-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Kdep6qqiIC5N35ICpHf69cYDJa/SsTTSI4VwVil3r6Q/qEwXysLPCkIABU3hFAr+
 2oPvSqUQMp8vpoxAALOTaA==

<SEC-DOCUMENT>0001144204-07-006047.txt : 20070209
<SEC-HEADER>0001144204-07-006047.hdr.sgml : 20070209
<ACCEPTANCE-DATETIME>20070209090227
ACCESSION NUMBER:		0001144204-07-006047
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20070209
DATE AS OF CHANGE:		20070209
EFFECTIVENESS DATE:		20070209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACORN FACTOR, INC.
		CENTRAL INDEX KEY:			0000880984
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				222786081
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-140539
		FILM NUMBER:		07595567

	BUSINESS ADDRESS:	
		STREET 1:		200 RTE 17
		CITY:			MAHWAH
		STATE:			NJ
		ZIP:			07430
		BUSINESS PHONE:		2015292026

	MAIL ADDRESS:	
		STREET 1:		200 ROUTE 17
		CITY:			MAHWAH
		STATE:			NJ
		ZIP:			07430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DATA SYSTEMS & SOFTWARE INC
		DATE OF NAME CHANGE:	19931019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEFENSE SOFTWARE & SYSTEMS INC
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>v064871_s-8.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff"><br>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>filed
        with the Securities and Exchange Commission on February 9,
        2007</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
      No. 333- </strong></font></div>
    <div>
      <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="4">
      <hr style="MARGIN-TOP: -10px; COLOR: #000000" noshade size="1">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>_______________________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      S-8</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
      STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNDER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THE
      SECURITIES ACT OF 1933</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>_______________________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ACORN
      FACTOR, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="bottom" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font></div>
            </td>
            <td align="left" valign="top" width="9%">&#160;</td>
            <td valign="bottom" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>22-2786081</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or other jurisdiction of incorporation or organization)</font></div>
            </td>
            <td align="left" valign="top" width="9%">&#160;</td>
            <td valign="top" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                Employer Identification No.)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="31%">&#160;</td>
            <td align="left" valign="top" width="9%">&#160;</td>
            <td valign="top" width="28%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>200
                Route 17, Mahwah, New Jersey</strong></font></div>
            </td>
            <td valign="bottom" width="9%">&#160;</td>
            <td valign="bottom" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>07430</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of Principal Executive Offices)</font></div>
            </td>
            <td align="left" valign="top" width="9%">&#160;</td>
            <td valign="top" width="28%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006
      Stock Option Plan for Non-Employee Directors</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006
      Stock Incentive Plan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Plan
      Option Agreements</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <div>
        <hr style="COLOR: black" align="center" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Full
      title of the plans)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>____________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>JOHN
      A. MOORE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CHIEF
      EXECUTIVE OFFICER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ACORN
      FACTOR, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>200
      ROUTE 17</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>MAHWAH,
      NEW JERSEY 07430</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Name
      and
      address of agent for service)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(201)
      529-2026</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Telephone
      number, including area code, of agent for service) </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>COPY
      TO:</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SHELDON
      KRAUSE, ESQ.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EILENBERG
      KRAUSE &amp; PAUL LLP</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>11
      EAST 44TH STREET</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>NEW
      YORK, NEW YORK 10017 </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
      986-9700</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_____________</font></div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CALCULATION
      OF REGISTRATION FEE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

      <div align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="ftable" width="100%">

            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title
                  of Securities to be Registered</font></div>
              </td>
              <td width="2%" style="border-bottom: white thin solid;">&#160;</td>
              <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amount
                  to </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">be
                  Registered</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
              <td colspan="2" valign="bottom" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proposed
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maximum
                  Offering </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Price
                  per Share(3)</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
              <td colspan="2" valign="bottom" width="13%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proposed
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Maximum
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Aggregate
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offering
                  Price (3)</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white thin solid;">&#160;</td>
              <td colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amount
                  of </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fee</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white thin solid;">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="bottom" width="38%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  Stock par value $0.01 per share</font></div>
              </td>
              <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">915,000(1</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="14%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2.84</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="12%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">2,598,600</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">278.05</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="38%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  Stock par value $0.01 per share</font></div>
              </td>
              <td width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">600,000(2</font></div>
              </td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">)</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; MARGIN-RIGHT: 0px; FONT-FAMILY: Times New Roman">$</font></div>
              </td>
              <td align="right" valign="bottom" width="14%" style="border-bottom: white;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.65</font></td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font>&#160;</td>
              <td align="right" valign="bottom" width="12%" style="border-bottom: white;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,590,000</font></td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: white;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: white;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">170.13</font></td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: white;">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="bottom" width="38%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total</font></div>
              </td>
              <td width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,515,000</font></td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="right" valign="bottom" width="14%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font>&#160;</td>
              <td align="right" valign="bottom" width="12%" style="border-bottom: #ccffcc;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,188,600</font></td>
              <td align="left" valign="bottom" width="2%" style="border-bottom: #ccffcc;">&#160;</td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font>&#160;</td>
              <td align="right" valign="bottom" width="11%" style="border-bottom: #ccffcc;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">448.18</font></td>
              <td align="left" valign="bottom" width="1%" style="border-bottom: #ccffcc;">&#160;</td>
            </tr>

        </table>
      </div>

    <div align="left">&#160;</div>

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

            <tr valign="top" style="line-height: 1.25;">
              <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
                  shares issuable upon exercise of non-plan options previously granted
                  to
                  officers and directors of the Registrant, its subsidiaries and
                  equity
                  affiliates, and other persons who may be deemed to be affiliates
                  of the
                  Registrant.</font></div>
              </td>
            </tr>

        </table>
      </div>

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

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

            <tr valign="top" style="line-height: 1.25;">
              <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Represents
                  (a) shares issuable upon exercise of options available for grant
                  or
                  pursuant to the grant of other stock-based awards available for
                  grant
                  under the 2006 Stock Incentive Plan and (b) shares issuable upon
                  exercise
                  of options available for grant under the 2006 Stock Option Plan
                  for
                  Non-Employee Directors</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

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

            <tr valign="top" style="line-height: 1.25;">
              <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
                  to Rule 457 under the Securities Act of 1933, (i) with respect
                  to the
                  915,000 shares that may be issued upon the exercise of&#160;non-plan
                  option grants, computed based upon Rule 457(h) using the weighted
                  average
                  exercise price of the options granted (which range from $2.60-$3.35
                  per
                  share) and (ii) with respect to 400,000 shares that may be issued
                  upon
                  exercise of options available for grant or pursuant to other stock-based
                  awards available for grant under the 2006 Stock Incentive Plan
                  and 200,000
                  shares that may be issued upon exercise of options available for
                  grant
                  under the 2006 Stock Option Plan for Non-Employee Directors, computed
                  based upon Rule 457(c) using the average of the high and low sales
                  prices
                  of the common stock as reported on the NASD OTC Bulletin Board
                  on February
                  7, 2007.</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
      I</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
      REQUIRED IN THE SECTION 10(a) PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXPLANATORY
      NOTE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      permitted by the instructions to Form S-8, this Registration Statement omits
      the
      information set forth in Part I of that Form.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
      REQUIRED IN THE REGISTRATION STATEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3. Incorporation of Documents by Reference.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following documents filed with the Securities and Exchange Commission (the
      &#8220;Commission&#8221;) by the Registrant, Acorn Factor, Inc., a Delaware corporation (the
      Company"), pursuant to the Securities Exchange Act of 1934, as amended (the
      "Exchange Act"), are incorporated by reference in this registration
      statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              </font>&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Annual Report on Form 10-K for the fiscal year ended December 31,
                2005
                (filed on April 11, 2006).</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                No. 1 to Our Annual Report on Form 10-K for the fiscal year ended
                December
                31, 2005, on Form 10-K/A (filed on June 1, 2006).
                </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                No. 2 to Our Annual Report on Form 10-K for the fiscal year ended
                December
                31, 2005, on Form 10-K/A (filed on October 19, 2006).
                </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Quarterly Report on Form 10-Q for the three months ended March 31,
                2006
                (filed on May 19, 2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Quarterly Report on Form 10-Q for the three months ended June 30,
                2006,
                (filed on August 11, 2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Quarterly Report on Form 10-Q for the three months ended September
                30,
                2006, (filed on November 20, 2006)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Current Report on Form 8-K/A filed on May 12,
                2006;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Current Reports on Form 8-K filed on May 16, 2006, July 20, 2006,
                July 28,
                2006, August 4, 2006, August 23, 2006, September 22, 2006, October
                11,
                2006, October 12, 2006, November 3, 2006, January 3, 2007 and January
                9,
                2007.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                description of Our Common Stock which is contained in its Registration
                Statement on Form&#160;8-A declared effective on February 11,
                1992.</font></div>
            </td>
          </tr>

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

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
        documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
        14 and 15(d) of the Exchange Act, prior to the filing of a post-effective
        amendment which indicates that all shares offered hereby have been sold or
        which
        deregisters all shares then remaining unsold, shall be deemed to be incorporated
        by reference in this registration statement and to be a part hereof from
        the
        date of filing of such documents. Any statement contained in a previously
        filed
        document incorporated or deemed to be incorporated by reference herein shall
        be
        deemed to be modified or superseded for purposes of this registration statement
        to the extent that a statement contained herein or in any other subsequently
        filed document which also is incorporated or deemed to be incorporated by
        reference herein modifies or supersedes such statement. Any such statement
        so
        modified or superseded shall not be deemed, except as so modified or superseded,
        to constitute a part of this registration statement.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      4. Description of Securities. </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5. Interests of Named Experts and Counsel.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      validity of the shares of common stock registered by this registration statement
      has been passed upon by Eilenberg Krause &amp; Paul LLP, counsel to the Company.
      Sheldon Krause, a partner of Eilenberg Krause &amp; Paul LLP, is our Secretary
      and General Counsel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      6. Indemnification of Directors and Officers.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Certificate of Incorporation, as amended, and the Amended Bylaws of the
      Registrant provide that the Registrant shall indemnify its officers, directors
      and certain others to the fullest extent permitted by the General Corporation
      Law of Delaware (&#8220;DGCL&#8221;). Section 145 of the DGCL provides that the Registrant,
      as a Delaware corporation, is empowered, subject to certain procedures and
      limitations, to indemnify any person against expenses (including attorney&#8217;s
      fees), judgments, fines and amounts paid in settlement actually and reasonably
      incurred by him in connection with any threatened, pending or completed action,
      suit or proceeding (including a derivative action) in which such person is
      made
      a party by reason of his being or having been a director, officer, employee
      or
      agent of the Registrant (each, an &#8220;Indemnitee&#8221;); provided that the right of an
      Indemnitee to receive indemnification is subject to the following limitations:
      (i) an Indemnitee is not entitled to indemnification unless he acted in good
      faith and in a manner that he reasonably believed to be in or not opposed to
      the
      best interests of the Company, and, with respect to any criminal action or
      proceeding, had no reasonable cause to believe such conduct was unlawful and
      (ii) in the case of a derivative action, an Indemnitee is not entitled to
      indemnification in the event that he is judged to be liable to the Company
      (unless and only to the extent that the court determines that the Indemnitee
      is
      fairly and reasonably entitled to indemnification for such expenses as the
      court
      deems proper). The statute provides that indemnification pursuant to its
      provisions is not exclusive of other rights of indemnification to which a person
      may be entitled under any bylaw, agreement, vote of stockholders or
      disinterested directors, or otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Section 145 of the DGCL, the Registrant has purchased insurance on behalf
      of
      its present and former directors and officers against any liability asserted
      against or incurred by them in such capacity or arising out of their status
      as
      such.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with Section 102(b)(7) of the DGCL, the Certificate of Incorporation
      of the Registrant eliminates personal liability of the Registrant&#8217;s directors to
      the Registrant or its stockholders for monetary damages for breach of their
      fiduciary duties as a director, with certain limited exceptions set forth in
      Section 102(b) (7) of the DGCL.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Registrant has entered into an indemnification agreement with each of its
      present officers and directors and plans to enter into such agreement with
      all
      future officers and directors. The terms of the agreement require that the
      Registrant maintain a minimum level of insurance coverage for claims against
      officers and directors and that the Registrant indemnify the officer and/or
      director against claims against them that arise in their service on behalf
      of
      the Registrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      7. Exemption from Registration Claimed.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
      applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-
          2 -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      8. Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

      <div align="left">
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td valign="top" width="8%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
                  No.</strong></font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ffffff solid;">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
                  of Incorporation of the Registrant, with amendments thereto (incorporated
                  herein by reference to Exhibit 3.1 to the Registrant&#8217;s Registration
                  Statement on Form S-1; File No. 33-70482).</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
                  of Ownership and Merger of Acorn Factor, Inc. into the Registrant,
                  dated
                  September 15, 2006 (incorporated herein by reference to Exhibit
                  3.1 to the
                  Registrant&#8217;s Current Report on Form 8-K dated September 15,
                  2006).</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By-laws
                  of the Registrant (incorporated herein by reference to Exhibit
                  3.2 to the
                  Registrant&#8217;s Registration Statement on Form S-1; File No.
                  33-44027).</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  to the By-laws of the Registrant (incorporated herein by reference
                  to
                  Exhibit 3.3 to the Registrant&#8217;s Current Report on Form 8-K dated January
                  10, 1995)</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1</font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Opinion
                  of Eilenberg Krause &amp; Paul LLP.</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Eilenberg Krause &amp; Paul LLP (included in Exhibit
                  5.1).</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.2</font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Kesselman &amp; Kesselman .</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.3</font></div>
              </td>
              <td align="left" valign="top" width="90%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                of PriceWaterhouseCoopers LLP.</font>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td valign="top" width="8%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24.1</font></div>
              </td>
              <td align="left" valign="top" width="90%" style="border-bottom: #ccffcc;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Power
                  of Attorney (included on the signature page to this registration
                  statement). </font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9. Undertakings.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      undersigned Registrant hereby undertakes:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      file,
      during any period in which offers or sales are being made, a post-effective
      amendment to this Registration Statement:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      include any prospectus required by Section 10(a)(3) of the Securities Act of
      1933;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      reflect in the prospectus any facts or events arising after the effective date
      of this Registration Statement (or the most recent post-effective amendment
      hereof) which, individually or in the aggregate, represent a fundamental change
      in the information set forth in this Registration Statement.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Notwithstanding the foregoing, any increase or decrease in volume of securities
      offered (if the total dollar value of securities offered would not exceed that
      which was registered) and any deviation from the low or high end of the
      estimated maximum offering range may be reflected in the form of prospectus
      filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
      changes in volume and price represent no more than a 20% change in the maximum
      aggregate offering price set forth in the "Calculation of Registration Fee"
      table in the effective registration statement</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">;
      and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      include any material information with respect to the plan of distribution not
      previously disclosed in this Registration Statement or any material change
      to
      such information in this Registration Statement;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">provided,
      however, that paragraphs (a)(1)(i)&#160;and (a)(1)(ii)&#160;do not apply if the
      information required to be included in a post-effective amendment by those
      paragraphs is contained in periodic reports filed with or furnished to the
      Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
      Securities Exchange Act of 1934 that are incorporated by reference in this
      Registration Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
      for
      the purpose of determining any liability under the Securities Act of 1933,
      each
      such post-effective amendment shall be deemed to be a new registration statement
      relating to the securities offered herein, and the offering of such securities
      at that time shall be deemed to be the initial bona fide offering
      thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-
          3 -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
      remove
      from registration by means of a post-effective amendment any of the securities
      being registered which remain unsold at the termination of the
      offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
      for
      the purpose of determining liability under the Securities Act of 1933 to any
      purchaser:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 135pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">i.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                the registrant is relying on Rule 430B (230.430B of this
                chapter):</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 171pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                prospectus filed by the registrant pursuant to</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                shall be deemed to be part of the registration statement as of the
                date
                the filed prospectus was deemed part of and included in the registration
                statement; and</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 171pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                prospectus required to be filed pursuant to </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
                or </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
                part of a registration statement in reliance on Rule 430B relating
                to an
                offering made pursuant to </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
                or </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">for
                the purpose of providing the information required by section 10(a)
                of the
                Securities Act of 1933 shall be deemed to be part of and included
                in the
                registration statement as of the earlier of the date such form of
                prospectus is first used after effectiveness or the date of the first
                contract of sale of securities in the offering described in the
                prospectus. As provided in Rule 430B, for liability purposes of the
                issuer
                and any person that is at that date an underwriter, such date shall
                be
                deemed to be a new effective date of the registration statement relating
                to the securities in the registration statement to which that prospectus
                relates, and the offering of such securities at that time shall be
                deemed
                to be the initial bona fide offering thereof. Provided, however,
                that no
                statement made in a registration statement or prospectus that is
                part of
                the registration statement or made in a document incorporated or
                deemed
                incorporated by reference into the registration statement or prospectus
                that is part of the registration statement will, as to a purchaser
                with a
                time of contract of sale prior to such effective date, supersede
                or modify
                any statement that was made in the registration statement or prospectus
                that was part of the registration statement or made in any such document
                immediately prior to such effective date;
                or</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 135pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ii.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
                the registrant is subject to Rule 430C, each prospectus filed pursuant
                to
                Rule 424(b) as part of a registration statement relating to an offering,
                other than registration statements relying on Rule 430B or other
                than
                prospectuses filed in reliance on Rule 430A, shall be deemed to be
                part of
                and included in the registration statement as of the date it is first
                used
                after effectiveness. Provided, however, that no statement made in
                a
                registration statement or prospectus that is part of the registration
                statement or made in a document incorporated or deemed incorporated
                by
                reference into the registration statement or prospectus that is part
                of
                the registration statement will, as to a purchaser with a time of
                contract
                of sale prior to such first use, supersede or modify any statement
                that
                was made in the registration statement or prospectus that was part
                of the
                registration statement or made in any such document immediately prior
                to
                such date of first use. </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><a name="a.6"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
      for
      the purpose of determining liability of the registrant under the Securities
      Act
      of 1933 to any purchaser in the initial distribution of the securities: The
      undersigned registrant undertakes that in a primary offering of securities
      of
      the undersigned registrant pursuant to this registration statement, regardless
      of the underwriting method used to sell the securities to the purchaser, if
      the
      securities are offered or sold to such purchaser by means of any of the
      following communications, the undersigned registrant will be a seller to the
      purchaser and will be considered to offer or sell such securities to such
      purchaser:</font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-
          4 -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 135pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">i.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                preliminary prospectus or prospectus of the undersigned registrant
                relating to the offering required to be filed pursuant to Rule
                424;</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 135pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ii.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                free writing prospectus relating to the offering prepared by or on
                behalf
                of the undersigned registrant or used or referred to by the undersigned
                registrant;</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 135pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">iii.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                portion of any other free writing prospectus relating to the offering
                containing material information about the undersigned registrant
                or its
                securities provided by or on behalf of the undersigned registrant;
                and</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 135pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">iv.&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
                other communication that is an offer in the offering made by the
                undersigned registrant to the
                purchaser.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      undersigned Registrant hereby undertakes that, for purposes of determining
      any
      liability under the Securities Act of 1933, each filing of the Registrant's
      annual reports pursuant to Section 13(a) or Section 15(d) of the Securities
      Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
      plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
      of
      1934) that is incorporated by reference in this Registration Statement shall
      be
      deemed to be a new registration statement relating to the securities offered
      therein, and the offering of such securities at that time shall be deemed to
      be
      the initial bona fide offering thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Insofar
      as indemnification for liabilities arising under the Securities Act of 1933
      may
      be permitted to directors, officers and controlling persons of the Registrant
      pursuant to the foregoing provisions, or otherwise, the Registrant has been
      advised that in the opinion of the Securities and Exchange Commission such
      indemnification is against public policy as expressed in the Act and is,
      therefore, unenforceable. In the event that a claim for indemnification against
      such liabilities (other than the payment by the Registrant of expenses incurred
      or paid by a director, officer or controlling person of the Registrant in the
      successful defense of any action, suit or proceeding) is asserted by such
      director, officer or controlling person in connection with the securities being
      registered, the Registrant will, unless in the opinion of its counsel the matter
      has been settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against public
      policy as expressed in such Act and will be governed by the final adjudication
      of such issue.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-
          5 -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Act of 1933, the Registrant certifies
        that
        it has reasonable grounds to believe that it meets all the requirements for
        filing on Form S-8 and has duly caused this registration statement to be
        signed
        on its behalf by the undersigned, thereunto duly authorized, in the Township
        of
        Mahwah, New Jersey, on this 9th day of February, 2006.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

