Preferred Stock and
December 2013 Warrants, the Series A Holders were entitled to
nominate two directors candidates to serve on the board of
directors of the Company and have such individuals nominated at
each annual meeting of the stockholders of the Company and to
receive certain board observation rights (the &ldquo;Board
Rights&rdquo;). Upon the consummation of this exchange, the holders
of the Series B Preferred Stock shall retain the Board Rights until
the holders&rsquo; collective ownership percentage (on an as-issued
and fully diluted basis) falls below 10% of the issued and
outstanding shares of common stock.</FONT></P>
</DIV>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-5</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;">
<P CLASS="H1" STYLE=
"margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">THE</FONT></FONT> OFFERING</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto !important;">
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"margin-right: 2.9pt; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Issuer</FONT></FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Bovie Medical Corporation</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'margin-right: 2.9pt; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"margin-right: 2.9pt; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Common stock offered by us</FONT></FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
4,800,000 shares</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'margin-right: 2.9pt; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttablewrap" STYLE=
"margin-right: 2.9pt; line-height: normal; mso-style-name: Texttable_wrap; margin-top: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="letter-spacing: -.05pt;">Common stock to be outstanding
after completion of this offering</FONT></FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
22,670,880 shares</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'margin-right: 2.9pt; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"margin-right: 2.9pt; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Use
of proceeds</FONT></FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We intend to use the net proceeds from this
offering for general corporate purposes and working capital. See
&ldquo;Use of proceeds&rdquo; on page&nbsp; S-16 of this prospectus
supplement.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'margin-right: 2.9pt; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"margin-right: 2.9pt; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">NYSE
MKT symbol</FONT></FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
BVX</P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'margin-right: 2.9pt; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE="color: windowtext;">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="36%" VALIGN="top" STYLE=
"width: 36.28%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"margin-right: 2.9pt; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Risk
factors</FONT></FONT></P>
</TD>
<TD WIDTH="63%" VALIGN="bottom" STYLE=
"width: 63.72%; padding: 0in 0in 0in 0in;">
<P CLASS="Texttable" STYLE=
"line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Investing in our common stock involves a high
degree of risk. See &ldquo;Risk&nbsp;factors&rdquo; beginning on
page S-8 of this prospectus supplement and page</FONT> <FONT CLASS=
"bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT STYLE="font-weight: normal;">
11</FONT></FONT> <FONT LANG="EN-GB">of the accompanying prospectus
and under &ldquo;Risk Factors&rdquo; in our Annual Report on Form
10-K for the year ended December 31, 2014 that is incorporated by
reference into this Prospectus Supplement.</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The number of shares of common stock to be
outstanding immediately after this offering as shown above is based
on 17,870,880 shares of common stock outstanding as of March 11,
2015. The number of outstanding shares excludes, as of March 11,
2015:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">2,899,189 shares of our common stock reserved
for issuance upon the exercise of outstanding stock options;
and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>1,119,733 shares of our common stock reserved for issuance pursuant to outstanding common stock purchase warrants.<SUP>(1)</SUP></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>7,176,278 shares of our common stock reserved for issuance upon conversion of our shares of Series B Convertible Preferred
Stock.<SUP>(1)</SUP></P>

<P STYLE="font: 10pt/12pt TimesNewRomanPSStd-Regular; text-align: left; margin-bottom: 0pt; text-autospace: none; color: black; margin-top: 0.0pt">__________</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt TimesNewRomanPSStd-Regular; color: black; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Assumes that the Exchange Agreement by and between the
Company and the Series A Holders is consummated, whereby the Series A Holders will exchange 3,500,000 shares of Series A Preferred
Stock and 5,250,000 warrants for 3,588,139 shares of Series B Preferred Stock.</TD>
</TR></TABLE>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 8pt 0in 0pt; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><FONT LANG="EN-GB">Unless otherwise indicated, all information in
this prospectus supplement assumes that the underwriter does not
exercise its over-allotment option.</FONT></P>
</DIV>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-6</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT LANG="EN-GB">CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">This prospectus supplement, the accompanying
prospectus, the documents incorporated by reference herein and
therein, and any free writing prospectus that we have authorized
for use in connection with this offering contain forward-looking
statements within the meaning of Section 27A of the Securities Act
regarding our business, financial condition, results of operations
and prospects. Words such as expects, anticipates, intends, plans,
believes, seeks, estimates and similar expressions or variations of
such words are intended to identify <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">forward-looking</FONT> statements.
However, these are not the exclusive means of identifying
forward-looking statements. Although forward-looking statements
contained in this prospectus supplement, the accompanying
prospectus, the documents incorporated by reference herein and
therein, and any free writing prospectus that we have authorized
for use in connection with this offering, reflect our good faith
judgment, such statements can only be based on facts and factors
currently known to us. Consequently, forward-looking statements are
inherently subject to risks and uncertainties, and actual outcomes
may differ materially from the results and outcomes discussed in
the <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">forward-looking</FONT> statements.
Further information about the risks and uncertainties that may
impact us are described or incorporated by reference in &ldquo;Risk
Factors&rdquo; below and in the documents incorporated by reference
herein. You should read carefully the risk factors incorporated by
reference and set forth herein. You should not place undue reliance
on <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">forward-looking</FONT> statements, which
speak only as of the date of this prospectus supplement. We
undertake no obligation to update publicly any forward-looking
statements in order to reflect any event or circumstance occurring
after the date of this prospectus supplement or currently unknown
facts or conditions or the occurrence of unanticipated
events.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-7</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
RISK FACTORS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Investing in our common stock involves a high degree of
risk. You should carefully consider the risks and all other
information contained in this prospectus supplement and the
accompanying prospectus, including the risk factors in the section
entitled &ldquo;Risk factors&rdquo; in the accompanying prospectus
and in the documents incorporated by reference herein and therein.
You should also refer to the other information in this prospectus
supplement and the accompanying prospectus, including our financial
statements and the related notes incorporated by reference in this
prospectus supplement and the accompanying
prospectus.</FONT></FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Risks
Related to our Business and Industry</FONT></FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">The medical device industry is highly
competitive and we may be unable to compete
effectively.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The medical device industry is highly
competitive. Many competitors in this industry are
well-established, do a substantially greater amount of business,
and have greater financial resources and facilities than we
do.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Domestically, we believe we rank third in the
number of units sold in the field of electrosurgical generator
manufacturing and we sell our products and compete with other
manufacturers in various ways. In addition to advertising,
attending trade shows and supporting our distribution channels, we
strive to enhance product quality and functionality, improve user
friendliness, and expand product exposure.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We have also invested, and continue to invest,
substantial resources to develop and monetize, our J-Plasma
technology. If we are unable to gain acceptance in the marketplace
of J-Plasma, our business and results of operations may be
materially and adversely affected. From June of 2010 through
December 31, 2014, we have invested approximately $5.5 million in
the development and marketing of our J-Plasma
technology.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We also compete by private labeling our products
for major distributors under their label. This allows us to
increase our position in the marketplace and thereby compete from
two different approaches, our Aaron or Bovie label, and our
customers&rsquo; private label. Our private label customers
distribute our products under their name through their internal
sales force. We believe our main competitors do not private label
their products.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Lastly, at this time we sell the majority of our
products through distributors. Many of the companies we compete
with sell direct, thus competing directly with distributors they
sometimes use.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Our industry is highly regulated by the U.S.
Food and Drug Administration and international regulatory
authorities, as well as other governmental, state and federal
agencies which have substantial authority to establish criteria
which must be complied with in order for us to continue in
operation.</FONT></FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">United States</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our products and research and development
activities are subject to regulation by the FDA and other
regulatory bodies. FDA regulations govern, among other things, the
following activities:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Product development</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Product testing</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Product labeling</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Product storage</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Pre-market clearance or approval</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Advertising and promotion</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Product traceability, and</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Product indications.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In the United States, medical devices are
classified on the basis of control deemed necessary to reasonably
ensure the safety and effectiveness of the device. Class I devices
are subject to general controls. These controls include</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-8</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">registration and listing, labeling, pre-market
notification and adherence to the FDA Quality System Regulation.
Class II devices are subject to general and special controls.
Special controls include performance standards, post&nbsp;market
surveillance, patient registries and FDA guidelines. Class III
devices are those which must receive pre-market approval by the FDA
to ensure their safety and effectiveness. Currently, we only
manufacture Class I and Class II devices. Pre-market notification
clearance must be obtained for some Class I and most Class II
devices when the FDA does not require pre-market approval. All of
our products have been cleared by, or are exempt from, the
<FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">pre-market</FONT> notification
process.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">A pre-market approval application is required
for most Class III devices. A pre-market approval application must
be supported by valid scientific evidence to demonstrate the safety
and effectiveness of the device. The pre-market approval
application typically includes:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Results of bench and laboratory tests, animal
studies, and clinical studies</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">A complete description of the device and its
components; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">A detailed description of the methods,
facilities and controls used to manufacture the device, and
proposed labeling.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The pre-market approval process can be
expensive, uncertain and lengthy. A number of devices for which
pre-market approval has been sought by other companies have never
been approved for marketing.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">International Regulation</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.05pt;">To market
products in the European Union, our products must bear the
&ldquo;CE&rdquo; mark. Manufacturers of medical devices bearing the
CE mark have gone through a conformity assessment process that
assures that products are manufactured in compliance with a
recognized quality system and to comply with the European Medical
Devices Directive.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.15pt;">Each device that
bears a CE mark has an associated technical documentation that
includes a description of the following:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Description of the device and its
components,</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">A summary of how the device complies with the
essential requirements of the medical devices directive,</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Safety (risk assessment) and performance of the
device,</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Clinical evaluations with respect to the
device,</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Methods, facilities and quality controls used to
manufacture the device, and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
Proposed labeling for the device.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Manufacturing and distribution of a device is
subject to ongoing surveillance by the appropriate regulatory body
to ensure continued compliance with quality system and reporting
requirements.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We began CE marking of devices for sale in the
European Union in 1999. In addition to the requirement to CE mark,
each member country of the European Union maintains the right to
impose additional regulatory requirements.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Outside of the European Union, regulations vary
significantly from country to country. The time required to obtain
approval to market products may be longer or shorter than that
required in the United States or the European Union. Certain
European countries outside of the European Union do recognize and
give effect to the CE mark certification. We are permitted to
market and sell our products in those countries.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">If we are unable to successfully introduce new
products or fail to keep pace with competitive advances in
technology, our business, financial condition and results of
operations could be adversely affected. In addition, our research
and development efforts rely upon investments and alliances, and we
cannot guarantee that any previous or future investments or
alliances will be successful.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our research and development activities are an
essential component of our efforts to develop new and innovative
products for introduction in the marketplace. New and improved
products play a critical role in our sales growth. We continue to
place emphasis on the development of proprietary products, such as
our J-Plasma technology,</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-9</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">and product improvements to complement and
expand our existing product lines. We maintain close working
relationships with physicians and medical personnel in hospitals
and universities who assist in product research and areas of
development. Our research and development activities are primarily
conducted internally and are expensed as incurred. These expenses
include direct expenses for wages, materials and services
associated with the development of our products net of any
reimbursements from customers. Research and development expenses do
not include any portion of general and administrative expenses. Our
Clearwater, Florida facility has been our flagship research and
design location. We expect to continue making future investments to
enable us to develop and market new technologies and products to
further our strategic objectives and strengthen our existing
business. However, we cannot guarantee that any of our previous or
future investments will be successful or that our new products such
as J-Plasma, will gain market acceptance, the failure of which
would have a material adverse effect on our business and results of
operations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The amount expended by us on research and
development of our products during the years 2014, 2013, and 2012,
totaled approximately $1.4, $1.3, and $1.3 million respectively.
During the past three years, we invested substantial resources in
the development and marketing of our J-Plasma technology, including
the ICON GS plasma system, Endoscopic Modular Instruments and
accompanying new generators. We have not incurred any direct costs
relating to environmental regulations or requirements. For 2015, we
expect the amount of our expenditures for research and development
activities to remain similar to the level in 2014.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Even if we are successful in developing and
obtaining approval for our new product candidates, there are
various circumstances that could prevent the successful
commercialization of the products.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our ability to successfully commercialize our
products will depend on a number of factors, any of which could
delay or prevent commercialization, including:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the regulatory approvals of our new products are
delayed or we are required to conduct further research and
development of our products prior to receiving regulatory
approval;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">we are unable to build a sales and marketing
group to successfully launch and sell our new products;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">we are unable to raise the additional funds
needed to successfully develop and commercialize our products or
acquire additional products for growth;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">we are required to allocate available funds to
litigation matters;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">we are unable to manufacture the quantity of
product needed in accordance with current good manufacturing
practices to meet market demand, or at all;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">our product is determined to be ineffective or
unsafe following approval and is removed from the market or we are
required to perform additional research and development to further
prove the safety and effectiveness of the product before re-entry
into the market;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">competition from other products or technologies
prevents or reduces market acceptance of our products;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">we do not have and cannot obtain the
intellectual property rights needed to manufacture or market our
products without infringing on another company&rsquo;s patents;
or</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">we are unsuccessful in defending against patent
infringement or other intellectual property rights, claims that
could be brought against us, our products or
technologies;</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The failure to successfully acquire or develop
and commercialize new products will have a material and adverse
effect on the future growth of our business, financial condition
and results of operations.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Our international operations subject us to
foreign currency fluctuations and other risks associated with
operating in foreign countries</FONT></FONT><FONT LANG=
"EN-GB">.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We operate internationally and enter into
transactions denominated in foreign currencies. To date, we have
not hedged our exposure to changes in foreign currency exchange
rates, and as a result, we are subject to foreign currency
transaction and translation gains and losses. We purchase goods and
services in U.S. dollars and Euros. Foreign exchange risk is
managed primarily by satisfying foreign denominated expenditures
with cash flows or</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-10</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">assets denominated in the same currency
therefore we are subject to some foreign currency fluctuation risk.
Our currency value fluctuations were not material for
2014.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Our operations and cash flows may be adversely
impacted by recent healthcare reform legislation.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The Patient Protection and Affordable Care Act
and Health Care and Education Affordability Reconciliation Act were
enacted into law in the U.S. in March 2010. Among other
initiatives, this legislation imposes a 2.3% excise tax on domestic
sales of class I, II, and III medical devices beginning in 2013.
Substantially all of our products are class I or class II medical
devices. In 2014 and 2013 we paid medical device excise tax of
approximately $435,926 and $384,438, respectively. As approximately
84% of our 2014 sales were derived in the U.S. we cannot predict if
any additional regulations will be implemented at the federal or
state level, or the effect of any future legislation or regulation
in the U.S. or internationally.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Our operations may experience higher costs to
produce our products as a result of changes in prices for oil,
gasoline, and other commodities.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We use some plastics and other petroleum-based
materials along with precious metals contained in electronic
components as raw materials in many of our products. Prices of oil
and gasoline also significantly affect our costs for freight and
utilities. Oil, gasoline and precious metal prices are volatile and
may increase, resulting in higher costs to produce and distribute
our products. Due to the highly competitive nature of the
healthcare industry and the cost-containment efforts of our
customers we may be unable to pass along cost increases through
higher prices. If we are unable to fully recover these costs
through price increases or offset through other cost reductions,
our results of operations could be materially and adversely
affected.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Our manufacturing facilities are located in
Clearwater, Florida and could be affected due to multiple risks
from fire, hurricanes, physical changes in the planet due to
climate change, and similar phenomena.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our manufacturing facilities are located in
Clearwater, Florida and could be affected by multiple weather
risks, most notably hurricanes. Although we carry property and
casualty insurance and business interruption insurance, future
possible disruptions of operations or damage to property, plant and
equipment due to hurricanes or other weather risks could result in
impaired production and affect our ability to meet our commitments
to our customers and impair important business relationships, the
loss of which could adversely affect our operations and
profitability. We do however maintain a backup generator at our
Clearwater facility and a disaster recovery plan is in place to
help mitigate this risk.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We do not produce hazardous materials or
emissions that would adversely impact the environment. We do
however, have air conditioning units and consume electricity which
could be impacted by climate change in the form of increased rates.
