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<SEC-DOCUMENT>0000950134-05-016345.txt : 20060814
<SEC-HEADER>0000950134-05-016345.hdr.sgml : 20060814
<ACCEPTANCE-DATETIME>20050818171043
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950134-05-016345
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20050818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">METZGER &#038; McDONALD PLLC<BR>
(formerly Prager, Metzger &#038; Kroemer PLLC)<BR>
<FONT style="font-variant: SMALL-CAPS">a professional limited liability company</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">attorneys, mediators &#038; counselors</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%"></TD>
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    <TD width="30%"></TD>
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    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Steven C. Metzger</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">2626 Cole Avenue, Suite&nbsp;900</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Direct Dial 214-740-5030</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">Dallas, Texas 75204-1083</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">Facsimile 214-523-3838</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">smetzger@pmklaw.com</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">214-969-7600</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-variant: SMALL-CAPS">214-969-7635</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-variant: SMALL-CAPS">www.pmklaw.com</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">August&nbsp;17, 2005
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Via EDGAR</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Judiciary Plaza<BR>
Washington, D.C. 20549-1004
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Attn:</TD>
    <TD>&nbsp;</TD>
    <TD>Stephen Jacobs, Accounting Branch Chief<BR>
Josh Forgione, Staff Accountant<BR>
Division of Corporation Finance, Mail Stop 4561</TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="right">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Income Opportunity Realty Investors, Inc. (Commission File No.&nbsp;001-14784; CIK No.&nbsp;0000949961)<BR>
Form&nbsp;8-K Current Report for event reported July&nbsp;26, 2005, Item&nbsp;4.02 filed August&nbsp;8, 2005</TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On behalf of Income Opportunity Realty Investors, Inc., a Nevada corporation
(&#147;IOT&#148;), this letter is being filed and uploaded on the EDGAR system on behalf of IOT
in response to a letter of comments of the Staff of the Securities and Exchange
Commission dated August&nbsp;9, 2005. Schedule&nbsp;1 annexed to this letter contains the
responses to the comments of the Staff. In each instance on such Schedule, for
convenience, each comment of the Staff is repeated, followed in each instance by the
applicable response to such comment or explanation. Also included in each response,
where appropriate, is a letter/ page reference to the text of the applicable document
or instrument referenced in the comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, also attached on behalf of IOT is a written statement from IOT
acknowledging certain requested matters, including that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is responsible for the adequacy and
accuracy of the disclosure in the filings;</TD>
</TR>

</TABLE>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Securities and Exchange Commission<BR>
August&nbsp;17, 2005<BR>
Page 2
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Staff comments or changes to a disclosure in response
to Staff comments do not foreclose the Commission from taking any
action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may not assert Staff comments as a
defense in any proceeding initiated by the Commission or any person
under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This letter, Schedule&nbsp;1 and such Certification are being filed under the EDGAR
system in direct response to the comment of the Staff. If you would like to discuss
any matter concerning the referenced matter or included in this letter or Schedule&nbsp;1,
please do not hesitate to contact the undersigned at any time at 214-740-5030 direct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Steven C. Metzger
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Steven C. Metzger
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SCM:ag<BR>
Enclosures
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>R. Neil Crouch, Executive Vice President<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer<BR>
Peter Wang, Controller<BR>
Income Opportunity Realty Investors, Inc.<BR>
1755 Wittington Place, Suite&nbsp;340<BR>
Dallas, TX 75234<BR></TD>
</TR>
</TABLE>
</DIV>


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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE 1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Response to Comments of the Staff of<BR>
The Securities and Exchange Commission<BR>
by letter dated August&nbsp;9, 2005 with respect to<BR>
Form&nbsp;8-K, Item&nbsp;4.02 filed August&nbsp;8, 2005<BR>
for event occurring July&nbsp;26, 2005 of<BR>
Income Opportunity Realty Investors, Inc.<BR>
Commission File No.&nbsp;001-14784</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information is intended to provide responses to the comments of the
Staff of the Securities and Exchange Commission rendered by letter dated August&nbsp;9,
2005, with respect to Form 8-K, Item&nbsp;4.02, Current Report for event occurring July&nbsp;26,
2005 of Income Opportunity Realty Investors, Inc. For convenience, each comment of
the Staff is restated below, with our response noted immediately following the
comment. Also included in such response is a letter/page reference to the text in the
item, as applicable, and/or a reference to the date of supplemental information
provided to the Staff.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Comment/Observation No.&nbsp;1. </B>Please tell us if your certifying officers have
reconsidered the effect on the adequacy of your disclosure controls and procedures as
of the end of the period covered by your Form 10-K for the period ended December&nbsp;31,
2004 in light of the material error you have disclosed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response to Comment/Observation No.&nbsp;1. </B>The certifying officers have reconsidered
the effect on the adequacy of the Registrant&#146;s disclosure controls and procedures as
of the end of the period covered by the Form 10-K for the period ended December&nbsp;31,
2004, and has included information in Amendment No.&nbsp;3 to Form 10-K under Item&nbsp;9A
&#147;Controls and Procedures&#148; in light of the undetected error which has been disclosed.