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

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">ACORN
                FACTOR,
                INC.</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td>&#160;</td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;John
                A.
                Moore</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
              <td align="left">
                <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">John
                A. Moore</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">President
                and
                Chief Executive Officer&#160;</font></td>
            </tr>

        </table><br></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>POWER
      OF ATTORNEY </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
      person whose signature appears below constitutes and appoints John A. Moore
      and
      George Morgenstern, jointly and severally, as attorneys-in-fact, each with
      the
      power of substitution, in any and all capacities, to sign any amendment to
      this
      Registration Statement and to file the same, with exhibits thereto and other
      documents in connection therewith, with the Securities and Exchange Commission,
      granting to sale attorneys-in-fact, and each of them, full power and authority
      to do and perform each and every act and thing requisite and necessary to be
      done in connection therewith, as fully to all intents and purposes they might
      or
      could do in person, hereby ratifying and confirming all that said
      attorneys-in-fact or any of them, or their, his or her substitute or
      substitutes, may lawfully do or cause to be done by virtue hereof. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1933, this registration statement
      has been signed below by the following persons on the dates indicated in the
      capacities indicated. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div align="left">
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Signature</strong></font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="35%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Title</strong></font></div>
              </td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="25%">&#160;</td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="35%">&#160;</td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%">&#160;</td>
            </tr>
            <tr>
              <td valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                  George Morgenstern</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="35%">&#160;</td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%">&#160;</td>
            </tr>
            <tr>
              <td valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">George
                  Morgenstern</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  John A. Moore</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="top" width="35%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chairman
                  of the Board </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                  9, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John
                  A. Moore</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Michael Barth</font></div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="top" width="35%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">President
                  and Chief Executive Officer; Director </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Principal
                  Executive Officer)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                  9, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Michael
                  Barth</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;/s/
                    Samuel M. Zentman</font></div>
                </div>
              </td>
              <td align="left" valign="top" width="2%" style="border-bottom: #ffffff solid;">&#160;</td>
              <td align="left" valign="top" width="35%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                  Financial Officer (Principal Financial Officer </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
                  Principal Accounting Officer)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%" style="border-bottom: #ffffff solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                  9, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Samuel
                  M. Zentman</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font size="2">/s/
                  Kevin P. Wren</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                  9, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kevin
                  P. Wren</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Richard Rimer</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                  9, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Richard
                  Rimer</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Richard J. Giacco</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                  9, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Richard
                  J. Giacco</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td width="2%">&#160;</td>
              <td valign="top" width="15%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                  9, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      prospectus is not an offer to sell these securities and it is not soliciting
      an
      offer to buy these securities in any state where the offer or sale is not
      permitted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><img src="logo1.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1,515,000
      SHARES OF COMMON STOCK</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ACORN
      FACTOR, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        prospectus relates to the offer and sale from time to time of up to 1,515,000
        shares of our common stock by the selling security holders named in this
        prospectus. The shares include 915,000 shares issuable upon the exercise
        of
        non-plan options previously granted to officers and directors of the Company,
        its subsidiary, equity affiliates and other persons that may be deemed to
        be
        affiliates of the Company, 200,000 shares that may subsequently be issued
        pursuant to the exercise of options available for grant under the Company&#8217;s 2006
        Stock Option Plan for Non-Employee Directors and 400,000 shares that may
        be
        issued upon exercise of options or pursuant to other stock-based awards
        available for grant under the 2006 Stock Incentive Plan.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
        common stock trades on the NASD Over-the-Counter Bulletin under the symbol
        &#8220;ACFN.&#8221; On February 7, 2007, the closing sale price of the common stock was
        $3.65 per share.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Investing
      in our securities involves certain risks. You should consider the &#8220;Risk Factors&#8221;
beginning on page 1 in deciding whether to buy any shares of our common
      stock.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Neither
      the Securities and Exchange Commission nor any state securities commission
      has
      approved or disapproved of these securities or determined if this prospectus
      is
      truthful or complete. Any representation to the contrary is a criminal
      offense.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        date
        of this prospectus is February 9, 2007</font></div>

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

      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="95%"><font size="2">SPECIAL NOTE REGARDING FORWARD LOOKING
                STATEMENTS</font></td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">1</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td width="95%">&#160;</td>
              <td width="5%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="95%"><font size="2">RISK FACTORS</font></td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">1</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td width="95%">&#160;</td>
              <td width="5%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="95%"><font size="2">USE OF PROCEEDS</font></td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">3</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td width="95%">&#160;</td>
              <td width="5%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="95%"><font size="2">SELLING SECURITY HOLDERS</font></td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">4</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td width="95%">&#160;</td>
              <td width="5%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="95%"><font size="2">PLAN OF DISTRIBUTION</font></td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">5</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td width="95%">&#160;</td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td width="95%"><font size="2">LEGAL MATTERS</font></td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">6</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td width="95%">&#160;</td>
              <td width="5%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="95%"><font size="2">EXPERTS</font></td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">6</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td width="95%">&#160;</td>
              <td width="5%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="95%"><font size="2">INFORMATION INCORPORATED BY
                REFERENCE</font></td>
              <td width="5%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">&#160;<font size="2">6</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      terms
&#8220;ACFN,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Acorn Factor, Inc. and its
      subsidiaries unless the context suggests otherwise. The term &#8220;you&#8221; refers to a
      prospective purchaser of our common stock. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SPECIAL
      NOTE REGARDING FORWARD LOOKING STATEMENTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
      statements contained in, or incorporated by reference in, this prospectus are
      forward-looking in nature. These statements can be identified by the use of
      forward-looking terminology such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;may,&#8221; &#8220;will,&#8221;
&#8220;should,&#8221; or &#8220;anticipates,&#8221; or the negatives thereof or comparable terminology,
      or by discussions of strategy. You are cautioned that our business and
      operations are subject to a variety of risks and uncertainties and,
      consequently, our actual results may materially differ from those projected
      by
      any forward-looking statements. Certain of these risks and uncertainties are
      discussed below under the heading &#8220;Risk Factors.&#8221; We make no commitment to
      revise or update any forward-looking statements in order to reflect events
      or
      circumstances after the date any such statement is made.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>RISK
      FACTORS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investing
        in us entails substantial risk. You should consider the following risks and
        other information contained in this prospectus, information incorporated
        by
        reference, and information that we file with the Securities and Exchange
        Commission from time to time. The information in this prospectus is complete
        and
        accurate as of the date of this prospectus, but the information may change
        after
        the date of this prospectus.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GENERAL
      FACTORS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      have a history of operating losses and decreasing cash available for
      operations.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have a
      history of operating losses, although these losses and our use of cash to fund
      our operating activities have decreased over the years. In 2003, 2004 and 2005,
      we had operating losses of $5.2 million, $2.6 million and $2.2 million,
      respectively. Cash used in operations in 2003, 2004, 2005 and in the nine months
      ended September 30, 2006 was</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1.0
      million, $0.1 million, $1.7 million and $1.1 million, respectively.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Loss
      of the services of a few key employees could harm our operations.
</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      depend
      on our key management, technical employees and sales personnel. The loss of
      certain managers could diminish our ability to develop and maintain
      relationships with customers and potential customers. The loss of certain
      technical personnel could harm our ability to meet development and
      implementation schedules. The loss of certain sales personnel could have a
      negative effect on sales to certain current customers. Most of our significant
      employees are bound by confidentiality and non-competition agreements. We do
      not
      maintain a &#8220;key man&#8221; life insurance policy on any of our executives or
      employees. Our future success also depends on our continuing ability to
      identify, hire, train and retain other highly qualified technical and managerial
      personnel. If we fail to attract or retain highly qualified technical and
      managerial personnel in the future, our business could be
      disrupted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>A
      failure to integrate our new management may adversely affect
      us.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      appointed a new chief financial officer and chief accounting officer in December
      2005 and a new president and chief executive officer in March 2006. Any failure
      to effectively integrate our new management and any new management controls,
      systems and procedures they may implement, could materially adversely affect
      our
      business, results of operations and financial condition.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RISKS
      RELATED TO THE RT SOLUTIONS AND IT SOLUTIONS SEGMENTS </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Failure
      to accurately forecast costs of fixed-priced contracts could reduce our
      margins.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">When
      working on a fixed-price basis, we undertake to deliver software or integrated
      hardware/software solutions to a customer&#8217;s specifications or requirements for a
      particular project. The profits from these projects are primarily determined
      by
      our success in correctly estimating and thereafter controlling project costs.
      Costs may in fact vary substantially as a result of various factors, including
      underestimating costs, difficulties with new technologies and economic and
      other
      changes that may occur during the term of the contract. If, for any reason,
      our
      costs are substantially higher than expected, we may incur losses on fixed-price
      contracts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Hostilities
      in the Middle East region may slow down the Israeli hi-tech market and may
      harm
      our Israeli operations; our Israeli operations may be negatively affected by
      the
      obligations of our personnel to perform military service.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Both
      our
      RT Solutions and IT Solutions segments are currently conducted in Israel.
      Accordingly, political, economic and military conditions in Israel may directly
      affect these segments of our business. Any increase in hostilities in the Middle
      East involving Israel could weaken the Israeli hi-tech market, which may result
      in a significant deterioration of the results of our Israeli operations. In
      addition, an increase in hostilities in Israel could cause serious disruption
      to
      our Israeli operations if acts associated with such hostilities result in any
      serious damage to our offices or those of our customers or harm to our
      personnel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Many
      of
      our employees in Israel are obligated to perform military reserve duty. In
      the
      event of severe unrest or other conflict, one or more of our key employees
      could
      be required to serve in the military for extended periods of time. In the past,
      there were numerous call-ups of military reservists to active duty, and it
      is
      possible that there will be additional call-ups in the future. Our Israeli
      operations could be disrupted as a result of such call-ups for military
      service.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Exchange
      rate fluctuations could increase the cost of our Israeli
      operations</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      sales
      in this segment stem from our Israeli operations and a significant portion
      of
      those sales are in New Israeli Shekels (&#8220;NIS&#8221;). In addition, many transactions
      that are linked to the dollar are settled in NIS. The dollar value of the
      revenues of our operations in Israel will decrease if the dollar is devalued
      in
      relation to the NIS during the period from the invoicing of a transaction to
      its
      settlement. In addition, significant portions of our expenses in those
      operations are in NIS, so that if the dollar is devalued in relation to the
      NIS,
      the dollar value of these expenses will increase.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>One
      of our major customers has a history of operating deficits and may implement
      cost-cutting measures that may have a material adverse effect on
      us.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      2005,
      17% of the software consulting and development segment&#8217;s sales (13% and 11% in
      2004 and 2003, respectively) and 8% of its billed receivables and unbilled
      work-in-process at December 31, 2005 (3% at December 31, 2004) were related
      to
      the Clalit Health Fund. The Clalit Health Fund is the largest HMO in Israel
      and
      one of the largest in the world. The fund has a history of running at a deficit,
      which in the past has required numerous cost cutting plans and periodic
      assistance from the Israeli government. Should the fund have to institute
      additional cost cutting measures in the future, which may include restructuring
      of its terms of payment, this could have a material adverse effect on the
      performance of this segment.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      have sold our outsourcing business, which in the past provided our Israeli
      operations with a steady cash flow; our Israeli operations may be hindered
      by
      future cash flow problems.</em></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      August
      2005, we sold our outsourcing business, which in the past provided our Israeli
      operations with a steady cash flow stream, and, in conjunction with bank lines
      of credit, helped to finance our Israeli operations. Our present operations,
      as
      we are currently structured, places a greater reliance on our meeting project
      milestones in order to generate cash flow to finance our operations. Should
      we
      encounter difficulties in meeting significant project milestones, resulting
      cash
      flow difficulties could have a material adverse effect on our
      operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>If
      we
      are unable to keep pace with rapid technological change, our results of
      operations, financial condition and cash flows may suffer.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Some
      of
      our RT and IT solutions are characterized by rapidly changing technologies
      and
      industry standards and technological obsolescence. Our competitiveness and
      future success depends on our ability to keep pace with changing technologies
      and industry standards on a timely and cost-effective basis. A fundamental
      shift
      in technologies in could have a material adverse effect on our competitive
      position. Our failure to react to changes in existing technologies could
      materially delay our development of new products, which could result in
      technological obsolescence, decreased revenues, and/or a loss of market share
      to
      competitors. To the extent that we fail to keep pace with technological change,
      our revenues and financial condition could be materially adversely affected.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-
          2 -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RISKS
      RELATED TO OUR COMVERGE INVESTMENT </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      may need to invest additional funds in Comverge in order to avoid dilution
      of
      our holdings. </em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      currently own approximately 23% of Comverge&#8217;s outstanding capital stock (64% of
      Comverge&#8217;s common shares and approximately 7% its preferred shares). On October
      5, 2006, Comverge filed a registration statement on Form S-1 for the sale of
      additional shares. Should Comverge complete the sale of shares pursuant to
      the
      registration statement, our position in Comverge would be substantially
      diluted.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      shares of Comverge common stock may in certain events not share ratably with
      the
      Comverge preferred stock.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While
      we
      currently hold approximately 23% of Comverge&#8217;s outstanding stock, we hold only
      7% of the outstanding preferred stock of Comverge.&#160; In certain events,
      including a merger of sale of the assets of Comverge, the holders of the
      Comverge preferred stock would generally be entitled to receive a preference
      payment equal to a multiple of their investment in Comverge before any amounts
      are paid to the holders of the Comverge common stock.&#160; Since the majority
      of our Comverge shares holdings consist of common stock, we may not share
      ratably with Comverge&#8217;s other major shareholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RISKS
      RELATED TO OUR SECURITIES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>There
      is only a limited trading market for our common stock and it is possible that
      you may not be able to sell your shares easily.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
        is
        currently only a limited market for our common stock. Our common stock trades
        on
        the OTC Bulletin Board under the symbol &#8220;ACFN&#8220; with, until recently, very
        limited trading volume. We cannot assure you that a substantial trading market
        will be sustained for our common stock.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Our
      share price may decline due to the large number of shares of our common stock
      eligible for future sale in the public market including the shares of the
      selling security holders.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      substantial number of shares of our common stock are, or could upon exercise
      of
      options or warrants, become eligible for sale in the public market as described
      below. Sales of substantial amounts of our shares of common stock in the public
      market, or the possibility of these sales, may adversely affect our stock
      price.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              </font>&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
                of September 30, 2006 there were 664,039 warrants with a weighted
                average
                exercise price of $2.81 and 2,099,035 options with a weighted average
                exercise price of $2.42 per share, presently exercisable, which if
                exercised for cash would result in the issuance of an additional
                2,763,074
                shares of common stock.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      holders of the above options and warrants may be expected to exercise their
      rights and sell shares of our common stock at a time when we would, in all
      likelihood, be able to obtain needed capital through a new offering of
      securities on terms more favorable than those provided by these warrants and
      options.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>USE
      OF PROCEEDS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      will
      not receive any proceeds form the sale of the shares by the selling security
      holders. We will receive proceeds upon exercise of the options by the selling
      security holders. All proceeds received by us through option exercises will
      be
      used for working capital. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-
          3 -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SELLING
      SECURITY HOLDERS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        selling security holders may sell up to 1,515,000 shares of our common stock
        pursuant to this prospectus. These shares include 915,000 shares issuable
        upon
        the exercise of non-plan options previously granted to officers and directors
        of
        the Company, its subsidiary, equity affiliates, and other persons who may
        be
        deemed to be affiliates of the Company, 200,000 shares that may subsequently
        be
        issued pursuant to the exercise of options available for grant under the
        Company&#8217;s 2006 Stock Option Plan for Non-Employee Directors and 400,000 shares
        that may be issued to officers, directors or other persons who may be deemed
        to
        be affiliates of the Company, upon exercise of options or pursuant to other
        stock-based awards available for grant under the 2006 Stock Incentive Plan.
        As
        permitted by Form S-8, as further selling security holders become known to
        the
        Company they will be added by prospectus supplement(s) pursuant to Rule 424(b)
        under the Securities Act of 1933.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      table
      below (1) identifies each selling security holder, (2) shows the number of
      shares beneficially owned by selling security holder prior to the offering,
      (3)
      shows the number of shares that the selling security holder may sell in this
      offering pursuant to this prospectus, and (4) shows the number and percentage
      of
      shares that the selling security holder will beneficially own upon completion
      of
      the offering. All of these shares represent shares that may hereafter be
      acquired pursuant to outstanding non-plan option grants.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td valign="bottom" width="20%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling
                  Security Holder</font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="13%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.
                  of Shares </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beneficially
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owned
                  Before </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sale(1)</font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.
                  of </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
                  Being </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offered</font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.
                  of Shares </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beneficially
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owned
                  Upon </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Completion
                  of </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offering(1)</font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="12%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Percentage
                  of </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shares
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beneficially
                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Owned
                  After </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Completion
                  of </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Offering</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Michael
                  Barth(2)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">59,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Richard
                  Giacco(3)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">John
                  A. Moore(4)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">780,877</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">400,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">380,877</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4%</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Richard
                  Rimer(5)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">125,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">125,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kevin
                  Wren(6)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Samuel
                  Zentman(7)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">71,621</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">57,500</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14,121</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sheldon
                  Krause(8)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">66,500</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">25,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">41,500</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">George
                  Morgenstern(9)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">482,054</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,500</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">474,554</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.9%</font></div>
              </td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="20%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Andy
                  Roesch (10)</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="12%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_______________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
      Less
      than 1%, based upon 9,453,659 shares outstanding on November 15,
      2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Beneficial
                ownership is determined in accordance with Rule 13d-3 under the Securities
                Exchange Act of 1934.</font></div>
            </td>
          </tr>

