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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001015402-04-003506.txt : 20040819
<SEC-HEADER>0001015402-04-003506.hdr.sgml : 20040819
<ACCEPTANCE-DATETIME>20040819170630
ACCESSION NUMBER:		0001015402-04-003506
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040819

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YP CORP
		CENTRAL INDEX KEY:			0001045742
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				850206668
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24217
		FILM NUMBER:		04986930

	BUSINESS ADDRESS:	
		STREET 1:		4840 E JASMINE ST
		STREET 2:		STE 110
		CITY:			MESA
		STATE:			AZ
		ZIP:			85020
		BUSINESS PHONE:		4806549646

	MAIL ADDRESS:	
		STREET 1:		4840 EAST JASMINE STREET
		STREET 2:		SUITE 105
		CITY:			MESA
		STATE:			AZ
		ZIP:			85020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	YP NET INC
		DATE OF NAME CHANGE:	19991112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RIGL CORP
		DATE OF NAME CHANGE:	19980707

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RENAISSANCE INTERNATIONAL GROUP LTD
		DATE OF NAME CHANGE:	19980115
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>body_10qsb.htm
<DESCRIPTION>YP CORP 10-QSB FOR THE PERIOD ENDING JUNE 30, 2004
<TEXT>
<HTML><HEAD><TITLE>YP Corp 10-QSB for the Period Ending June 30, 2004</TITLE><!-- Licensed to: EDGARfilings, Ltd.--><!-- Document Created using EDGARIZER HTML --><!-- Copyright 2004 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<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: 14pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED STATES 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: 14pt; 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: 12pt; FONT-FAMILY: Times New Roman, serif"><STRONG>FORM 10-QSB</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">(Mark One)</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"></FONT>&nbsp;</DIV>
<TABLE id=hangingindent style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 36pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT face=Wingdings>x</FONT></FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></TD></TR></TABLE>
<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"></FONT>&nbsp;</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"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>For the quarterly period ended June 30, 2004</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"></FONT>&nbsp;</DIV>
<TABLE id=hangingindent style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 36pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT face=Wingdings>o</FONT></FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act</FONT></TD></TR></TABLE>
<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"></FONT>&nbsp;</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"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>For the transition period from _____________ to _______________</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"></FONT>&nbsp;</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"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>Commission File Number 0-24217</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"></FONT>&nbsp;</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: 24pt; FONT-FAMILY: Times New Roman"><STRONG>YP CORP.</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 small business issuer as specified in its charter)</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>&nbsp;</DIV>
<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=middle width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><STRONG>Nevada</STRONG></DIV></TD>
<TD vAlign=top align=middle width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><STRONG>85-0206668</STRONG></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>(State or other jurisdiction of</DIV></TD>
<TD vAlign=top align=middle width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>(IRS Employer Identification No.)</DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="50%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>incorporation or organization)</DIV></TD>
<TD vAlign=top align=left width="50%">&nbsp;</TD></TR></TABLE></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>&nbsp;</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>4840 East Jasmine St. Suite 105</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>Mesa, Arizona 85205</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">(Address of principal executive offices)</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>&nbsp;</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>(480) 654-9646</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">(Issuer&#146;s telephone number)</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>&nbsp;</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>YP.NET, 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">(Former Name)</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"></FONT>&nbsp;</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"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</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"></FONT>&nbsp;</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">Yes&nbsp;&nbsp;<FONT face=Wingdings>x </FONT>&nbsp;No&nbsp;&nbsp;<FONT face=Wingdings>o</FONT></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>APPLICABLE ONLY TO CORPORATE ISSUERS</STRONG></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"></FONT>&nbsp;</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"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>The number of shares of the issuer&#146;s common equity outstanding as of August 1, 2004 was 50,336,802 shares of common stock, par value $.001.</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"></FONT>&nbsp;</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"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>Transitional Small Business Disclosure Format (check one):</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"></FONT>&nbsp;</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"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>Yes&nbsp;&nbsp;<FONT face=Wingdings>o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp; <FONT face=Wingdings>x</FONT></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><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>&nbsp;</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: 11pt; FONT-FAMILY: Times New Roman, serif"><STRONG>INDEX TO FORM 10-QSB FILING</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: 11pt; FONT-FAMILY: Times New Roman, serif"><STRONG>FOR THE QUARTER ENDED JUNE 30, 2004</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: 11pt; FONT-FAMILY: Times New Roman, serif"><STRONG>TABLE OF CONTENTS</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: 11pt; FONT-FAMILY: Times New Roman, serif"><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><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><STRONG>FINANCIAL INFORMATION</STRONG></FONT></DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=left width="90%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="10%">
<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>Page </STRONG></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="90%">
<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 1. Financial Statements</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top align=left width="90%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="90%">
<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"><STRONG>Consolidated Balance Sheet</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="90%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 45pt; 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>as of June 30, 2004</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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>3</STRONG></FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="90%">
<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"><STRONG>Consolidated Statements of Operations</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="90%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 45pt; 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>for the Three- and Nine-Month Periods</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="90%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 45pt; 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>Ended June 30, 2004 and June 30, 2003</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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>4</STRONG></FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="90%">
<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"><STRONG>Consolidated Statements of Cash Flows</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="90%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 45pt; 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>for the Nine-month periods ended June 30, </STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="90%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 45pt; 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>2004 and June 30, 2003</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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>5</STRONG></FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="90%">
<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"><STRONG>Notes to the Consolidated Financial Statements</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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>7</STRONG></FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="90%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="90%">
<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 2. Management&#146;s Discussion and Analysis</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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>21</STRONG></FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="90%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="10%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="90%">
<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. Controls and Procedures</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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: 11pt; FONT-FAMILY: Times New Roman, serif"><STRONG>53</STRONG></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=center><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><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><FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><STRONG>OTHER INFORMATION</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 cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="90%">
<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 2. Unregistered Sales of Equity Securities and Use of Proceeds</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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>53</STRONG></FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="90%">
<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. Submission of Matters to a vote of Security Holders</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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>54</STRONG></FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="90%">
<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. Exhibits and Reports on Form 8-K</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="10%">
<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>55</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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>SIGNATURES</STRONG></FONT></DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<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>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%">&nbsp;</TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">2</FONT></TD>
<TD align=right width="33%">&nbsp;</TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3>
<HR color=#000000 noShade SIZE=2>
</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</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>PART I - FINANCIAL INFORMATION</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM 1. FINANCIAL STATEMENTS</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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>YP CORP.</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; COLOR: #000000; FONT-FAMILY: Times New Roman">UNAUDITED CONSOLIDATED BALANCE SHEET</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; COLOR: #000000; FONT-FAMILY: Times New Roman">AS OF JUNE 30, 2004</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">ASSETS:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">CURRENT ASSETS</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Cash and equivalents</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,546,131 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Accounts receivable, net of allowance for doubtful accounts of $5,043,196</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">13,926,934 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Prepaid expenses and other current assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">631,283 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Deferred tax asset</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,311,749 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Total current assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">18,416,097 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">ACCOUNTS RECEIVABLE, long term portion, net of allowance</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">for doubtful accounts of $499,412</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,421,402 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">CUSTOMER ACQUISITION COSTS, net of accumulated amortization of $3,634,782</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4,206,909 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">PROPERTY AND EQUIPMENT, net</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">792,947 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">DEPOSITS AND OTHER ASSETS</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">113,410 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">INTANGIBLE ASSETS, net of accumulated amortization of $2,252,880</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,427,780 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">ADVANCES TO AFFILIATES</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,832,243 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">TOTAL ASSETS</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">32,210,788 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">LIABILITIES AND STOCKHOLDERS' EQUITY:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">CURRENT LIABILITIES:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Accounts payable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">511,605 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Accrued liabilities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,304,322 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Notes payable- current portion</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">115,868 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Income taxes payable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,839,169 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Total current liabilities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5,770,964 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">DEFERRED INCOME TAXES</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">72,307 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Total liabilities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5,843,271 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">STOCKHOLDERS' EQUITY:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Series E convertible preferred stock, $.001 par value, 200,000 shares authorized,</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">131,840 issued and outstanding, liquidation preference $39,552</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">11,206 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Common stock, $.001 par value, 100,000,000 shares authorized,</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">50,076,302 issued, 48,953,802 outstanding </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">43,386 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Paid in capital</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">10,558,995 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Deferred stock compensation</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(4,752,314</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Treasury stock at cost</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(652,403</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Retained earnings</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">21,158,647 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="85%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Total stockholders' equity</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">26,367,517 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="85%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">32,210,788 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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">See the accompanying notes to these unaudited financial statements</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">3</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>YP CORP.