However, we do not believe the increase in expense from any rate
increases, as a percentage of sales, would be material in the near
term.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">We have historically done a substantial amount
of business with seven of our top ten customers, who are also major
distributors of our product, which as a group have produced
substantial revenues for our Company. Loss of business from a major
customer will likely materially and adversely affect our
business.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We manufacture the majority of our products on
our premises in Clearwater, Florida. Labor-intensive sub-assemblies
and labor-intensive products may be out-sourced to our
specification. Although we sell through distributors, we market our
products through national trade journal advertising, direct mail,
distributor sales representatives and trade shows, under the Bovie
name, the Bovie/Aaron name and private label. Major distributors
include Cardinal Health, Independent Medical Co-Op Inc. (IMCO),
McKesson Medical Surgical, Inc., Medline, National Distribution and
Contracting Inc. (NDC), Owens &amp; Minor, and Physician Sales
&amp; Service (PSS) now a division of McKesson. If any of these
distributor relationships are terminated or not replaced, our
revenue from the territories served by these distributors could be
adversely affected.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are also dependent on OEM customers who have
no legal obligation to purchase products from us. Should such
customers fail to give us purchase orders for the product after
development, our future business and value of related assets could
be negatively affected. Furthermore, no assurance can be given that
such customers will give sufficient high priority to our products.
Finally, disagreements or disputes may arise between us and our
customers, which could adversely affect production and sales of our
products.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-11</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">We rely on certain suppliers and manufacturers
for raw materials and other products and are vulnerable to
fluctuations in the availability and price of such products and
services.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Fluctuations in the price, availability, and
quality of the raw materials we use in our manufacturing could have
a negative effect on our cost of sales and our ability to meet the
demands of our customers. Inability to meet the demands of our
customers could result in the loss of future sales. In addition,
the costs to manufacture our products depend in part on the market
prices of the raw materials used to produce them. We may not be
able to pass along to our customers all or a portion of our higher
costs of raw materials due to competitive and marketing pressures,
which could decrease our earnings and profitability.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We also have collaborative arrangements with
four key foreign suppliers under which we request the development
of certain items and components and we purchase them pursuant to
purchase orders. Our purchase order commitments are never more than
one year in duration and are supported by our sales forecasts. The
majority of our raw materials are purchased from sole-source
suppliers. While we believe we could ultimately procure other
sources for these components, should we experience any significant
disruptions in this key supply chain, there are no assurances that
we could do so in a timely manner which could render us unable to
meet the demands of our customers, resulting in a material and
adverse effect on our business and operating results. Over the past
few years we have expanded the use of our Bulgarian supplier who
manufactures a substantial number of our generator and accessory
components. We anticipate expanding this relationship further to
include manufacturing a large number of our J-Plasma
components.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">If we are unable to protect our patents or other
proprietary rights, or if we infringe on the patents or other
proprietary rights of others, our competitiveness and business
prospects may be materially damaged.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: .05pt;">We own 23 patents
and 9 registered trademarks in the U.S. and have had 13 patents
issued outside the U.S. with some of our early patents nearing the
expiration of their patent term. Of those 23 patents, 15 are
related to J-Plasma, with 8 issued and 7 pending. We also have
several U.S. and international patent applications pending for
various new products. We intend to continue to seek legal
protection, primarily through patents, for our proprietary
technology. Seeking patent protection is a lengthy and costly
process, and there can be no assurance that patents will be issued
from any pending applications, or that any claims allowed from
existing or pending patents will be sufficiently broad or strong to
protect our proprietary technology. There is also no guarantee that
any patents we hold will not be challenged, invalidated or
circumvented, or that the patent rights granted will provide
competitive advantages to us. Our competitors have developed and
may continue to develop and obtain patents for technologies that
are similar or superior to our technologies. In addition, the laws
of foreign jurisdictions in which we develop, manufacture or sell
our products may not protect our intellectual property rights to
the same extent as do the laws of the United States.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Adverse outcomes in current or future legal
disputes regarding patent and other intellectual property rights
could result in the loss of our intellectual property rights,
subject us to significant liabilities to third parties, require us
to seek licenses from third parties on terms that may not be
reasonable or favorable to us, prevent us from manufacturing,
importing or selling our products, or compel us to redesign our
products to avoid infringing third parties&rsquo; intellectual
property. As a result, our product offerings may be delayed, and we
may be unable to meet customers&rsquo; requirements in a timely
manner. Regardless of the merit of any related legal proceeding, we
have incurred in the past and may be required to incur in the
future substantial costs to prosecute, enforce or defend our
intellectual property rights. Even in the absence of infringement
by our products of third parties&rsquo; intellectual property
rights, or litigation related to trade secrets, we have elected in
the past and may in the future elect to enter into settlements to
avoid the costs and risks of protracted litigation and the
diversion of resources and management&rsquo;s attention. However,
if the terms of settlements entered into with certain of our
competitors are not observed or enforced, we may suffer further
costs and risks. Any of these circumstances could have a material
adverse effect on our business, financial condition and resources
or results of operations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our ability to develop intellectual property
depends in large part on hiring, retaining and motivating highly
qualified design and engineering staff with the knowledge and
technical competence to advance our technology and productivity
goals. To protect our trade secrets and proprietary information,
generally we have entered into confidentiality agreements with our
employees, as well as with consultants and other parties. If these
agreements prove inadequate or are breached, our remedies may not
be sufficient to cover our losses.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-12</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">We have been and may in the future become
subject to litigation proceedings that could materially and
adversely affect our business.</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Other Litigation</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In addition to the litigation risks and
proceedings mentioned below, we have recently been involved and may
in the future become subject to legal claims or proceedings related
to securities, employment, customer or third party contracts,
environmental regulations, or other matters. The costs involved in
defending these claims have been substantial, which have had an
adverse effect on our profitability. In addition, if other claims
are asserted against us, we may be required to defend against such
claims, or deem it necessary or advisable to initiate a legal
proceeding to protect our rights, the expense and distraction of
such a claim or proceeding, whether or not resolved in our favor,
could materially and adversely affect our business, financial
condition and operating results. Further, if a claim or proceeding
were resolved against us or if we were to settle any such dispute,
we may be required to pay damages and costs or refrain from certain
activities, any of which could have a material adverse impact on
our business, financial condition and operating results.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Intellectual Property Litigation or Trade
Secrets</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We have in the past, experienced certain
allegations of infringement of intellectual property rights and use
of trade secrets and may receive other such claims, with or without
merit, in the future. Previously, claims of infringement of
intellectual property rights have sometimes evolved into litigation
against us, and they may continue to do so in the future. It is
inherently difficult to assess the outcome of litigation. Although
we believe we have had adequate defenses to these claims and that
the outcome of the litigation will not have a material adverse
impact on our business, financial condition, or results of
operations, there can be no assurances that we will prevail. Any
such litigation could result in substantial cost to us,
significantly reduce our cash resources, and create a diversion of
the efforts of our technical and management personnel, which could
have a material and adverse effect on our business, financial
condition and operating results. If we are unable to successfully
defend against such claims, we could be prohibited from future
sales of the allegedly infringing product or products, which could
materially and adversely affect our future growth.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Product Liability Litigation</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Although we carry liability insurance, due to
the nature of our products and their use by professionals, we may,
from time to time, be subject to litigation from persons who
sustain injury during medical procedures in hospitals,
physician&rsquo;s offices or in clinics and defending such
litigation is expensive, disruptive, time consuming and could
adversely affect our business. We currently maintain product
liability insurance with combined coverage limits of $10 million on
a claims-made basis. There is no assurance that this coverage will
be adequate to protect us from any possible liabilities
(individually or in the aggregate) we might incur in connection
with the sale or testing of our products. In addition, we may need
increased product liability coverage as additional products are
commercialized. This insurance is expensive and in the future may
not be available on acceptable terms, if at all.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Our business is subject to the potential for
defects or failures associated with our products which could lead
to recalls or safety alerts and negative
publicity.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Manufacturing flaws, component failures, design
defects, off-label uses or inadequate disclosure of product-related
information could result in an unsafe condition or the injury or
death of a patient. These problems could lead to a recall of, or
issuance of a safety alert relating to, our products and result in
significant costs and negative publicity. Due to the strong name
recognition of our brands, an adverse event involving one of our
products could result in reduced market acceptance and demand for
all products within that brand, and could harm our reputation and
our ability to market our products in the future. In some
circumstances, adverse events arising from or associated with the
design, manufacture or marketing of our products could result in
the suspension or delay of our current regulatory reviews of our
applications for new product approvals. We also may undertake
voluntarily to recall products or temporarily shut down certain
production lines based on internal safety and quality monitoring
and testing data. Any of the foregoing problems could disrupt our
business and have a material adverse effect on our business,
results of operations, financial condition and cash
flows.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-13</P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">We have incurred and may in the future incur
impairments to our long-lived assets.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We review our long-lived assets, including
intangible assets, for impairment annually or more frequently if
events or changes in circumstances indicate that the carrying
amount of these assets may not be recoverable. Additionally, if in
any period our stock price decreases to the point where our fair
value, as determined by our market capitalization, is less than the
book value of our assets, this could also indicate a potential
impairment and we may be required to record an impairment charge in
that period which could adversely affect our results of
operations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our valuation methodology for assessing
impairment requires management to make judgments and assumptions
based on historical experience and to rely heavily on projections
of future operating performance. We operate in highly competitive
environments and projections of future operating results and cash
flows may vary significantly from actual results. Additionally, if
our analysis indicates potential impairment to a long-lived
intangible asset, we may be required to record additional charges
to earnings in our financial statements, which could negatively
impact our results of operations.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Risks
Related to Our Stock and this Offering</FONT></FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">The market price of our stock has been and may
continue to be highly volatile.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our common stock is listed on the NYSE MKT under
the ticker symbol &ldquo;BVX.&rdquo; The market price of our stock
has been and may continue to be highly volatile, and announcements
by us or by third parties may have a significant impact on our
stock price. These announcements may include:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
our listing status on the NYSE MKT;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">our operating results falling below the
expectations of public market analysts and investors;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">developments in our relationships with or
developments affecting our major customers;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">negative regulatory action or regulatory
non-approval with respect to our new products;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">government regulation, governmental
investigations, or audits related to us or to our
products;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">developments related to our patents or other
proprietary rights or those of our competitors; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">changes in the position of securities analysts
with respect to our stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The stock market has from time to time
experienced extreme price and volume fluctuations, which have
particularly affected the market prices for the medical technology
sector companies, and which have often been unrelated to their
operating performance. These broad market fluctuations may
adversely affect the market price of our common stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Historically, when the market price of a stock
has been volatile, holders of that stock have often instituted
securities class action litigation against the company that issued
the stock. If any of our stockholders brought a lawsuit against us,
we could incur substantial costs defending the lawsuit. The lawsuit
could also divert the time and attention of our
management.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In addition, future sales by existing
stockholders, warrant holders receiving shares upon the exercise of
warrants, or any new stockholders receiving our shares in any
financing transaction may lower the price of our common stock,
which could result in losses to our stockholders. Future sales of
substantial amounts of common stock in the public market, or the
possibility of such sales occurring, could adversely affect
prevailing market prices for our common stock or our future ability
to raise capital through an offering of equity securities.
Substantially all of our common stock is freely tradable in the
public market without restriction under the Securities Act, unless
these shares are held by our &ldquo;affiliates&rdquo;, as that term
is defined in Rule 144 under the Securities Act.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">We have no present intention to pay dividends on
our common stock and, even if we change that policy, we may be
unable to pay dividends on our common stock.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We currently do not anticipate paying any
dividends on our common stock in the foreseeable future. We
currently intend to retain future earnings, if any, to finance
operations and invest in our business. Any declaration and payment
of future dividends to holders of our common stock will be at the
discretion of our board of directors and will</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-14</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">depend on many factors, including our financial
condition, earnings, capital requirements, level of indebtedness,
statutory and contractual restrictions applying to the payment of
dividends and other considerations that our board of directors
deems relevant.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we change that policy and commence paying
dividends, we will not be obligated to continue paying those
dividends and our stockholders will not be guaranteed, or have
contractual or other rights, to receive dividends. If we commence
paying dividends in the future, our board of directors may decide,
in its discretion, at any time, to decrease the amount of
dividends, otherwise modify or repeal the dividend policy or
discontinue entirely the payment of dividends. Under the Delaware
law, our board of directors may not authorize the payment of a
dividend unless it is either paid out of our statutory
surplus.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Our management will have broad discretion as to
the use of proceeds from this offering, and might not apply the
proceeds in ways that increase the value of your
investment.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our management will have broad discretion to use
the net proceeds from this offering, and you will be relying on the
judgment of our management regarding the application of these
proceeds. We might not apply the net proceeds of this offering in
ways that you agree, or in ways that increase the value of your
investment. We expect to use the proceeds of this offering for
general corporate purposes and working capital, research and
development and possible future acquisitions. See <EM STYLE=
'font-family: "Times New Roman","serif";'><FONT STYLE=
"font-family: TimesNewRomanPSStd-Regular;">&ldquo;Use of
proceeds&rdquo;.</FONT></EM> We have not allocated these net
proceeds for any specific purposes. Our management might not be
able to yield a significant return, if any, on any investment of
these proceeds.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Investors in this offering will experience
immediate and substantial dilution.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The public offering price of the securities
offered pursuant to this prospectus supplement is substantially
higher than the net tangible book value per share of our common
stock. Therefore, if you purchase shares of common stock in this
offering, you will incur immediate and substantial dilution in the
pro forma net tangible book value per share of common stock from
the price per share that you pay for the common stock</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">The low trading volume of our common stock may
adversely affect the price of our shares and their
liquidity.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Although our common stock is listed on the NYSE
MKT exchange, our common stock has experienced low trading volume.
Limited trading volume may subject our common stock to greater
price volatility and may make it difficult for investors to sell
shares at a price that is attractive to them.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">We may in the future seek to raise funds through
equity offerings, which could have a dilutive effect on our common
stock.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In the future we may determine to raise capital
through offerings of our common stock, securities convertible into
our common stock or rights to acquire these securities or our
common stock. The result of sales of such securities, the exercise
of warrants issued in connection with any such offering or the
triggering of anti-dilution provisions in such securities would
ultimately be dilutive to our common stock by increasing the number
of shares outstanding. We cannot predict the effect this dilution
may have on the price of our common stock. In addition, the shares
of preferred stock may have rights which are senior or superior to
those of the common stock, such as rights relating to voting, the
payment of dividends, redemption or liquidation.</FONT></P>
<P CLASS="H3" STYLE=
"mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-BoldIt; color: black; font-weight: bold; font-style: italic;">
<FONT CLASS="bolditalic" STYLE=
"mso-style-name: bolditalic; font-weight: bold; font-style: italic;">
<FONT LANG="EN-GB">Exercise of warrants and options issued by us
will dilute the ownership interest of existing
stockholders.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As of December 31, 2014, the warrants issued by
us in April 2010 were exercisable for up to approximately
672,858&nbsp;shares of our common stock, representing approximately
3.8% of our then outstanding common stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As of December 31, 2014, our outstanding stock
options to our employees, officers, directors and consultants
amounted to approximately 2,864,189 shares of our common stock,
representing approximately 16% of our then outstanding common
stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The exercise of some or all of our warrants and
stock options will dilute the ownership interests of existing
stockholders. Any sales in the public market of the common stock
issuable upon such conversion or exercise could adversely affect
prevailing market prices of our common stock.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-15</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
USE OF PROCEEDS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We expect to receive approximately $10,600,000 in net proceeds from this offering, or approximately
$12,300,000 if the underwriter exercises its over-allotment
option in full. &ldquo;Net proceeds&rdquo; is what we expect to
receive after paying the expenses of this offering, including the
underwriting discounts and commissions, as described in
&ldquo;Underwriting&rdquo; below, and other estimated offering
expenses payable by us, which include legal, accounting and
printing fees.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We intend to use the net proceeds from this
offering for general corporate purposes, including working capital,
research and development and potential acquisitions.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As of the date of this prospectus supplement, we
cannot specify with certainty all of the particular uses of the
proceeds from this offering. Accordingly, we will retain broad
discretion over the use of such proceeds.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
DILUTION</P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If you invest in our common stock, your interest
will be diluted to the extent of the difference between the price
per share you pay in this offering and the net tangible book value
per share of our common stock immediately after this offering. Our
net tangible book value of our common stock as of December 31, 2014
was approximately $2,750,664, or approximately $0.15 per
share of common stock based upon 17,852,330 shares outstanding.