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

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

            <tr valign="top" style="line-height: 1.25;">
              <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
                  Barth is the Chief Financial Officer of both the Company and its
                  majority-owned subsidiary dsIT Solutions Ltd. The shares being
                  offered by
                  Mr. Barth consist of shares issuable upon the exercise by Mr. Barth
                  of an
                  option to purchase 50,000 shares. The op</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">tion
                  has vested as to one-third the remaining two-thirds shall vest
                  on each or
                  December 31, 2007 and 2008. The option is exercisable through July
                  31,
                  2011.</font></div>
              </td>
            </tr>

        </table>
      </div>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
                Giacco is a member of the board of directors of the Company. The
                shares
                being offered by Mr. Giacco consist of shares issuable upon the exercise
                by Mr. Giacco of an option to purchase 25,000 shares. The option
                vests as
                to one-third on each of October 3, 2007, 2008, and 2009 and is exercisable
                through October 3, 2013.</font></div>
            </td>
          </tr>

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

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

              <tr valign="top" style="line-height: 1.25;">
                <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)</font></td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
                    Moore is President and Chief Executive Officer, and a member
                    of the board
                    of directors of the Company. The shares being offered by Mr.
                    Moore consist
                    of (i) shares issuable upon the exercise by Mr. Moore of an option
                    to
                    purchase 200,000 shares which has previously vested as to one
                    half and
                    will vest as to the other half upon the earlier of the Company&#8217;s shares
                    achieving a five day average closing market price of $5.00 or
                    greater per
                    share or March 30, 2009, and is exercisable through March 31,
                    2011 and
                    (ii) shares issuable upon the exercise by Mr. Moore of an option
                    to
                    purchase 200,000 shares which vested on September 30, 2006 and
                    is
                    exercisable through March 31,
                    2011.</font></div>
                </td>
              </tr>

          </table>
        </div>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
                Rimer is a member of the board of directors of the Company. The shares
                being offered by Mr. Rimer consist of (i) shares issuable upon the
                exercise by Mr. Rimer of an option to purchase 25,000 shares, which
                vests
                as to one-third on each of October 3, 2007, 2008, and 2009 and is
                exercisable though October 3, 2013, and (ii) shares issuable upon
                the
                exercise of an option to purchase 100,000 shares which vested as
                to
                one-quarter on the date of grant and which vests as to the remaining
                three-quarters upon the satisfaction of certain performance criteria
                and
                which is exercisable through November 30,
                2013.</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
                Wren is a member of the board of directors of the Company. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                shares being offered by Mr. Wren consist of shares issuable upon
                the
                exercise by Mr. Wren of an option to purchase 25,000 shares. The
                option
                vests as to one-third on each of October 3, 2007, 2008, and 2009
                and is
                exercisable through October 3,
                2013.</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dr.
                Zentman is a member of the board of directors of the Company. The
                shares
                being offered by Dr. Zentman consist of shares issuable upon the
                exercise
                by Dr. Zentman of (i) an option to purchase 25,000 shares vesting
                as to
                one-third on each of October 3, 2007, 2008, and 2009 and exercisable
                through October 3, 2013, (ii) an option to purchase 7,500 shares
                vesting
                on October 3, 2008 and exercisable through October 3, 2013, and (iii)
                an
                option to purchase 25,000 shares which has vested and is exercisable
                through March 30, 2011.</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
                Krause is Secretary and General Counsel to the Company. The shares
                being
                offered by Mr. Krause consist of shares issuable upon the exercise
                by Mr.
                Krause of an option to purchase 25,000 shares. The option vests as
                to
                one-third on each of July 31, 2007, 2008 and 2009 and is exercisable
                through July 31, 2013.</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(9)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
                Morgenstern is the Chairman of the board of directors of the Company.
                The
                shares being offered by Mr. Morgenstern consist of shares issuable
                upon
                the exercise by Mr. Morgenstern of an option to purchase 7,500 shares,
                vesting on October 3, 2007 and exercisable through October 3,
                2013.</font></div>
            </td>
          </tr>

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

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

            <tr valign="top" style="line-height: 1.25;">
              <td align="left" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10)</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
                  Roesch is managing director of Paketeria GmbH a company in which
                  the
                  Company has made a substantial investment. In connection with Mr.
                  Roesch&#8217;s
                  continued employment with Paketeria, he was granted an option to
                  purchase
                  150,000 shares of the Company&#8217;s common stock. The shares being offered by
                  Mr. Roesch consist of the shares issuable upon the exercise of
                  this
                  option. The option previously vested with respect to one-third
                  and will
                  vest with respect to another third upon the execution of a license
                  agreement for the 75th Paketeria store and with respect to the
                  final third
                  upon the execution of a license agreement for the 115th Paketeria
                  store.
                  The option is exercisable through November 7,
                  2011.</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PLAN
      OF DISTRIBUTION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      and
      after the date of this prospectus, the selling security holders may, from time
      to time, sell any or all of their shares of common stock on any stock exchange,
      market or trading facility on which shares of our common stock are traded or
      in
      private transactions. These sales may be at fixed or negotiated prices. The
      selling security holders may use any one or more of the following methods when
      selling shares: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              </font>&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ordinary
                brokerage transactions and transactions in which the broker-dealer
                solicits a purchaser; </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">block
                trades in which the broker-dealer will attempt to sell the shares
                as agent
                but may position and resell a portion of the block as principal to
                facilitate the transaction; </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">purchases
                by a broker-dealer as principal and resale by the broker-dealer for
                its
                account; </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
                exchange distribution in accordance with the rules of the applicable
                exchange; </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">privately
                negotiated transactions; </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">short
                sales;</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">broker-dealers
                may agree with the selling security holders to sell a specified number
                of
                such shares at a stipulated price per share;
</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                combination of any such methods of sale; and
</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">any
                other method permitted pursuant to applicable law.
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      selling security holders may also sell shares under Rule 144 under the
      Securities Act, if available, rather than under this prospectus. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Broker-dealers
      engaged by the selling security holders may arrange for other brokers-dealers
      to
      participate in sales. Broker-dealers may receive commissions or discounts from
      the selling security holders (or, if any broker-dealer acts as agent for the
      purchaser of shares, from the purchaser) in amounts to be negotiated. The
      selling security holders do not expect these commissions and discounts to exceed
      what is customary in the types of transactions involved. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      selling security holders and any broker-dealers or agents that are involved
      in
      selling the shares of our common stock may be deemed to be &#8220;underwriters&#8221; within
      the meaning of the Securities Act in connection with such sales. In such event,
      any commissions received by such broker-dealers or agents and any profit on
      the
      resale of the shares of our common stock purchased by them may be deemed to
      be
      underwriting commissions or discounts under the Securities Act. The selling
      security holders have informed us that it does not have any agreement or
      understanding, directly or indirectly, with any person to distribute our common
      stock. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        selling security holders may from time to time pledge or grant a security
        interest in some or all of the shares of common stock owned by them and,
        if they
        default in the performance of the their secured obligations, the pledgees
        or
        secured parties may offer and sell the shares of common stock from time to
        time
        under this prospectus, or under an amendment to this prospectus under Rule
        424(b) or other applicable provision in or under the Securities Act of 1933
        amending the list of selling security holders to include the pledgee, transferee
        or other successors in interest as selling stockholders under this
        prospectus.</font></div>

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

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        selling security holders and any other person participating in the sale of
        common stock will be subject to the Securities Exchange Act of 1934. The
        Securities Exchange Act of 1934 rules include, without limitation, Regulation
        M,
        which may limit the timing of purchases and sales of any of the common stock
        by
        the selling security holders and any other such person. In addition, Regulation
        M may restrict the ability of any person engaged in the distribution of the
        common stock and the ability of any person or entity to engage in the
        market-making activities with respect to the common stock.</font></div>

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

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
        have
        agreed to pay substantially all expense incidental to the registration, offering
        and sale of the common stock offered pursuant to this prospectus to the public,
        other than commissions, fees and discounts of underwriters, brokers, dealers
        and
        agents.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>LEGAL
      MATTERS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      validity of the shares of Common Stock which may be offered pursuant to this
      prospectus has been passed upon by Eilenberg Krause &amp; Paul LLP, counsel to
      the Company. Sheldon Krause, a partner of Eilenberg Krause &amp; Paul LLP, is
      our Secretary and General Counsel.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXPERTS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      financial statements incorporated in this prospectus by reference to Amendment
      No. 2 on Form 10-K/A to our Annual Report on Form 10-K for the year ended
      December 31, 2005 have been so incorporated in reliance on the report of
      Kesselman &amp; Kesselman, a member of PricewaterhouseCoopers International
      Limited, an independent registered public accounting firm</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      given on
      the authority of said firm as experts in auditing and accounting. The financial
      statements of Comverge, Inc., an equity affiliate, which have been incorporated
      in this prospectus by reference to Amendment No. 2 on Form 10-K/A to our Annual
      Report on Form 10-K for the year ended December 31, 2005 have been so
      incorporated in reliance upon the report of PricewaterhouseCoopers LLP, an
      independent registered public accounting firm, given on the authority of said
      firm as experts in auditing and accounting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
      INCORPORATED BY REFERENCE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      SEC
      allows us to &#8220;incorporate by reference&#8221; the information we file with them, which
      means that we can disclose important information to you by referring you to
      those documents. The infornation incorporated by reference is considered to
      be a
      part of this prospectus. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-
          6 -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      incorporate by reference the following documents:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              </font>&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Annual Report on Form 10-K for the fiscal year ended December 31,
                2005
                (filed on April 11, 2006).</font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                No. 1 to Our Annual Report on Form 10-K for the fiscal year ended
                December
                31, 2005, on Form 10-K/A (filed on June 1, 2006).
                </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                No. 2 to Our Annual Report on Form 10-K for the fiscal year ended
                December
                31, 2005, on Form 10-K/A (filed on October 19, 2006).
                </font></div>
            </td>
          </tr>

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

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Quarterly Report on Form 10-Q for the three months ended March 31,
                2006
                (filed on May 19, 2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160; </font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Quarterly Report on Form 10-Q for the three months ended June 30,
                2006,
                (filed on August 11, 2006).</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Quarterly Report on Form 10-Q for the three months ended September
                30,
                2006, (filed on November 20, 2006)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Current Report on Form 8-K/A filed on May 12,
                2006;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
                Current Reports on Form 8-K filed on May 16, 2006, July 20, 2006,
                July 28,
                2006, August 4, 2006, August 23, 2006, September 22, 2006, October
                11,
                2006, October 12, 2006, November 3, 2006, January 3, 2007 and January
                9,
                2007.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8211;&#160;&#160;&#160;
              &#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                description of Our Common Stock which is contained in its Registration
                Statement on Form&#160;8-A declared effective on February 11,
                1992.</font></div>
            </td>
          </tr>