</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; COLOR: #000000; FONT-FAMILY: Times New Roman">UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS</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; COLOR: #000000; FONT-FAMILY: Times New Roman">FOR THE THREE AND NINE MONTH PERIODS ENDED JUNE 30, 2004 AND JUNE 30, 2003</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Three Months</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Nine Months</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Three Months</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="11%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Nine Months</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Ended </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Ended </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Ended </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="11%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Ended </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">June 30, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">June 30, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">June 30, 2003</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="11%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">June 30, 2003</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="11%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="11%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">NET REVENUES</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">16,917,361 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">47,179,181 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8,013,845 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">20,604,344 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">OPERATING EXPENSES:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Cost of services</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">8,195,264 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">19,696,203 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,061,229 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5,732,345 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">General and administrative expenses</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,298,624 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9,223,889 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,561,499 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5,603,685 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Sales and marketing expenses</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,667,040 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4,385,430 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,069,576 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,564,950 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Depreciation and amortization</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">243,261 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">639,173 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">166,523 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">464,761 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Total operating expenses</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">13,404,189 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">33,944,695 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5,858,827 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">14,365,741 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">OPERATING INCOME</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3,513,172 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">13,234,486 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,155,018 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6,238,603 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">OTHER (INCOME) AND EXPENSES</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Interest (income) expense </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(103,897</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(253,595</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(27,994</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(40,783</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Other (income) expense</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(431,464</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(777,617</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(169,857</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(399,652</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Total other (income)expense</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(535,361</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1,031,212</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(197,851</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(440,435</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">INCOME BEFORE INCOME TAXES</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4,048,533 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">14,265,698 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,352,869 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6,679,038 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">INCOME TAX PROVISION (BENEFIT)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,416,986 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4,992,994 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">676,039 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,404,486 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">NET INCOME </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,631,547 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9,272,704 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">1,676,830 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4,274,552 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">NET INCOME PER SHARE:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Basic</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.06 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.20 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.04 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.10 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Diluted</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.05 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.19 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.04 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.10 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">WEIGHTED AVERAGE </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">COMMON SHARES OUTSTANDING:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Basic</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">47,294,551 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">47,033,977 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">43,430,722 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">42,481,237 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="43%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Diluted</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">48,096,618 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">47,805,915 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">43,438,588 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">42,481,237 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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">See the accompanying notes to these unaudited financial statements</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">4</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>YP CORP.</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; COLOR: #000000; FONT-FAMILY: Times New Roman">UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS</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; COLOR: #000000; FONT-FAMILY: Times New Roman">FOR THE NINE MONTH PERIODS ENDED JUNE 30, 2004 AND JUNE 30, 2003</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<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>Nine Months </STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="11%" colSpan=2>
<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>Nine Months </STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="12%" colSpan=2>
<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>Ended</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="11%" colSpan=2>
<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>Ended</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<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">CASH FLOWS FROM OPERATING ACTIVITIES:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<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>June 30, 2004</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="11%" colSpan=2>
<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>June 30, 2003</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="11%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net income</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,272,704 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,274,552 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjustments to reconcile net income to net cash</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<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">provided by (used in) operating activities:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation and amortization</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">639,171 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">464,762 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income recognized on forgiveness of debt</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(45,362</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amortization of deferred stock compensation</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">622,901 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred income taxes</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">172,897 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">281,793 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Officers &amp; consultants paid common stock</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">478,750 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; 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 surrendered</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(160,979</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loss on disposal of equipment</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,932 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes in assets and liabilities:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<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">Trade and other accounts receivable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,896,403</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,644,116</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<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">Customer acquisition costs</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(963,668</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,535,205</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<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">Prepaid and other current assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(477,007</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(149,498</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<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">Other assets</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,900 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">64,508 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<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">Receivable from affiliate</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(139,371</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<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">Accounts payable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">83,182 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">130,140 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<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">Accrued liabilities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(805,464</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">256,074 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<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">Due to affiliates</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">115,084 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<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">Income taxes payable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,149,857 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,122,694 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="71%">