Net tangible book value per share is equal to our total tangible
assets, less our total liabilities, divided by the total number of
shares of our common stock outstanding as of December 31, 2014.
After giving effect to the sale by us of the 4,800,000 shares of our
common stock we are offering, our as-adjusted net tangible book
value would have been approximately $13,350,576, or
approximately $0.59 per share of common stock. This represents an
immediate increase in net tangible book value of $0.44 per share
to our existing stockholders and an immediate dilution in net
tangible book value of $1.91 per share to new investors. The
following table illustrates this calculation on a per share
basis:</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto !important;">
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Offering price per share</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" ALIGN="right" STYLE=
'text-align: right; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2.50</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Net tangible book value per share as of December
31, 2014</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.15</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" ALIGN="right" STYLE=
'text-align: right; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Increase in net tangible book value per share
attributable to the offering</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.44</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" ALIGN="right" STYLE=
'text-align: right; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As-adjusted net tangible book value per share
after giving effect to the offering</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" ALIGN="right" STYLE=
'text-align: right; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.59</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="64%" VALIGN="bottom" STYLE=
"width: 64.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Dilution in net tangible book value per share to
new investors</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" ALIGN="right" STYLE=
'text-align: right; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 10.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
"margin-right: 0in; text-align: left; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"margin-right: 0in; line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
1.91</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodyrightalign" STYLE=
"line-height: normal; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The foregoing table excludes the following, each
as of March 11, 2015:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">2,899,189 shares of our common stock reserved for
issuance upon the exercise of outstanding stock options;
and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>1,119,733 shares of our common stock reserved for issuance pursuant to outstanding common stock purchase warrants.<SUP>(1)</SUP></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>7,176,278 shares of our common stock reserved for issuance upon conversion of our outstanding shares of Series B Convertible
Preferred Stock.<SUP>(1)</SUP></P>

<P CLASS="BLm" STYLE="mso-style-name: BL_m; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-align: left; margin-bottom: 0pt; text-autospace: none; color: black; margin-top: 0.0pt">__________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/12pt TimesNewRomanPSStd-Regular; color: black; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Assumes that the Exchange Agreement by and between the
Company and the Series A Holders is consummated, whereby the Series A Holders will exchange 3,500,000 shares of Series A Preferred
Stock and 5,250,000 warrants for 3,588,139 shares of Series B Preferred Stock.</TD>
</TR></TABLE>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
UNDERWRITING</P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The underwriter for the offering named below has
agreed to purchase, subject to the terms of an underwriting
agreement dated the date of this prospectus supplement, the number
of shares of common stock listed opposite its name below. The
underwriting agreement provides that the obligations of the
underwriter are subject to certain customary conditions precedent,
representations and warranties contained therein. Pursuant to the
underwriting agreement, the underwriter has agreed to purchase all
of the shares sold under the underwriting agreement if any of these
shares are purchased, other than those shares covered by the
overallotment option described below.</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto !important;">
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
"line-height: normal; border: none; mso-style-name: TCH_left; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt"><B>Underwriter</B></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt"><B>Number
of Shares</B></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 10pt">Craig-Hallum
Capital Group LLC</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font: 10pt Times New Roman,serif; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font: 10pt Times New Roman,serif; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="BOTTOM" STYLE="width: 12%; border-top: windowtext 1pt none; border-right-style: none; border-bottom-style: none; border-left-style: none; padding: 0in; border-top-style: solid; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-size: 10pt">4,800,000</FONT><P CLASS="NoParagraphStyle" ALIGN="right" STYLE=
'text-align: right; line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'><FONT STYLE="font: 10pt Times New Roman,serif; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-16</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The underwriter proposes to offer the shares of
common stock to the public at the public offering price set forth
on the cover page of this prospectus supplement. If all of the
shares are not sold at the public offering price, the underwriter
may change the offering price and other selling terms and we will
file a supplement to this prospectus to reflect such modified
terms.</FONT> The public offering price for the shares of common stock was determined by negotiations between us and the
underwriter and based on market conditions.</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The underwriter is offering the shares, subject
to prior sale, when, as and if issued to and accepted by them,
subject to approval of legal matters by its counsel and other
conditions specified in the underwriting agreement. The underwriter
reserves the right to withdraw, cancel or modify offers to the
public and to reject orders in whole or in part.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We have granted to the underwriter an option to
purchase up to 720,000 additional shares of common stock at the
public offering price, less the underwriting discount. The option
is exercisable for 30 days. The underwriter may exercise this
option solely for the purpose of covering overallotments, if any,
made in connection with the sale of common stock offered
hereby.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The following table shows the public offering
price, underwriting discount and proceeds, before expenses, to us.
These amounts are shown assuming both no exercise and full exercise
of the underwriter&rsquo;s option to purchase additional
shares.</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto !important;">
<TR>
<TD WIDTH="46%" VALIGN="bottom" STYLE=
"width: 46.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 9.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="50%" COLSPAN="10" VALIGN="bottom" STYLE=
"width: 50.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">Total</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB" STYLE=
'font-family: "Times New Roman","serif";'>&nbsp;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="46%" VALIGN="bottom" STYLE=
"width: 46.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 9.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">Per Share</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border-top: solid windowtext 1.0pt; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: none; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">With<BR>
Overallotment</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border-top: solid windowtext 1.0pt; border-left: none; border-bottom: solid windowtext 1.0pt; border-right: none; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">Without Overallotment</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="46%" VALIGN="bottom" STYLE=
"width: 46.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Public offering price</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; border: none; border-top: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2.50</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; border: none; border-top: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
13,800,000</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; border: none; border-top: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 12,000,000</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="46%" VALIGN="bottom" STYLE=
"width: 46.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Underwriting discount</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
0.15</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
828,000</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;"> <P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
720,000</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="46%" VALIGN="bottom" STYLE=
"width: 46.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
Proceeds, before expenses, to us</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
2.35</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 12,972,000</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> 11,280,000</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
"margin-top: 10.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We estimate expenses payable by us in connection
with this offering, other than the underwriting discounts referred
to above, will be approximately $700,000. This estimate includes up
to $100,000 of out-of-pocket fees and expenses of the
underwriter.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">JMP Securities LLC, a member firm, acted as an
independent financial advisor to us and received compensation of
$500,000. It was neither engaged in, nor affiliated with any entity
engaged in, the solicitation or distribution of this
offering.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We have agreed to indemnify the underwriter
against certain liabilities, including civil liabilities under the
Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), or to contribute to payments that the underwriter may
be required to make in respect of those liabilities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We and each of our directors and executive
officers and the holders of our Series B Preferred Stock have
entered into lock-up agreements that prevent them from selling any
shares of our common stock or any securities convertible into or
exercisable or exchangeable into share of common stock, subject to
certain exceptions, for a period of 90&nbsp;days after the date of
this prospectus supplement. The underwriter, in its sole
discretion, may release the common stock and other securities
subject to the lock-up agreements described above in whole or in
part at any time. When determining whether or not to release the
common stock and other securities from lock-up agreements, the
underwriter will consider, among other factors, the holder&rsquo;s
reasons for requesting the release and the number of shares of
common stock or other securities for which the release is being
requested The 90 day lock-up period is subject to extension such
that, in the event that either (i) during the last 17 days of the
&ldquo;lock-up&rdquo; period, we issue an earnings or financial
results release or material news or a material event relating to us
occurs, or (ii) prior to the expiration of the
&ldquo;lock-up&rdquo; period, we announce that we will release
earnings or financial results during the 16-day period beginning on
the last day of the &ldquo;lock-up&rdquo; period, then in either
case the expiration of the &ldquo;lock-up&rdquo; period will be
automatically extended until the expiration of the 18-day period
beginning on the issuance of the earnings or financial results
release or the occurrence of the material news or material event,
as applicable, unless the underwriter waives, in writing, such an
extension.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">From time to time in the ordinary course of
business, the underwriter and certain of the underwriter&rsquo;s
affiliates have engaged, and may in the future engage, in
investment banking transactions with us or our
affiliates.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In connection with this offering, the
underwriter may engage in stabilizing transactions, overallotment
transactions, syndicate covering transactions, penalty bids and
purchases to cover positions created by short sales.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-17</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Stabilizing transactions permit bids to purchase
shares of common stock so long as the stabilizing bids do not
exceed a specified maximum, and are engaged in for the purpose of
preventing or retarding a decline in the market price of the common
stock while the offering is in progress.</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB" STYLE=
'font-family: "Cambria Math","serif";'>&#8203;</FONT><FONT LANG=
"EN-GB">Overallotment transactions involve sales by the underwriter
of shares of common stock in excess of the number of shares the
underwriter is obligated to purchase. This creates a syndicate
short position which may be either a covered short position or a
naked short position. In a covered short position, the number of
shares over-allotted by the underwriter is not greater than the
number of shares that it may purchase in the overallotment option.
In a naked short position, the number of shares involved is greater
than the number of shares in the overallotment option. The
underwriter may close out any short position by exercising its
overallotment option and/or purchasing shares in the open
market.</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB" STYLE=
'font-family: "Cambria Math","serif";'>&#8203;</FONT><FONT LANG=
"EN-GB">Syndicate covering transactions involve purchases of common
stock in the open market after the distribution has been completed
in order to cover syndicate short positions. In determining the
source of shares to close out the short position, the underwriter
will consider, among other things, the price of shares available
for purchase in the open market as compared with the price at which
they may purchase shares through exercise of the overallotment
option. If the underwriter sells more shares than could be covered
by exercise of the overallotment option and, therefore, has a naked
short position, the position can be closed out only by buying
shares in the open market. A naked short position is more likely to
be created if the underwriter is concerned that after pricing there
could be downward pressure on the price of the shares in the open
market that could adversely affect investors who purchase in the
offering.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">These stabilizing transactions, syndicate
covering transactions and penalty bids may have the effect of
raising or maintaining the market price of our common stock or
preventing or retarding a decline in the market price of our common
stock. As a result, the price of our common stock in the open
market may be higher than it would otherwise be in the absence of
these transactions. Neither we nor the underwriter make any
representation or prediction as to the effect that the transactions
described above may have on the price of our common stock. These
transactions may be effected on the NYSE MKT, in the
over-the-counter market or otherwise and, if commenced, may be
discontinued at any time.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">A prospectus in electronic format may be made
available on the websites maintained by the underwriter, if any,
participating in this offering and the underwriter may distribute
prospectuses electronically. Other than the prospectus in
electronic format, the information on these websites is not part of
this prospectus supplement, the accompanying prospectus or the
registration statement of which this prospectus supplement and the
accompanying prospectus form a part, has not been approved or
endorsed by us or the underwriter, and should not be relied upon by
investors.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT LANG="EN-GB">INCORPORATION OF CERTAIN INFORMATION BY
REFERENCE</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The SEC allows us to incorporate by reference
the information we file with it, which means that we can disclose
important information to you by referring you to those documents.
The information incorporated by reference is considered to be a
part of this prospectus supplement and the accompanying prospectus,
and information in documents that we file later with the SEC will
automatically update and supersede the information in this
prospectus supplement and the accompanying prospectus. We
incorporate by reference into this prospectus supplement the
documents listed below and any future filings we make with the SEC
under Section 13(a), 13(c) 14 or 15(d) of the Securities Exchange
Act of 1934, as amended, until this offering is completed and all
securities are sold or until the sale of securities pursuant to
this prospectus supplement is terminated by us:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Annual Report on Form 10-K for the year
ended December 31, 2014 filed with the SEC on February&nbsp;27,
2015;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Report on Form 8-K filed with the SEC on
March 11, 2015;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our definitive proxy statement on Schedule 14A
filed with the SEC on June 9, 2014; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">The description of our common stock contained in
our Registration Statement on Form 8-A pursuant to Section 12(b) of
the Exchange Act, as originally filed on November 3, 2003 and as
thereafter amended.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-18</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Upon request, Bovie will provide, free of
charge, to each person to whom a prospectus supplement and
accompanying prospectus is delivered, including a beneficial owner,
a copy of any or all information that has been incorporated by
reference in the prospectus supplement and accompanying prospectus
but not delivered with the prospectus supplement and accompanying
prospectus. Any such request may be made orally or in writing to
Bovie&nbsp;Medical Corporation, 4 Manhattanville Road, Suite 106,
Purchase, New York 10577,
Attention:&nbsp;Peter&nbsp;L.&nbsp;Donato, CFO, Tel. No.: (914)
468-4009.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT LANG="EN-GB">WHERE YOU CAN FIND ADDITIONAL
INFORMATION</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. Our SEC
filings are available to the public over the Internet at the
SEC&rsquo;s website at www.sec.gov. You may also read and copy any
document we file at the SEC&rsquo;s public reference room at 100 F
Street, N.E., Washington, D.C. 205409. Please call the SEC at
1-800-SEC-0330 for further information on the public reference
room.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The registration statement to which this
prospectus supplement forms a part and the documents referred to
above under &ldquo;Incorporation of certain information by
reference&rdquo; are also available on our website at <FONT CLASS=
"nobreak" STYLE=
"mso-style-name: nobreak;">http://www.cvdequipment.com.</FONT> We
have not incorporated by reference into this prospectus supplement
and accompanying prospectus the information on our website, and you
should not consider it to be a part of this prospectus supplement
and accompanying prospectus.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
LEGAL MATTERS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The validity of the issuance of securities
offered hereby will be passed upon for us by Ruskin Moscou
Faltischek, P.C., Uniondale, New York. Certain legal matters will
be passed upon for the underwriter by Ellenoff Grossman &amp;
Schole, LLP, New York, New York.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
EXPERTS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"> <FONT LANG="EN-GB">The
consolidated financial statements incorporated in this prospectus supplement by reference from Bovie Medical
Corporation&rsquo;s Annual Report on Form l0-K for the year ended December 31, 2014 have been audited by Frazier&nbsp;Deeter,
LLC, independent registered public accountants, as stated in their report, which is incorporated herein by reference, and
have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and
auditing.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
S-19</P>
<P CLASS="H1" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;"><img src="logo.jpg" alt="logo"></FONT></FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 0in; line-height: normal; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 6.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">PROSPECTUS</FONT></FONT> <FONT LANG="EN-GB"><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">BOVIE MEDICAL
CORPORATION</FONT></FONT></P>
<P CLASS="H1" STYLE=
"margin-top: 6.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">$25,000,000</FONT></FONT><FONT LANG="EN-GB"><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Common Stock</FONT><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Preferred
Stock</FONT><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Debt
Securities</FONT><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Warrants</FONT><BR>
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">Units</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 5.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may offer and sell from time to time in one
or more offerings up to $25,000,000 in the aggregate of:</FONT></P>
<P CLASS="BLm" STYLE=
"margin-top: 4.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
shares of our common stock;</P>
<P CLASS="BLm" STYLE=
"margin-top: 4.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">shares of our preferred stock, in one or more
series;</FONT></P>
<P CLASS="BLm" STYLE=
"margin-top: 4.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">our debt securities, in one or more series,
which may be either senior or subordinated debt
securities;</FONT></P>
<P CLASS="BLm" STYLE=