A copy of the revised Item&nbsp;9A from page 64 of the Form 10-K/A about to be filed is
attached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Comment/Observation No.&nbsp;2. </B>Please revise your disclosure to clarify whether any
&#147;material weaknesses&#148; existed as of December&nbsp;31, 2004, and for the two years then
ended considering your inability to detect the error. If you do not believe this lack
of detection represents a deficiency during those periods, please provide us with a
basis for your conclusions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Response to Comment/Observation No.&nbsp;2. </B>The disclosure has been revised and
included in a Form 8-K/A filed under the EDGAR system to indicate that a &#147;material
weakness&#148; existed as of December&nbsp;31, 2004, and for the two years then ended. Such
Form 8-K/A is being filed at the same time as this response.
</DIV>


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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">through May&nbsp;31, 2004, the Company did not consult with Swalm &#038; Associates, P.C. or any of its
members about the application of accounting principles to any specified transaction or any other
matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;19, 2004, the Company received notification that Swalm &#038; Associates, P.C.&#146;s registration
with the PCAOB had become effective. Effective July&nbsp;22, 2004, the Audit Committee (consisting of
Messrs.&nbsp;Allard, Jakuszewski and Larsen) of the board of Directors re-engaged the Plano, Texas firm
of Swalm &#038; Associates, P.C. as the independent accountant to audit the Company&#146;s financial
statements for the fiscal year ending December&nbsp;31, 2004. The engagement effective July&nbsp;22, 2004 of
Swalm &#038; Associates, P.C. as the independent accountant for the Company necessarily resulted in the
termination or dismissal of the principal accountant which had audited the Company&#146;s financial
statements for the fiscal year ended December&nbsp;31, 2003, Farmer, Fuqua &#038; Huff, P.C. During the
Company&#146;s most recent fiscal year and any subsequent interim period, Farmer, Fuqua &#038; Huff, P.C.