<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">Net cash provided by operating activities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,870,002 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,513,826 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<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">CASH FLOWS FROM INVESTING ACTIVITIES:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advances made to affiliates and related parties</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,725,000</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,000,000</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Repayments of amounts advanced to affiliates and related parties</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,175,000 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchases of intellectual property</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(299,425</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6,761</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchases of equipment</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(353,311</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(537,912</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<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">Net cash (used in) investing activities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2,202,736</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1,544,673</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<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">CASH FLOWS FROM FINANCING ACTIVITIES:</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Proceeds from debt</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">278,167 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividends paid</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(499,983</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="71%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; 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 repayments on notes payable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(585,167</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<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">Net cash (used)/provided by financing activities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(499,983</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(307,000</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="71%">
<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">(DECREASE) INCREASE IN CASH</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">167,283 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,662,153 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<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">CASH, BEGINNING OF PERIOD</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,378,848 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">767,108 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="71%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="71%">
<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">CASH, END OF PERIOD</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,546,131 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,429,261 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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">See the accompanying notes to these unaudited financial statements</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><BR>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">5</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>&nbsp;</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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>YP CORP.</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; COLOR: #000000; FONT-FAMILY: Times New Roman">UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS</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; COLOR: #000000; FONT-FAMILY: Times New Roman">FOR THE NINE MONTH PERIODS ENDED JUNE 30, 2004 AND JUNE 30, 2003, continued</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; COLOR: #000000; FONT-FAMILY: Times New Roman">SUPPLEMENTAL CASH FLOW INFORMATION:</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>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="75%" border=0>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="60%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="17%" colSpan=2>
<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">Nine month</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="18%" colSpan=2>
<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">Nine month</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="60%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="17%" colSpan=2>
<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">period ended</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="18%" colSpan=2>
<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">period ended</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="60%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="17%" colSpan=2>
<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">June 30, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="18%" colSpan=2>
<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">June 30, 2003</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="60%">
<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">Interest Paid</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="16%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,933 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,857 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="60%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="16%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="17%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="60%">
<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">Income Taxes Paid</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="16%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,630,500 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="17%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10,857 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></DIV></FONT></DIV>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<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">See the accompanying notes to these unaudited financial statements.</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>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">6</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE- AND NINE-MONTH PERIODS ENDED JUNE 30, 2004 AND JUNE 30, 2003 (UNAUDITED)</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: -4.5pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BASIS OF PRESENTATION</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: -4.5pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The accompanying unaudited financial statements represent the consolidated financial position of YP Corp. f/k/a YP.Net, Inc. (</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">the "Company," "we," "us," or "our"</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">) and our wholly owned subsidiaries, Telco Billing, Inc. ("Telco") and Telco of Canada, Inc. ("Telco Canada"). They include all adjustments that management believes are necessary for a fair presentation of our financial position at June 30, 2004 and results of operations for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of Americ
a have been condensed or omitted. Results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. The accompanying consolidated financial statements should be read in conjunction with our audited financial statements and footnotes as of and for the year ended September 30, 2003, included in our Annual Report on Form 10-KSB.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -4.5pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT> <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMPANY ORGANIZATION AND OPERATIONS</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">YP Corp. is in the business of providing Internet-based Yellow Page advertising space on or through </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">www.Yellow-Page.Net</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">, www.yellow-page.com, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">www.YP.Net</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">and www.YP.com. In April 2004, the Company changed its name from "YP.Net, Inc." to "YP Corp."</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Company&#146;s "yellow page" database lists approximately 18 million businesses throughout the United States. Our website enables Internet users to search through these "yellow page" listings and is used by businesses and consumers attempting to locate a business and/or service provider in response to a user&#146;s specific search criteria. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">As our primary source of revenue, we offer a Mini-Webpage&#153; to businesses for a monthly fee. The Mini-Webpage provides a business with a priority placement listing over non-paying listings and is displayed in a bigger and bolder font at the beginning of, or in the first section of the user&#146;s search results&#151;thus featuring our paying customers more prominently to users of our website. In addition, our paying customers get a Mini-Webpage, which includes a 40-word description of their business, their hours of operation and other useful information, a direct link to the paying customer&#146;s website (if they have one and it is provided by the advertiser), map, driving directions to the paying customer&#146;s location and more. We market for advertisers for this Internet Advertising Package&#153; 
("IAP"), under the name "Yellow-Page.Net" or "YP.Com" exclusively to businesses through a direct mail solicitation program. The solicitation includes a promotional incentive (i.e. currently a $3.25 check), which if cashed by the business automatically signs the business up for the IAP service for an initial twelve-month period with automatic renewals thereafter. This easy subscription process provides a written confirmation (i.e., the check) of the subscription by the newly subscribing business, which is verified by an independent third party (i.e., the paying customer&#146;s depositing bank). To additionally insure the intention of sign-up, the Company then mails a written confirmation card to the newly subscribing business generally within 30 days from activation. Each advertiser is contacted by telephone by the Company&#146;s outbound calling center to confirm the sale and obtain information the build the advertiser&#146;s Mini-Webpage. The Company also provides a 120-day cancellation period whereby the s
ubscribing business may cancel and receive a full refund of any amounts paid to the Company if they are dissatisfied for any reason.</FONT></DIV>
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<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Each paying customer is billed monthly for that month&#146;s service. The vast majority of such monthly billings appear on the subscribing business&#146; local phone bill. Management believes this ability to bill the paying customer through the paying customer&#146;s phone bill is a significant competitive advantage for the Company as few independent (not owned by a telephone company) yellow page companies are authorized to bill directly on the phone bill for services rendered. Further most businesses are accustomed to paying for yellow page advertising on their phone bill.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">We were originally incorporated as a New Mexico company in 1969 and the Company was re-incorporated in Nevada in 1994 as Renaissance Center, Inc. Our Articles of Incorporation were restated in October 1997 and our name was changed to Renaissance International Group, Ltd. In June 1998, we changed our name to RIGL Corporation. In June 1999, we acquired Telco Billing, Inc. ("Telco") and commenced our current operations through this entity. In September 1999, we amended our Articles of Incorporation to change our corporate name to YP.Net, Inc. to better identify our company with our business focus. In April 2004, we again amended our Articles of Incorporation to change our name to YP Corp. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">From August 1999 through February 2000, we abandoned all subsidiaries previously involved in the multi-media software and medical billing and practice management areas. With the acquisition of Telco, our business focus shifted to the Internet yellow page services business and this business is currently our main source of revenue. Telco is operated as our wholly owned subsidiary.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -4.5pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">3.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT> <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</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: -4.5pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Cash and Cash Equivalents:</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> This includes all short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less. At times, cash deposits may exceed government insured limits. At June 30, 2004, cash deposits exceeded those insured limits by approximately $2,285,000.</FONT></DIV>
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<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Principles of Consolidation:</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Telco Billing, Inc. and </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Telco of Canada, Inc.</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> All significant inter-company accounts and transactions are eliminated.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Customer Acquisition Costs:</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> These costs represent the direct response marketing costs that are incurred as the primary method by which customers subscribe to the Company&#146;s services. The Company purchases mailing lists and sends advertising materials to prospective subscribers from those lists. Customers subscribe to the services by positively responding to those advertising materials which serve as the contract for the subscription. The Company capitalizes and amortizes the costs of direct-response advertising on a straight-line basis over eighteen months, the estimated average period of retention for new customers. The Company capitalized costs of $1,798,432 and $1,145,950 during the three month
s ended June 30, 2004 and June 30, 2003, respectively and $4,598,832 and $3,488,662 during the nine months ended June 30, 2004 and June 30, 2003, respectively. The Company amortized $1,336,927 and $829,405 during the three months ended June 30, 2004 and June 30, 2003, respectively and $3,617,027 and $1,953,457 during the nine months ended June 30, 2004 and June 30, 2003, respectively. </FONT></DIV>
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<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; COLOR: #000000; FONT-FAMILY: Times New Roman">The Company also incurs advertising costs that are not considered direct-response advertising. These other advertising costs are expensed when incurred. These advertising expenses were $66,536 and $240,171 for the three months ended June 30, 2004 and June 30, 2003, respectively and $504,827 and $617,494 for the nine months ended June 30, 2004 and June 30, 2003, respectively.</FONT></DIV>
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<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Revenue Recognition</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">: The Company&#146;s revenue is generated by customer subscriptions of directory and advertising services. Revenue is billed and recognized monthly for services subscribed in that specific month. The Company utilizes outside billing companies to transmit billing data, much of which is forwarded to Local Exchange Carriers, or LECs, that provide local telephone service. Monthly subscription fees are generally included on the telephone bills of the customers. The Company recognizes revenue based on net billings accepted by the LECs. Due to the periods of time for which adjustments may be reported by the LECs and the billing companies, the Company estimates and accrues for dilution of i