"margin-top: 4.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">warrants to purchase shares of our common stock
or preferred stock;</FONT></P>
<P CLASS="BLm" STYLE=
"margin-top: 4.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">units consisting of shares of common stock, debt
securities and/or warrants to purchase shares of common stock
and/or debt securities in any combination; or</FONT></P>
<P CLASS="BLm" STYLE=
"margin-top: 4.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any combination of the foregoing.</P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Each time we offer securities, we will provide
the specific terms of the securities offered in one or more
supplements to this prospectus. We may also authorize one or more
free writing prospectuses to be provided to you in connection with
these offerings. The prospectus supplement and any related free
writing prospectus may also add, update or change information
contained in this prospectus. You should carefully read this
prospectus, the applicable prospectus supplement and any related
free writing prospectus, as well as any documents incorporated by
reference, before buying any of the securities being
offered.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The securities offered by this prospectus may be
sold directly by us to investors, through agents designated from
time to time or to or through underwriters or dealers. We will set
forth the names of any underwriters or agents and any applicable
fees, commissions, discounts and over-allotments in an accompanying
prospectus supplement. For additional information on the methods of
sale, you should refer to the section entitled &ldquo;Plan of
Distribution&rdquo; in this prospectus and in the applicable
prospectus supplement. The price to the public of such securities
and the net proceeds we expect to receive from such sale will also
be set forth in a prospectus supplement.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our common stock is listed on the NYSE MKT
Market under the symbol &ldquo;BVX.&rdquo; On December 12, 2014 the
last reported sale price of our common stock on the NYSE MKT Market
was $3.78 per share. As of December 12, 2014, the aggregate market
value of our outstanding common stock held by non-affiliates was
approximately $62,091,270. For purposes of this disclosure, shares
of common stock held by persons who are known by us to beneficially
own more than 5% of the outstanding shares of common stock and
shares held by officers and directors of the Registrant have been
excluded in that such persons may be deemed to be affiliates. We
have not offered any securities pursuant to General Instruction
I.B.6 of Form S-3 during the prior 12-calendar month period that
ends on, and includes, the date of this prospectus.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="letter-spacing: -.2pt;">INVESTING IN OUR SECURITIES INVOLVES
A HIGH DEGREE OF RISK. YOU SHOULD REVIEW CAREFULLY THE RISKS AND
UNCERTAINTIES REFERENCED UNDER THE HEADING
&ldquo;RISK&nbsp;FACTORS&rdquo; ON PAGE 11 OF THIS PROSPECTUS AS
WELL AS THOSE CONTAINED IN THE APPLICABLE PROSPECTUS SUPPLEMENT AND
ANY RELATED FREE WRITING PROSPECTUS, AND IN THE OTHER DOCUMENTS
THAT ARE INCORPORATED BY REFERENCE INTO THIS
PROSPECTUS.</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"margin-top: 4.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY
STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE
SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 5.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">THE DATE OF THIS PROSPECTUS IS DECEMBER 16,
2014.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
<P CLASS="H1" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; line-height: normal; mso-style-name: H1; text-align: center; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">TABLE
OF CONTENTS</FONT></FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto !important;">
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: MinionPro-Regular; color: black;'>
<FONT STYLE=
'font-size: 9.0pt; font-family: "Times New Roman","serif"; color: windowtext;'>
&nbsp;</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
<TD WIDTH="14%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 14.0%; border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">Page</FONT></FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="TCH" STYLE=
"line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="underline" STYLE=
"mso-style-name: underline; text-decoration: none;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
ABOUT THIS PROSPECTUS</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; border: none; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; border: none; border-top: solid windowtext 1.0pt; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
SUMMARY</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
4</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
10</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
RISK FACTORS</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
USE OF PROCEEDS</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
DESCRIPTION OF CAPITAL STOCK</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
DESCRIPTION OF DEBT SECURITIES</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
14</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
DESCRIPTION OF WARRANTS</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
DESCRIPTION OF UNITS</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
21</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
PLAN OF DISTRIBUTION</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
22</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
LEGAL MATTERS</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
EXPERTS</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
</TR>
<TR>
<TD WIDTH="82%" VALIGN="bottom" STYLE=
"width: 82.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbody" STYLE=
"line-height: normal; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">WHERE YOU CAN FIND ADDITIONAL
INFORMATION</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
"width: 2.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.0%; background: #CCEEFF; padding: 0in 0in 0in 0in;">
<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
"text-align: right; line-height: normal; mso-style-name: Tbody_centeralign; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
</TD>
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<FONT LANG="EN-GB">INCORPORATION OF CERTAIN INFORMATION BY
REFERENCE</FONT></P>
</TD>
<TD WIDTH="2%" VALIGN="bottom" STYLE=
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<P CLASS="Tbodycenteralign" ALIGN="right" STYLE=
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24</P>
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&nbsp;</P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
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2</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
ABOUT THIS PROSPECTUS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">This prospectus is part of a registration
statement on Form S-3 that we filed with the Securities and
Exchange Commission (the &ldquo;SEC&rdquo;), utilizing a
&ldquo;shelf&rdquo; registration process. Under this shelf
registration process, we may offer shares of our common stock and
preferred stock, various series of debt securities and/or warrants
to purchase any of such securities, either individually or in
units, in one or more offerings, up to a total dollar amount of
$25,000,000. However, in no event will we sell more than one-third
(1/3) of our &ldquo;public float&rdquo; (the market value of our
common stock held by non-affiliates) in any twelve (12) month
period. This prospectus provides you with a general description of
the securities we may offer. Each time we offer a type or series of
securities under this prospectus, we will provide a prospectus
supplement that will contain more specific information about the
specific terms of the offering. We may also authorize one or more
free writing prospectuses to be provided to you that may contain
material information relating to these offerings. Each such
prospectus supplement (and any related free writing prospectus that
we may authorize to be provided to you) may also add, update or
change information contained in this prospectus or in documents
incorporated by reference into this prospectus. We urge you to
carefully read this prospectus, any applicable prospectus
supplement and any related free writing prospectus, together with
the information incorporated herein by reference as described under
the headings &ldquo;Where You Can Find Additional
Information&rdquo; and &ldquo;Incorporation of Certain Information
by Reference&rdquo; before buying any of the securities being
offered. <FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;">THIS PROSPECTUS MAY NOT
BE USED TO OFFER OR SELL SECURITIES UNLESS IT IS ACCOMPANIED BY A
PROSPECTUS SUPPLEMENT</FONT>.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">You should rely only on the information
contained or incorporated by reference in this prospectus, any
applicable prospectus supplement and any related free writing
prospectus. We have not authorized anyone to provide you with
different information in addition to or different from that
contained in this prospectus, any applicable prospectus supplement
and any related free writing prospectus. No dealer, salesperson or
other person is authorized to give any information or to represent
anything not contained in this prospectus, any applicable
prospectus supplement or any related free writing prospectus that
we may authorize to be provided to you. You must not rely on any
unauthorized information or representation. This prospectus is an
offer to sell only the securities offered hereby, but only under
circumstances and in jurisdictions where it is lawful to do so. You
should assume that the information in this prospectus, any
applicable prospectus supplement or any related free writing
prospectus is accurate only as of the date on the front of the
document and that any information incorporated by reference is
accurate only as of the date of the document incorporated by
reference, regardless of the time of delivery of this prospectus,
any applicable prospectus supplement or any related free writing
prospectus, or any sale of a security.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">This prospectus contains summaries of certain
provisions contained in some of the documents described herein, but
reference is made to the actual documents for complete information.
All of the summaries are qualified in their entirety by the actual
documents. Copies of some of the documents referred to herein have
been filed, will be filed or will be incorporated by reference as
exhibits to the registration statement of which this prospectus is
a part, and you may obtain copies of those documents as described
below under the heading &ldquo;Where You Can Find Additional
Information.&rdquo;</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
3</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
SUMMARY</P>
<P CLASS="Textflush" STYLE=
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<FONT LANG="EN-GB">The following summary highlights selected
information from this prospectus or incorporated by reference in
this prospectus. This summary does not contain all the information
you should consider before investing in our securities. You should
carefully read the entire prospectus, the applicable prospectus
supplement and any related free writing prospectus, including the
risks of investing in our securities referred to under the heading
&ldquo;Risk Factors&rdquo; in this prospectus and contained in the
applicable prospectus supplement and any related free writing
prospectus, and in the other documents that are incorporated by
reference into this prospectus. You should also carefully read the
information incorporated by reference into this prospectus,
including our financial statements, and the exhibits to the
registration statement of which this prospectus is a
part.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">General</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Bovie Medical Corporation
(&ldquo;Company&rdquo;, &ldquo;Bovie Medical&rdquo;,
&ldquo;we&rdquo;, &ldquo;us&rdquo;, or &ldquo;our&rdquo;) was
incorporated in 1982, under the laws of the State of Delaware and
has its principal executive office at 4 Manhattanville Road, Suite
#106, Purchase, New York 10577.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are an energy-based medical device company
specializing in developing, manufacturing, and marketing a range of
electrosurgical products and technologies as well as related
medical products used in doctor&rsquo;s offices, surgery centers
and hospitals worldwide. Our medical devices are marketed through
Bovie&rsquo;s own well-respected brands (Bovie<SUP>&reg;</SUP>,
Aaron<SUP>&reg;</SUP>, IDS&trade; and ICON&trade;) and on a private
label basis to distributors throughout the world. The Company also
leverages its expertise in the design, development and
manufacturing of electrosurgical equipment by producing equipment
for large, well known medical device manufacturers through original
equipment manufacturing (OEM) agreements.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are also the developer of
J-Plasma<SUP>&reg;</SUP>, a patented new plasma-based surgical
product; which we believe has the potential to be a
transformational product for surgeons. J-Plasma<SUP>&reg;</SUP>
utilizes a helium ionization process that produces a stable,
focused beam of ionized gas that provides surgeons with greater
precision, minimal invasiveness and an absence of conductive
currents during surgery. While currently in the early stages of
commercialization, J-Plasma<SUP>&reg;</SUP> has been the subject of
four independent white papers and has been cited therein for its
ability to achieve improved outcomes in gynecological surgeries and
dermatologic/facial plastic surgery procedures.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Industry</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Healthcare reform has caused consolidation among
providers, with hospitals merging, physician practices joining
hospitals and institutions combining to form Accountable Care
Organizations to manage patients on an interdisciplinary basis.
Although the medical device industry can be challenging and very
competitive, we believe it will continue to have a positive long
term growth trajectory with the number of surgical procedures
performed increasing annually as a result of the aging &ldquo;baby
boomer&rdquo; population and other healthcare trends. Additionally,
we also anticipate a continued increase in minimally invasive
surgical procedures due to ongoing advancements in technology
coupled with continued overall pressure to reduce healthcare costs
via a reduction in patient trauma and recovery time. Expanding
global markets will also continue to provide growth opportunities
for the medical device industry.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We believe that Bovie Medical has sustainable,
competitive advantages in the medical device market for several
reasons. We have a long history in electrosurgery. In fact, our
inspiration dates back to the first use of an electrosurgical
generator in an operating room in the U.S. in 1926 where Dr.
William T. Bovie was present. Thus, the Bovie name is recognized by
surgeons the world over for having pioneered the electrosurgery
field and is recognized for its outstanding product quality
supported by strong engineering and research and development
capabilities. We believe that our equipment and devices have and
will continue to provide better outcomes for patients at a lower
cost to the healthcare system.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Business Strategy</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In December 2013, Robert L. Gershon was
appointed as Chief Executive Officer and a member of our Board of
Directors and was charged with developing a growth strategy for
Bovie and bringing together a management team comprised of existing
and new executives. Over the course of 2014, the leadership team at
Bovie has taken shape, and we have devoted significant time to
evaluating the Company&rsquo;s competitive positioning, product
pricing, sales and</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
4</P>
<P CLASS="Textflush" STYLE=
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<FONT LANG="EN-GB">marketing programs and research and development
portfolio. Through these efforts, we have been able to fine-tune
our business strategy and work toward building a platform for long
term success.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB" STYLE="letter-spacing: -.05pt;">Our objective is
to achieve profitable, sustainable growth by increasing our market
share in the advanced energy category, including the
commercialization of products that have the potential to be
transformational with respect to the results they produce for
surgeons and patients. In order to achieve this objective, we plan
to leverage our long history in the industry, along with the
reputation for quality and reliability that the Bovie brand enjoys
within the medical community. At the same time, we will expand our
energy products beyond radio frequency, move forward with research
and developments projects aimed at creating value within our
existing product portfolio and building our pipeline of new
complementary products, and utilize multiple channels to bring new
and existing products to market.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are working to build our position in advanced
electrosurgical generators and disposables, which can be used in
diversified niche markets with minimally invasive surgical
instruments, while furthering our status as a pioneer in plasma
technology and its various medical applications.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">For the first nine months of 2014, our core/OEM
product sales, which include electrosurgery generators and
electrodes continued to trend upward compared to the prior year,
posting an increase of over 15% over the similar period in 2013.
Additionally, we completed the development of our new DERM&trade;
101, DERM&trade; 102, and IDS&trade; 310 products, which
represented the first new product launch in our core portfolio in
several years and demonstrated Bovie&rsquo;s commitment to
leadership in this space. Also in October 2014, we submitted a
510(K) application for the Bovie Ultimate&trade;, a generator that
combines J-Plasma<SUP>&reg;</SUP> technology with the advanced
standard features of the highest wattage operating room
electrosurgical generator. On December 12, 2014 the 510(K) was
approved.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our J-Plasma<SUP>&reg;</SUP> product received
FDA approval in 2012, and we are applying for a CE mark, which
would enable us to sell the product in Europe as well. While
J-Plasma<SUP>&reg;</SUP> is currently in the commercialization
process, several important milestones have been achieved to date in
2014, and sales of J-Plasma<SUP>&reg;</SUP> have gained momentum
throughout 2014. Third quarter 2014 sales of $91,000 were twice
those of the first half of the year, and for the first nine months
of 2014, J-Plasma<SUP>&reg;</SUP> sales reached $136,174 up
substantially from the similar period in 2013. At the end of Q3
2014, we had 14 ordering accounts and our systems were being
evaluated by over 20 Hospital Value Analysis Committees (VACs). We
also had a direct sales force of 15 dedicated to driving adoption
of J-Plasma<SUP>&reg;</SUP> compared to one person at the beginning
of 2014, and our direct sales force was supplemented by a cadre of
20 independent manufacturers&rsquo; representatives.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">J-Plasma<SUP>&reg;</SUP> was recognized by the
Society of Laparoendoscopic Surgeons (SLS) as an Innovative Product
of the Year at their annual meeting in September 2014. SLS is an
educational, non-profit organization established to ensure the
highest standards for the practice of laparoscopic, endoscopic and
minimally invasive surgery. Each year, SLS recognizes the most
innovative products of the last 12 months that have a broad
application in minimally invasive surgery.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are continuing to make substantial
investments in the development and marketing of our
J-Plasma<SUP>&reg;</SUP> technology for the long term benefit of
the Company and its stakeholders, and this may adversely affect our
short term profitability and cash flow, particularly over the next
12 to 24 months. While we believe that these investments have the
potential to generate additional revenues and profits in the
future, there can be no assurance that J-Plasma<SUP>&reg;</SUP>
will be successful or that such future revenues and profitability
will be realized. From June of 2010 through December 31, 2013, we
invested approximately $2.9 million in the development and
marketing of our J-Plasma<SUP>&reg;</SUP> technology and a total of
approximately $1.8 million through the first nine months of 2014,
bringing the total investment to approximately $4.7 million since
inception.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Significant Subsidiaries</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Aaron Medical Industries, Inc. is a wholly-owned
Florida corporation based in Clearwater, Florida. It is principally
engaged in the business of marketing our medical
products.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Company Products</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We group our products into three main
categories: electrosurgery, cauteries, and other products.
Information regarding sales by product categories and related
percentages can be found in our annual and quarterly reports filed
with the SEC. We manufacture and market various medical products,
both under private label and the Bovie</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
5</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">brands (Bovie<SUP>&reg;</SUP>,
Aaron<SUP>&reg;</SUP>, IDS&trade;, ICON&trade; and DERM&trade;), to
distributors worldwide. Additionally, Bovie has original equipment
manufacturing (OEM) agreements with other medical device
manufacturers. These OEM and private label arrangements and our use
of the Bovie brands enable us to gain greater market share for the
distribution of our products.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Electrosurgery Products</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Electrosurgery is our largest product line and
includes desiccators, generators, electrodes, electrosurgical
pencils and various ancillary disposable products. These
electrosurgical products are used during surgical procedures in
gynecology, urology, plastic surgery, dermatology, veterinary, and
other surgical markets for the cutting and coagulation of tissue.