report on the Company&#146;s financial statements for that year did not contain an adverse opinion or
disclaimer of opinion nor was such opinion qualified or modified as to uncertainty, audit scope or
accounting principles, and no disagreement existed between the Company and Farmer, Fuqua &#038; Huff,
P.C. concerning any matter of accounting principles or practices, financial statement disclosure or
auditing scope or procedure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ITEM 9A. <I>CONTROLS AND PROCEDURES</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IORI, under the supervision and with the participation of its management, including IORI&#146;s Acting
Principal Executive Officer and Principal Accounting Officer, evaluated the effectiveness of the
design and operation of IORI&#146;s &#147;disclosure controls and procedures&#148; (as defined in Rule&nbsp;13a-15(e)
under the Securities Exchange Act) as of the end of the period covered by this report. Based on
that evaluation, as of the time of filing IORI&#146;s original Form 10-K for the fiscal year ended
December&nbsp;31, 2004, IORI&#146;s Acting Principal Executive Officer and Principal Accounting Officer
concluded that IORI&#146;s disclosure controls and procedures were effective at December&nbsp;31, 2004 to
ensure that information relating to IORI and its consolidated subsidiaries required to be disclosed
in IORI&#146;s reports filed or submitted under the Exchange Act is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange Commission rules and
forms. There has been no change in IORI&#146;s internal control over financial reporting during the
quarter ended December&nbsp;31, 2004, that was believed to have materially affected or was then
reasonably likely to materially affect IORI&#146;s internal control over financial reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, subsequent to the filing of the original Form 10-K for the fiscal year ended December&nbsp;31,
2004, IORI and its accountants identified a control deficiency in its internal controls over
financial reporting as of April&nbsp;2002 which continued undetected through March&nbsp;2005, which
constituted a &#147;material weakness&#148; within the meaning of the Public Company Accounting Oversight
Board Auditing Standard No.&nbsp;2. A &#147;material weakness&#148; is a control deficiency, or combination of
control deficiencies, that results in more than a remote likelihood that a material misstatement of
an annual or interim financial statement will not be prevented or detected. The material weakness
related to IORI&#146;s accounting for the &#147;Metra&#148; transaction in April&nbsp;2002 which included a deferral of
operating income and/or expense until the time of ultimate sale of a property to an independent
third party purchaser. As a result, an error was discovered that affected the consolidated balance
sheet, consolidated statement of operations, consolidated statements of stockholders equity and
consolidated statements of cash flows for 2002 and subsequent periods. The amounts for 2002 were
not material, but the amounts for 2003 were material which caused the need for correction of the
2003 financial statements. That correction caused IORI to file an amendment on Form 10-K/A for the
years ended December&nbsp;31, 2003 and December&nbsp;31, 2004, and a subsequent Form 10-Q/A for the quarter
ended March&nbsp;31, 2005 in order to restate such 2003 annual financial statements in its prior filings
and to carry forward such changes in current filings. The error also caused IORI&#146;s acting
principal executive officer and principal financial officer to re-evaluate and reconsider the
effect on the adequacy of IORI&#146;s disclosure controls and procedures as of the end of the period
covered by the original Form 10-K for the period ended December&nbsp;31, 2004. Based upon such error,
IORI&#146;s disclosure controls and procedures involving review of all material historical transactions
and supporting documents could have an impact on any current reporting periods were not effective
to detect such error. Beginning after the second quarter of 2005, IORI has concluded that
Management will review all material historical transactions and supporting documents that could
have a continuing impact upon any current reporting periods, will review quarterly on a sampling
basis all non-material historical transactions that are included in financial statements for any
current reporting period, and will continue the process of reviewing all current transactions
included in current reporting period financial statements. Management also believes that the
transaction involving the error was uniquely complex and is not likely to be repeated, but
Management is working with its outside consultant for guidance about other possible control
procedures to ensure that in the future errors will be detected and material misstatement of annual
or interim financial statements will be prevented.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">ITEM 9B. OTHER INFORMATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not Applicable.
</DIV>

<P align="center" style="font-size: 10pt">64
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, on behalf of Income Opportunity Realty Investors, Inc., a
Nevada corporation (the &#147;Company&#148;), in connection with a response to a comment letter
from the Staff of the Securities and Exchange Commission dated August&nbsp;9, 2005, does
hereby acknowledge on behalf of the Company that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is responsible for the adequacy and accuracy of the
disclosure in filings with the Securities and Exchange Commission (the
&#147;Commission&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Staff comments or changes to disclosure in response to Staff
comments do not foreclose the Commission from taking any action with
respect to the filings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Company may not assert Staff comments as a defense in any
proceeding initiated by the Commission or any person under the federal
securities laws of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed this Acknowledgment on and as of
the 17<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of August, 2005.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">INCOME OPPORTUNITY REALTY<BR>
INVESTORS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ R. Neil Crouch II
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">R. Neil Crouch II, Executive Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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