ts gross billings and fees reported subsequent to quarter-end for initial billings related to services provided for periods within the fiscal quarter. The terms "dilution" and "dilution expense" refer to the reduction in our gross billings </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">resulting from fees, holdbacks and charges by our outside billing companies due to items such as wrong telephone numbers and other indications of uncollectibility through telephone or LEC billing which we also call unbills.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">The Company recognizes revenue from those customers billed by Direct Debit or "ACH" as that revenue is accepted by the banking system through its billing aggregator, PaymentOne, Inc., </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">f/k/a eBillit, Inc. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Since customer credits are deducted from the Company&#146;s bank account before the new billings are deposited these sales are "net" of most customer credits.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">For billings to certain customers that are billed directly by the Company and not through the LECs, the Company recognizes revenue based on estimated future collections. The Company continuously reviews this estimate for reasonableness based on its collection experience. Generally this revenue equals those customers from whom the Company has received payment.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Income Taxes</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">: The Company provides for income taxes based on the provisions of Statement of Financial Accounting Standards No. 109,</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><EM> Accounting for Income Taxes, </EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">which, among other things, requires that recognition of deferred income taxes be measured by the provisions of enacted tax laws in effect at the date of financial statements.</FONT></DIV>
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<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Financial Instruments</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">: Financial instruments consist primarily of cash, accounts receivable, advances to affiliates, and obligations under accounts payable, accrued expenses and notes payable. The carrying amounts of cash, accounts receivable, accounts payable, accrued expenses and notes payable approximate fair value because of the short maturity of those instruments. The Company has applied certain assumptions in estimating these fair values. The use of different assumptions or methodologies may have a material effect on the estimates of fair values.</FONT><BR></DIV>
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<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Net Income Per Share:</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> Net income per share is calculated using the weighted average number of shares of common stock outstanding during the year. The Company has adopted the provisions of SFAS No. 128, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><EM>Earnings Per Share</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.6pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Use of Estimates</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.6pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 12.6pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Significant estimates made in connection with the accompanying financial statements include the estimate of dilution of our gross billings and fees associated with LEC billings and the estimated reserve for doubtful accounts receivable. </FONT></DIV>
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<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><U>Stock-Based Compensation</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">: Statements of Financial Accounting Standards No. 123, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><EM>Accounting for Stock-Based Compensation</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">, ("SFAS 123") established accounting and disclosure requirements using a fair-value based method of accounting for stock-based employee compensation. In accordance with SFAS 123, the Company has elected to continue accounting for stock based compensation using the intrinsic value method prescribed by Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Emp
loyees." </FONT></DIV>
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<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"><U>Impairment of Long-lived Assets:</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> The Company assesses long-lived assets for impairment in accordance with the provisions of SFAS 121, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of. </EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SFAS 121 requires that the Company assess the value of a long-lived asset whenever there is an indication that its carrying amount may not be recoverable. Recoverability of the asset is determined by comparing the forecasted undiscounted cash flows generated by said asset to its carrying value. The amount of impairment loss, if any, 
is measured as the difference between the net book value of the asset and its estimated fair value. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Recently Issued Accounting Pronouncements</U></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">: In July 2002, the FASB issued SFAS No. 146, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>"Accounting for Costs Associated With Exit or Disposal Activities"</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">. This Standard requires costs associated with exit or disposal activities to be recognized when they are incurred. The Company estimates the impact of adopting these new rules will not be material.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In October 2002, the FASB issued SFAS No. 147, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>"Acquisitions of Certain Financial Institutions."</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> SFAS No. 147 is effective October 1, 2002. The adoption of SFAS No. 147 did not have a material effect on the Company&#146;s financial statements.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In April 2003, the FASB issued SFAS No. 149, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>"Amendment of Statement 133 on Derivative Instruments and Hedging Activities,"</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> effective for contracts entered into or modified after June 30, 2003. This amendment clarifies when a contract meets the characteristics of a derivative, clarifies when a derivate contains a financing component and amends certain other existing pronouncements. The Company believes the adoption of SFAS No. 149 will not have a material effect on the Company&#146;s financial statements.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">10</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">In May 2003, the FASB issued SFAS No. 150, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>"Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity."</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> SFAS No. 150 is effective for financial instruments entered into or modified after May 31, 2003, and otherwise is effective at the beginning of the first interim period beginning after June 15, 2003. SFAS No. 150 requires the classification as a liability of any financial instruments with a mandatory redemption feature, an obligation to repurchase equity shares, or a conditional obligation based on the issuance of a variable number of its equity shares. The Company does not have any financial instruments wit
h a mandatory redemption feature. The Company believes the adoption of SFAS No. 150 will not have a material effect on the Company&#146;s financial statements.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In November 2002, the FASB issued FASB Interpretation No. 45, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>"Guarantor&#146;s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others"</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> (FIN 45). FIN 45 clarifies the requirements for a guarantor&#146;s accounting for and disclosure of certain guarantees issued and outstanding. The initial recognition and initial measurement provisions of FIN 45 are applicable to guarantees issued or modified after March 31, 2003. The disclosure requirements of FIN 45 are effective for financial statements for periods ending after December 15, 2002. The adoption of FIN 45 did not have a significant impact on t
he Company&#146;s financial statements. See Note 10.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In January 2003, the FASB issued FIN No. 46, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>"Consolidation of Variable Interest Entities"</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> (FIN 46). FIN No. 46 states that companies that have exposure to the economic risks and potential rewards from another entity&#146;s assets and activities have a controlling financial interest in a variable interest entity and should consolidate the entity, despite the absence of clear control through a voting equity interest. The consolidation requirements apply to all variable interest entities created after January 31, 2003. For variable interest entities that existed prior to February 1, 2003, the consolidation requirements are effective for annual or int
erim periods beginning after June 15, 2003. Disclosure of significant variable interest entities is required in all financial statements issued after January 31, 2003, regardless of when the variable interest was created. The Company is presently reviewing arrangements to determine if any variable interest entities exist but does not anticipate the adoption of FIN 46 will have a significant impact on the Company&#146;s financial statements.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT> <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">ACCOUNTS RECEIVABLE</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company provides billing information to third party billing companies for the majority of its monthly billings. Billings submitted are "filtered" by these billing companies and the LECs. Net accepted billings are recognized as revenue and accounts receivable. The billing companies remit payments to the Company on the basis of cash ultimately received from the LECs by those billing companies. The billing companies and LECs charge fees for their services, which are netted against the gross accounts receivable balance. The billing companies also apply holdbacks to the remittances for potentially uncollectible accounts. The amounts attributable to this dilution of our gross billings will vary due to numerous factors and the Company may not be certain as to the actual amounts of dilution on any specific billing submittal u
ntil several months after that submittal. The Company estimates the amount of these charges and holdbacks based on historical experience and subsequent information received from the billing companies. The Company also estimates uncollectible account balances and provides an allowance for such estimates. The billing companies retain certain holdbacks that may not be collected by the Company for a period extending beyond one year. These balances have been classified as long-term assets in the accompanying balance sheet.</FONT><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>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">11</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">The Company experiences significant dilution of its gross billings by the billing companies resulting from fees and holdbacks by our outside billing companies due to items such as wrong telephone numbers and other indications of uncollectibility through telephone or LEC billing, which we also call "unbills". The Company negotiates collections with the billing companies on the basis of the contracted terms and historical experience. Holdbacks, fees, and other matters, which are determined by the LECs and the billing companies, may affect the Company&#146;s cash flow. The Company processes its billings through two primary billing companies. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our largest billing company, PaymentOne, Inc. f/k/a eBillit, Inc., provides the majority of our billings, collections, and related services. The net receivable due from PaymentOne for LEC billing at June 30, 2004 was $11,234,069, net of</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #ff0000; FONT-FAMILY: Times New Roman"> </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an allowance for doubtful accounts of $4,120,383. The net receivable from PaymentOne at June 30, 2004, represents approximately 73% of the Company&#146;s total net accounts receivable at June 30, 2004.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Direct debit receivables or ACH receivables are billed through PaymentOne. The net receivable due from PaymentOne for ACH billing at June 30, 2004 was $614,826, net of</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #ff0000; FONT-FAMILY: Times New Roman"> </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an allowance for doubtful accounts of $-0-. The net receivable from PaymentOne at June 30, 2004 for ACH billing represents all of the Company&#146;s total net accounts receivable for ACH billing at June 30, 2004.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subscription receivables that are directly billed by the Company are valued and reported at the estimated future collection amount. Determining the expected collections requires an estimation of both uncollectible accounts and refunds. Subscriptions receivable for direct invoice billing at June 30, 2004 was $157,300, net of allowance for doubtful accounts of $55,267. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total accounts receivable at June 30, 2004 is summarized as follows:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV align=center>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="80%" border=0>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="57%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-Term</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<DIV></DIV>
<DIV>Total</DIV></FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="57%">
<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">Gross accounts receivable</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,970,130 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,920,814 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">20,890,944 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="57%">
<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">Allowance for doubtful accounts</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,043,196 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">499,412</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5,542,608 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6 solid" vAlign=bottom align=left width="57%">