It is estimated that 80% of all surgical procedures performed
worldwide are conducted by electrosurgery. Our electrosurgery
products fall under two categories, monopolar and bipolar.
Monopolar products require the use of a grounding pad attached to
the patient for the return of the electrical current, while bipolar
products consist of two electrodes; one for the inbound current and
one for the return current and therefore do not require the use of
a grounding pad.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">DERM&trade;101 and DERM&trade; 102</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">This effective and economical 10 watt high
frequency desiccator provides a low wattage platform for minor
in-office skin procedures. We designed this product specifically
for family practice physicians, pediatricians and other general
practitioners, enabling them to perform simple skin procedures in
their offices instead of referring the patient to a specialist
saving the patient time and increasing the cash flow for the
physician.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Aaron</FONT></FONT><SUP><FONT LANG=
"EN-GB">&reg;</FONT></SUP><FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB"> 940/ Aaron</FONT></FONT><SUP><FONT LANG=
"EN-GB">&reg;</FONT></SUP><FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB"> 950 / Aaron</FONT></FONT> <SUP><FONT LANG=
"EN-GB">&reg;</FONT></SUP><FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB"> 1250U</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The Aaron<SUP>&reg;</SUP> 940 is a
Bovie<SUP>&reg;</SUP> developed, low powered 40 watt high frequency
desiccator, designed primarily for dermatology and family practice
physicians. The units are used mainly for removing small skin
lesions and growths as well as for coagulation for office based
procedures.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The Aaron<SUP>&reg;</SUP> 950 is a 60 watt high
frequency desiccator with the added feature of a cut capacity for
outpatient surgical procedures. In effect, the 950 is two
independent surgical devices in one small package. It is designed
mainly for use in doctors&rsquo; offices and is utilized in a broad
range of specialties including dermatology, gynecology, family
practice, urology, plastic surgery and ophthalmology.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The Aaron<SUP>&reg;</SUP> 1250U is a 120-watt
multipurpose electrosurgery generator. The unit features monopolar
and bipolar functions with pad sensing. This product is considered
to be ideally suited for office-based procedures in the specialties
of gynecology, plastic surgery and urology.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Aaron</FONT></FONT><SUP><FONT LANG=
"EN-GB">&reg;</FONT></SUP><FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">2250 / 3250 and IDS</FONT></FONT><FONT LANG="EN-GB">&trade;
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">200 / 300 /
400</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">To address market demand for more powerful
electrosurgical generators, Bovie<SUP>&reg;</SUP> has developed
200, 300 and <FONT CLASS="nobreak" STYLE=
"mso-style-name: nobreak;">400-watt</FONT> multipurpose digital
electrosurgery generators designed for the rapidly expanding
surgi-center market and the hospital outpatient and inpatient
markets. This equipment includes digital hardware that enables very
high parallel data processing throughout the operation or
procedure. All data is sampled and processed digitally. For the
first time in electrosurgery, surgeons are able to measure tissue
impedance in real time (5,000 times a second) thanks to the
utilization of digital technology. The design of these units has
been based on a digital feedback system. By using dedicated digital
hardware in place of a general purpose controller for processing
data, our equipment enables the power to be adjusted as the
impedance varies, to deliver a consistent clinical
effect.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The IDS&trade; 200 / Aaron<SUP>&reg;</SUP> 2250
are 200-watt generators that have the capability to be used in the
majority of procedures performed today in surgi-center or
outpatient settings. Although 200 watts is more than enough power
to do most procedures in the operating room, 300 watts is
considered the standard and believed to be what most hospitals and
surgi-centers will require. To meet this requirement, we developed
the IDS&trade; 300/ Aaron<SUP>&reg;</SUP> 3250.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">IDS&trade; 310 / 210 and Aaron<SUP>&reg;</SUP>
3350 / 2350 are the next generation of surgi-center and operating
room generators. These units incorporate the best features of the
IDS&trade; 300 and upgrade its capabilities by providing additional
bipolar options, including the 225 watt Bovie bipolar feature and
an auto bipolar feature. The 300 watt units also offer two pencils
with simultaneous activation in fulguration mode.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
6</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The Bovie<SUP>&reg;</SUP> IDS&trade; 400 is a
400 watt generator designed primarily for sale in markets outside
of the United States. These units feature both monopolar and
bipolar functions, have pad and tissue sensing, and include nine
blended cutting settings.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">The ICON</FONT></FONT><FONT LANG="EN-GB">&trade;
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">Platform</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The ICON&trade; product lines are innovative,
custom designed specialty electrosurgical generators that
incorporate an easy to use touch-screen interface that provides the
user with added flexibility through various digitally built-in
modes. In addition, the ICON&trade; product line was designed to
enhance safety and convenience by protecting against pad burns by
using split pads. It features specialized error messaging to
prevent misinterpretation, allows for rapid troubleshooting, and
has specialized audible alerts to indicate improper cable
connections. The ICON&trade; line represents a new platform for
Bovie, which we can leverage in the future to expand our portfolio
of specialized generators as well as to offer upgrades to our
existing units, with shorter times-to-market and lower development
costs.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT LANG="EN-GB">The <FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">ICON</FONT>&trade;
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">GI, ICON&trade;
GP</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The ICON&trade; GI is designed for the
gastrointestinal (&ldquo;GI&rdquo;) niche market, while the
ICON&trade; GP is designed for a more general purpose operations
and procedures performed in hospital operating rooms, surgery
centers, etc.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Electrosurgical Disposables</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Resistick</FONT></FONT><FONT LANG="EN-GB">&trade;
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">II</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Resistick&trade; II is a trademarked and
proprietary coating that is applied to stainless steel that resist
eschar (scab or scar tissue caused by burning) during surgery. We
have experienced strong demand for this product since its
introduction in 2011, and it represents our continued expansion of
the Bovie<SUP>&reg;</SUP> line of electrosurgical
disposables.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Disposable Laparoscopic Electrodes</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We are introducing a line of disposable
laparoscopic electrodes in the first quarter of 2015 in
Resitick&trade; coated and stainless steel for use by physicians
from a broad group of specialties including gynecology, general
surgery and urology[A1] . These electrodes will be offered in
J-hook, L-hook, needle, ball and spatula design and have an adapter
included which makes these laparoscopic electrodes usable with a
3/32&rdquo; or 4mm plug.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Cauteries</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Battery Operated Cauteries</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Battery operated cauteries constitute our second
largest product line. Cauteries were originally designed for
precise hemostasis (to stop bleeding) in ophthalmology. The current
use of cauteries has been substantially expanded to include a broad
range of applications, including: sculpting woven grafts in bypass
surgery, vasectomies, and for arresting bleeding in many types of
surgery. Battery operated cauteries are primarily sterile one-time
use products. We have continued to improve our offering and now
have a snap design cautery which has a patent pending. It features
a switch mechanism that dramatically reduces the potential of
accidental activation from improper disposal. We manufacture one of
the broadest lines of cauteries in the world, including but not
limited to, a line of replaceable battery and tip cauteries, which
are popular in overseas markets.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Other
Products</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Battery Operated Medical Lights</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We manufacture and market a variety of specialty
lighting instruments for use in ophthalmology as well as specialty
lighting instruments for general surgery, hip replacement surgery
and for the placement of endotracheal tubes in emergency and
surgical procedures. We also manufacture and market
physicians&rsquo; office use penlights.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
7</P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Nerve Locator Stimulator</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We manufacture a nerve locator stimulator
primarily used for identifying motor nerves in hand and facial
reconstructive surgery. This instrument is a sterile,
self-contained, battery-operated unit, for one time use.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">J-Plasma Products</FONT></FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">Capital-ICON</FONT></FONT><FONT LANG="EN-GB">&trade;
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">GS</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Bovie&rsquo;s J-Plasma<SUP>&reg;</SUP>
technology is the foundation for the ICON&trade; GS plasma system,
which utilizes a helium ionization process producing a stable thin
focused beam of ionized gas that can be controlled in a wide range
of temperatures and intensities, providing the surgeon greater
control and predictability with minimal thermal damage to
surrounding tissue. The development of this new helium system
generator also includes the design of a new proprietary
handpiece.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The newly 510(K) approved Bovie Ultimate&trade;
generator will replace the ICON&trade;GS plasma system. In addition
to the J-Plasma<SUP>&reg;</SUP> technology, the Bovie
Ultimate&trade; will have the IDS&trade; 310 capability, offering
users monopolar, bipolar and plasma features, all in one
generator.</FONT></P>
<P CLASS="H4" STYLE=
"mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Italic; color: black; font-style: italic;">
<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;"><FONT LANG=
"EN-GB">J-Plasma Disposable Portfolio</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We offer different hand pieces for open and
laparoscopic procedures. The helium based plasma generated from
these devices have been proven to cause less thermal damage to
tissue than C02 laser, argon plasma and RF energy products
currently available on the market.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The most recent product launched in the
J-plasma<SUP>&reg;</SUP> portfolio is the Pistol Grip handle. This
product offers improved ergonomics over the predecessor and is
providing an increased rate adoption of the technology. We continue
to solicit customer feedback. Bovie will continue to launch
products from a rich pipeline that will allow surgeons to treat
patients from a variety of surgical specialties.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The technology has a broad approval/indication
and can be used on all soft tissue. The three primary specialties
that are targeted in phase one of the product launch are
gynecology, dermatology and plastic surgery. However, given the
wide range of tissue applications for J-Plasma<SUP>&reg;</SUP> we
are engaged in ongoing development to create products for the
gastrointestinal, general, urology, ear, nose &amp; throat, and
cardiovascular surgery specialties as well as wound
management.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The advantages of cold plasma continue to be
studied throughout the medical and scientific communities. We
believe that surgical applications are just one area of opportunity
for this technology.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Research and Development and New Products</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our research and development activities are an
essential component of our efforts to develop new innovative
products for introduction in the marketplace to drive sales growth.
We continue to emphasize the development of proprietary products
and product improvements to complement and expand our existing
product lines. During the first nine months of 2014, we spent over
$1 million dollars in R&amp;D versus $938,000 during the same
period of 2013, an increase of approximately 9%. In 2014, we hired
a Director of Research and Development (R&amp;D), and we maintain
close working relationships with physicians and medical personnel
in hospitals and universities who assist in product research and
areas of development. Bovie products produced in 2014 thanks to our
internal research and development activities include: the J-Plasma
Pistol Grip, the DERM&trade; 101 and DERM&trade; 102, the
IDS&trade; 310 and 210 and the Aaron<SUP>&reg;</SUP> 3350 and 2350.
Approximately one-third of our R&amp;D spending is related to
further developing our J-Plasma<SUP>&reg;</SUP> product
line.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Sales
&amp; Marketing</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The majority of our core products are marketed
through medical distributors, which distribute to more than
6,000&nbsp;hospitals and to doctors and other healthcare
facilities. New distributors are contacted through responses to our
advertising in international and domestic medical journals and our
presence at domestic and international trade shows. International
sales represented approximately 14% of total revenues for the first
nine months of 2014,</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
8</P>
<P CLASS="Textflush" STYLE=
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<FONT LANG="EN-GB">compared to approximately 17% for full year
2013. Our products are sold in more than 150 countries through
local dealers that are coordinated by sales and marketing personnel
at our Clearwater, Florida facility.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">During 2014, we commenced full scale
commercialization efforts for J-Plasma<SUP>&reg;</SUP>. As such; as
of this date we have increased our direct sales force to 15
field-based selling professionals, and coupled with our independent
manufacturing representatives give us a total sales force of 35.
This is a hospital based selling organization with its focus on the
use of J-Plasma<SUP>&reg;</SUP> for operating room procedures. In
addition, we have invested in training programs and
marketing-related activities to support accelerated adoption of
J-Plasma<SUP>&reg;</SUP>.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">The
Securities We May Offer</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may offer shares of our common stock, various
series of debt securities and/or warrants to purchase any of such
securities, either individually or in units, with a total value of
up to $25,000,000 from time to time under this prospectus at prices
and on terms to be determined at the time of any offering. This
prospectus provides you with a general description of the
securities we may offer. Each time we offer a type or series of
securities under this prospectus, we will provide a prospectus
supplement that will describe the specific amounts, prices and
other important terms of the securities, including, to the extent
applicable:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
designation or classification;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">aggregate principal amount or aggregate offering
price;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
maturity, if applicable;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
original issue discount, if any;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">rates and times of payment of interest or
dividends, if any;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">redemption, conversion, exercise, exchange or
sinking fund terms, if any;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">preferences over other classes of our
securities, if any;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
restrictive covenants, if any;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
voting or other rights, if any;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">conversion or exchange prices or rates, if any,
and, if applicable, any provisions for changes to or adjustments in
the conversion or exchange prices or rates and in the securities or
other property receivable upon conversion or exchange;
and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">important United States federal income tax
considerations.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The prospectus supplement and any related free
writing prospectus that we may authorize to be provided to you may
also add, update or change information contained in this prospectus
or in documents we have incorporated by reference. However, no
prospectus supplement or free writing prospectus will offer a
security that is not registered and described in this prospectus at
the time of the effectiveness of the registration statement of
which this prospectus is a part.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Common Stock.&emsp;We may issue shares of our
common stock from time to time. Holders of shares of common stock
are entitled to one vote for each share on all matters to be voted
on by the shareholders, and do not have cumulative voting rights.
Subject to the preferences that may be applicable to any then
outstanding shares of preferred stock, holders of shares of common
stock are entitled to share ratably in dividends, if any, as may be
declared from time to time by the Board of Directors in its
discretion, from funds legally available therefore. In the event of
our liquidation, dissolution or winding up, holders of our common
stock will be entitled to share ratably in the net assets legally
available for distribution to shareholders after the payment of all
of our debts and other liabilities. Subject to the satisfaction of
any liquidation preference granted to the holders of any
outstanding shares of preferred stock, holders of common stock have
no preemptive or other subscription rights, and there are no
conversion rights or redemption with respect to such
shares.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Preferred Stock.&emsp;We may issue shares of our
preferred stock from time to time, in one or more series. The
rights, preferences and privileges of the shares of each wholly
unissued series, and any qualifications, limitations</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
9</P>
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<FONT LANG="EN-GB">or restrictions thereon, including dividend
rights, conversion rights, preemptive rights, terms of redemption
or repurchase, liquidation preferences, sinking fund terms and the
number of shares constituting any series or the designation of any
series would be set forth in a Certificate of Designations which
would be filed with the Delaware Secretary of State. Convertible
preferred stock will be convertible into our common stock or
exchangeable for other securities. Conversion may be mandatory or
at your option and would be at prescribed conversion
rates.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Debt Securities.&emsp;We may issue debt
securities from time to time, in one or more series, as either
senior or subordinated debt or as senior or subordinated
convertible debt. The senior debt securities will rank equally with
any other unsecured and unsubordinated debt. The subordinated debt
securities will be subordinate and junior in right of payment, to
the extent and in the manner described in the instrument governing
the debt, to all of our senior indebtedness. Convertible debt
securities will be convertible into or exchangeable for our common
stock or other securities. Conversion may be mandatory or at your
option and would be at prescribed conversion rates.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The debt securities will be issued under one or
more documents called indentures, which are contracts between us
and a national banking association or other eligible party, as
trustee. In this prospectus, we have summarized certain general
features of the debt securities. We urge you, however, to read the
applicable prospectus supplement (and any free writing prospectus
that we may authorize to be provided to you) related to the series
of debt securities being offered, as well as the complete
indentures that contain the terms of the debt securities. A form of
indenture has been filed as an exhibit to the registration
statement of which this prospectus is a part, and supplemental
indentures and forms of debt securities containing the terms of the
debt securities being offered will be filed as exhibits to the
registration statement of which this prospectus is a part or will
be incorporated by reference from reports we file with the
SEC.</FONT></P>
<P CLASS="Textflush" STYLE=
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<FONT LANG="EN-GB">Warrants.&emsp;We may issue warrants for the
purchase of common stock, preferred stock and/or debt securities in
one or more series. We may issue warrants independently or together
with common stock, preferred stock and/or debt securities, and the
warrants may be attached to or separate from these securities. In
this prospectus, we have summarized certain general features of the
warrants. We urge you, however, to read the applicable prospectus
supplement (and any free writing prospectus that we may authorize
to be provided to you) related to the particular series of warrants
being offered, as well as the complete warrant agreements and/or
warrant certificates that contain the terms of the
warrants.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Units<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">.</FONT>&emsp;We may
issue, in one or more series, units consisting of common stock,
preferred stock debt securities and/or warrants for the purchase of
common stock, preferred stock and/or debt securities in any
combination. In this prospectus, we have summarized certain general
features of the units. We urge you, however, to read the applicable
prospectus supplement (and any free writing prospectus that we may
authorize to be provided to you) related to the series of units
being offered, as well as the complete unit agreement that contains
the terms of the units.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may evidence each series of units by unit
certificates that we will issue. Units may be issued under a unit
agreement that we enter into with a unit agent. We will indicate
the name and address of the unit agent, if applicable, in the
prospectus supplement relating to the particular series of units
being offered.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT LANG="EN-GB">CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></P>
<P CLASS="Textflush" STYLE=
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<FONT LANG="EN-GB">This prospectus contains forward-looking
statements within the meaning of Section 27A of the Securities Act
regarding our business, financial condition, results of operations
and prospects. Words such as expects, anticipates, intends, plans,
believes, seeks, estimates and similar expressions or variations of
such words are intended to identify forward-looking statements.