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

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
        documents subsequently filed by the Company pursuant to Sections 13(a), 13(c),
        14 and 15(d) of the Exchange Act, prior to the filing of a post-effective
        amendment which indicates that all shares offered hereby have been sold or
        which
        deregisters all shares then remaining unsold, shall be deemed to be incorporated
        by reference in this registration statement and to be a part hereof from
        the
        date of filing of such documents. Any statement contained in a previously
        filed
        document incorporated or deemed to be incorporated by reference herein shall
        be
        deemed to be modified or superseded for purposes of this registration statement
        to the extent that a statement contained herein or in any other subsequently
        filed document which also is incorporated or deemed to be incorporated by
        reference herein modifies or supersedes such statement. Any such statement
        so
        modified or superseded shall not be deemed, except as so modified or superseded,
        to constitute a part of this registration statement.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      may
      request a free copy of these documents by writing to Terri MacInnis, Director
      of
      Investor Relations, Bibicoff &amp; Associates, Inc. 15165 Ventura Blvd., #425,
      Sherman Oaks, CA 91403, or by calling 818.379.8500.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WHERE
      YOU CAN FIND MORE INFORMATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      are
      subject to the informational requirements of the Securities Exchange Act of
      1934. Accordingly, we file annual, quarterly and special reports, proxy
      statements and other information with the SEC. You may read and copy any
      document that we file with the SEC at the SEC&#8217;s public reference room at 100 F
      Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330
      for
      further information on the public reference room. Our SEC filings are also
      available to you free of charge at the SEC&#8217;s web site at http://www.sec.gov.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">You
      can
      read and print press releases, financial statements, our most recent annual
      and
      quarterly reports and additional information about us, free of charge, at our
      web site at </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>http://www.acornfactor.com</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        prospectus is a part of a registration statement on Form S-8 filed by us
        with
        the SEC under the Securities Act of 1933. This prospectus does not contain
        all
        of the information set forth in the registration statement, certain parts
        of
        which are omitted in accordance with the rules and regulations of the SEC.
        For
        further information with respect to us and the shares of our common stock
        offered hereby, please refer to the registration statement. The registration
        statement may be inspected at the public reference facilities maintained
        by the
        SEC at the addresses set forth above. Statements in this prospectus about
        any
        document filed as an exhibit are not necessarily complete and, in each instance,
        you should refer to the copy of such document filed with the SEC. Each such
        statement is qualified in its entirety by such reference.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">-
          7 -</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo1.jpg
M_]C_X``02D9)1@`!`@$`2`!(``#_X0Q417AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````4````<@$R``(````4````AH=I``0````!````G````,@```!(````
M`0```$@````!061O8F4@4&AO=&]S:&]P(#<N,``R,#`W.C`R.C`W(#(S.C4Y
M.C0Q``````.@`0`#`````?__``"@`@`$`````0```,2@`P`$`````0```&0`
M````````!@$#``,````!``8```$:``4````!```!%@$;``4````!```!'@$H
M``,````!``(```(!``0````!```!)@("``0````!```+)@````````!(````
M`0```$@````!_]C_X``02D9)1@`!`@$`2`!(``#_[0`,061O8F5?0TT``O_N
M``Y!9&]B90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43
M$Q@1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-
M$`X.$!0.#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#/_``!$(`$$`@`,!(@`"$0$#$0'_W0`$``C_Q`$_```!
M!0$!`0$!`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$`
M`@,$!08'"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R
M!A21H;%"(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5
MXF7RLX3#TW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7
MI[?'U^?W$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q
M0B/!4M'P,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*S
MA,/3=>/S1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_
MV@`,`P$``A$#$0`_`/54DDDE*22224I))))2DE%[BUI(:7$?FB)/^<6M7,9G
MUX_9W4_L/4>GV8S(:_U/4:]QK<X5>O76W]'=578[]-Z61]HK9^D^SH$UN@R`
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M&M;4QC*V.D&JF_<YUK7NW;[G*?V'J7_EE9_VU3_Z33X'],ZG_P"&6?\`MOBJ
MSDY5&+6+<AXKK+V5AQXW6O;12W^W;8QB`"^4JH`#8?HQ_=:OV'J7_EE9_P!M
M4_\`I-+[#U+_`,LK/^VJ?_2:N6WTT5NMNL;56SZ3WD-:.WN<Y09FX=E#LBN^
MM]#)WVM>TL$?2W6`[&[4J1QGP_Q8M;[#U+_RRL_[:I_])I?8>I?^65G_`&U3
M_P"DU9JSL*ZIUU61594PP^QKVEK2/WGM.UJE7E8US'/JM98QAA[FN#@"-?<6
M_12I7&?#_%BU/L'4O_+*S_MJG_TFJO6>CX63TLV=3J;U&[!:_(I?8UK#N9^E
M%?Z+9^B?L97:SZ%O^$6M9D8]3!99:QE;HVO<X`&?HPXJGUJ;,5F,T^[*OJI@
M<EF]MF4W_P!A*LA*ELS<2"!]D6.'TN_%Z>W'9D>GE/<;LK)8UI]2ZPFW)?LM
M#O8^QWZ+_0T^G4I?8.H_^65G_;5/_I-+/Z[TOIV15BY=KJ[\AKGT5BNQYL#-
M;?2]&NSU75M]UC&>]C%8Q,[$S,>C)Q[0^K+K%V.>"^MP:]KVL?M?]%[?S4J2
M)$"A7U`+7^P=2_\`+*S_`+:I_P#2:7V'J7_EE9_VU3_Z35O(R\7%:'Y-U=#7
M&`ZQP8">8!>0AGJ73A$Y5(W-%C?TC=6&=M@]WT';?II4GC/A_BQ0?8>I?^65
MG_;5/_I-+[#U+_RRL_[:I_\`2:L.ZA@MH&2[)J;CN.UMQ>T,)$@M%F[9^:Y3
M=E8S*FW/N8VI\;;"X!IG4;7SM<E2N,^'^+%J?8>I?^65G_;5/_I-0J^VX_4Z
M*+<HY-5U5SBUS&-AU9HV.:ZIK/\`2O6A5;5=6+*GMLK=JU["'-/P<U4K_P#E
MK"_XG)_ZK%2.B8R))!`V/Z,>S__1]&P/Z9U/_P`,L_\`;?%7,_7"J_ZT9I^K
M?3GT6-Q*;,C.%MI8T7/:_&Z>S]7]:]UF)<YV;?3Z'I?T3U+/TRZ;`_IG4_\`
MPRS_`-M\57H0"Z>_TC_T7SK%^L%74LKHO6>M,<["Z?7;C9\MW,Q.J-+*_M6;
M4P.]*FUC7?9<CWUX]EW^!6IU7-Z1?D8O4\!]61T7&SQ9UV['!?6ZT4?J618^
ML>EDTXEK\6S)>QUGH/\`0]3^CO\`1[%*$5KQN==TG)ZIG=6Z5;39BCI>37UC
M,I<'T/?^B.`RQU;G479=5;<O]^VO'V5V_P`[C+#Z'DXW3::\[J#&8=N?T.G#
MZ?94=V/>^FISK&YE^VO_`"KN8RGT+6?HV5?9ZK\EZ].3)*?.<.OJ&#T/I.,P
MV=0Z#U._IEF'?(?;A6G)Q+;L3*/MWX;_`-*S%N_[3W_J5S/?58N[R3OZEAU3
M]`6W^7M:W&_SOUM7%3H8YW4LJ\QM:RJAH\"W??8?[7VBO_MM)!>;^MLV_6_Z
ML8]66<*\C.BZL,<]FZIC*O9DLNI_36-]+])7^D_P7O6;UK)S[<NOZP8=@ZBW
MZHNKJRKPYC?6)K=^WW48]>ZK<_'OQOSZO1MQLFJOZ'Z3T)))+PN!U/$Q/K=G
M=7ZY;5]CZE70WH/4W"<9M+1<^W%^UO'IXE]O\[958ZOU'_\`6U#ZS-^KK.G]
M!S.FU44X=O6\9[K6L#&NK99D&^W4-W8V]UMC'_S/I/WU_HGKO4DE/(6V8'2/
MKB<OJK68W3K<9K.D9C@&XM5KC;?U"IUGMIQLS-_G?5?_`$FMGI^K_@U@9&-7
M@59V3AMKHZ!D=9Z==TJNXFJ@N:YMG4,BO<UWI]/N<-U=M?Z#[-5ZE#/07IR4
M)*>9^J-]./E=4Z;D5MPNJOR[,VW":1Z9JLV5T973WPS[3BV555^O=LKL^V^O
MZU&/^CK6O?\`\M87_$Y/_58JOPJ%_P#RUA?\3D_]5BH'^"Z&_P!)?]%__]+T
M,T=3HRLFS%91;7DV-M_2O>QS2*ZL?;#*K6N_F=REOZ]_H,3_`+>L_P#>9:"2
M%+N/N`7/W]>_T&)_V]9_[S);^O?Z#$_[>L_]YEH))5XJXA^Z/Q><^M/5NO=(
M^K]_5*AB57XMC'/:\V6L?42*_3;IC/9>^^QFW\Q>?=%ZGUFC('7WYME^=9[[
MFVO.RQAD_9W4-_1LJV_S>QGZO_@EZOUCI.)UGIM_3,T../DMVOV':X$$/98Q
MW[]=C66,7(V_XK6!P;B=5MKQP`-EM3;'Z?2_2UOQF?\`@"ASPRD#VS5%M\GD
MY>/%[P&HTTXHNUC_`%SZ5FXC7]/WYF>]H/[.I!=<U[O;LR?\'BU->=K\J]U>
M-_A/4^@K]%/5\?&K:T49&2\NLRWV/>UOJ..[;1MJM=Z%?\S3ZG^!KJ4^B]&Q
M.B]/9@8A>ZIA<[=8[<YSG'<YSH#&?YC%>4PNA>[4EP\9,=8V>$2_=_K-#?U[
M_08G_;UG_O,EOZ]_H,3_`+>L_P#>9:"25>*N(?NC\7/W]>_T&)_V]9_[S);^
MO?Z#$_[>L_\`>9:"25>*N(?NC\7/W]>_T&)_V]9_[S);^O?Z#$_[>L_]YEH)
M)5XJXA^Z/Q<_?U[_`$&)_P!O6?\`O,FIQ^HV=0IRLMM-;**[6`5/>\DV&D_X
M2NK;M]%:*25*XNP`?__3]527RJDDI^JDE\JI)*?JI)?*J22GZJ27RJDDI^JD
ME\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?_V?_M$.90:&]T;W-H;W`@,RXP
M`#A"24T$)0``````$``````````````````````X0DE-`^T``````!``2```
M``$``0!(`````0`!.$))300F```````.`````````````#^````X0DE-!`T`
M``````0```!X.$))3009```````$````'CA"24T#\P``````"0``````````
M`0`X0DE-!`H```````$``#A"24TG$```````"@`!``````````$X0DE-`_4`
M`````$@`+V9F``$`;&9F``8```````$`+V9F``$`H9F:``8```````$`,@``
M``$`6@````8```````$`-0````$`+0````8```````$X0DE-`_@``````'``
M`/____________________________\#Z`````#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z```.$))300(```````0`````0```D````)`
M`````#A"24T$'@``````!``````X0DE-!!H``````S\````&````````````
M``!D````Q`````4`;`!O`&<`;P`Q`````0`````````````````````````!
M``````````````#$````9``````````````````````!````````````````
M`````````!`````!````````;G5L;`````(````&8F]U;F1S3V)J8P````$`
M``````!28W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<`````
M`````$)T;VUL;VYG````9`````!29VAT;&]N9P```,0````&<VQI8V5S5FQ,
M<P````%/8FIC`````0``````!7-L:6-E````$@````=S;&EC94E$;&]N9P``
M```````'9W)O=7!)1&QO;F<`````````!F]R:6=I;F5N=6T````,15-L:6-E
M3W)I9VEN````#6%U=&]'96YE<F%T960`````5'EP965N=6T````*15-L:6-E
M5'EP90````!);6<@````!F)O=6YD<T]B:F,````!````````4F-T,0````0`
M````5&]P(&QO;F<``````````$QE9G1L;VYG``````````!"=&]M;&]N9P``
M`&0`````4F=H=&QO;F<```#$`````W5R;%1%6%0````!````````;G5L;%1%
M6%0````!````````37-G951%6%0````!```````&86QT5&%G5$585`````$`
M``````YC96QL5&5X=$ES2%1-3&)O;VP!````"&-E;&Q497AT5$585`````$`
M``````EH;W)Z06QI9VYE;G5M````#T53;&EC94AO<GI!;&EG;@````=D969A
M=6QT````"79E<G1!;&EG;F5N=6T````/15-L:6-E5F5R=$%L:6=N````!V1E
M9F%U;'0````+8F=#;VQO<E1Y<&5E;G5M````$453;&EC94)'0V]L;W)4>7!E
M`````$YO;F4````)=&]P3W5T<V5T;&]N9P`````````*;&5F=$]U='-E=&QO
M;F<`````````#&)O='1O;4]U='-E=&QO;F<`````````"W)I9VAT3W5T<V5T
M;&]N9P``````.$))3001```````!`0`X0DE-!!0```````0````".$))300,
M``````M"`````0```(````!!```!@```88````LF`!@``?_8_^``$$I&248`
M`0(!`$@`2```_^T`#$%D;V)E7T--``+_[@`.061O8F4`9(`````!_]L`A``,
M"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.%!0.#@X.%!$,#`P,
M#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_P``1"`!!
M`(`#`2(``A$!`Q$!_]T`!``(_\0!/P```04!`0$!`0$``````````P`!`@0%
M!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)"@L0``$$`0,"!`(%
M!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D%5+!8C,T<H+10P<E
MDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-UX_-&)Y2DA;25Q-3D