<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">Net</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6 thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,926,934 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,421,402 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15,348,336 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">Certain receivables have been classified as long-term because the Company&#146;s collection experience with those receivables has historically extended beyond one year. These receivables, which range from 5% to 10% of gross billings, are essentially reserves held by either the LECs or the billing aggregators that are "trued up" over either 12 or 18 months as they occur, depending on the LEC or aggregator.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">12</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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; COLOR: #000000; FONT-FAMILY: Times New Roman">5.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">INTELLECTUAL PROPERTY AND OTHER INTANGIBLE ASSETS</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Our "www.yellow-page.net" URL is recorded at its cost, net of accumulated amortization. Management believes that our business depends on our ability to utilize this URL given the recognition of the </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><EM>"Yellow Page"</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> term. Also, our current customer base relies on the recognition of this term and URL as a basis for maintaining the subscriptions to the Company&#146;s service. Management believes that the current revenue and cash flow generated through use of "www.yellow-page.net" supports the carrying of the asset. We periodically analyze the carrying value of this asset to determine if impairment has occur
red. No such impairments were identified during the year ended September 30, 2003 or the nine months ended June 30, 2004. The URL is amortized on an accelerated basis over the twenty-year term of the licensing agreement. Amortization expense on the URL was $79,276 and $243,276 for the three and nine months ended June 30, 2004, respectively. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Additionally, the Company has capitalized costs of other intangible assets, such as web site development costs and other URL&#146;s. These assets are recorded at cost, net of accumulated amortization. At June 30, 2004, the net recorded balance was approximately $327,155, net of accumulated amortization of approximately $353,634. Amortization expense on these assets was approximately $78,093 and $146,093 for the three and nine months ended June 30, 2004, respectively.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT> <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">PROVISION FOR INCOME TAXES</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; 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">Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. </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=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income taxes for three and nine months ended June 30 is summarized as follows:</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=left>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<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">Three months ended June 30 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<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">Nine months ended June 30, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="12%" colSpan=2>
<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">Three months ended June 30 2003</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="11%" colSpan=2>
<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">Nine months ended June 30, 2003</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="12%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom width="11%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">
<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">Current Provision </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,812,656 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,820,097</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">546,461</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,122,694</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<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">Deferred (Benefit) Provision </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(395,668</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="2%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">172,897</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">129,578</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">281,792</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="43%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="11%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="43%">
<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">Net income tax provision</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,416,988</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4,992,994</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">676,039</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=right width="11%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,404,59+</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=bottom align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify>&nbsp;</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">During the year ended September 30, 2003, the Company expanded certain operations and revenue generating assets in Nevada where there are no corporate income taxes thereby reducing the statutory rate used for state income taxes.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">13</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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; COLOR: #000000; FONT-FAMILY: Times New Roman">At June 30, 2004, deferred income tax assets related to differences in book and tax bases of accounts receivable, direct marketing costs and intangible assets.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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; COLOR: #000000; 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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">At June 30, 2004 deferred tax liabilities were comprised of differences in book and tax bases of customer acquisition costs and property and equipment respectively.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 18pt; 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; COLOR: #000000; FONT-FAMILY: Times New Roman">7.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT> <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">NET INCOME PER SHARE</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Net income per share is calculated using the weighted average number of shares of common stock outstanding during the three months ended June 30, 2004 and June 30, 2003, respectively. Preferred stock dividends are subtracted from the net income to determine the amount available to common shareholders. There were $488 and $1,477 in preferred stock dividends in the three and nine months ended June 30, 2004 respectively. Warrants to purchase 500,000 shares of common stock were excluded from the calculation for the three months ended June 30, 2003. The exercise price of those warrants was greater than the trading value of the common stock and therefore inclusion of such would be anti-dilutive. Also, excluded from the calculation for the three months ended and nine month periods ended June 30, 2004 and June 30,
 2003 were 131,840 shares of Series E Convertible Preferred Stock issued during the year ended September 30, 2002, which are considered anti-dilutive due to the cash payment required by the holders of the securities at the time of conversion. The dilutive effect of unvested restricted awards and certain warrants are included in the calculation of diluted earnings per share for the three month and nine month periods ended June 30, 2004. Excluded from the calculation of diluted earnings per share for the three and six month periods ended June 30, 2004 are warrants to purchase 125,000 shares of common stock and unvested restricted stock awards totaling 377,500 shares. The securities are excluded from the calculation because their inclusion would be anti-dilutive.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following presents the computation of basic and diluted loss per share from continuing operations for the three months ended June 30:</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>
<TABLE id=10001 cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="10%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Three</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; COLOR: #000000; FONT-FAMILY: Times New Roman">Months Ended June 30, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="10%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Nine Months Ended</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; COLOR: #000000; FONT-FAMILY: Times New Roman">June 30, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=middle width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="10%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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; COLOR: #000000; FONT-FAMILY: Times New Roman">Income</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="10%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=middle width="10%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Per</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; COLOR: #000000; FONT-FAMILY: Times New Roman">Share</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="10%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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; COLOR: #000000; FONT-FAMILY: Times New Roman">Income</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="10%" colSpan=2>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center></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; COLOR: #000000; FONT-FAMILY: Times New Roman">Shares</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=middle width="10%" colSpan=2>
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Per</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; COLOR: #000000; FONT-FAMILY: Times New Roman">Share</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=right width="10%" colSpan=2>&nbsp;</TD>
<TD style="BORDER-BOTTOM: medium none" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="32%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Net Income </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,631,547</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9,272,704</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="32%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Preferred stock dividends</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(488</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 thin solid" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(1,477</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">)</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="32%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Income available to common stockholders</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,631,059</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9,271,227</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="32%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Basic Earnings Per Share:</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="32%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Income available to common stockholders</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,631,059</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">47,294,551</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.06</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9,271,227</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">47,033,977</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.20 </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="32%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">Effect of dilutive securities</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">802,067</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">771,938</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="32%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=right width="9%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #e2eef6" vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="32%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Diluted Earnings Per Share</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" width="2%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2,940,626</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">48,096,618</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.05</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">9,123,895</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">47,805,915</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #ffffff solid" vAlign=bottom align=left width="1%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=left width="1%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: #000000 double" vAlign=bottom align=right width="9%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0px; TEXT-INDENT: 0px; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0px"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">0.19 </FONT></DIV></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">14</FONT></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">8.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">COMMITMENTS AND CONTINGENCIES</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Loan Commitments to Stockholders</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As part of the original acquisition of our subsidiary, Telco Billing, from Morris &amp; Miller, Ltd. and Mathew and Markson, Ltd., our two largest stockholders, we provided them with the right to "put" back to us their shares of Company common stock under certain circumstances. In September 2000, we entered into a new arrangement with these stockholders, whereby their "put" rights were terminated in exchange for the establishment of revolving lines of credit. Under these lines of credit, we agreed to lend up to $10 million to each of Morris &amp; Miller and Mathew and Markson, subject to certain limitations. The amounts loaned to Morris &amp; Miller and Mathew and Markson carried an annual interest rate of 8%.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In December 2003, we entered into an agreement with </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morris &amp; Miller and Mathew and Markson</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> to terminate the revolving lines of credit previously provided to them. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under this termination agreement, we were </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">required to advance an additional $1,300,000 to </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morris &amp; Miller and Mathew and Markson</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman
"> through April 2004 at an annual interest rate of 8%, after which their ability to draw any additional amounts terminated. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We continue to retain pledged stock as collateral for the repayment of all such loans, which, by agreement, mature December 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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Of the negotiated $1,300,000 final payments, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morris &amp; Miller and Mathew and Markson</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> only drew down $1,050,000 through April 9, 2004. Although the loans to </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morris &amp; Miller and Mathew and Markson</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> do not mature and require repayment until April 2007, they made accelerated prepayments totaling $1,600,000 in the three months ended June 30, 2004. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of June 30,