However, these are not the exclusive means of identifying
forward-looking statements. Although forward-looking statements
contained in this prospectus reflect our good faith judgment, such
statements can only be based on facts and factors currently known
to us. Consequently, forward-looking statements are inherently
subject to risks and uncertainties, and actual outcomes may differ
materially from the results and outcomes discussed in the
forward-looking statements. Further information about the risks and
uncertainties that may impact us are described or incorporated by
reference in &ldquo;Risk Factors&rdquo; below. You should read that
section carefully. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
prospectus. We undertake no obligation to update publicly any
forward-looking statements in order to reflect any event or
circumstance occurring after the date of this prospectus or
currently unknown facts or conditions or the occurrence of
unanticipated events. In addition, our past results are not
necessarily indicative of future results, thus, we cannot guarantee
future results, levels of activity, performance or
achievements.</FONT></P>
<P CLASS="LRH" STYLE=
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10</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
RISK FACTORS</P>
<P CLASS="Textflush" STYLE=
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<FONT LANG="EN-GB">Investing in our securities involves significant
risks. You should review carefully the risks and uncertainties
described under the heading &ldquo;Risk Factors&rdquo; contained
in, or incorporated into, the applicable prospectus supplement and
any related free writing prospectus, and under similar headings in
the other documents that are incorporated by reference herein or
therein. Each of the referenced risks and uncertainties could
adversely affect our business, operating results and financial
condition, as well as adversely affect the value of an investment
in our securities. Additional risks and uncertainties not known to
us or that we believe are immaterial may also adversely affect our
business, operating results and financial condition and the value
of an investment in our securities.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
USE OF PROCEEDS</P>
<P CLASS="Textflush" STYLE=
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<FONT LANG="EN-GB">Unless otherwise indicated in the applicable
prospectus supplement, we currently intend to use the net proceeds
from the sale of securities offered by this prospectus for the
continued development and marketing of our J-Plasma<SUP>&reg;</SUP>
technology and for working capital and other general corporate
purposes, including capital expenditures, facilities expansion,
acquisitions of complementary products, technologies or businesses
and repaying indebtedness we may incur from time to time. The
timing and amount of our actual expenditures will be based on many
factors, including cash flows from operations and the anticipated
growth of our business. As a result, unless otherwise indicated in
the prospectus supplement, our management will have broad
discretion to allocate the net proceeds of the
offerings.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
DESCRIPTION OF CAPITAL STOCK</P>
<P CLASS="Textflush" STYLE=
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<FONT LANG="EN-GB">The following is only a summary of the material
terms of our common stock and preferred stock. Because it is only a
summary, it does not contain all the information that may be
important to you. Accordingly, you should carefully read the more
detailed provisions of our certificate of incorporation, as
amended, and our by-laws, each of which has been filed with the
SEC, as well as applicable provisions of Delaware law.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Authorized Capitalization</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our authorized capital stock consists of
40,000,000 shares of Common Stock, par value $0.001 per share, and
10,000,000 shares of &ldquo;blank check&rdquo; Preferred Stock, par
value $.001 per share. As of December 10, 2014, there were
17,981,516 shares of common stock issued and 17,838,437 shares
outstanding held by approximately 612&nbsp;stockholders of record
and over 2,034 beneficial owners; and 3,500,000 shares of Series A
6% Convertible Preferred Stock (&ldquo;Series A Preferred
Stock&rdquo;) held by 6 holders.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Common Stock</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Holders of shares of common stock are entitled
to one vote for each share on all matters to be voted on by the
stockholders, and do not have cumulative voting rights, subject to
the preferences that may be applicable to any then outstanding
shares of preferred stock. Holders of shares of common stock are
entitled to share ratably in dividends, if any, as may be declared
from time to time by the Board of Directors in its discretion, from
funds legally available therefore. In the event of our liquidation,
dissolution or winding up, holders of our common stock will be
entitled to share ratably in the net assets legally available for
distribution to shareholders after the payment of all of our debts
and other liabilities. Holders of common stock have no preemptive
or other subscription rights, and there are no conversion rights or
redemption with respect to such shares.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Preferred Stock</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our certificate of incorporation, as amended,
provides that our Board of Directors has the authority, without
further action by the stockholders, to issue up to a specified
number of shares of preferred stock in one or more series and to
fix the rights, preferences, privileges and restrictions of this
preferred stock, including dividend rights, conversion rights,
voting rights, terms of redemption, liquidation preferences,
sinking fund terms and the number of shares constituting any series
or the designation of a series, without further vote or action by
the stockholders.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we issue preferred stock, our Board of
Directors would fix the rights, preferences, privileges and
restrictions of the preferred stock of each series in a Certificate
of Designations relating to that series. We will incorporate by
reference as an exhibit to the registration statement that includes
this prospectus or as an exhibit to a current report</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
11</P>
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<FONT LANG="EN-GB">on Form&nbsp;8-K, the form of any Certificate of
Designations that describes the terms of the series of preferred
stock we are offering before the issuance of the related series of
preferred stock. This description will include:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the title and stated value;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the number of shares we are offering;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the liquidation preference per share;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the purchase price;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the dividend rate, period and payment date and
method of calculation for dividends;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">whether dividends will be cumulative or
non-cumulative and, if cumulative, the date from which dividends
will accumulate;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the procedures for any auction and remarketing,
if any;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the provisions for a sinking fund, if
any;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the provisions for redemption or repurchase, if
applicable, and any restrictions on our ability to exercise those
redemption and repurchase rights;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any listing of the preferred stock on any
securities exchange or market;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">whether the preferred stock will be convertible
into our common stock, and, if applicable, the conversion price, or
how it will be calculated, and the conversion period;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">voting rights, if any, of the preferred
stock;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
preemption rights, if any;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">restrictions on transfer, sale or other
assignment, if any;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">a discussion of any material or special United
States federal income tax considerations applicable to the
preferred stock;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the relative ranking and preferences of the
preferred stock as to dividend rights and rights if we liquidate,
dissolve or wind up our affairs;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any limitations on issuance of any class or
series of preferred stock ranking senior to or on a parity with the
series of preferred stock as to dividend rights and rights if we
liquidate, dissolve or wind up our affairs; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any other specific terms, preferences, rights or
limitations of, or restrictions on, the preferred stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The issuance of preferred stock, whether
pursuant to this offering or otherwise, could adversely affect the
voting power, conversion or other rights of holders of our common
stock. Preferred stock could be issued quickly with terms designed
to delay or prevent a change in control of our company or make
removal of management more difficult. Additionally, the issuance of
preferred stock may have the effect of decreasing the market price
of our common stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">On December 13, 2013, the Company filed a
Certificate to Set Forth Designations, Voting Powers, Preferences,
Limitations, Restrictions, and Relative Rights (the <FONT CLASS=
"italic" STYLE=
"mso-style-name: italic; font-style: italic;">&ldquo;</FONT>Certificate
of Designations&rdquo;) of its Series A Preferred Stock with the
Secretary of State of the State of Delaware to amend our articles
of incorporation. As of December 10, 2014, there were 3,500,000
shares of Series A Preferred Stock issued and outstanding. The
following is a summary of the rights, privileges and preferences of
the Series A Preferred Stock:</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-left: 24.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Number of Shares.&emsp;The number of shares of
Preferred Stock designated as Series A Preferred Stock is
3,500,000,000 (which shall not be subject to increase without the
written consent of all of the holders of the Series A Preferred
Stock).</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
12</P>
<P CLASS="Textflush" STYLE=
"margin-left: 24.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Stated Value<FONT CLASS="italic" STYLE=
"mso-style-name: italic; font-style: italic;">:</FONT>&emsp;The
initial Stated Value of each share of Series A Preferred Stock is
$2.00 (as adjusted pursuant to the Certificate of
Designation).</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-left: 24.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Conversion:&emsp;The Series A Preferred Stock
shall be convertible at the option of the holder, into common stock
on a one-for-one basis, subject to adjustments for stock dividends,
splits, combinations and similar events as described in the form of
Certificate of Designations. In addition, the Company has the right
to require the holders to convert to common stock under certain
enumerated circumstances.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-left: 24.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Redemption:&emsp;At any time after the 48 month
anniversary of the date of issuance of the Series A Preferred
Stock, each share of Series A Preferred Stock shall be redeemable
at the option of the holder thereof, for an amount equal to the
Stated Value (the &ldquo;Redemption Amount&rdquo;). The Company
shall pay the Redemption Amount as follows: (i) one third of such
amount not later than five business days following the applicable
Redemption Date (as defined in the Certificate of Designations);
(ii) one third of such amount one year following the applicable
Redemption Date; and (iii) one third of such amount two years
following the applicable Redemption Date; provided, however, that
if the applicable Redemption Date is a date following the eighty
fourth (84th) anniversary of the issuance of the Series A Preferred
Stock, the entire redemption amount shall be payable in one single
payment.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-left: 24.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Dividends:&emsp;Dividends shall accrue on each
share of Series A Preferred Stock at the rate of 6% of the stated
value per year, compounded annually, whether or not declared. The
holders of the Series A Preferred Stock, following notice, have the
right to be paid an amount equal to one third of all accrued and
unpaid dividends&nbsp;on the following dates: (i) the 48th month
following the issuance of the Series A Preferred Stock; (ii)
the&nbsp;60<FONT CLASS="superscript" STYLE=
"font-size: 6pt !important; mso-style-name: superscript; vertical-align: super;">th</FONT>&nbsp;month
following the issuance of the Series A Preferred Stock and (iii)
the 72nd month following the issuance of the Series A Preferred
Stock.</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-left: 24.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Voting Rights:&emsp;Except as described in the
Certificate of Designations, holders of the Series A Preferred
Stock will vote together with holders of the Company common stock
on all matters, on an as-converted to common stock basis, and not
as a separate class or series (subject to limited
exceptions).</FONT></P>
<P CLASS="Textflush" STYLE=
"margin-left: 24.0pt; mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Liquidation Preferences.<FONT CLASS="italic"
STYLE="mso-style-name: italic; font-style: italic;">&emsp;</FONT>In
the event of any liquidation or winding up of the Company prior to
and in preference to any Junior Securities (including common
stock), the holders of the Series A Preferred Stock will be
entitled to receive in preference to the holders of the Company
common stock a per share amount equal to the Stated Value (as
adjusted pursuant to the Certificate of Designations).</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Transfer Agent and Registrar</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The transfer agent and registrar for our common
stock is Manhattan Transfer Registrar Co. Its telephone number is
800-786-0362.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Listing</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Our common stock trades on the NYSE MKT Market
under the symbol &ldquo;BVX.&rdquo;</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Delaware General Corporation Law Section
203</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As a corporation organized under the laws of the
State of Delaware, we are subject to Section 203 of the Delaware
General Corporation Law (the &ldquo;DGCL&rdquo;) which restricts
certain business combinations between us and an &ldquo;interested
stockholder&rdquo; (in general, a stockholder owning 15% or more of
our outstanding voting stock) or its affiliates or associates for a
period of three years following the date on which the stockholder
becomes an &ldquo;interested stockholder.&rdquo; The restrictions
do not apply if (i) prior to an interested stockholder becoming
such, the board of directors approves either the business
combination or the transaction in which the stockholder becomes an
interested stockholder, (ii) upon consummation of the transaction
in which any person becomes an interested stockholder, such
interested stockholder owns at least 85% of our voting stock
outstanding at the time the transaction commences (excluding shares
owned by certain employee stock ownership plans and persons who are
both directors and officers of us) or (iii) on or subsequent to the
date an interested stockholder becomes such, the business
combination is both approved by the board of directors and
authorized at an annual or special meeting of our stockholders, not
by written consent, by the affirmative vote of at least 66-2/3% of
the outstanding voting stock not owned by the interested
stockholder.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
13</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Limitations of Liability and Disclosure of Commission
Position On Indemnification for Securities Act
Liabilities</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">As permitted under Delaware law, we have adopted
provisions in our certificate of incorporation that limit or
eliminate the personal liability of our directors for a breach of
their fiduciary duty of care as a director. The duty of care
generally requires that, when acting on behalf of the corporation,
directors exercise an informed business judgment based on all
material information reasonably available to them. Consequently, a
director will not be personally liable to us or our stockholders
for monetary damages or breach of fiduciary duty as a director,
except for liability for:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Any breach of the director&rsquo;s duty of
loyalty to us or our stockholders;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Any act or omission not in good faith or that
involves intentional misconduct or a knowing violation
of&nbsp;law;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Any act related to unlawful stock repurchases,
redemptions or other distributions or payment of dividends under
DGCL Section 174; or</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Any transaction from which the director derived
an improper personal benefit.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">These limitations of liability do not affect the
availability of equitable remedies such as injunctive relief or
rescission. Our certificate of incorporation also authorizes us to
indemnify our officers, directors and other agents to the fullest
extent permitted under Delaware law.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Insofar as indemnification for liabilities
arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the company pursuant
to the foregoing provisions, or otherwise, we have been informed
that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
DESCRIPTION OF DEBT SECURITIES</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may issue debt securities, secured or
unsecured, in one or more series, as either senior or subordinated
debt or as senior or subordinated convertible debt. While the terms
we have summarized below will apply generally to any debt
securities that we may offer under this prospectus, we will
describe the particular terms of any debt securities that we may
offer in more detail in the applicable prospectus supplement. The
terms of any debt securities offered under a prospectus supplement
may differ from the terms described below. As you read this
section, please remember that the specific terms of a debt security
as described in the applicable prospectus supplement will
supplement and may modify or replace the general terms described in
this section. If there are any differences between the applicable
prospectus supplement and this prospectus, the applicable
prospectus supplement will control. Unless the context requires
otherwise, whenever we refer to the indentures, we also are
referring to any supplemental indentures that specify the terms of
a particular series of debt securities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may issue the debt securities under an
indenture that we would enter into with a trustee to be named in
the indenture. If we enter into an indenture, the indenture would
be qualified under the Trust Indenture Act of 1939, as in effect on
the date of the indenture. We use the term &ldquo;trustee&rdquo; to
refer to the trustee under the indenture.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">General</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we issue debt securities, we will describe in
the applicable prospectus supplement the terms of the series of
debt securities being offered, including:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the title or designation of the debt
securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">whether the debt securities will be secured or
unsecured, and the terms of any secured debt;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the terms of the subordination of any series of
subordinated debt securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any limit upon the aggregate principal amount of
the debt securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the date or dates on which the debt securities
may be issued and on which we will pay the principal on the debt
securities;</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
14</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the interest rate, which may be fixed or
variable, or the method for determining the rate and the date
interest will begin to accrue, the date or dates interest will be
payable and the record dates for interest payment dates or the
method for determining such dates;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the manner in which the amounts of payment of
principal of, premium or interest on the debt securities will be
determined, if these amounts may be determined by reference to an
index based on a currency or currencies other than that in which
the debt securities are denominated or designated to be payable or
by reference to a commodity, commodity index, stock exchange index
or financial index;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the currency of denomination of the debt
securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">if payments of principal of, premium or interest
on the debt securities will be made in one or more currencies or
currency units other than that or those in which the debt
securities are denominated, the manner in which the exchange rate
with respect to these payments will be determined;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the place or places where the principal of,
premium, and interest on the debt securities will be payable, where
debt securities of any series may be presented for registration of
transfer, exchange or conversion, and where notices and demands to
or upon us in respect of the debt securities may be
made;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the form of consideration in which principal of,
premium or interest on the debt securities will be paid;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the terms and conditions upon which we may
redeem the debt securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any obligation we have to redeem or purchase the
debt securities pursuant to any sinking fund, amortization or
analogous provisions or at the option of a holder of debt
securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the dates on which and the price or prices at
which we will repurchase the debt securities at the option of the
holders of debt securities and other detailed terms and provisions
of these repurchase obligations;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the denominations in which the debt securities
will be issued, if other than denominations of $1,000 and any
integral multiple thereof;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the portion of principal amount of the debt
securities payable upon declaration of acceleration of the maturity
date, if other than the principal amount;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">whether the debt securities are to be issued at
any original issuance discount and the amount of discount with
which such debt securities may be issued;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">whether the debt securities will be issued in
the form of certificated debt securities or global debt securities
and, in such case, the depositary for such global security or
securities and the terms and conditions, if any, upon which
interests in such global security or securities may be exchanged in
whole or in part for the individual securities represented
thereby;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">provisions, if any, for the defeasance of the
debt securities of a series in whole or in part and any addition or
change in the provisions related to satisfaction and
discharge;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
the form of the debt securities;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the terms and conditions upon which the debt
securities will be so convertible or exchangeable into securities
or property of another person, if at all, and any additions or
changes, if any, to permit or facilitate such conversion or
exchange;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">whether the debt securities will be subject to
subordination and the terms of such subordination;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">provisions, if any, granting special rights to
holders of the debt securities upon the occurrence of specified
events;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any restriction or condition on the
transferability of the debt securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any addition or change in the provisions related
to compensation and reimbursement of the trustee which applies to
securities of such series;</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
15</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any addition to or change in the events of
default described in this prospectus or in the indenture with
respect to the debt securities and any change in the acceleration
provisions described in this prospectus or in the indenture with
respect to the debt securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any addition to or change in the covenants
described in this prospectus or in the indenture with respect to
the debt securities; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any other terms of the debt securities, which
may modify or delete any provision of the indenture.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Conversion or Exchange Rights</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we issue debt securities, we will set forth
in the prospectus supplement the terms, if any, on which a series
of debt securities may be convertible into or exchangeable for our
common stock or our other securities. We will include provisions as
to whether conversion or exchange is mandatory, at the option of
the holder or at our option. We may include provisions pursuant to
which the number of shares of our common stock or our other
securities that the holders of the series of debt securities
receive would be subject to adjustment.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Consolidation, Merger or Sale</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unless we provide otherwise in the prospectus
supplement applicable to a particular series of debt securities,
the indentures will not contain any covenant that restricts our
ability to merge or consolidate, or sell, convey, transfer or
otherwise dispose of all or substantially all of our assets.