M]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(!`@0$`P0%!@<'
M!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R@I)#4Q5C<S3Q
M)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4I(6TE<34Y/2EM<75
MY?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1`Q$`/P#U5))))2DD
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M8UH#[(#=Q`]S]K?H[E-5.G7=1LHCJ-#*,EFC_1?ZE3OY=+G-KMV_R+:_9_PB
MMIR]22222E))))*?_]#T(#.R\S,;7EG'KQK6U,8RMCI!JIOW.=:U[MV^YRG]
MAZE_Y96?]M4_^DT^!_3.I_\`AEG_`+;XJLY.51BUBW(>*ZR]E8<>-UKVT4M_
MMVV,8@`OE*J``V'Z,?W6K]AZE_Y96?\`;5/_`*32^P]2_P#+*S_MJG_TFKEM
M]-%;K;K&U5L^D]Y#6CM[G.4&9N'90[(KOK?0R=]K7M+!'TMU@.QNU*D<9\/\
M6+6^P]2_\LK/^VJ?_2:7V'J7_EE9_P!M4_\`I-6:L["NJ==5D565,,/L:]I:
MTC]Y[3M:I5Y6-<QSZK66,88>YK@X`C7W%OT4J5QGP_Q8M3[!U+_RRL_[:I_]
M)JKUGH^%D]+-G4ZF]1NP6OR*7V-:P[F?I17^BV?HG[&5VL^A;_A%K69&/4P6
M66L96Z-KW.`!GZ,.*I]:FS%9C-/NRKZJ8')9O;9E-_\`82K(2I;,W$@@?9%C
MA]+OQ>GMQV9'IY3W&[*R6-:?4NL)MR7[+0[V/L=^B_T-/IU*7V#J/_EE9_VU
M3_Z32S^N]+Z=D58N7:ZN_(:Y]%8KL>;`S6WTO1KL]5U;?=8QGO8Q6,3.Q,S'
MHR<>T/JRZQ=CG@OK<&O:]K'[7_1>W\U*DB1`H5]0"U_L'4O_`"RL_P"VJ?\`
MTFE]AZE_Y96?]M4_^DU;R,O%Q6A^3=70UQ@.L<&`GF`7D(9ZETX1.52-S18W
M](W5AG;8/=]!VWZ:5)XSX?XL4'V'J7_EE9_VU3_Z32^P]2_\LK/^VJ?_`$FK
M#NH8+:!DNR:FX[CM;<7M#"1(+19NV?FN4W96,RIMS[F-J?&VPN`:9U&U\[7)
M4KC/A_BQ:GV'J7_EE9_VU3_Z34*OMN/U.BBW*.35=5<XM<QC8=6:-CFNJ:S_
M`$KUH56U75BRI[;*W:M>PAS3\'-5*_\`Y:PO^)R?^JQ4CHF,B200-C^C'L__
MT?1L#^F=3_\`#+/_`&WQ5S/UPJO^M&:?JWTY]%C<2FS(SA;:6-%SVOQNGL_5
M_6O=9B7.=FWT^AZ7]$]2S],NFP/Z9U/_`,,L_P#;?%5Z$`NGO](_]%\ZQ?K!
M5U+*Z+UGK3'.PNGUVXV?+=S,3JC2RO[5FU,#O2IM8UWV7(]]>/9=_@5J=5S>
MD7Y&+U/`?5D=%QL\6==NQP7UNM%'ZED6/K'I9-.):_%LR7L=9Z#_`$/4_H[_
M`$>Q2A%:\;G7=)R>J9W5NE6TV8HZ7DU]8S*7!]#W_HC@,L=6YU%V756W+_?M
MKQ]E=O\`.XRP^AY.-TVFO.Z@QF';G]#IP^GV5'=CWOIJ<ZQN9?MK_P`J[F,I
M]"UGZ-E7V>J_)>O3DR2GSG#KZA@]#Z3C,-G4.@]3OZ99AWR'VX5IR<2V[$RC
M[=^&_P#2LQ;O^T]_ZE<SWU6+N\D[^I8=4_0%M_E[6MQO\[];5Q4Z&.=U+*O,
M;6LJH:/`MWWV'^U]HK_[;207F_K;-OUO^K&/5EG"O(SHNK#'/9NJ8RKV9++J
M?TUC?2_25_I/\%[UF]:R<^W+K^L&'8.HM^J+JZLJ\.8WUB:W?M]U&/7NJW/Q
M[\;\^KT;<;)JK^A^D]"222\+@=3Q,3ZW9W5^N6U?8^I5T-Z#U-PG&;2T7/MQ
M?M;QZ>)?;_.V56.K]1__`%M0^LS?JZSI_0<SIM5%.';UO&>ZUK`QKJV69!OM
MU#=V-O=;8Q_\SZ3]]?Z)Z[U))3R%MF!TCZXG+ZJUF-TZW&:SI&8X!N+5:XVW
M]0J=9[:<;,S?YWU7_P!)K9Z?J_X-8&1C5X%6=DX;:Z.@9'6>G7=*KN)JH+FN
M;9U#(KW-=Z?3[G#=7;7^@^S5>I0ST%Z<E"2GF?JC?3CY75.FY%;<+JK\NS-M
MPFD>F:K-E=&5T]\,^TXME55?KW;*[/MOK^M1C_HZUKW_`/+6%_Q.3_U6*K\*
MA?\`\M87_$Y/_58J!_@NAO\`27_1?__2]#-'4Z,K)LQ646UY-C;?TKWL<TBN
MK'VPRJUKOYG<I;^O?Z#$_P"WK/\`WF6@DA2[C[@%S]_7O]!B?]O6?^\R6_KW
M^@Q/^WK/_>9:"25>*N(?NC\7G/K3U;KW2/J_?U2H8E5^+8QSVO-EK'U$BOTV
MZ8SV7OOL9M_,7GW1>I]9HR!U]^;9?G6>^YMKSLL89/V=U#?T;*MO\WL9^K_X
M)>K]8Z3B=9Z;?TS-#CCY+=K]AVN!!#V6,=^_78UEC%R-O^*U@<&XG5;:\<`#
M9;4VQ^GTOTM;\9G_`(`H<\,I`]LU1;?)Y.7CQ>\!J--.*+M8_P!<^E9N(U_3
M]^9GO:#^SJ077->[V[,G_!XM37G:_*O=7C?X3U/H*_13U?'QJVM%&1DO+K,M
M]CWM;ZCCNVT;:K7>A7_,T^I_@:ZE/HO1L3HO3V8&(7NJ87.W6.W.<YQW.<Z`
MQG^8Q7E,+H7NU)</&3'6-GA$OW?ZS0W]>_T&)_V]9_[S);^O?Z#$_P"WK/\`
MWF6@DE7BKB'[H_%S]_7O]!B?]O6?^\R6_KW^@Q/^WK/_`'F6@DE7BKB'[H_%
MS]_7O]!B?]O6?^\R6_KW^@Q/^WK/_>9:"25>*N(?NC\7/W]>_P!!B?\`;UG_
M`+S)J<?J-G4*<K+;36RBNU@%3WO)-AI/^$KJV[?16BDE2N+L`'__T_54E\JI
M)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?J
MI)?*J22G_]DX0DE-!"$``````%4````!`0````\`00!D`&\`8@!E`"``4`!H
M`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`
M;P!P`"``-P`N`#`````!`#A"24T$!@``````!P`!`````0$`_^$22&AT='`Z
M+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\`/#]X<&%C:V5T(&)E9VEN/2?ON[\G
M(&ED/2=7-4TP37!#96AI2'IR95-Z3E1C>FMC.60G/SX*/#]A9&]B92UX87`M
M9FEL=&5R<R!E<V,](D-2(C\^"CQX.GAA<&UE=&$@>&UL;G,Z>#TG861O8F4Z
M;G,Z;65T82\G('@Z>&%P=&L])UA-4"!T;V]L:VET(#(N."XR+3,S+"!F<F%M
M97=O<FL@,2XU)SX*/')D9CI21$8@>&UL;G,Z<F1F/2=H='1P.B\O=W=W+G<S
M+F]R9R\Q.3DY+S`R+S(R+7)D9BUS>6YT87@M;G,C)R!X;6QN<SII6#TG:'1T
M<#HO+VYS+F%D;V)E+F-O;2]I6"\Q+C`O)SX*"B`\<F1F.D1E<V-R:7!T:6]N
M(&%B;W5T/2=U=6ED.C%D,#%B-S(S+6(W,S$M,3%D8BUB.6(T+65D-SAE,S4R
M,#0R8R<*("!X;6QN<SIX87!-33TG:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O
M,2XP+VUM+R<^"B`@/'AA<$U-.D1O8W5M96YT240^861O8F4Z9&]C:60Z<&AO
M=&]S:&]P.C%D,#%B-S(Q+6(W,S$M,3%D8BUB.6(T+65D-SAE,S4R,#0R8SPO
M>&%P34TZ1&]C=6UE;G1)1#X*(#PO<F1F.D1E<V-R:7!T:6]N/@H*/"]R9&8Z
M4D1&/@H\+W@Z>&%P;65T83X*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@"CP_>'!A8VME="!E;F0])W<G/S[_[@`.061O
M8F4`9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,
M#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4
M#@X.%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`S_P``1"`!D`,0#`2(``A$!`Q$!_]T`!``-_\0!/P```04!`0$!
M`0$``````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&
M!P@)"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q
M0B,D%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$
MP]-UX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G
M]Q$``@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1
M\#,D8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C
M\T:4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!
M``(1`Q$`/P#U5))))2DDDDE*22224I))))2DDDDE*22224I,G69UU^0_!?A8
M5HJSLP&O')G3_2V>R75MKK_PO^#_`.,2030MS^L_7GI/3-S&3EW-):&5_1WC
MZ3/5]S?9/O\`_.U?Z%U+J74L8Y.9@_8&.(]%CG[WN;'TW-V5^G_(7#=&=T3I
M>>VS+JMZK?C14VS%J+\:ES>?2WEKK[-WZ5]NS^<L_0KT7#S,;-I%^,\/K.AT
M((/[KV.]S'_R'IH).Y^C'CD9$DG_``0V$DDDYE4DDDDI22222E))))*4DDDD
MI__0]525#,ZA?5EC$Q\<Y%IK%I][6`-W&OEZ@,[J_P#Y6_\`@[/[D+"[@/A]
M3%TDEF_;NK_^5O\`X.S^Y+[=U?\`\K?_``=G]R5JX#WC_C1=))9OV[J__E;_
M`.#L_N2^W=7_`/*W_P`'9_<E:N`]X_XT7226;]NZO_Y6_P#@[/[DOMW5_P#R
MM_\`!V?W)6K@/>/^-%TDEF_;NK_^5O\`X.S^Y+[=U?\`\K?_``=G]R5JX#WC
M_C1;.8[/#",-E3G]C:]S1_T*WKB\CZY?6'IW4K<3-JJ#ZY?Z#P6[V#7]5RF'
M8]VWZ&^C_@_YW]&NK^V]7_\`*W_P=G]RJ=:^K.%UZFNW*8<7-:T1=607M_>J
M<[Z-C$#9V8\L)U<3KV!!2?\`./'/2<7J-=3['YVUF/BM(WOL=_@Y/L]FWWV_
MN)5=#LR,MW4.IVO.0X!K:*+'LIK8T[F,]AK?>[=_..L]G_!+.Z!T_P!3(HK<
M'?9.AU^A6U^N[+=[LJW^5]F:[T:_ZZW,G*ZC7:6487K5B(L]5K)_L.1\U0B9
M[U]O"'D'_P"*VMUSBWJ);3)+&>E)`/YN_P!5O_4K6Z-]7>M=">&8N>W,PB9?
MCW-+"(&W]#8'6[/WOHK5^V]7_P#*W_P=G]R7VWJ__E;_`.#L_N0H=DCEP#8H
M'PF/^^=!I)`G0QJ%)9OVWJ__`)6_^#L_N2^W=7_\K?\`P=G]R-K^`]Q_C1=)
M)9OV[J__`)6_^#L_N2^W=7_\K?\`P=G]R5JX#WC_`(T7226;]NZO_P"5O_@[
M/[DOMW5__*W_`,'9_<E:N`]X_P"-%TDEF_;NK_\`E;_X.S^Y"R.K=1QJC=?T
M\MJ:0'N%S#$D,^B!_*2L)&.1VK_&BZZ2;LDBL?_1]#/_`(H?_0/_`-&K1"SC
M_P"*+_T#_P#1JT0@.JZ?Z/\`="Z2#D95&,&&]XK%CVU,+M)>\[*ZQ_*>Y%"*
MU=)-*4I*723)TE*223)*7420-3V3RJ/6[7U])RS68M=6ZNO^O8/2J_\`!'M2
M4=E=%+7]/9>P0W)=9D-^%UC\AO\`T;%?5><?`PVA[A5CX[`V3H`UHVA9Q^N/
MU4#-YZOA0>WKUS_F;]R2!L'923`I))7223)*723)2DI=),G24I9OU@_Y(R/[
M'_5L6DLWZP?\D9']C_JV(2V/DNQ_/'S#I)))(K7_TO0S_P"*+_T#_P#1JT5G
M'_Q1?^@?_HU7<AUS*7.HK%MH'M8YVT$_U]K]O^:@.JZ?Z/\`=#Y]_C1SAF./
M1Z<EN-9T[&=U1SG/#"ZQCF5XU%>K=UWH_:K=C?\`@EH9WUTO_P#&X_YQXD?;
M7ULJ)($,O+FXUS]G\A^^VMKO^#6A]7OJ[D5/ZAE?6#'QLG/S[S<Z]I]8>G&R
MC&9Z]-6RO&K_`$;5C]-^H6=CNZOT3+%3_JQU)[K<9M=CO5QW`^I2^MCZ_*MK
M_P!)_@OZZ*UV>A?5G#=T7'=U%UN=F9-++,G)NML<\OL;O?Z3]^ZAK-WZ/T?3
M67U>W(P,[ZO_`%-KR+749C['Y>27N%SZ:BZUF/ZX=ZK?5^A:]C_H*WTG"^O/
M0L4=.#</K.-2`S$R++7XUK6`;6-O9Z.0U[6?R;-__"*?4_JOU3J.%T[J#KZ6
M?6?ICO6JR(/H%SG%]F&_:!9]DVN])KMOK?\`@J2F/UO^KM5/1<CJ72++>G]0
MZ;6<FJRBQ[0X5#U;*;J]WIW>HQGY[5C?6OJC<W&^J'4WO.+7U')QSF%KS4WT
MK/2=?7:]KF_HF^_Z;UOYV-];NM8#NF9./B],IR!Z6;DUWNO>ZEVE[,6GT*6L
M]=OLWW7?HU7^M/U6S^H6]$IZ73C-P.BW5W&JY[AN94:VLQ:V"JYO\U7_`(1R
M2D7U);D_MWKCL3(MR?J\VQC,!]MCK6>H!.2W$LL<_=34]SZ]['>_]&L+I_UI
MZS]6NJY63U469/U:ZAGY5;+I+SC6,ONIV_R:_9O]'^W1^D]6M=$SZL]9Z#U@
MY?U8?2>DY)W9?2+GNK8VPPTWX3VUW>E_4_\`4?HVOJ_T#)JZ;F],ZWCT78^5
MDW9`:'FUI;>_UO2>RRJKWU._.8DI%TUI?]>^H6,=OQ78&/=4`98#8ZQOJ,;^
M]:VKZ;%M]3'J.PZ(D6Y+"[R])K\QO_3QF+%^JWU3R^@=8ZA:<@Y'3[JZJ\%K
MW.=9576ZU_V8[_\`!T^K^B]ZVGGU.L5,Y;CT/>X?RK7-KJ=_F4Y"10=F\O-O
MJ;U"[&Z/GTNZ/;U'%LZE>Q]S32:_TCJZMEE5EGVC8W=[_P!!Z:]&M=8VIQJ:
M++`):PG:"?ZWN7-_4[HW6NA=.R\;,JHLLNOMRJS3:XM)MVQ0[U*6;-NWZ?O2
M2Y7^,?,ZU1;CYG2K"VKH3:\_+8TD;_5M^SX];MOTJO3JRO5_X)7_`*W_`%R'
M3_JFWJO3#-V=2U^'80"&[S4TO<T_X2ME_P#V[_.(O3?JJ<MW4,GZT8V/EY>;
M>75EKG6-9C[6LHQ6.?71_,>_\W\_>L_HWU'S&]$ROJWUQM>3TXV/.!D5V3;3
M4\BQK6[Z6^]MU;+/_4:2G4Z%]6,%W1L=W4'6YV9DTLLR<FVVUSR]XWN])WJ!
MU#6;MK/1]-4>O?5RCIWU7ZAE'(R+\O$P[&T9#KK`6M8+'U>UCVM<_P!_\X_>
MB])P_KUT/%;TV,3K.-2!7BY+[7XUK6`0P7L]'):_T_Y#]_\`PBO]2Z;UK.^J
M61TV]U-W5,NE]5KY+*6OMG=L=L=9Z5&_]'^C_,24X?1:L7$^HN-]9+!;;GX>
M(_*WNML][VA_MN9ZGIO:_P#EL5KZG=(9U;ZNU=3ZU;;G9O4PZVQ[['@5M+G-
MKKQ65N8W%V,_T/I^_P#ZVM#ZN]!RL;ZKL^K_`%FNNQM=3L>QU3RYMC'E_$UT
M/9^C<L_HG1OK;]6&/Z=A_9^K]):2<,76NQ[J=Q+RQY;1D,MJW._U_FTE.9]7
M<SJ73?K/UGZHYN39G8=5#LG#MO<7O:TMK>VKU'>YWLR/^W*OT:Q>DW5Y/U+P
M+<?/M/UF?F-9CLKR'FY\W[7,OH%G\PW%WV;K*]GZ-=QTKZKY.)D=2ZUG6,R^
MN]1K<R6RRFI@;MJQ*"[<_P!/V5[[W,W^S^;_`-)D=(_Q?75?5IO3,UE%'5L%
M[KNG]4QG%SFVEQNK=N=539Z;';:WU_I$E/>+.^L'_)&1_8_ZMBET9_63B-;U
MJJFO+8`US\=Y>RP@:V-;974ZK=^Y[U'ZP?\`)&1_8_ZMB$MCY+L?SQ\PZ222
M2*U__]/T,_\`BB_]`_\`T:M%9ECV5_6`%[@T'$@$F-?45\9./_I6?YP0'5?,
M'T_W0D2A#^TX_P#I6?YP2^TX_P#I6?YP1M;120DA_:<?_2L_S@E]IQ_]*S_.
M"5JHI(2*@V^EQVML:XG@`@E<OUS_`!C="Z?CY+<6P9>=0\TC'`<!O$@N-A&S
MT6;?>ZMR%A,82D:`)>K27FO0O\877'9S;.L,J.#:?<*V$/J$>U[-7;V_O,<O
M1Z;:[JFVU.#ZW@.8\:@@B0X(1R1E?";K=?EP9,5<8KBV+-4L*MSLO-RG?GO;
M34?^#I;Q_P"Q-F4BYN95A8MF3=.RL3`U+CPRM@_.LL=[&-4<5WH8M8R7,KN?
M+[&SH'O/J6-;/YK'O3F'K3:2A#^TX_\`I6?YP2^TX_\`I6?YP2744D)(?VG'
M_P!*S_."7VG'_P!*S_."5JHI$D/[3C_Z5G^<$OM./_I6?YP2M5%(DA_:<?\`
MTK/\X)?:<?\`TK/\X)6JBD2A#^TX_P#I6?YP2^TX_P#I6?YP2M5%)"SOK!_R
M1D?V/^K8KOVG'_TK/\X+.Z_?0[I-[6V-).R`'`GZ;$#L?)=C!XX^8=9)-V21
M6/\`_]3T[(P<+*(.317?''J,:_C^N#XH/[$Z-_W`QO\`MEG_`)!74DJ"1*0V
M)^UI?L3HW_<#&_[99_Y!+]B=&_[@8W_;+/\`R"NI)4.R>.7[Q^UI?L3HW_<#
M&_[99_Y!+]B=&_[@8W_;+/\`R"NI)4.RN.7[Q^UJ5=+Z918+:,2FJQOT7LK8
MUPD;3#FMW+R+_&%3CM^N%E5-+:6[:C9L$;W.'J/L='YSMVU>SK`Z_P#4GHW7
M\FO+R_5JR*QM]6EP:7-!EK7A[;&ILXW$@,F#*(Y!*9)#YS7;C^C!&JV/JA]9
M^L8]K^DX6'^TYFRJHW-I+`#^DV/N#F.9K_-J];_BMMWD4]3BOMOJEP^;;=KE
MT'U<^IO3>@N-]3GY&8]NU]]FD`_2;76WVL:[;_+?_+53!RTX3XCHZ'-\WR^3
M#*(/%(_+H?3+OZDM'3NIYN95F]8=6RJCWX^!22YK;.UN1<[9Z]M?YFUGIL6G
MD8&#E$'*QZ[RWZ/J,:Z)\-X*/"=7:<F/IV)ONTOV)T;_`+@8W_;+/_()?L3H
MW_<#&_[99_Y!74DJ'9=QR_>/VM+]B=&_[@8W_;+/_()?L3HW_<#&_P"V6?\`
MD%=22H=E<<OWC]K2_8G1O^X&-_VRS_R"7[$Z-_W`QO\`MEG_`)!74DJ'97'+
M]X_:TOV)T;_N!C?]LL_\@E^Q.C?]P,;_`+99_P"05U)*AV5QR_>/VM+]B=&_
M[@8W_;+/_()?L3HW_<#&_P"V6?\`D%=22H=E<<OWC]K2_8G1O^X&-_VRS_R"
M3>C=(:06X6."#((J9((U_=5U)"AV5QR_>/VJ22216O\`_]7U5)?*J22GZJ27
MRJDDI^JDE\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?JI)?*J22GZJ27RJDD