 2004, Morris &amp; Miller and Mathew and Markson owe our company an aggregate of $3,832,243 and we have no further obligation to make advances to those stockholders. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As part of the December 2003 agreement, we also agreed to pay recurring quarterly dividends of not less than $.01 per share </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">to all of our common stockholders, subject to applicable law.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">15</FONT></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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"><U>Billing Service Agreements</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company has entered into a customer billing service agreement with PaymentOne, Inc. f/k/a eBillit, Inc. PaymentOne provides billing and collection and related services associated to the telecommunications industry. The agreement term is for two years, automatically renewable in two-year increments unless appropriate notice to terminate is given by either party. The agreement will automatically renew on September 1, 2005, unless either party gives notice of termination 90 days prior to that renewal date. Under the agreement, PaymentOne bills, collects and remits the proceeds to Telco net of reserves for bad debts, billing adjustments, telephone company fees and PaymentOne fees. If either the Company&#146;s transaction volume decreases by 25% from the preceding month, or less than 75% of the traffic is billable to major
 telephone companies, PaymentOne may at its own discretion increase the reserves and holdbacks under this agreement. PaymentOne handles all billing information and collection of receivables. The Company&#146;s cash receipts on trade accounts receivable depend upon estimates pertaining to holdbacks and other factors as determined by PaymentOne. PaymentOne may at its own discretion increase the reserves and holdbacks under this agreement.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company has also entered into an agreement with ACI Communications, Inc. ACI provides billing and collection and related services associated to the telecommunications industry.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These agreements with the billing companies provide significant control to the billing companies over cash receipts and ultimate remittances to the Company. The Company estimates the net realizable value of its accounts receivable on historical experience and information provided by the billing companies reflecting holdbacks and reserves taken by the billing companies and LECs. During the three months ended June 30, 2004, ACI merged with Billing Concepts, Inc., or ESBI, and transferred the management of its contract with the Company to ESBI personnel.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Other</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior to the Company&#146;s fiscal year ended September 30, 2003, the Board of Directors had committed the Company to pay for the costs of defending a civil action filed against its former CEO and Chairman. The action involved a business in which the CEO was formerly involved. The Company and at least one officer had received subpoenas in connection with this matter and the Board believed that it was important to help resolve the matter as soon as possible to allow the CEO to refocus his attention on the business. The Board action included the payment of legal and other fees for any other officers and directors that may have become involved in this civil action. During the nine months ended June 30, 2004, the Company paid final legal costs of approximately $56,500 on behalf of our former CEO relative to this matter. There
 were no legal costs paid on behalf of our former CEO in the three-month period ended June 30, 2004. The amounts expensed in the current period are presented as compensation expense within general and administrative expenses in the accompanying statement of operations for the three and nine months ended June 30, 2004. The civil case against the former CEO was settled in December 2003. No additional legal costs will be advanced to the former CEO. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">16</FONT></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">Prior to the Company&#146;s fiscal year ended September 30, 2002, we had entered into "Executive Consulting Agreements" with four entities, each of which was controlled by one of the Company&#146;s four executive officers. These agreements had called for fees to be paid for the services provided by these individuals as officers of the Company as well as their respective staffs. These agreements were not personal service contracts of these officers individually. The agreements ran through 2007 and required annual performance bonuses that aggregated up to approximately $320,000 depending upon available cash and meeting of certain performance criteria. However, subsequent to June 30, 2004 all but one of these contracts have been terminated, subject, in the case of the former CEO and the Vice President of Marketing, to paymen
ts over the next two years. In the case of the former CEO, we will pay Sunbelt Financial Concepts, Inc. $960,000 over two years in lieu of the amounts due under the original contract, which called for approximately $2.6 million in payments over three years. In the case of the former Executive Vice President of Marketing, we will pay Advertising Management &amp; Consulting Services, Inc. $667,005 over two years in lieu of the amounts due under the original contract, which called for approximately $1.9 million in payments over three years. In the case of the former CFO, we will pay MAR &amp; Associates, Inc. $120,000 over six months in lieu of the amounts due under the original contract, which called for approximately $750,000 in payments over three years. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">On April 13, 2004, the Company entered into a $1.0 million, one year renewable revolving credit facility agreement with a lending institution. The terms of the agreement require interest only payments on the outstanding balance at the per annum rate of the one month LIBOR rate, plus 3%. Outstanding advances are secured by all existing and acquired tangible and intangible assets of the Company located in the United States. We utilized our new credit facility and repaid the balance during the quarter ended June 30, 2004 in order to test its functioning and reporting requirements. There was no balance outstanding on June 30, 2004. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; 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">9.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27.7pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">RELATED PARTY TRANSACTIONS</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV></DIV>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During the three- and nine-month periods ended June 30, 2004 and 2003, the Company entered into related party transactions with Board members, officers and affiliated entities as described below:</FONT></DIV>
<DIV><BR></DIV>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Directors &amp; Officers</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Board of Director fees for the three- and nine-month periods ended June 30, 2004 were $25,200 and 85,200, respectively. These amounts are included in the amounts discussed below. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The former CEO, CFO, Executive Vice President and current Corporate Secretary were paid for their services and those of their respective staffs through separate entities controlled by these individuals. The following describes the compensation paid to these entities. Subsequent to June 30, 2004, all of these contracts have been terminated.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Sunbelt Financial Concepts, Inc.</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sunbelt Financial Concepts, Inc. ("Sunbelt") provided the services of the Chairman and CEO and his staff to the Company, as well as the strategic and overall planning and operations management and administration for the Company. Sunbelt&#146;s team is experienced in all areas of management and administration. Sunbelt&#146;s president was the Company&#146;s CEO and Chairman until May 28, 2004.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">17</FONT></TD>
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</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">During the three- and nine-month periods ended June 30, 2004, the Company paid a total of approximately $324,823 and $613,823 to Sunbelt. In addition, during the nine months ended June 30, 2004, the Company paid final legal costs of approximately $56,500 on behalf of our former CEO incurred by Sunbelt related to the personal legal matters discussed in Note 8. There were no legal costs paid on behalf of our former CEO in the three-month period ended June 30, 2004. However, this contract was terminated subsequent to June 30, 2004 and the termination agreement calls for the payment of $960,000 over two years in lieu of the approximately $2.6 million in payments that would have been due under the original contract. See Note 11.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Advertising Management &amp; Consulting Services, Inc.</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advertising Management &amp; Consulting Services, Inc. ("AMCS") provided the Company with the services of Executive Vice President and Director through its officers and employees. AMCS is a marketing and advertising company experienced in designing direct marketing pieces, ensuring compliance with regulatory authorities for those pieces and designing new products that can be mass marketed through the mail. AMCS&#146; president was Executive Vice President of Marketing and a director of the Company until June 9, 2004. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company outsourced the design and testing of its many direct mail pieces to AMCS for a fee. AMCS was also responsible for new products that have been added to the Company&#146;s website and was working on new mass-market products to offer the Company&#146;s customers. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The total amount paid to this director and AMCS during the three- and nine-month periods ended June 30, 2004 was approximately $117,507 and $414,507, respectively. However, this contract was terminated subsequent to June 30, 2004 and the termination agreement calls for the payment of $697,010 over two years in lieu of the approximately $1.9 million in payments that would have been due under the original contract. See Note 11.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Advanced Internet Marketing, Inc.</U></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><U></U>&nbsp;</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"></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">Advanced Internet Marketing, Inc. ("AIM") provides the Company with the services of a subsidiary officer, Corporate Secretary and a Director through its officers and employees.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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"></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">The Company outsourced the design and marketing of its website on the World Wide Web to AIM. AIM&#146;s team of designers is experienced in all areas of web design and has created all of the Company&#146;s logos and images for branding.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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"></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">The total amount paid to AIM during the three- and nine-month periods ended June 30, 2004 was approximately $66,959 and $230,959, respectively. No amounts remained accrued at June 30, 2004. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">18</FONT></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<TD vAlign=bottom width="100%">&nbsp;</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"><U>MAR &amp; Associates</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The compensation for services of the Company&#146;s Chief Financial Officer was paid to MAR &amp; Associates ("MAR"). MAR&#146;s president was our CFO until June 21, 2004. The total amount paid to MAR and the CFO during the three- and nine-month periods ended June 30, 2004 was approximately $81,648 and $228,648, respectively. No amounts were accrued at June 30, 2004. However, this contract was terminated subsequent to June 30, 2004 and the termination agreement calls for the payment of $120,000 over six months in lieu of the approximately $750,000 in payments that would have been due under the original contract.</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"></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"><U>Other</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company made a final advance of $75,000 to its two largest stockholders, Morris &amp; Miller and Mathew and Markson, during the three months ended June 30, 2004 on April 9</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP>th</SUP></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">. Additionally, the Company made advances of </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$4,725,00 during the first six months of the fiscal year, which are included in the </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">nine-month period ended June 30, 2004. Interest earned on these advances was at an 8% annual rate and was approximately </FONT><FONT style="DISPLAY: inline; FONT-SI
ZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$103,000</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> and $256,000 for the three- and nine-month periods ended June 30, 2004. On December 22, 2003, we entered into an agreement with Morris &amp; Miller and Mathew and Markson that terminated the line of credit agreement effective April 9, 2004 (Note 8). During the three months ended June 30, 2004, Morris &amp; Miller and Mathew and Markson made accelerated principal reductions of $1.6 million almost three years in advance of their maturity.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Advances to affiliates are summarized as follows at June 30, 2004:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>
<TR bgColor=#e2eef6>
<TD vAlign=top align=middle width="75%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Morris &amp; Miller</FONT></DIV></TD>
<TD vAlign=top align=right width="25%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$2,360,230</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BACKGROUND-COLOR: #ffff00"> </FONT></DIV></TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=middle width="75%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mathew &amp; Markson</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=right width="25%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$1,472,013</FONT></DIV></TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=middle width="75%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black double" vAlign=top align=right width="25%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=right><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$3,832,243</FONT></DIV></TD></TR></TABLE></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"><U>Simple.Net, Inc. ("SN")</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=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company had contracted with Simple.Net, Inc., or SN, an Internet service provider owned by a director of the Company, to provide Internet dial-up and other services to its customers. SN had provided services to the Company at below market rate prices from time to time. During the three-month and nine month periods ended June 30, 2004, the Company recorded expenses related to SN of $0 and $511,283, respectively. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In addition, prior to the quarter ended March 31, 2004, SN paid a monthly fee to the Company for technical support and customer service provided to SN&#146;s customers by the Company&#146;s employees. The Company charged SN for these services according to a per customer pricing formula:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">19</FONT></TD>