However, any successor to or acquirer of such assets must assume
all of our obligations under the indentures or the debt securities,
as appropriate.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unless we state otherwise in the applicable
prospectus supplement, the debt securities will not contain any
provisions that may afford holders of the debt securities
additional protection in the event we have a change of control or
in the event of a highly leveraged transaction (whether or not such
transaction results in a change of control), which could adversely
affect holders of debt securities.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Events of Default Under the Indenture</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unless we provide otherwise in the prospectus
supplement applicable to a particular series of debt securities,
the following are events of default under the indenture with
respect to any series of debt securities that we may
issue:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">if we fail to pay interest when due and payable
and our failure continues for more than 30 days and the time for
payment has not been extended or deferred;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">if we fail to pay the principal, premium, or
sinking fund payment, if any, when due and payable and our failure
continues for more than 30 days and the time for payment has not
been extended or delayed;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">if we fail to observe or perform any other
covenant relating to such series contained in the debt securities
of such series or the indenture, other than a covenant specifically
relating to and for the benefit of holders of another series of
debt securities, and our failure continues for 60 days after we
receive written notice from the trustee or holders of not less than
a majority in aggregate principal amount of the outstanding debt
securities of the applicable series;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">if specified events of bankruptcy, insolvency or
reorganization occur as to us; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any other event of default provided in or
pursuant to the applicable agreement or indenture, if any, or
prospectus supplement with respect to the debt securities of that
series.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unless we provide otherwise in the prospectus
supplement applicable to a particular series of debt securities, no
event of default with respect to a particular series of debt
securities (except as to certain events of bankruptcy, insolvency
or reorganization) necessarily constitutes an event of default with
respect to any other series of debt securities. The occurrence of
an event of default may constitute an event of default under any
bank credit agreements we may have in existence from time to time.
In addition, the occurrence of certain events of default or an
acceleration under the indenture may constitute an event of default
under certain of our other indebtedness outstanding from time to
time.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
16</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If an event of default with respect to debt
securities of any series at the time outstanding occurs and is
continuing, then the trustee or the holders of not less than a
majority in principal amount of the outstanding debt securities of
that series may, by a notice in writing to us (and to the trustee
if given by the holders), declare to be due and payable immediately
the principal (or, if the debt securities of that series are
discount securities, that portion of the principal amount as may be
specified in the terms of that series) of and premium and accrued
and unpaid interest, if any, on all debt securities of that series.
The holders of a majority in principal amount of the outstanding
debt securities of an affected series may waive any default or
event of default with respect to the series and its consequences,
except defaults or events of default regarding payment of
principal, premium, if any, or interest, unless we have cured the
default or event of default in accordance with the indenture. Any
waiver shall cure the default or event of default.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We refer you to the prospectus supplement
relating to any series of debt securities that are discount
securities for the particular provisions relating to acceleration
of a portion of the principal amount of such discount securities
upon the occurrence of an event of default.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Subject to the terms of the indenture, if an
event of default under the indenture shall occur and be continuing,
the trustee will be under no obligation to exercise any of its
rights or powers under such indenture at the request or direction
of any of the holders of the applicable series of debt securities,
unless such holders have offered the trustee reasonable indemnity.
The holders of a majority in principal amount of the outstanding
debt securities of any series will have the right to direct the
time, method and place of conducting any proceeding for any remedy
available to the trustee, or exercising any trust or power
conferred on the trustee, with respect to the debt securities of
that series, provided that, subject to the terms of the indenture,
the trustee need not take any action that it believes, upon the
advice of counsel, might involve it in personal liability or might
be unduly prejudicial to the holders not involved in the
proceeding.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">A holder of the debt securities of any series
will only have the right to institute a proceeding under the
indenture or to appoint a receiver or trustee, or to seek other
remedies if:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the holder previously has given written notice
to the trustee of a continuing event of default with respect to
that series;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the holders of at least a majority in aggregate
principal amount of the outstanding debt securities of that series
have made written request, and such holders have offered reasonable
indemnity to the trustee to institute the proceeding as trustee;
and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the trustee does not institute the proceeding,
and does not receive from the holders of a majority in aggregate
principal amount of the outstanding debt securities of that series
(or at a meeting of holders of such series at which a quorum is
present, the holders of a majority in principal amount of the debt
securities of such series represented at such meeting) other
conflicting directions within 60 days after the notice, request and
offer.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">These limitations do not apply to a suit
instituted by a holder of debt securities if we default in the
payment of the principal, premium, if any, or interest on, the debt
securities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will periodically file statements with the
applicable trustee regarding our compliance with specified
covenants in the applicable indenture.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Modification of Indenture; Waiver</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The trustee and we may, without the consent of
any holders, execute a supplemental indenture to change the
applicable indenture with respect to specific matters, including,
among other things:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to surrender any right or power conferred upon
us;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to provide, change or eliminate any restrictions
on the payment of principal of or premium, if any, on the debt
securities; provided that any such action shall not adversely
affect the interests of the holders of debt securities of any
series in any material respect;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to change or eliminate any of the provisions of
the indenture; provided that any such change or elimination shall
become effective only when there is no outstanding debt security of
any series created</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
17</P>
<P CLASS="BLm" STYLE=
"text-indent: 0in; mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">prior to the execution of such supplemental
indenture that is entitled to the benefit of such provision and as
to which such supplemental indenture would apply;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to evidence the succession of another
corporation to us;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to evidence and provide for the acceptance of
appointment by a successor trustee with respect to one or more
series of debt securities and to add or change provisions of the
indenture to facilitate the administration of the trusts thereunder
by more than one trustee;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to cure any ambiguity, mistake, manifest error,
omission, defect or inconsistency in the indenture or to conform
the text of any provision in the indenture or in any supplemental
indenture to any description thereof in the applicable section of a
prospectus, prospectus supplement or other offering document that
was intended to be a verbatim recitation of a provision of the
indenture or of any supplemental indenture;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to add to or change or eliminate any provision
of the indenture as shall be necessary or desirable in accordance
with any amendments to the Trust Indenture Act of 1939;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to make any change in any series of debt
securities that does not adversely affect in any material respect
the interests of the holders of such debt securities;
and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">to supplement any of the provisions of the
indenture to such extent as shall be necessary to permit or
facilitate the defeasance and discharge of any series of debt
securities; provided that any such action shall not adversely
affect the interests of the holders of debt securities of such
series or any other series of debt securities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">In addition, under the indenture, the rights of
holders of a series of debt securities may be changed by us and the
trustee with the written consent of the holders of at least a
majority in aggregate principal amount of the outstanding debt
securities of each series that is affected. However, unless we
provide otherwise in the prospectus supplement applicable to a
particular series of debt securities, we and the trustee may make
the following changes only with the consent of each holder of any
outstanding debt securities affected:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">extending the fixed maturity of the series of
debt securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">reducing the principal amount, reducing the rate
of or extending the time of payment of interest, or reducing any
premium payable upon the redemption of any debt
securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">reducing the principal amount of discount
securities payable upon acceleration of maturity;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">making the principal of or premium or interest
on any debt security payable in currency other than that stated in
the debt security;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">impairing the right to institute suit for the
enforcement of any payment on or after the fixed maturity date of
any series of debt securities;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">materially adversely affecting the economic
terms of any right to convert or exchange any debt securities;
and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">reducing the percentage of debt securities, the
holders of which are required to consent to any amendment,
supplement, modification or waiver.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Except for certain specified provisions, the
holders of at least a majority in principal amount of the
outstanding debt securities of any series (or, at a meeting of
holders of such series at which a quorum is present, the holders of
a majority in principal amount of the debt securities of such
series represented at such meeting) may, on behalf of the holders
of all debt securities of that series, waive our compliance with
provisions of the indenture. The holders of a majority in principal
amount of the outstanding debt securities of any series may, on
behalf of the holders of all the debt securities of such series,
waive any past default under the indenture with respect to that
series and its consequences, other than a default in the payment of
the principal of, premium or any interest on any debt security of
that series; provided, however, that the holders of a majority in
principal amount of the outstanding debt securities of any series
may rescind an acceleration and its consequences, including any
related payment default that resulted from the
acceleration.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
18</P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Discharge</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The indenture provides that we can elect to be
discharged from our obligations with respect to one or more series
of debt securities. In order to exercise our rights to be
discharged with respect to a series, we must deposit with the
trustee money or government obligations sufficient to pay all the
principal of, the premium, if any, and interest on, the debt
securities of the series on the dates payments are due.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">Form,
Exchange and Transfer</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will issue the debt securities of each series
only in fully registered form without coupons and, unless we
otherwise specify in the applicable prospectus supplement, in
denominations of $1,000 and any integral multiple thereof. We may
issue debt securities of a series in temporary or permanent global
form and as book-entry securities that will be deposited with a
depositary named by us and identified in a prospectus supplement
with respect to that series.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">At the option of the holder, subject to the
terms of the indenture and the limitations applicable to global
securities described in the applicable prospectus supplement, the
holder of the debt securities of any series can exchange the debt
securities for other debt securities of the same series, in any
authorized denomination and of like tenor and aggregate principal
amount.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Subject to the terms of the indenture and the
limitations applicable to global securities set forth in the
applicable prospectus supplement, holders of the debt securities
may present the debt securities for exchange or for registration of
transfer, duly endorsed or with the form of transfer endorsed
thereon duly executed if so required by us or the security
registrar, at the office of the security registrar or at the office
of any transfer agent designated by us for this purpose. Unless
otherwise provided in the debt securities that the holder presents
for transfer or exchange or in the indenture, we will make no
service charge for any registration of transfer or exchange, but we
may require payment of any taxes or other governmental
charges.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will name in the applicable prospectus
supplement the security registrar, and any transfer agent in
addition to the security registrar, that we initially designate for
any debt securities. We may at any time designate additional
transfer agents or rescind the designation of any transfer agent or
approve a change in the office through which any transfer agent
acts, except that we will be required to maintain a transfer agent
in each place of payment for the debt securities of each
series.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If we elect to redeem the debt securities of any
series, we will not be required to:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">issue, register the transfer of, or exchange any
debt securities of that series during a period beginning at the
opening of business 15 days before the day of mailing of a notice
of redemption of any debt securities that may be selected for
redemption and ending at the close of business on the day of the
mailing; or</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">register the transfer of or exchange any debt
securities so selected for redemption, in whole or in part, except
the unredeemed portion of any debt securities we are redeeming in
part.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Information Concerning the Trustee</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The trustee, other than during the occurrence
and continuance of an event of default under the indenture,
undertakes to perform only those duties as are specifically set
forth in the indenture. Upon an event of default under the
indenture, the trustee must use the same degree of care as a
prudent person would exercise or use in the conduct of his or her
own affairs. Subject to this provision, the trustee is under no
obligation to exercise any of the powers given it by the indenture
at the request of any holder of debt securities unless it is
offered reasonable security and indemnity against the costs,
expenses and liabilities that it might incur.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Payment and Paying Agents</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unless we otherwise indicate in the applicable
prospectus supplement, we will make payment of the interest on any
debt securities on any interest payment date to the person in whose
name the debt securities, or one or more predecessor securities,
are registered at the close of business on the regular record date
for the interest.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
19</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unless we otherwise indicate in the applicable
prospectus supplement, we will pay principal of and any premium and
interest on the debt securities of a particular series at the
office of the indenture trustee or, at our option, by wire or check
payable to the holder. Unless we otherwise indicate in a prospectus
supplement, we will designate the corporate trust office of the
trustee our sole paying agent for payments with respect to debt
securities of a particular series. We will name in the applicable
prospectus supplement any other paying agents that we initially
designate for the debt securities of a particular series. We will
maintain a paying agent in each place of payment for the debt
securities of a particular series. All money we pay to a paying
agent or the trustee for the payment of the principal of or any
premium or interest on any debt securities which remains unclaimed
at the end of two years after such principal, premium or interest
has become due and payable will be repaid to us, and the holder of
the security thereafter may look only to us for payment
thereof.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Governing Law</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unless we otherwise indicate in the applicable
prospectus supplement, each indenture and the debt securities will
be governed and construed in accordance with the laws of the State
of Delaware.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
DESCRIPTION OF WARRANTS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may issue warrants to purchase debt
securities, preferred stock or common stock. We may issue warrants
independently or together with any other securities we offer under
a prospectus supplement. The warrants may be attached to or
separate from the securities. We may issue each series of warrants
under a separate warrant agreement that we will enter into with a
bank or trust company, as warrant agent. The statements made in
this section relating to the warrant agreement are summaries only.