FI^JDE\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?JI)?*J22G_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v064871_ex5-1.htm
<TEXT>
<html>
  <head>
    <title>
      </title>
</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      5.1</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      8, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Acorn
      Factor, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">200
      Route
      17</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mahwah,
      NJ 07430</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 72pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Re:</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                Statement on Form S-8</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ladies
      and Gentlemen:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      acted as counsel for Acorn Factor, Inc., a Delaware corporation (the &#8220;Company&#8221;),
      in connection with the Registration Statement on Form S-8 (the &#8220;Registration
      Statement&#8221;) filed by the Company, on the date hereof, under the Securities Act
      of 1933 for the purpose of registering an aggregate of 1,515,000 shares of
      its
      common stock, par value $.01 per share (the &#8220;Shares&#8221;), that may be issued
      pursuant to (i) previously granted non-plan options, (ii) the Company&#8217;s 2006
      Stock Option Plan for Non-Employee Directors, and (iii) the Company&#8217;s 2006 Stock
      Incentive Plan (collectively the &#8220;Plans&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      the
      basis of such investigation as we have deemed necessary, we are of the opinion
      that </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Shares have been duly authorized for issuance and, when the Shares are issued
      and paid for in accordance with the terms and conditions of the Plans, the
      Shares will be validly issued, fully paid and non-assessable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      hereby
      consent to the filing of this opinion as an Exhibit to the Registration
      Statement. In giving this consent, we do not thereby admit that we come within
      the category of persons whose consent is required under Section 7 of the
      Securities Act of 1933 or the Rules and Regulations of the Securities and
      Exchange Commission thereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 252pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Very
      truly yours,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 252pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/Eilenberg
      Krause &amp; Paul LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>v064871_ex23-2.htm
<TEXT>
<html>
  <head>
    <title>
      </title>
</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>EXHIBIT
      23.2</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONSENT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      hereby
      consent to the incorporation by reference in this Registration Statement on
      Form&#160;S-8 of our report dated April 11, 2006 except for Note 4 for which the
      date is October 18, 2006 relating to the financial statements, which appears
      in
      Acorn Factor Inc. (formally Data Systems &amp; Software Inc.)'s Annual Report on
      Form 10-K/A for the year ended December&#160;31, 2005. We also consent to the
      references to us under the headings &#8220;Experts&#8221; in such Registration
      Statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
      Kesselman &amp; Kesselman</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Tel
      Aviv,
      Israel</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      8, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>v064871_ex23-3.htm
<TEXT>
<html>
  <head>
    <title>
      </title>
</head>
  <body bgcolor="#ffffff">
<img src="pwclogo.jpg" width="328" height="38"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      23.3</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONSENT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      hereby
      consent to the use in this Registration Statement on Form S-8 of our report
      dated March 29, 2006, except for Notes 2, 3 and 21 which are as of October
      4,
      2006, relating to the consolidated financial statements and financial statement
      schedule of Comverge, Inc., which report is incorporated by reference into
      this
      Registration Statement from Amendment No. 2 on Form 10-K/A to the Annual Report
      on Form 10-K of Acorn Factor, Inc. (formerly Data Systems &amp; Software Inc.)
      for the year ended December 31, 2005, filed on October 18, 2006 and to the
      reference to our firm in this Registration Statement under the heading
      "Experts."</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
      PricewaterhouseCoopers LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Atlanta,
      Georgia</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
      8, 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>pwclogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pwclogo.jpg
M_]C_X``02D9)1@`!`@$`2`!(``#_X0L\17AI9@``34T`*@````@`!P$2``,`
M```!``$```$:``4````!````8@$;``4````!````:@$H``,````!``(```$Q
M``(````;````<@$R``(````4````C8=I``0````!````I````-````!(````
M`0```$@````!061O8F4@4&AO=&]S:&]P($-3(%=I;F1O=W,`,C`P-SHP,CHP
M."`Q,SHS,CHT-@```````Z`!``,````!__\``*`"``0````!```!2*`#``0`
M```!````)@`````````&`0,``P````$`!@```1H`!0````$```$>`1L`!0``
M``$```$F`2@``P````$``@```@$`!`````$```$N`@(`!`````$```H&````
M`````$@````!````2`````'_V/_@`!!*1DE&``$"`0!(`$@``/_M``Q!9&]B
M95]#30`#_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,
M#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`$P"@`P$B``(1`0,1`?_=``0`
M"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`
M`````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%
M05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D
M1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F
M]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B
M$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D
M154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=7
M9W>'EZ>WQ__:``P#`0`"$0,1`#\`Z7K;*^N_63ZO8(LM;AG&R<W,QF66TS6Y
ME-6&7/Q75^YF0_\`TO\`I/\`2?I:(ZIF?5[ZZ.Z#T>N[J>%DX["W$MR"\8^4
M1==Z?VK*-S\9EV%BVY/V:Y[[+/YVG]&BXW3F=9^M%E7VK,Q3TKI.)C6NQ[?2
M<'WFS)>QY]US7655T?Z)_P"C_P"*4NM_4G'R,RK#Z4S(P?3Q<[)&=599N=F9
M#L:NO[5EW&VZ_P!9C,CUOTOJ>BDITJOKUT]P+KL:^AE6-9D9&X![F/9DNZ55
MA@4&VNV_*RZKVX_IV^_TU/(^L_4L>RG%LZ/8S.R[S7AXS\B@&VL5VY-MX>RR
MW9]F91MRZ_\`!V74>E??ZBYJCI?4[,BCJ7['=AXN#;TUUF%4STX90W,R>HG%
MQJF^I?5C]3S:\AM/Z:W+MQ_4K]3]$M7K&6,WK'3>H6]'ZG;AX567Z;ZJBRSU
M+33158VNN^G,J8^BK+]F173_`#M7Z'_1I22KZ[9+?JUUCJ^;C,HRNF95V%7C
M,<;`ZUA9516YX#'6;K[=EGI_\8KN?]:FXN#TS*:&.&=4,NYWN+6XS65ON?3]
M!UM]U^3AX6%1_.79&74L.CI]]W5NJXHQG5872[W]29O;O]3)MPL>G"VO=ZOK
MW4V?;LS*MW/N^W_9;_4]5!^J?1,SJ]73\S.9=AU8^'B-K=`8_P#4YKP*6;F.
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MU;S[J[\G%9UWJ[FFH-#=U=V95AOL-%E7VMF[`H_2T/>S_"^I7Z5BO^IU7&Z/
MG]`P\#)_:V7DYK*<@L]/';7E77WU=3?U"MKL;931>W]7;^O>O5Z'V3_")*=S
MIGUAQNI9.>REL8N`VA[<LO;LM;?2W-#VM]KJV5TV5^ZQ5#]<NF'I`S"\LR;,
M/[6,=@-I:78[^ILQW6;64?:?LM3[O1MLJ_1_\&]<_BX/4NG]-ZY]5J>FW&WJ
M-UE.#D!KAB,Q'T4=/IR<G/?ZC?4HQZ777T?S]EOZ.JO](E:VZ_.R_J_T/J%'
M4.F_66G,RG;2#9A&QK=]UMM#BZW%R[[_`$ZV6U>I_@_\';O2FR[ZU=7R\/I-
M6!G85W4>N;:`S&J]08E@97D]2R7O^TY%-[^G4V-V8=GH^^WUK/5J_0J74.C=
M/PLJKIW3OVEG]?96W,?D#,>RUU+'MI_7,O(M9C[,GTW8S::J7_\`%5?SR?''
M6&?7[IS.MFBIC>G7CI[<3<*G6A]?VBF+O?O9C;+/^VU;99D]&^M'6,JW!R,I
MO5QBG!MQFFP.--?V=V';]&G">VSU<CUKWUXWI/\`TE_Z-)3,_7FJW&R,S!Z;
MEY.-TX./5'N%=)QW5ASLG&V9%C/M.9C-;ONJH_0^G_VI]7]$FS/KU1COR;ZL
M.S)Z3@MH?E=0K<T`#)8R^AU-%FQV1^COH?;L?[&6K-KKZQ5]6LSZMGIKSUOJ
M3\EM]U=;FX,9K[;;<W[>=S/2Q<>[TO2?^O\`J55TLQ[:_P!*KGU>^J6&'9EO
M4,2P-JS`S`HLML-9Q\*JC`P+K<7<S%N?^J^K5;;199_PB2FS=];,^JG-SG=)
M<>EX#LIEF6+Z]Q^R.NI<6XW\Y^EOH]/_`,$3CZWW5ONP\SIME'5&/HJQ\1ME
M=C;79+;[,?;DL]E+6MP\IV3ZS/T5=7Z+U_T=:Y[IW2\N_P"JC.BNQ.I4Y]II
M9G9&0+&LV9&97=U(4`W65VM].RWU?H/NQOTE_P#A%<MZ1CX5'4.F]5Z9EY(M
MR7973NJ8-;[LIY!]7"]3.;9=E5]1Z>_(NHHRL_T<;[/7_._SOJ)3T]W5<FCH
M.1U7(PW8^1C477/P['M)W4A[MGK5>HST[?3_`$=O^C_P?YB\XM^NWU]IQ/VE
ME9?3L7'<*GLK?789.17]MQ,9K:V6V?I\?=LO?9]G_1V56YGKUKNG8/6;?J-;
MT_+)NZO;TVRE_N!+KW4NK#76Z,<_>[:ZS=_;7E67U?J>5CTT9'3<L9&#0</$
MQC0\MJ<UOV:FZE[75647-V8]EU=E.1^N8OZ#T:K[<9B4_P#_T.QZ%Z/_`#O^
ML^WTO5W8/J;/5]6/L_L]?U/U7;]+T?LWO_G/M'^"72+Y5224_522^54DE/U4
MDOE5))3]*?63^@M_H'TQ_P`I_P`SP[Z/_"JST;_DO'_HWT?^T/\`1^3_`$?^
M0OF)))3]5)+Y5224_52R>B?TGJ/]`_I#OZ#_`#GTG_\`*/\`W<_TG\OU%\UI
M)*?>O\87V7=TC[3Z&W[3[(^T?;]WLV_L7]G_`*3[1_Q_ZMZWV7U/S%#I_P!D
M_P"<'3/Z7]HW7[?VS]I]7;Z)_P"2?^\[U=W]*]3]9^S?\'Z:\(224_522^54
MDE/U4DOE5))3]5)+Y5224__9_^T/>E!H;W1O<VAO<"`S+C``.$))300E````
M```0`````````````````````#A"24T#[0``````$`!(`````0`!`$@````!
M``$X0DE-!"8```````X`````````````/X```#A"24T$#0``````!````'@X
M0DE-!!D```````0````>.$))30/S```````)```````````!`#A"24T$"@``
M`````0``.$))32<0```````*``$``````````CA"24T#]```````$@`U````
M`0`M````!@```````3A"24T#]P``````'```________________________
M_____P/H```X0DE-!`````````(``3A"24T$`@``````!``````X0DE-!`@`
M`````!`````!```"0````D``````.$))300>```````$`````#A"24T$&@``
M```#20````8``````````````"8```%(````"@!5`&X`=`!I`'0`;`!E`&0`
M+0`Q`````0`````````````````````````!``````````````%(````)@``
M```````````````````!`````````````````````````!`````!````````
M;G5L;`````(````&8F]U;F1S3V)J8P````$```````!28W0Q````!`````!4
M;W`@;&]N9P``````````3&5F=&QO;F<``````````$)T;VUL;VYG````)@``
M``!29VAT;&]N9P```4@````&<VQI8V5S5FQ,<P````%/8FIC`````0``````
M!7-L:6-E````$@````=S;&EC94E$;&]N9P`````````'9W)O=7!)1&QO;F<`
M````````!F]R:6=I;F5N=6T````,15-L:6-E3W)I9VEN````#6%U=&]'96YE
M<F%T960`````5'EP965N=6T````*15-L:6-E5'EP90````!);6<@````!F)O
M=6YD<T]B:F,````!````````4F-T,0````0`````5&]P(&QO;F<`````````
M`$QE9G1L;VYG``````````!"=&]M;&]N9P```"8`````4F=H=&QO;F<```%(
M`````W5R;%1%6%0````!````````;G5L;%1%6%0````!````````37-G951%
M6%0````!```````&86QT5&%G5$585`````$```````YC96QL5&5X=$ES2%1-
M3&)O;VP!````"&-E;&Q497AT5$585`````$```````EH;W)Z06QI9VYE;G5M
M````#T53;&EC94AO<GI!;&EG;@````=D969A=6QT````"79E<G1!;&EG;F5N
M=6T````/15-L:6-E5F5R=$%L:6=N````!V1E9F%U;'0````+8F=#;VQO<E1Y