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</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<TD vAlign=bottom width="100%">&nbsp;</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">Customer Service &amp; Management Agreement fees are calculated by number of customer records of SN multiplied by a base cost of $1.02. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Technical Support fees are calculated by number of customer records of SN multiplied by a base cost of 60 cents.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the nine-month period ended June 30, 2004, the Company recorded other income of approximately $288,000 from SN for these services. There was no other income from SN during the three-month period ended June 30, 2004.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On December 29, 2003, we entered into a separation agreement with Simple.Net, which became effective January 31, 2004. Under this agreement, Simple.Net no longer provides any services to us, although the Separation Agreement provided for a 30-day extension until March 2, 2004. No services were provided during the three-month period ended June 30, 2004.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONCENTRATION OF CREDIT RISK</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company maintains cash balances at banks in Arizona. Accounts are insured by the Federal Deposit Insurance Corporation up to $100,000. At June 30, 2004, the Company had bank balances exceeding those insured limits of $2,285,000.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily trade accounts receivable. The trade accounts receivable are due primarily from business customers over widespread geographical locations within the LEC billing areas across the United States. The Company historically has experienced significant </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">dilution of its gross billings </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and customer credits due to billing difficulties and uncollectible trade accounts receivable. The Company estimates and provides an allowance for uncollectible accounts receivable. The handling and processing of cash receipts pertaining to trade accounts receivable 
is maintained primarily by two third-party billing companies. The Company depends upon these billing companies for collection of its accounts receivable. As discussed in Note 4, the net receivable due from a single billing services provider at June 30, 2004 was </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$11,234,069</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">, net of</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #ff0000; FONT-FAMILY: Times New Roman"> </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an allowance for doubtful accounts of </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">$4,120,383</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">. The net receivable from that billing services provider at June 30, 2004, represents approximately 73% of the Company&#146;s total net accou
nts receivable at June 30, 2004.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Also, as noted above, the Company holds advances receivable from certain affiliates. The balance due from affiliates at June 30, 2003 was $3,832,243. The Company believes that these advances are adequately collateralized by the value of the Company&#146;s stock held by the affiliates.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: -3pt">&nbsp;&nbsp;&nbsp;</FONT> <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SEPARATION AGREEMENTS WITH FORMER OFFICERS</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain officers terminated the provision of services to the Company during the three-month period ended June 30, 2004. The Company later entered into&nbsp;termination agreements with these officers or through the entities by which they provided services to the Company. These agreements call for payments totaling approximately $1,780,000 over six to 24 months. Approximately $1,360,000 of this amount will be allocated to non-compete agreements, as paid, based on values determined by an independent third party valuation firm. The non-compete agreements extend for six years. The balance of the payments will be expensed as incurred as the agreements call for ongoing services to be provided over a two year period.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">20</FONT></TD>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><BR><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM 2.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For a description of our significant accounting policies and an understanding of the significant factors that influenced our performance during the three and nine months ended June 30, 2004, this "Management&#146;s Discussion and Analysis" should be read in conjunction with the Consolidated Financial Statements, including the related notes, appearing in Item 1 of this Quarterly Report.</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">Forward-Looking Statements</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This portion of this Quarterly Report on Form 10-QSB, includes statements that constitute "forward-looking statements." These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this portion of the Annual Report include, but are not limited to the Company&#146;s: (i) belief that the new methodology of counting IAP advertisers is more accurate and can be more consistently applied to each period; (ii) belief that tracking and disclosing the numbers of its activated customers provides greater clarity into its business; (iii) belief that its ability to bill customers on their local telephone bill enables it to realize a greater average rate of collections than direct in
voice-billing; (iv) expectation that the trend of increasing ACH as a billing method relative to LEC billing will continue and escalate; (v) expectation that LEC billing will become a smaller component of the Company&#146;s overall billing methodology; (vi) expectation that the dilution and costs to implement its new billing method will be reduced to more normal levels over the next few quarters; (vii) belief that its recent attempts at addressing corporate governance issues will help it to preserve the financial and operational integrity that the Company and its stockholders have experienced in the past; (viii) belief that Mr. Bergmann&#146;s background in the management of advertising businesses and marketing will be helpful to the Company; (ix) expectation that management will focus significant attention on dealing with the issue of increased dilution; (x) expectation that sales and marketing costs will continue to increase; (xi) expectation that capital expenditures will not grow at the same rate in futu
re fiscal periods.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forward-looking statements involve risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Factors and risks that could affect our results and achievements and cause them to materially differ from those contained in the forward-looking statements include those identified in the section below titled "Risk Factors," as well as other factors that we are currently unable to identify or quantify, but may exist in the future.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In addition, the foregoing factors may affect generally our business, results of operations and financial position. Forward-looking statements speak only as of the date the statement was made. We do not undertake and specifically decline any obligation to update any forward-looking statements.</FONT></DIV>
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<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">Executive Overview</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Business Summary</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We use a business model similar to print Yellow Page publishers. We publish basic directory listings, free of charge, exclusively on the Internet. Like Yellow Page publishers, we generate virtually all of our revenues from those advertisers that desire increased exposure for their businesses by purchasing our Internet Advertising Package</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#146;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">, or IAP. Our basic listings contain the business name, address and phone number for almost 18 million U.S. businesses. We strive to maintain a listing for almost every business in America in this format. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To generate revenues, certain advertisers pay us a monthly fee for our IAP in the same manner that advertisers pay additional fees to traditional print Yellow Page providers for enhanced advertisement font, location or display. The IAP includes, Mini-Webpage</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#146;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">, map directions, a toll-free calling feature, a link to the advertiser&#146;s own webpage and, at no additional charge, a priority or preferred placement on our website. The users of our website(s) are prospective IAP advertisers for our advertisers.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We also offer other ancillary services and products that currently account for less than 5% of our revenue. These ancillary services and products include website design and hosting, and dial-up Internet access.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Sales and Marketing</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We employ a direct mail marketing program to solicit our IAP advertisers. Currently, our direct mail marketing program includes a promotional incentive currently in the form of a $3.25 activation check that a solicited business simply deposits with its bank to activate the service and become an IAP advertiser on a monthly basis. As a method of third-party verification, the potential IAP advertiser&#146;s bank verifies that the depositing party is in fact the solicited business. Upon notice of activation by the IAP advertiser&#146;s bank, we contact the business to confirm the order. Within 30 days of activation, we also send a confirmation card to the business. We offer a cancellation period of 120 days with a full refund. Our direct mail marketing program complies with and, in many instances, exceeds the United States F
ederal Trade Commission, or FTC, requirements as established by an agreement between our company and the FTC. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In June 2004, we implemented our National Accounts Program. Unlike other IAP advertisers, these accounts are not obtained through our direct mail program. These accounts represent large national organizations that purchase their advertising in "bulk" for their many locations. These are sophisticated advertisers for whom a "per click" revenue model is effective, desired and expected. We have built a software model that allows us to implement and bill these customers on a per click basis. We host their information on a separate spot on our search results page (beside the standard IAP listings) to give them high priority while allowing our smaller advertisers to compete directly when consumers are searching for products. </FONT></DIV>
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<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"><EM>IAP advertisers</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In September 2003, we revised the method by which we count our IAP advertisers. We now differentiate between "paying IAP advertisers" and "activated IAP advertisers." Paying IAP advertisers, as the name implies, are those advertisers that are actually currently paying for the IAP service. The terms activated IAP advertisers or activated advertisers are broader and more inclusive terms. They include those advertisers that are currently paying for the IAP service, as well as those advertisers that either have signed-up for the IAP service but have not yet been billed or have been billed but have not yet remitted to us their fees. We include National Accounts as paying IAP advertisers.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We believe that the new methodology is more accurate and can be more consistently applied to each period. We also believe that tracking and disclosing the numbers of our activated IAP advertisers, in addition to our paying IAP advertisers, provides greater clarity into our business by providing an indication or forecast of how many activated IAP advertisers may eventually become paying IAP advertisers. Our average retention rate for paying IAP advertisers is approximately 29 months, which, in turn, approaches the average operating life expectancy of 36 months for a small business in the U.S., according to the U.S. Small Business Administration.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Methods of Billing</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We bill most of our IAP advertisers on their local telephone bill through their Local Exchange Carrier, or "LEC." We are one of only a few independent Internet advertisers that are permitted to utilize this unique and cost-efficient method of billing. By billing our IAP advertisers on their local telephone bill, we believe we are able to realize a greater average rate of collection than direct invoice-billing. The amount and frequency of collections on invoice-billed IAP advertisers historically has been significantly lower than for IAP advertisers billed on their monthly telephone bill. Accordingly, our revenues can be negatively impacted if the billing method used to bill an IAP advertiser converts from monthly telephone bill invoicing to direct invoicing.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are not permitted to bill our IAP advertisers through Competitive Local Exchange Carriers, or CLECs. Recently, the CLECs have been participating in providing local telephone services to IAP advertisers at an increasing rate. We have begun to address this problem and we are implementing data filters to reduce the effects of the CLECs. We have also sought other billing methods to reduce the adverse effects of the CLEC billings, including credit cards and Automated Clearing House, or ACH, which is direct debit from the IAP advertiser&#146;s bank account. ACH billing now accounts for approximately 12% of our total billings and is our second highest billing method. ACH billing has reduced some of our dependency on LEC billing. We expect this trend to continue and escalate. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Accounting Policies and Procedures</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">We bill our services monthly and recognize revenue for services billed in that month. We utilize outside billing companies, or billing aggregators, to transmit billing data, much of which is forwarded to the LECs for inclusion on the IAP advertiser&#146;s monthly local telephone bill. Because we have a 120-day cancellation policy on new advertiser sign-ups, we accrue for such refunds as a liability and net such anticipated refunds against revenue to report a net revenue number in our financial statements.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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 billing aggregators and, subsequently, the LECs, filter all billings that we submit to them. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">We recognize as revenue and accounts receivable the net billings accepted by the LECs. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The billing aggregators remit payments to us on the basis of cash that the billing aggregators ultimately receive from the LECs. The billing aggregators and LECs charge fees for their services, which generally are 3% to 7% each on a monthly basis. These fees, in turn, are netted against the gross accounts receivable balance. The billing aggregators and LECs also apply holdbacks to the remittances for potentially uncollectible accounts due to bad telephone numb