These summaries are not complete. When we issue warrants, we will
provide the specific terms of the warrants and the applicable
warrant agreement in a prospectus supplement. To the extent the
information contained in the prospectus supplement differs from
this summary description, you should rely on the information in the
prospectus supplement. For more detail, we refer you to the
applicable warrant agreement itself, which we will file as an
exhibit to, or incorporate by reference in, the registration
statement.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">General</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will describe in the applicable prospectus
supplement the terms relating to warrants being offered
including:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the offering price and aggregate number of
warrants offered;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">if applicable, the designation and terms of the
securities with which the warrants are issued and the number of
warrants issued with each such security or each principal amount of
such security;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">if applicable, the date on and after which the
warrants and the related securities will be separately
transferable;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">in the case of warrants to purchase common stock
or preferred stock, the number of shares of common stock or
preferred stock purchasable upon the exercise of one warrant and
the price at which these shares may be purchased upon such
exercise;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the terms of any rights to redeem or call the
warrants;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any provisions for changes to or adjustments in
the exercise price or number of securities issuable upon exercise
of the warrants;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the dates on which the right to exercise the
warrants will commence and expire;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the manner in which the warrant agreements and
warrants may be modified;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">federal income tax consequences of holding or
exercising the warrants, if material;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the terms of the securities issuable upon
exercise of the warrants; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any other specific terms, preferences, rights or
limitations of or restrictions on the warrants.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Before exercising their warrants, holders of
warrants will not have any of the rights of holders of the
securities purchasable upon such exercise, including, in the case
of warrants to purchase common stock, the right to
receive</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
20</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">dividends, if any, or payments upon our
liquidation, dissolution or winding up of our affairs or to
exercise voting rights, if any.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Exercise of Warrants</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Each warrant will entitle the holder to purchase
the securities that we specify in the applicable prospectus
supplement at the exercise price that we describe in the applicable
prospectus supplement. Unless we otherwise specify in the
applicable prospectus supplement, holders of the warrants may
exercise the warrants at any time up to the specified time on the
expiration date that we set forth in the applicable prospectus
supplement. After the close of business on the expiration date,
unexercised warrants will become void.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Holders of the warrants may exercise the
warrants by delivering the warrant certificate representing the
warrants to be exercised together with specified information, and
paying the required amount to the warrant agent in immediately
available funds, as provided in the applicable prospectus
supplement. We intend to set forth in any warrant agreement and in
the applicable prospectus supplement the information that the
holder of the warrant will be required to deliver to the warrant
agent.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Upon receipt of the required payment and any
warrant certificate or other form required for exercise properly
completed and duly executed at the corporate trust office of the
warrant agent or any other office indicated in the applicable
prospectus supplement, we will issue and deliver the securities
purchasable upon such exercise. If fewer than all of the warrants
represented by the warrant or warrant certificate are exercised,
then we will issue a new warrant or warrant certificate for the
remaining amount of warrants. If we so indicate in the applicable
prospectus supplement, holders of the warrants may surrender
securities as all or part of the exercise price for
warrants.</FONT></P>
<P CLASS="H2" STYLE=
"mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">Governing Law</FONT></FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Unless we provide otherwise in the applicable
prospectus supplement, the warrants and warrant agreements will be
governed by and construed in accordance with the laws of the State
of Delaware.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
DESCRIPTION OF UNITS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may issue units comprised of one or more debt
securities, shares of common stock, preferred stock and/or warrants
in any combination. Each unit will be issued so that the holder of
the unit is also the holder of each security included in the unit.
Thus, the holder of a unit will have the rights and obligations of
a holder of each included security. The unit agreement under which
a unit is issued may provide that the securities included in the
unit may not be held or transferred separately, at any time or at
any time before a specified date. The statements made in this
section relating to the unit agreement are summaries only. These
summaries are not complete. When we issue units, we will provide
the specific terms of the units and the applicable unit agreement
in a prospectus supplement. To the extent the information contained
in the prospectus supplement differs from this summary description,
you should rely on the information in the prospectus supplement.
For more detail, we refer you to the applicable unit agreement
itself, which we will file as an exhibit to, or incorporate by
reference in, the registration statement.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We will describe in the applicable prospectus
supplement the terms of the series of units being offered,
including:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the designation and terms of the units and of
the securities comprising the units, including whether and under
what circumstances those securities may be held or transferred
separately;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any provisions of the governing unit agreement
that differ from those described below; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any provisions for the issuance, payment,
settlement, transfer or exchange of the units or of the securities
comprising the units.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The provisions described in this section, as
well as those described under &ldquo;Description of Capital
Stock,&rdquo; &ldquo;Description of Debt Securities&rdquo; and
&ldquo;Description of Warrants&rdquo; will apply to each unit and
to any common stock, debt security or warrant included in each
unit, respectively.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may issue units in such amounts and in such
numerous distinct series as we determine.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
21</P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
PLAN OF DISTRIBUTION</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may sell the securities through underwriters
or dealers, through agents, or directly to one or more purchasers.
We may sell the securities from time to time in one or more
transactions at a fixed price or prices, which may be changed from
time to time, at market prices prevailing at the times of sale, at
prices related to such prevailing market prices, or at negotiated
prices. The accompanying prospectus supplement will describe the
terms of the offering of the securities, including:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the name or names of any
underwriters;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">the purchase price of the securities being
offered and the proceeds we will receive from the sale;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any over-allotment options pursuant to which
underwriters may purchase additional securities from us;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any agency fees or underwriting discounts and
other items constituting agents&rsquo; or underwriters&rsquo;
compensation;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
any public offering price;</P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any discounts or concessions allowed or
re-allowed or paid to dealers; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">any securities exchange or market on which the
securities may be listed.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">If underwriters are used in the sale, they will
acquire the securities for their own account and may resell the
securities from time to time in one or more transactions at a fixed
public offering price or at varying prices determined at the time
of the sale. The obligations of the underwriters to purchase the
securities will be subject to the conditions set forth in the
applicable underwriting agreement. We may offer the securities to
the public through underwriting syndicates represented by managing
underwriters or by underwriters without a syndicate. Subject to
certain conditions, the underwriters will be obligated to purchase
all the securities offered by the prospectus supplement. Any public
offering price and any discounts or concessions allowed or
re-allowed or paid to dealers may change from time to time. We may
use underwriters with whom we have a material relationship. We will
describe such relationships in the prospectus supplement naming the
underwriter and the nature of any such relationship.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may engage in &ldquo;at the market&rdquo;
offerings of our common stock, which are offerings into an existing
trading market, at other than a fixed price, on or through the
facilities of a national securities exchange or to or through a
market maker otherwise than on an exchange.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may sell securities directly or through
agents we designate from time to time. We will name any agent
involved in the offering and sale of the securities, and we will
describe any commissions we will pay the agent in the prospectus
supplement. Unless the prospectus supplement states otherwise, our
agent will act on a best efforts basis for the period of its
appointment.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may enter into derivative transactions with
third parties, or sell securities not covered by this prospectus to
third parties in privately negotiated transactions. If the
applicable prospectus supplement indicates, in connection with
those derivatives, the third parties may sell securities covered by
this prospectus and the applicable prospectus supplement, including
short sale transactions. If so, the third party may use securities
pledged by us or borrowed from us or others to settle those sales
or to close out any related open borrowings of common shares, and
may use securities received from us in settlement of those
derivatives to close out any related open borrowings of common
shares. The third party in such sale transactions will be an
underwriter and, if not identified in this prospectus, will be
identified in the applicable prospectus supplement or a
post-effective amendment to this registration statement.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Some or all of the securities that we offer
through this prospectus, other than common stock, may be new issues
of securities with no established trading market. Any underwriters
to whom we sell our securities for public offerings and sale may
make a market for those securities, but they will not be obligated
to do so and they may discontinue any market making at any time
without notice. Accordingly, we cannot assure you of the liquidity
of, or continued trading markets for, any securities that we
offer.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">All securities we offer, other than common
stock, will be new issues of securities for which there is no
established trading market. Any underwriters may make a market in
these securities, but will not be obligated to do so and
may</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
22</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">discontinue any market making activities at any
time without notice. We cannot guaranty the liquidity of the
trading markets for any securities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We may provide agents and underwriters with
indemnification against civil liabilities related to this offering,
including liabilities under the Securities Act, or contribution
with respect to payments that the agents or underwriters may make
with respect to these liabilities. Agents and underwriters may
engage in transactions with, or perform services for, us in the
ordinary course of business.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Any underwriter may also engage in stabilizing
transactions, syndicate covering transactions and penalty bids in
accordance with Rule 104 under the Securities Exchange Act of 1934,
as amended. Stabilizing transactions involve bids to purchase the
underlying security in the open market for the purpose of pegging,
fixing or maintaining the price of the securities. Syndicate
covering transactions involve purchases of the securities in the
open market after the distribution has been completed in order to
cover syndicate short positions.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Penalty bids permit the underwriters to reclaim
a selling concession from a syndicate member when the securities
originally sold by the syndicate member are purchased in a
syndicate covering transaction to cover syndicate short positions.
Stabilizing transactions, syndicate covering transactions and
penalty bids may cause the price of the securities to be higher
than it would be in the absence of the transactions. The
underwriters may, if they commence these transactions, discontinue
them at any time.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Similar to other purchase transactions, an
underwriter&rsquo;s purchases to cover the syndicate short sales or
to stabilize the market price of our securities may have the effect
of raising or maintaining the market price of our securities or
preventing or mitigating a decline in the market price of our
securities. As a result, the price of the securities may be higher
than the price that might otherwise exist in the open market. The
imposition of a penalty bid might also have an effect on the price
of shares if it discourages resales of the securities.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Any underwriters who are qualified market makers
on the NYSE MKT Market may engage in passive market making
transactions in our common stock on the NYSE MKT Market in
accordance with Rule 103 of Regulation M, during the business day
prior to the pricing of the offering, before the commencement of
offers or sales of common stock. Passive market makers must comply
with applicable volume and price limitations and must be identified
as passive market makers. In general, a passive market maker must
display its bid at a price not in excess of the highest independent
bid for such security; if all independent bids are lowered below
the passive market maker&rsquo;s bid, however, the passive market
maker&rsquo;s bid must then be lowered when certain purchase limits
are exceeded.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Underwriters, broker-dealers or agents who may
become involved in the sale of our securities may engage in
transactions with and perform other services for us in the ordinary
course of their business for which they receive
compensation.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
LEGAL MATTERS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The validity of the issuance of securities
offered hereby will be passed upon for us by Ruskin Moscou
Faltischek, P.C., of Uniondale, New York.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
EXPERTS</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The consolidated financial statements
incorporated in this prospectus by reference from Bovie Medical
Corporation&rsquo;s Annual Report on Form 10-K/A for the year ended
December 31, 2013 have been audited by Kingery &amp; Crouse, P.A.,
independent registered public auditors, as stated in their report,
which is incorporated herein by reference, and have been so
incorporated in reliance upon the report of such firm given upon
their authority as experts in accounting and auditing.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT LANG="EN-GB">WHERE YOU CAN FIND ADDITIONAL
INFORMATION</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">We file annual, quarterly and current reports,
proxy statements and other information with the SEC. Our SEC
filings are available to the public over the Internet at the
SEC&rsquo;s website at www.sec.gov. You may also read and copy any
document we file at the SEC&rsquo;s Public Reference Room at 100 F
Street, N.E., Washington, D.C. 205409. Please call the SEC at
1-800-SEC-0330 for further information on the public reference
room.</FONT></P>
<P CLASS="RRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
23</P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The registration statement and the documents
referred to below under &ldquo;Incorporation of Certain Information
by Reference&rdquo; are also available on our website at
http://www.boviemedical.com. We have not incorporated by reference
into this prospectus the information on our website, and you should
not consider it to be a part of this prospectus.</FONT></P>
<P CLASS="H1" STYLE=
"mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Bold; color: black; font-weight: bold;">
<FONT LANG="EN-GB">INCORPORATION OF CERTAIN INFORMATION BY
REFERENCE</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">The SEC allows us to incorporate by reference
the information we file with it, which means that we can disclose
important information to you by referring you to those documents.
The information incorporated by reference is considered to be a
part of this prospectus, and information in documents that we file
later with the SEC will automatically update and supersede the
information in this prospectus. We incorporate by reference into
this prospectus the documents listed below and any future filings
we make with the SEC under Section 13(a), 13(c) 14 or 15(d) of the
Securities Exchange Act of 1934, as amended, until this offering is
completed and all securities are sold or until the sale of
securities pursuant to this prospectus is terminated by
us:</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Annual Report on Form 10-K and Form 10-K/A
for the year ended December 31, 2013 filed with the SEC on March
31, 2014 and May 8, 2014, respectively; and</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Quarterly Report on Form 10-Q for the
quarter ended March 31, 2014, filed with the SEC on May&nbsp;15,
2014;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2014, filed with the SEC on August&nbsp;8,
2014;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2014, filed with the SEC on November
10, 2014;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Current Reports on Form 8-K filed with the
SEC March 24, 2014, April 2, 2014, May 8, 2014, May&nbsp;19, 2014,
July 2, 2014, July 17, 2014, July 21, 2014, August 7, 2014, October
3, 2014, and November 7, 2014;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Registration Statement on Form S-3 and S-3/A
filed with the SEC on January 10, 2014 and January&nbsp;24, 2014,
respectively;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Prospectus filed pursuant to Rule 424(b)(3)
filed with the SEC on February 4, 2014;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Registration Statement on Form S-8 filed
with the SEC on May 1, 2014;</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our definitive proxy statement on Schedule 14A
filed with the SEC on June 9, 2014.</FONT></P>
<P CLASS="BLm" STYLE=
"mso-style-name: BL_m; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 48.0pt; text-indent: -24.0pt; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bullet" STYLE="mso-style-name: bullet;"><FONT LANG=
"EN-GB">&bull;</FONT></FONT><FONT CLASS="bullet" STYLE=
"mso-style-name: bullet;"><FONT LANG="EN-GB" STYLE=
"font-size: 8.5pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>
<FONT LANG="EN-GB">Our Specialized Disclosure Report on Form SD
filed with the SEC on June 2, 2014.</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">This prospectus is part of a registration
statement on Form S-3 we have filed with the SEC. This prospectus
does not contain all of the information in the registration
statement. We have omitted certain parts of the registration
statement as permitted under the rules and regulations of the SEC.
You may view and inspect the registration statement and exhibits at
the SEC&rsquo;s Public Reference Room at 100 F Street, N.E.,
Washington, D.C. 205409 by calling 1-800-SEC-0330 or on the
SEC&rsquo;s website (see above &ldquo;Where You Can Find Additional
Information&rdquo;).</FONT></P>
<P CLASS="Textflush" STYLE=
"mso-style-name: Text_flush; margin-top: 8.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT LANG="EN-GB">Upon request, we will provide, free of charge,
to each person to whom a prospectus is delivered, including a
beneficial owner, a copy of any or all information that has been
incorporated by reference in the prospectus but not delivered with
the prospectus. Any such request may be made orally or in writing
to Bovie Medical Corporation, 4&nbsp;Manhattanville Road, Purchase,
New York 10577, Attention: Peter L. Donato, Chief Financial Officer
and Secretary.</FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
24</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-weight: normal;"><img src="logo.jpg" alt="logo"></FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; margin-right: 0in; margin-bottom: 6.0pt; margin-left: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;"><FONT STYLE="font-size: 18pt"><B>4,800,000
Shares</B></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 30.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 18.0pt;">BOVIE MEDICAL
CORPORATION</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 18.0pt;">Common Stock</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 30.0pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 18.0pt;">$2.50 per share</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">_______________________</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 18.0pt; text-transform: uppercase;">Prospectus
Supplement</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">_______________________</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="MsoNormal" ALIGN="center" STYLE=
"text-align: center; line-height: normal; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB"
STYLE="font-size: 18.0pt;">Craig-Hallum Capital
Group</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG=
"EN-GB">&nbsp;</FONT></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
"margin-top: 0in; text-align: center; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
<FONT CLASS="bold" STYLE=
"mso-style-name: bold; font-weight: bold;"><FONT LANG="EN-GB">The
date of this prospectus supplement is March 12,
2015</FONT></FONT></P>
<P CLASS="LRH" STYLE=
"margin: 10px 0px 10px 0px !important; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: TimesNewRomanPSStd-Regular; color: black;">
&nbsp;</P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