M<&5E;G5M````$453;&EC94)'0V]L;W)4>7!E`````$YO;F4````)=&]P3W5T
M<V5T;&]N9P`````````*;&5F=$]U='-E=&QO;F<`````````#&)O='1O;4]U
M='-E=&QO;F<`````````"W)I9VAT3W5T<V5T;&]N9P``````.$))300H````
M```,`````3_P````````.$))3001```````!`0`X0DE-!!0```````0````"
M.$))300,``````HB`````0```*`````3```!X```(Z````H&`!@``?_8_^``
M$$I&248``0(!`$@`2```_^T`#$%D;V)E7T--``/_[@`.061O8F4`9(`````!
M_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.%!0.#@X.
M%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_
MP``1"``3`*`#`2(``A$!`Q$!_]T`!``*_\0!/P```04!`0$!`0$`````````
M`P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)"@L0``$$
M`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D%5+!8C,T
M<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-UX_-&)Y2D
MA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(!`@0$
M`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R@I)#
M4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4I(6TE<34
MY/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1`Q$`/P#I
M>MLKZ[]9/J]@BRUN&<;)S<S&99;3-;F4U89<_%=7[F9#_P#2_P"D_P!)^EHC
MJF9]7OKH[H/1Z[NIX63CL+<2W(+QCY1%UWI_:LHW/QF786+;D_9KGOLL_G:?
MT:+C=.9UGZT65?:LS%/2NDXF-:['M])P?>;,E['GW7-=9571_HG_`*/_`(I2
MZW]2<?(S*L/I3,C!]/%SLD9U5EFYV9D.QJZ_M67<;;K_`%F,R/6_2^IZ*2G2
MJ^O73W`NNQKZ&58UF1D;@'N8]F2[I56&!0;:[;\K+JO;C^G;[_34\CZS]2Q[
M*<6SH]C,[+O->'C/R*`;:Q7;DVWA[++=GV9E&W+K_P`'9=1Z5]_J+FJ.E]3L
MR*.I?L=V'BX-O376853/3AE#<S)ZB<7&J;ZE]6/U/-KR&T_IK<NW']2OU/T2
MU>L98S>L=-ZA;T?J=N'A59?IOJJ++/4M--%5C:Z[Z<RICZ*LOV9%=/\`.U?H
M?]&E)*OKMDM^K76.KYN,RC*Z9E785>,QQL#K6%E5%;G@,=9NOMV6>G_QBNY_
MUJ;BX/3,IH8X9U0R[G>XM;C-96^Y]/T'6WW7Y.'A85'\Y=D9=2PZ.GWW=6ZK
MBC&=5A=+O?U)F]N_U,FW"QZ<+:]WJ^O=39]NS,JW<^[[?]EO]3U4'ZI]$S.K
MU=/S,YEV'5CX>(VMT!C_`-3FO`I9N8[UJOMC,SJ^57?_`.:+Z?H7)*2W?6/J
M5N76X=<'3\/*Z>WJCM^+7:<=MUM6)BXF\.W9#_6NMKM_1[_4I_X5:^5]>,9S
MPSHV*[J@;1=DW.#A0&5T&IMNW[2UKK+/UBOV+F<?`ZQ@8/1AU*S&Z=?;D8>"
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MT/:WVNK97397[K%4/URZ8>D#,+RS)LP_M8QV`VEI=COZFS'=9M91]I^RU/N]
M&VRK]'_P;US^+@]2Z?TWKGU6IZ;<;>HW64X.0&N&(S$?11T^G)R<]_J-]2C'
MI==?1_/V6_HZJ_TB5K;K\[+^K_0^H4=0Z;]9:<S*=M(-F$;&MWW6VT.+K<7+
MOO\`3K9;5ZG^#_P=N]*;+OK5U?+P^DU8&=A7=1ZYMH#,:KU!B6!E>3U+)>_[
M3D4WOZ=38W9AV>C[[?6L]6K]"I=0Z-T_"RJNG=._:6?U]E;<Q^0,Q[+74L>V
MG]<R\BUF/LR?3=C-IJI?_P`55_/)\<=89]?NG,ZV:*F-Z=>.GMQ-PJ=:'U_:
M*8N]^]F-LL_[;5MEF3T;ZT=8RK<'(RF]7&*<&W&:;`XTU_9W8=OT:<)[;/5R
M/6O?7C>D_P#27_HTE,S]>:K<;(S,'IN7DXW3@X]4>X5TG'=6'.R<;9D6,^TY
MF,UN^ZJC]#Z?_:GU?T2;,^O5&._)OJP[,GI."VA^5U"MS0`,EC+Z'4T6;'9'
MZ.^A]NQ_L9:LVNOK%7U:S/JV>FO/6^I/R6WW5UN;@QFOMMMS?MYW,]+%Q[O2
M])_Z_P"I572S'MK_`$JN?5[ZI88=F6]0Q+`VK,#,"BRVPUG'PJJ,#`NMQ=S,
M6Y_ZKZM5MM%EG_")*;-WULSZJ<W.=TEQZ7@.RF698OKW'[(ZZEQ;C?SGZ6^C
MT_\`P1./K?=6^[#S.FV4=48^BK'Q&V5V-M=DMOLQ]N2SV4M:W#RG9/K,_15U
M?HO7_1UKGNG=+R[_`*J,Z*[$ZE3GVFEF=D9`L:S9D9E=W4A0#=97:WT[+?5^
M@^[&_27_`.$5RWI&/A4=0Z;U7IF7DBW)=E=.ZI@UONRGD'U<+U,YMEV57U'I
M[\BZBC*S_1QOL]?\[_.^HE/3W=5R:.@Y'5<C#=CY&-1=<_#L>TG=2'NV>M5Z
MC/3M]/\`1V_Z/_!_F+SBWZ[?7VG$_:65E].Q<=PJ>RM]=ADY%?VW$QFMK9;9
M^GQ]VR]]GV?]'95;F>O6NZ=@]9M^HUO3\LF[J]O3;*7^X$NO=2ZL-=;HQS][
MMKK-W]M>59?5^IY6/31D=-RQD8-!P\3&-#RVIS6_9J;J7M=591<W9CV75V4Y
M'ZYB_H/1JOMQF)3_`/_0['H7H_\`._ZS[?2]7=@^IL]7U8^S^SU_4_5=OTO1
M^S>_^<^T?X)=(OE5))3]5)+Y5224_522^54DE/TI]9/Z"W^@?3'_`"G_`#/#
MOH_\*K/1O^2\?^C?1_[0_P!'Y/\`1_Y"^8DDE/U4DOE5))3]5+)Z)_2>H_T#
M^D._H/\`.?2?_P`H_P#=S_2?R_47S6DDI]Z_QA?9=W2/M/H;?M/LC[1]OW>S
M;^Q?V?\`I/M'_'_JWK?9?4_,4.G_`&3_`)P=,_I?VC=?M_;/VGU=OHG_`))_
M[SO5W?TKU/UG[-_P?IKPA))3]5)+Y5224_522^54DE/U4DOE5))3_]DX0DE-
M!"$``````%,````!`0````\`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O
M`'`````2`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P`"``0P!3````
M`0`X0DE-!`8```````<`"`$!``$!`/_A&`)H='1P.B\O;G,N861O8F4N8V]M
M+WAA<"\Q+C`O`#P_>'!A8VME="!B96=I;CTG[[N_)R!I9#TG5S5-,$UP0V5H
M:4AZ<F53>DY48WIK8SED)S\^"CQX.GAM<&UE=&$@>&UL;G,Z>#TG861O8F4Z
M;G,Z;65T82\G('@Z>&UP=&L])UA-4"!T;V]L:VET(#,N,"TR."P@9G)A;65W
M;W)K(#$N-B<^"CQR9&8Z4D1&('AM;&YS.G)D9CTG:'1T<#HO+W=W=RYW,RYO
M<F<O,3DY.2\P,B\R,BUR9&8M<WEN=&%X+6YS(R<@>&UL;G,Z:5@])VAT='`Z
M+R]N<RYA9&]B92YC;VTO:5@O,2XP+R<^"@H@/')D9CI$97-C<FEP=&EO;B!R
M9&8Z86)O=70])W5U:60Z8C,P-69D,34M8C=A,BTQ,61B+3AB-S@M8S0V,6,S
M-V(Q,#$X)PH@('AM;&YS.F5X:68])VAT='`Z+R]N<RYA9&]B92YC;VTO97AI
M9B\Q+C`O)SX*("`\97AI9CI#;VQO<E-P86-E/C0R.30Y-C<R.34\+V5X:68Z
M0V]L;W)3<&%C93X*("`\97AI9CI0:7AE;%A$:6UE;G-I;VX^,S(X/"]E>&EF
M.E!I>&5L6$1I;65N<VEO;CX*("`\97AI9CI0:7AE;%E$:6UE;G-I;VX^,S@\
M+V5X:68Z4&EX96Q91&EM96YS:6]N/@H@/"]R9&8Z1&5S8W)I<'1I;VX^"@H@
M/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70])W5U:60Z8C,P-69D,34M8C=A
M,BTQ,61B+3AB-S@M8S0V,6,S-V(Q,#$X)PH@('AM;&YS.G!D9CTG:'1T<#HO
M+VYS+F%D;V)E+F-O;2]P9&8O,2XS+R<^"B`\+W)D9CI$97-C<FEP=&EO;CX*
M"B`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TG=75I9#IB,S`U9F0Q-2UB
M-V$R+3$Q9&(M.&(W."UC-#8Q8S,W8C$P,3@G"B`@>&UL;G,Z<&AO=&]S:&]P
M/2=H='1P.B\O;G,N861O8F4N8V]M+W!H;W1O<VAO<"\Q+C`O)SX*("`\<&AO
M=&]S:&]P.DAI<W1O<GD^/"]P:&]T;W-H;W`Z2&ES=&]R>3X*(#PO<F1F.D1E
M<V-R:7!T:6]N/@H*(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2=U=6ED
M.F(S,#5F9#$U+6(W83(M,3%D8BTX8C<X+6,T-C%C,S=B,3`Q."<*("!X;6QN
M<SIT:69F/2=H='1P.B\O;G,N861O8F4N8V]M+W1I9F8O,2XP+R<^"B`@/'1I
M9F8Z3W)I96YT871I;VX^,3PO=&EF9CI/<FEE;G1A=&EO;CX*("`\=&EF9CI8
M4F5S;VQU=&EO;CXW,B\Q/"]T:69F.EA297-O;'5T:6]N/@H@(#QT:69F.EE2
M97-O;'5T:6]N/C<R+S$\+W1I9F8Z65)E<V]L=71I;VX^"B`@/'1I9F8Z4F5S
M;VQU=&EO;E5N:70^,CPO=&EF9CI297-O;'5T:6]N56YI=#X*(#PO<F1F.D1E
M<V-R:7!T:6]N/@H*(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2=U=6ED
M.F(S,#5F9#$U+6(W83(M,3%D8BTX8C<X+6,T-C%C,S=B,3`Q."<*("!X;6QN
M<SIX87`])VAT='`Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\G/@H@(#QX87`Z
M0W)E871E1&%T93XR,#`W+3`R+3`X5#$S.C,R.C0V+3`U.C`P/"]X87`Z0W)E
M871E1&%T93X*("`\>&%P.DUO9&EF>41A=&4^,C`P-RTP,BTP.%0Q,SHS,CHT
M-BTP-3HP,#PO>&%P.DUO9&EF>41A=&4^"B`@/'AA<#I-971A9&%T841A=&4^
M,C`P-RTP,BTP.%0Q,SHS,CHT-BTP-3HP,#PO>&%P.DUE=&%D871A1&%T93X*
M("`\>&%P.D-R96%T;W)4;V]L/D%D;V)E(%!H;W1O<VAO<"!#4R!7:6YD;W=S
M/"]X87`Z0W)E871O<E1O;VP^"B`\+W)D9CI$97-C<FEP=&EO;CX*"B`\<F1F
M.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TG=75I9#IB,S`U9F0Q-2UB-V$R+3$Q
M9&(M.&(W."UC-#8Q8S,W8C$P,3@G"B`@>&UL;G,Z>&%P34T])VAT='`Z+R]N
M<RYA9&]B92YC;VTO>&%P+S$N,"]M;2\G/@H@(#QX87!-33I$;V-U;65N=$E$
M/F%D;V)E.F1O8VED.G!H;W1O<VAO<#IB,S`U9F0Q-"UB-V$R+3$Q9&(M.&(W
M."UC-#8Q8S,W8C$P,3@\+WAA<$U-.D1O8W5M96YT240^"B`\+W)D9CI$97-C
M<FEP=&EO;CX*"B`\<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TG=75I9#IB
M,S`U9F0Q-2UB-V$R+3$Q9&(M.&(W."UC-#8Q8S,W8C$P,3@G"B`@>&UL;G,Z
M9&,])VAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT<R\Q+C$O)SX*("`\9&,Z
M9F]R;6%T/FEM86=E+VIP96<\+V1C.F9O<FUA=#X*(#PO<F1F.D1E<V-R:7!T
M:6]N/@H*/"]R9&8Z4D1&/@H\+W@Z>&UP;65T83X*("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@"B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"B`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`*("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@(`H@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@"CP_>'!A8VME="!E;F0]
M)W<G/S[_[@`A061O8F4`9````````P`0`P`!`@```````````````/_;`$,`
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0("
M`@("`@("`@("`P,#`P,#`P,#`__"``L(`"8!2`$!$0#_Q`!]```"`P$!````
M````````````"@<("08+$``"`@("`@(!!0`````````("08'!0H`!`,7,!D8
M(`$"%1H1``("`@$#`P,!`P<'#0````4&!`<#"`(!%0D4%A<2$Q@`)!D*,!%%
M)C8G-R-$9(5&9CD0(")S)367UXB8R-@:_]H`"`$!`0```&>E@>@>\Z`"`._Z
M"/Z09P,/2```&8!A#:#1[5\``*0+PV_X#5Y0(A_=^S^,)T##JT6G^8&_R\,/
MO.K@S_D"T[E#?]8&0'75P:_V`*`5_P!GZ0$_L_)!0_C"T[I_0!>'9^?VO50B
ML$?V_P`X.@;]\^-AZX&('H.>/+[#7G1L_9`U?=]7!A]OU".8(_<=1#W^Q@]#
MQ,*H&4&W[SF4$`4`F"?Z@4@8]4"?=P@H!L_'^0-WY_B`C_1_`%IU0)]Q2*8)
M?X#9[,"T$/U`Z!GU4)&*_P#O\ZZ```&0,_W_```*`6`G]2*8.?:=````_]H`
M"`$!``$%`'XDO:8B*%5PJQIK*`3ND\VTZUQ<1.616>Q7]$`+$6+7M.TK8JRC
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M=59U$VG'.7\'B\X(LN"45'V[3S`I48&.%4:*L#<<9N>IPM9:NP'MF3KGSL.J
MB:NZJ"+)941U$-Z2Y213O(YE&/L<Q"M@B3M*B4"_#5>1Q=[!`2F<6*SV]`B+
M!DNW!,58;>U?CCO.<Z6N<MOMGZ(ES+[NEB6Y3F;EM2*YFHMGNZLC,D.B.JA>
MF:_F=@A@F^@+Q@H''(JPV1OY]I"W7%1KH+5X`ZUO`I;I=:5!YM@5]7688E#J
M`FMIV?K-44*UIEBP2',DR-5J6M7+43D;V)8Z.KEP%I+PW>/P\-P$N"1=CC\2
M&9K6JA1YI/#Q5^$LED5@45(S.YB=K*B<3BL"BMF0@CKJ0TM%]BXW!\U8V!B!
M$!8$F\<BQ[<=-VZY4-87Z:5*16!*YW9[2@F(`6IZM@E'59X)+CI/L[Z\:QCL
MGRP'TK8'%5ZCXF(=K8N53&",5L^_4`#(I8L0,(2GV":C,[YM)U;!+Q/IJS7)
MV6=15/+*"K`PFQSF5&IM.\=D&5^L+745ZBI45:*QI2ZR3SFU)EEG"M]CA6BR
M\,Q1.`H*MD==HG;!`#LDM!EQ%AY%1T2:F]5#F<R'HJC15@;CB'B,9533"^E>
M(CP+;`9+&JL=DMDR$R9@R$>!J(K39KL$;;<,)6YUZ-/4Z7%Z'F2](OE;S5C9
M-<V"%VN.;U]M&'M!!\-94*],C3\,$=G&T+]3JLN!A5N'37MCRR)Q6>Q460O9
M_KQ\MS7TN5D?G_LMHSU9Y4"6G22A5KB'C@+`QWJOS0.^_1<^_3WMKTJ_OU30
M7U.I%A:>KEN!?3''3SOFU(N@R3`JRE!F>I0,56@N-S):->PU)4AY]R?Y"C^@
MOWL#'U9?`<_U9<%S\6/1/-GFHDN75CA5ANTU7XXW8.%A92_?E__:``@!`0$&
M/P#=J]*4+>W;-$5^HH"TTX)[&(,)_P`XVO7]%F751-J9Y:8%^P$Q?LB647"4
M>7Q[<=B1)//'GQXN<?+1FZO_`.A_?^E_FCY-_NT]S;%6+[:^.KBL&I_[9?F@
MB=X[Q[$[A_W5%]/ZK['^5^U][)K95V\>SK!Y-/'%;*^X1E9Q90JB/V'(X(1M
M8,6Z9C,+4=9KCZW!2;(\1.8D8V.C"FL:D5CC8D\3*_Z2FM/2*RK[HDNB^&;$
MYQ4S(YC56Q58QT8PO,JTPAY,P0=7SHB9AE0IL7-EC2HV7AEQ<^7#EQY=?^8Z
MT75NRVO]E7;6ON/Y%IU`N2NG&TT'V<QPT]N]ZU\NL9%M5?:K:1CBR7KHF#T)
M'/CC9OHS<^/#J=M*Z[+K^GZR5^V>Y;%M)R7*_1%WO9@>NAN^MS82$+XCN[`7
MB08OJ)&/U$R5BP\/JR9.''JM/2*RK[HDNB^&;$YQ4S(YC56Q58QT8PO,JTPA
MY,P0=7SHB9AE0IL7-EC2HV7AEQ<^7#EQY=5/71AO"GP6P;ZOR6Q%HDS9:6+N
M5T58>!EE2V53K"<:P.S&OQ8R68R9)L.#FC<,8F9RY<^G2+GZ\`%6_N]O)_MC
MWZOQ3_\`(NE6IWSO5@7NC&U+OLH^W>_E7MU@#O:OKI0WT_/[(XE!S?<Z^H^G
M@0>M=/&/YGK^21+!*4RCC2FEZ7:BJ-:H(X48G+1!A1;^.B(;!#$'8,K+"R9N
M,G'&F8,O+ATX9L?+E6EI>RK`K7Y*K]-?_CJV%SV=::#[Q7!K%[*LM1]81]JV
M`J]Q]"9&^HS^A(X,V'[G/Z/JZ_R-ZZ0F9^P!'9K7WVT3<:QJW4K9S8PP11&J
MMJDL<=:0+CK-5%R_8K_!\RC`<J06Z"ID8[ARX><7I&S#Y<[9<@3?K`K]2TOK
M\"_[<-UW4?<6NGX__(':<]*)3;76P:55]VLU@;`#)<Z4FC5968.Y]JZQ<N2-
M/*KD0W=:OX>=@E_1?QQ4.P"J#LK:2P:]9L5R[,9[/P$.%C6%0<J?5)N2G,%0
MI(W%/75\>S5ZY#\;$)*&"PR49A0UH.[>/'S<>3_!LTCV`D-RT&WIW*;;;UQ;
M0X0QCDF5US6E.K_^IG<>!4&V@B^*#E#D!'*,3YSX%.65Y(L[!PVC;F"UY+"!
M>:!YZX68J*H:T&Q73@UDH6+""$3&"8(!="D$G`7%6-(7B(W%S@29."0:+?R.
M;8O:UJ8%Q)E,&1&3A:FG,#HU6%9F=+<WI>K9:@AXG,0+8&P0A$<<*<>G!5[!
M)X<.,XE#X<^.3]?X![__`/A9KK_]JOTF:OJ<38"B+`LK[@RMC.R"C6"<B/3W
MDE08P.K0[*C7%9/H+`<?59.(2.3P0(9:9@Z#H\KF5F#8$UU0/:WN#\H-@*)H
MONW>^U>Q_;YTILO[I]!V@E[F]7^._9?0_>'_`&^\>L]1R])Z63H53,2O6"J2
MX+6"J&6P:_;,+5#:ENY;/68EIWE&91+KGSLBXP2KC=#LF:)S],&,1)S<X6"/
M%CX,4;%XSM$M?&5?LW;`$P6FIL=0!C(Z&15FK:PWK0`H!:;&4W)%I*JP6')6
M)$G'"(DXTF`*S0R4[A%'D1\J39UC&/+;Y7]=':H;@=-7Z)6J4V^=!U!5ZJH%
M#4J=K#F0J"5]!<HOJ9=]Y1\H4.RK<;.%@X(43*/Y].LK]7K?UM7Q8#!LU:/D
M_6M.J]V!JTHL:TO=+HB_3E2;0YI@+/0*2B=X[Q[$/+TK'QR#YF>&UY>6:;FC
M1.,#/XM_!WJS;%/VUY/;6I^MJTW:V+92IN]B.L`Y2H(!FL+86,#L8M6`FUK@
M+"8#':`F$X&.ZD!2W'Z$UJ=U;17/]4EL/4/FDV_M=MYV`C$-TZAVKYK#]KC?
M*(<MVJ&N^!FN=5Q`4Q2TN]0I!6KVQ!#"S\P?BG0`$$V"@=)I'/Y5-G#GE$\K
M]9Z7@]W[!4])C6K^[+I4*JP*IATL>P32USJRPA#>TI*^DU2WUSE"PN81<C1(
MQC+$X<,V:+(P0/)CKHG6+<%N"%/2"8V2[.OYN'/MRO35<;#H;=3TRV$Z"UU5
MC,[`4=K#(9.<WE!QR<^/KQY2.>>1URY\E#>,VG8=@,5FV9WO<6]`R!(>^'HM
M<:.7+%DB(;JM!%C*OV!7Y-@5V%T)9,I7EB3_`(JQE"$+CCRP9\;QW/2</8!H
M@%K!7=*2X[+%'0R.1JUKA9=='HA&PBRIF-S7RSM59"4)R\LW"3G%9H^61@BR
M.>6-AW,_B!3JS\E[=>1FP,N@O@TTR:9KV5<6C7&L;3747-T$516-LW!-D=[L
MV%%.O2Y'A@L7-[69,<(9@<K&&\LVX3S<4^P+"WG\6O[QNK;T*;+N,JX?=&QV
MMV%_O<0"+/X2S&!@LBOUI?<UY;SRL1N#EY]JE1A^7I"PP9V;Q_\`ORJ]O[XL
MWRH;`;;OZFC:\(]=6@8YVG55KH>KD9*5EDR[U<P<O=Z^MJ7:1L;W"1('9)'^
M;)AQY(43C6E6_NC/-]6OR58":@?(ML:#^SJL0?>+&-7?>MEMWRN1]JU^J]Q]
M<9)>GS^A'8,V;[?/Z/IZ[,[8W5YBO*_3FP?+9^YJQ3NM*;5FU.@E\CRJFI[)
M7F`A0X<<&C<%\2[6I*^ZMK!I1%=`L7`.'=!?3AQS\:DOY@:M?[SVM7]_V#3!
M:R;#Q&U@>[0UQKW6M:MHS9K2-4[6K]ML"P*_;;`6UXLV],G7%EAD!W(UPEFR
M/,I-V[V+11Z^6=J!U@OVZTX6V12,Y5)-55U2V/2\/98(<J"+S%^87!8<<W%%
MG0Y.2-RY\<6?#SZ\<G'7'>>Q*QI^Y]\-^;@LJE-+M4:$2W19'2FI:L9OJ`80
M8T4Y=5H7)<*^LLB1QG%,JIQA22)5M75;A@&99O1BY$+OW1\X&[X;?"8P2F5:
MC:DV8*!:&()%/'"@U01F'5<[5*.DW8O])*U&,.(GH(2A31TGRA<F/DR^J.E-
M][-D68P4[O[IRP:HHEAVG1!QTJAJ9E6Q]CZ8$H]XBS28.5!%?,%LB![6`8`:
MZ4S1O4AYTKI%%"C,`5@T3)W7>E@;(6;9&OZI>C+;=I%V-@>R_P"0V2=>H96.
ML#8TN3`>^,%^Q(BM%G2)W7U<,+BR\(\/'SX0X_GUVOV2W?N#'I?HPOZ&4H%K
MX59%A6_K!6;5?RBG)5ID(M&U^,L'(/N!4V#J;@N2,H2%'DA2!EDPE<'+-ESY
M8FLTNP_&'Y7Z32=I[@3Z43K)MS7FFE]5KAJ>+E3J'7B&PXD/LDPV)KXOE[$?
M!N`7E:P0R2R1LWWP>`GP^GZO.'MQY)MGV"M+6XW`_:AT'BC54\-BJTTTC76:
M3B,(R'H^F&Z3$8*M2=9JV$#)\R2/R3XTJ?FE\2D[+DEQO'/XT-),S`Y"-_5^
MBMJ8!3!D(UL.O=5O1JDHNFM=89S:YI<:*OL;M@(L+"(=@,*,,*P56?QEQI$*
M=CPTOJY2@GM%94=7X!`6OOP%R`8.]HB].\NK=[3`JZ^3L"P&#++.L9*./B=U
M.D9<WGCZ9)'/];(>+G1JUOQ.TEU#^XO[F[I5NC-I+8YE,"\9BN;7HJH7UZ3L
ME?T18#'8!X@"6"6(?P.PLM>%7,$>)PX_$#)U9W%2?(OM_N9H+:FP%;T7MYKQ
MO`[P=HKLZ^H#VFUY6F@'0\.K^$K_`':R&',T>#!**7TMX0)S,2&(1*R00TS<
M+;S=_8#QYZ2WIZ>TM/-1M"&+'1&QR<'A&&=)6#MR;%M%%CK`:J_:J_'<&2%%
MP2C()^RM,-ABXEV&.%B.>S/@EW>N/\A/8?JBNC^P[5EE'+L/(@:J$^W$6EKM
M:%6JTX+95@2M99_5F..1R.,F<6\(=C9B9_NX;T>^&]-T^2OR?ZOTDP;?NBYK
MQ0NJV_UBK_Q7W7U-P.B`<B-=>&U+/7Z.I6VFAE+,#P!_J[>3Z9QL3#Q@\>7\
M0IK19VX=@6!9OBHV`U'U_HC;]1Z%*3V.+KN7<W-KZTY6)Y0&;&P3_<2_1W27
MSFD)Y1JEY64OB,'3&/-@^QJ)L6]>9CSO"7:_M8*"NMQ%J?D1(P54:U6I5*F]
M,(]:@F*Q.EX:_#+G<V.%BE3IDG'&X\..7/FY].63EL_XO&[R>>3^KM<M)M`*
M#SU:9H+:V555IN!A0K+3>,0;KJ91B?,7[5L"PV"^&,VQL9$1U.D2.>/BXR\(
MZ'%@8O*3HO?VTVW^_>DNF.H%T[I9"EI$JVLJ[$D."JC7*]QI@Z_VT[+]@,'M
M^OV#(A11"\7Q@BS>;Q&^2Z%ARRDX0K^1"]/+IO\`ZVW;L%\_PZ=K#2JP(.N>
MK%`KJ7<5IU_7RX?J%/PXVV]_;C:`ESY1LHVC&HNN9H(225ZYAO`Q(I=1V@MC
MYQV-$5^`^<;2P#4X0':+3GQ>A-W]HCT2M*?7X]?A&";G'+GU+@XCS!1(G(CZ
M@CUE2LWB[_\`6S_\1_U:&E$X]L^H"`5P(-$478;OO;0T.PMF;,Z:Z4WN/L>+
M1*!4?&P[G%9?UIU<LF48GL!TU"7B[-F65_'.BR&/-*">-8YKMI?8&EUVBO)_
MI2/'J:CL6SWSKBW4G,VB:3,HFQ1KK%D;M5=@%481KX'SG0&2:H-&(>7)8PBU
MFYX(>?Q=Z$U$IK[87VTV?=C*T.DR<`=J+7*A#JZIFH%,,SG64&D@%]ID[5E<
M9/(5X=,?23@@9?60H^"5TD*:<X[;^*#2M)QL$DRW71J'35ZW]<O0="567`,4
MX57;<!YE4G5\ZTS!_*?DXD`16%CC\9$>9EX8\PTAY1]Q+OOE@VFW0L/2#<M:
M,;6[&RPBP.'6%>Z#;"MBDU4NL)UI+@;@OPO88A6)%C#2T,S&5E98@N1!PGR`
MN9X;*3W"N7;^F?"]N!7\\M?1#7]MIU*]C?D?<6S1V6!RVE3](VG:3'7['JE:
M:W9TVM'C"R^]_4'1,/%&EB>6%7\'OAIUVJ!?H?3S<7R/R6RUI"'-8"5RXVK$
MU4W2$AE&V98AAZDL#!-2=IS.+E-:(K%)P8P8&'&YX!8SH/S?Q"FW%HMC`=M:
ME;@SZAIV*-&50RKDIJ9==D)R]",APZU"DS6!%2=*TL0,G\).')GC=)^8EQ(3
MI7&7AO#8MZ'L!9)H&G[+NMQ%J<4=.:B2K5:6:>F$>M03!4$(F,$P0"S8X6*5
M.AQLDGEPXY<^'AUY9.-=V^B^0;9^BQ&REP79;4BKZ4KC2^0JKA%7;N6NV;(0
M-;%ZM[(.S"P&HU$89^63%)!A6*-)P1<0OC(C22)'2]%YF5^UK6W>\4`=$W1O
M(RM$58C<EF5@FV_.)WBIU\#;,J34#`YR=&$R+D!C,.=>@BN4S%AB]9V?J2Z?
MQ#GG3MC/[SK++J!OYI[XP))1=>QB[!UQK>B;/6CEXUJIW0HR6!)][+\:-`XD
MEHR,Q<VI@LN"1#PLDOE'Q^,;Q;:OS/3[=>52P-J*8KN5G?V.K0Z;1-/[<W=<
M6V%F-S@)7"\(O7XBLA&!;8U?C*PF&($VR^(Z$:Y1I`F54E]:-:\:@61X?O$%
M[@IGQB*+=9+'0-17#>S`L+6#8S85=L7GJIN(];)_&-]`B'#@\8L08.8=@`A@
M!'BI:&TRRG\3XA.R`OT?M@W^1^[8KQ3ECN:J[*HDCY(&[C0UATI6+NI-BY)M
MZX*62:4LXIUECH'`5UC!(AK'B(#^!&+'_@]]8AX&P*U_';4"H?(4^9J1UH<;
MQ]U>\4ZK+ZXC%*G]>X##;3?8%JVUJ,TYG(K%7L_:O<_1DE<B7T%,>'R$W7K?
MAV`K>S=;]0+[M)09;TT[V.UY[0]K]+V8V(1U6#;<T57:_9_86!-XR)T6'$-0
MXG\T?@2Q<,<R/PD>&S5#;*_MG]/?%%Y/U^ZVR^)%-Y]:M:G0Q9C9;5Y4AU97
MZS"U>JMDL^L!2B;#IIC:)MG36E>,()C)F$<YL02''B/X:713099U_1F#6&P-
M@[Z0-?&.PS"&NC$2E2E$;#0\S^PKB=<MF@/G.;KPX1<+@07STQ@:L)*9+R3I
M>,EFX[M'&6A=0*=4CU?J-6NS]5NYUGWN]P$2[+7K^FWD$"J^R?'+4*D<][J3
MY-!RI61D$S`T,EE)0,O6?$C8^?\`#AT18^L7Q1\4>("C29FO;%KU$!Q2-V`]
M=]R;\9;2P5]&ED32K8"KLT1(2B,AG%`&^-8X">5ZQ>O\\`M.97IZ95]+24M?
M,MCBXMAD<N*JFJK@Z28865E83$F&(!+X(1#S2ILV5FQ1HL;%SRY>?'AQY<NE
M[;H760]GW;Y5O+_)O5(J495KVMHAA$U?K#9@E>-MU:^'R;",.U_&NW?N(H1Q
M\B9SF0YB_*Q\)A3-@*=!:TBHJTOI:2EKX933DY3##EQ54U5<'1@Z\M+2\'C0
MQ`)?!"(>&+"A1<.*-%C8N&+%PX\./'CT:/)N@:WU_<"_:OG^N?S-L>O!K'*N
MU.1M<0F&T*C=538!7F!Z[FV?7X&S4W-&:\(6/DQ9D2;R+3.HZ)C*]K4Z1]#\
M;[-9^Q6#^*U^KXLWW1QIKV';7O"E7KT4VO[-^,K`A=V7,O\`.%>\?M*0Q>WA
MD:!ZG%NC=>Z6V>H%/[=;,;_VK:5I,MQ6CK_15IVB'-UU5#8/.R@Q,FDS9-?Q
MK-=G.0'BPXF,$-(D2W"!BP<LDKAU8=B*'/L%K:^:SK]QAH+(2>U4VJJE-5AK
M"=U;*-E2\X;N?!F*?L7:.S.]`<:UESY"49RZG,\./USD^<?;O8M%'KY9VH'6
M"_;K3A;9%(SE4DU575+8]+P]E@ARH(O,7YA<%AQS<46=#DY(W+GQQ9\//KQR
M<7VW(A"GS[M?.S[^282B)*'%;,4U6NEE-14ZI;QG8A4,N"8`1>&=;08'/)F1
MHJ\\Q2F#KBYF9&/IJC2A`[Z>S;`V_CVDHK7;#&7NZ)3]+VBIV*=[S@'Y%^![
M=8+Q5H_I94O#,E]T^N+BS8XTOG'K2E*M!>UZRI^OTVK:Z6NYF#?MU$K]<&J:
MB"[RQ$"[`7[0OB(\?U4Z7*F2/M_7FRY,G+ESZ^7'R=U=&8+$JGQ/:P7I=+C%
MC*;4OJMAW+0^C@O51AUL,V08#<(U5L!EV$NF<88YBSF,K&1Y^8;"GP>7*?@J
MNQ:+\N=@:G:R[8V!<+K<6O-3ZG4Z4M/AVM_+ZUV#,K3;9P9BU@5=8#=7]+1.
M88^+$</:A'GAEQH<B3'YY9-&:*:&<K`)W!N1O_66!U#3&B*U[3[HAU=(N&2N
M*+&M(`56FVM7]4V:TI,4(N"%_@"#L<X5,])[@*Y)\]:-6!Y$MW[G5EY@#,LN
MLFR-I?6BJU$5HC&/+L9E:-8]-Z!N/(OP60=$ES1,)IA"F&-'YBCD<F"FDA<W
M^*%\GVM-XW!5%[:J7`^ZR#WA32*O`*MK:>U\Z6`I;!U:M6&P@%[&A7!K1KY0
ME:-<)F4R?!YB1A?#%]N2898)'%=-_P!&U;<#W9.WB_;FLGD-L':RS&ZR-GVE
MJ?N$IUNVK6"\@T.OA!!?:Q%LCYWN9#'*\EK']E('L>-G'Y\0]#NO5R^ORH\7
M-][`<8ECT#:4186#$=[S!WO,OUZ=S\<+`37[`8*27_41;.1H@F&9.J>+@S+?
M$8."B2OZ_AVJ4M(%[HK*X-O[#JVQ5KN9@)[B1+`NC1)3;@7>5T@(8!'=U\O(
MC^J@RXLR/]SZ\.7'DX\>?1)C'I5?U5I+NSJ!YBXNMFY=2%P]'W8^F-3;LV>]
MGZV,INZ8S[8$/7_;.O\`7VAH3VC#Q-?';!;V6)#C&O1Q)JCD\+]*Z]LM/MTG
M:O9_P-;4WS'IPREGU6J6K7"C*:UT`5T?PI$D?D1MGV'8.R[W9[<$&8I&3+C%
M$LCCEQB4EAC9?$QI=6%DK\P1I@P5%=;>I,H,BO#D6S`3#+W*N\?&:8Z3(.-C
M`_ZN4TB=1.+%)GKV`KSCQNN<;(R&<N/]7'IKKIFI\6[78P51&*-5UO3HCJJ<
MJUY:"G;LXR/Z(M46R7:V`@7KZ")Q#,D<5&XQB>>=RG_7"QP9U8>,)A8J?&[!
MU%K!JNDHMIF0!%TKU6OW6M/0!,LXIFIP,6[*J_8<98,*F1DAC.!J`LLTS+R&
M2^G/.*D^(.[]V&72!LU\\66L$?7D;5=;6??-D#F-J0D>UUNH]@TFJ;:U^7$E
M+N#!)E5OD.$<9?I)RE4&,9A9H_7`+$CMH_)SXREZO]K*RW"]P$]D/&^Y6ZVZ
M\,1A[9RB,:QVE4]R.[)8%/M%@8K@)M[=)D-L`%#5U4T97EZ+GR%8_.%N;5+1
ML#H!0[!=M?V91=/4?3ZE;+DB=*LM6R:2YFVF^MI[82RSF7L`1KD(L1&Q05&J
M5X=*F-7$YZB-+QCL0*J=.J4/^$%HK*G_`'S[:.VD5WR-O<[Y`LEQM(SWTFIJ
MJ2OR?3,#M+PQ?3BXOT0\>+AS^YDX\\N30JZ-?*W7[X+WQI`^>.*T;)5*9OG+
M35/-5S"KMH>Z+MMX2D\+0DZ_4_G2=UY!M5DD6AGDC,BZ1Y3L9..+Y=RV?TBU
M;1&`Z(0O'!LA2E4IRTKCBEA62U3-?'P/'(25ZNU@'&<;@MYV)929;*-$X9)]
MF+2)'3!UD2NO'KLM9J*38-+MHX5/Q_&MJ7RV8C61JPU4KK`XWG,W1VCLH:#Q
M:F.UB-[`WV([80"&R12D`@'DG6F5B(Q)*\O8?U2^KE*">T5E1U?@$!:^_`7(
M!@[VB+T[RZMWM,"KKY.P+`8,LLZQDHX^)W4Z1ES>>/IDD<_UY/+-VA5M(-OM
M#]\K@E;0*2/;57$7^Y4"_8S]8;:F<,E>6&HL5-A%]16]C[#`2348H2-%L>(7
M*P8A.*83'<+0@[0G]8-6*<\;?C@0:.TN,,KV$UQKU3(L";3;",`1L1QW6:[,
M,$&N]M+#!"04:+A%15F+'R8!O28,Z$.FW&G7C]VUU`N"S6CX$[@=7;Y7+`1$
M'LE](MI1?D4G2F"UF!6]TK]4FL(CZQ>3UTR+RX=/IQX\^7#0?C6;FNOPVQNM
MVO\`K`/JVSO6O9&K`6QVNM3!JX($_J&<%=@)U_8"_E8UKUQ$+.RBAS#WCB$D
MD8$6)^M(G7=6J_\`A?Z`9J+LO<D-QV*:Z)W`_NRMI?36FN+IMBK`OO78`A^8
M`K"ZP2!+]M,)[45P2,?^1$XJFU\U8JO9^XG:Q=GU-EL!%URJ&[[,'&Z:KA!L
M.<6C6K+JQ4.JT-?AVL=32(T2PR,.0D5'XIP^/(YAI.>%IUY3_'3>E/UQN'JZ
MO]*E*(NT$`W-H)UIK+SM:=.Q\):*C.+L.8#D:WF!=-1N&'CDGA36*6**+Q0/
MCSDRVO=BJ6O_`(8-4K!]>E7T,AW+FW*W)L5=AKAXA+AKAVG^"#27#7^UR9P0
M!-@.9U>:N>`.5ZRYDT(0Y!">HFH&G16OZILW0WMP*AFRV.)@*NN"(TBQ0:]Q
M]ER:@7HZ_"L"X&`(+>3+3A2BLPBU",V+AA@XSI&9BV0TZV&3_&!IA0MB?<HM
M\V'2(MEV(]V31+T8,*EM-.MZ7DN*X(4CO=90I6'C!L(77QC+#8H_")($$^&:
M<')^*2#L;3^N<G0&G]>5HQEV#>*?H,<XD;856%QQ21AAAE5@(M:X"PB!%=+#
M+`@O`5R*O43-DD<R4LA$@Y[FT;JNGW+3S4_6"Z%K>JP!50A(=!;.7+>@79VK
M'B3%++2H82;S8+@D["XHT@LU=86-["I;)-@2"XN%!DD?^&GH!_[-]=?_`"Y_
M5FT8R@J_6*2\A5?VU@UQ/X":)3*(A(FPCG&O&M5%11!!!C&8^PW;1,VE5Q<R
M95V89F=8A&!$Q89`\;+945Z6E]T271?,J;BG-@8<QJK8JL8Z2'85IE7C$:8(
M.KYT1,S19L*5ARQI4;+SQ9>'+ARY<>NP*IJLDZ_^1GQ\7/L`I3*8J&P=E4#3
MO:>MK3MKV76ZNQN%GVA78ZDFKW43'`J\RA()6:1;&/DO$0(H%SF&1678>_/+
M#LA3Y#;"X]8%?6:D@6HU+8.-!:6#J^N7I;X!QKL_=G(C<EO,#BR`\&8W)ER5
M(K@"MS<M1B',?.%3!/XR^S?&!\V_'_<OWE'R79?Q9Z'VY\?^S?QO^)_=OY?^
M[?Z^^Y?:_P`-=N_[+[%][]D_6].E6N.TOR5O/O?8$%_O'=6Z>3'4IBU>Z6NF
M%7=*>&I$C7!<$BOS=/PF4?+&F"K9WDZXL.>1DCPC\J+&U5U'B0E^&7IBGUH-
M8.53/-3*JFKE.\,SC>38M&'7%%9,Z^Z7&QG2\+'GC0,<:--X8<$.%'QXHF'Q
MB;%Z7-^L"X[>/JX'RZ\@O:`_:PA59FK.Z:Y/5=C^$&J:_;RYE?Z%Z5DXS6+K
M."R?32,7&-G^OGSR8$;\U?W0'XR_UF^2_P`7/S/^=O[',/LWV-\L?W?_`.('
M:NY]P_H?U?V/VG[/ZL[738MOI]T=G39]TNL64I0^Z,:K'56.J:518(\A.>J_
MK@OB8,1>N)V3+BQP<L;C&RX.7'/RY\LF/%<-B>'>T*?O32^VF`W9SUXTMM&9
M^4B*P1!8$V?$7]6KX@YFP1QN!]$"S*H+9'+B$%#178>#7U;<PS`6@4+@\JU>
M:_Z;^.NK+`EWI)T2I^UBET;8V'::H'S5VIJU];'+2\(K(17Y>$69B^*=79&"
M1Q+3'Q$2H_?/3GU_]:?;+Z,#K`;;MT<L"V'#V54\N"!M,>NMJXFO_P`Q5HQ^
M^%EMEV!5[;K^(B!EY6@%VHV18L.4;PX9H'VY)"O$703=\[5))@E.<BDKK\<C
MALI06.PI@X4#S6H/H38O7^U*<$W!P6PV$1B;XH/"S8`O/..Q3N$&5)CYM)[=
MV6UYV?0U;6BX*5MTP^[1U+9%"4U4M!:^7`#LW%2=&`6%'7$E+7\$F5F%(M:H
MHJ&%$9"/[-`%@HA";`;+A8=RJ?%VM#7XTE%U.#5MLJ=N5C:N7C36DV6&;'6=
M2JYK<EK^"KI1ARQDX;R?DY<<"&*Y0,<Z?G[=_*//YJ_N@/R:_JS\E_E'^&'S
MM_8Y>]F^^?EC^\#_``_[5VSN']#^D^Q^S?9_5H_NT?P`_P!B?FK\&/QU_P![
MOCCY1^`O]?=D[M_I_I?\X_D*N_>7?@!_MM\*_G/^.O\`NC\C_%WS[_J'O?:?
M]`]5_F_Z1OPJ_'_\9?ZS?&GXN?'7P3_;%A]Y>QOB?^[_`/Q`[KW/M_\`3'J_
MO_M/WO\`DIQ.WOVW7]*]T,:_D,T;="I35C7]872FH35UP,*G;U75('F%SM/G
M2\PIR5<AL@"R0F:.1D`YF7#C:!I"EU'';'B`O&$(K\!V:TMJAOD4$;'-"[/B
M]":U\T#Y-:4^P1[`"+\V,.G]^7!S5SRQ/J/>H-=9\K-X_+?\[WD/8`UB3-WZ
M(,Z*ZBZ!T19@+0Q5VX4'0-#1U.Q[A9:<MMVL]@N*,-%SQF2P"25.7ND]SBK\
+S((]=(A?RO\`_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