ers and other indications of uncollectibility. We account for these holdbacks and fees as a dilution expense on our financial statements because they significantly "dilute" or reduce our gross billings and, therefore, may significantly affect our cash flow. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Due to the periods of time for which adjustments may be reported by the LECs and the billing aggregators, we estimate and accrue for dilution of our gross billings and fees reported subsequent to year-end for initial billings related to services provided for periods within the fiscal year. The </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">amounts attributable to the dilution of our gross billings will vary due to numerous factors. Accordingly, we may not be certain as to the actual amounts of dilution on any specific billing submittal until several months after that submittal. We estimate the amount of these fees and holdbacks based on historical experience and subsequent information received from the billing aggregators. We also estimate uncollectible account balance
s and provide an allowance for such estimates. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We process our billings through two primary billing aggregators&#151;PaymentOne, Inc. and ACI Communications, Inc. PaymentOne provides the majority of our billings, collections, and related services. The receivable due from PaymentOne at June 30, 2004 was $10,249,831, net of</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #ff0000; FONT-FAMILY: Times New Roman"> </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an allowance for doubtful accounts of $3,581,737. The net receivable from PaymentOne for billing at June 30, 2004 represented approximately 73% of our total net accounts receivable.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With respect to our alternative billing methods, we recognize revenue for ACH billings when they are accepted. We recognize revenue for direct-invoice billings based on estimated future collections on such billings. We continuously review these estimates for reasonableness based on our collection experience. At June 30, 2004, the receivable due from PaymentOne for ACH revenue was $614,825 </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our cost of services increased dramatically during the period ended June 30, 2004. Specifically, our cost of services increased 344% for the three-month period ended June 30, 2004 compared to the same period in the prior fiscal year, 236% for the nine-month period ended June 30, 2004 compared to the same period in the prior fiscal year, and 38% compared to our prior quarterly fiscal period ended March 31, 2004. While our net revenues have also increased significantly in the corresponding periods, our cost of services as a percentage of our net revenues in each period have also increased significantly.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The increase in our cost of services is directly attributable to an increase in our dilution expense. This dilution expense has escalated from $2,573,490 for our first fiscal quarter ended November 30, 2003, and $3,826,875 for our second fiscal quarter ended March 31, 2004, to $6,154,908 in our third fiscal quarter ended June 30, 2004.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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; COLOR: #333333; FONT-FAMILY: Times New Roman">The telephony industry as a whole is changing with more and more competition being experienced by the local exchange carriers, or LECs, also known as the Regional Bell Operating Companies. We bill most of our customers through the LECs. However, the LECs are losing market share at a substantial rate due to the existence of competitive Local Exchange Carriers, or CLECs, which, in turn, has an adverse effect on our business. When one of our IPA customers changes their telephone carrier to a CLEC, we do not count this customer as a paying subscriber until we receive direct payment. When that phone number is returned by the LEC because they are no longer customers of that LEC we count it as dilution. Recent large price increases by the LECs have caused business customers to look for alternative telephony supp
liers. This has resulted in significant short-term dilution for us. Recent management changes at the Company have reduced our ability, in the short-run, to address these matters. However, as we emerge from our recent challenges we expect to focus significant attention in this area. This dilution is also a direct result of our attempt to modify and enhance our LEC billing processes so that more accounts would be accepted by the LECs. Many accounts have been accepted. However, this has reached its culmination during the quarter ended June 30, 2004 and these dilution costs have begun to drop in the fiscal fourth quarter beginning July 1, 2004.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">For those accounts that could not be billed though the LEC during the above process we have expanded our ACH billing. This means we have taken significant steps to reduce our dependence on LEC billing during the most recent quarter and will continue to do so in future quarters. We have purchased new software that more quickly identifies the phone numbers that are active with the LECs so that we are able to more efficiently bill our clients by omitting accounts that have switched to a CLEC. We have begun to acquire direct debit information from at least 40% of new accounts as we acquire them so that if they switch phone companies we are able to seamlessly switch billing methods. We are processing all of our invoice customers to obtain more direct billing information in an effort to switch them to ACH billi
ng. This process will take most of the fourth quarter. While LEC billing will remain our dominant billing method for the foreseeable future, it will eventually become a smaller component because our advertisers do not expect to pay for yellow page advertising on their phone bill. ACH billing has higher initial dilution but the dilution drops to insignificant levels after two months and then is less expensive to process than LEC billing.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">However, while we expect this dilution and the costs to implement our new billing method to be reduced to more normal levels over the next few quarters as this process runs its course through the billing system it has significantly increased our costs in the near term.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subscription receivables that result from direct-invoice billing are valued and reported at the estimated future collection amount. Generally these receivables are what we expect to collect (based on prior experience) in one to two months. Determining the expected collections requires an estimation of both uncollectible accounts and refunds. The net subscriptions receivable at June 30, 2004 was $157,299.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our cost of services is comprised, primarily, of variable costs, including the following:</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">allowances for bad debt, which are based upon historical experience and reevaluated monthly;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">billing fees, such as the fees charged by our billing aggregators and the Local Exchange Carriers;</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">billing aggregator inquiry fees, which generally are 1% on a monthly basis; </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">dilution resulting from fees and holdbacks due to items such as wrong telephone numbers and other indications of uncollectibility;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Internet expenses, such as dial-up expenses; and</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">direct mailer marketing costs and the amortization of such costs.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; 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">Our general and administrative expenses are comprised, primarily, of fixed costs, including compensation expenses, which generally equate to 5% to 10% of net. We recognize revenue for direct-invoice billings based on estimated future collections on such billings. We continuously review these estimates for reasonableness based on our collection experience. revenue, as well as other expenses, such as lease payments, telephone, professional fees, and office supplies. </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">Recent Developments</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: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Challenges and Solutions</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have faced a number of significant challenges over the past few months and have recently experienced substantial turnover in our management and Board of Directors. However, we believe that the progress the Company has made in addressing these challenges and adopting enhanced corporate governance practices will help us to preserve the financial and operational integrity that the Company and our stockholders have experienced in the past. This progress is marked by the following examples:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In keeping with our goal to end all related party transactions, we have terminated the Company&#146;s Executive Consulting Agreements pursuant to which the offices of Chief Executive Officer, Chief Financial Officer and other executive positions were provided through consulting companies. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have revamped our management team and have filled the positions of Chief Executive Officer and Chief Financial Officer with highly qualified individuals, as described in greater detail below.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have recomposed our Board of Directors to include more independent directors, as described in greater detail below, and we continue to seek qualified independent candidates.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have formed an audit committee, adopted its charter and appointed its chairman.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have adopted a comprehensive code of ethics.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have revisited and updated our insider trading policies.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have identified and designated the Board of Directors&#146; qualified financial expert.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have terminated our previous loan obligations to our two largest stockholders, Morris &amp; Miller, Ltd. and Mathew and Markson, Ltd., which came about as a byproduct of the acquisition of our wholly-owned subsidiary (Telco Billing) and operating unit through which virtually all our revenue is generated. Moreover, we have negotiated the acceleration of three repayments, totaling an aggregate of $1,600,000, from these stockholders on their existing debt to the Company, which is well ahead of their scheduled repayment dates.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have obtained and publicly shared the beneficial ownership of Morris &amp; Miller, Ltd. and Mathew and Markson, Ltd. as provided to us in sworn affidavits by their managing director, the Swiss Consul to Antigua.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have recently paid our second consecutive quarterly cash dividend to our stockholders.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have established a new credit facility.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have adopted a Stockholder Rights Plan to protect the Company from unsolicited offers and to provide the Board with the leverage and ample opportunity to negotiate the greatest value for the stockholders if another person wishes to acquire the Company.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have entered into or extended vital corporate agreements.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We have begun paying dividends to our common shareholders.</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: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Management and Board Changes</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May 28, 2004, our Chief Executive Officer, Angelo Tullo, resigned as an officer and director of the Company. Our Board of Directors appointed Peter J. Bergmann to succeed Mr. Tullo as Chairman, President and Chief Executive Officer. Mr. Bergmann had previously been an independent director of the Company since May 2002. Mr. Tullo&#146;s resignation was prompted in part by the fact that on May 27, 2004, federal indictments were handed down alleging that the former management of American Business Funding Corp., including Mr. Tullo, had engaged in fraud and conspiracy in connection with the factoring of receivables. American Business Funding Corp. is not and has never been affiliated with or related to the Company. Neither YP Corp., nor any of its other officers, directors, employees or stockholders were named in the indi
ctment or are in any way involved with American Business Funding Corp.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">When the indictments were handed down, the Board of Directors realized that the time and effort that Mr. Tullo must commit to his defense would detract from his ability to focus his full attention and energy on the Company and our business. In addition, our Board of Directors believed that even though the indictments against Mr. Tullo were in no way related to the Company or our business, so long as Mr. Tullo remained an officer and director of the Company the indictments against him would adversely impact our business reputation and perception in the public markets and detract from our ability to expand our business. Accordingly, Mr. Tullo and the Board determined that at such a critical time for the Company it was in the best interests of the stockholders for Mr. Tullo to resign as an officer and director of the Compan
y. As described under "Termination Agreements," below, we also later terminated the Executive Consulting Agreement with Mr. Tullo&#146;s company, Sunbelt Financial Concepts, Inc., or Sunbelt. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon Mr. Tullo&#146;s resignation as Chairman and CEO, our Board of Directors determined that Mr. Bergmann was the most qualified candidate to replace him because of Mr. Bergmann&#146;s familiarity with our business and his wealth of business expertise and public company experience. We believe that Mr. Bergmann&#146;s background in the management of advertising and marketing companies will be helpful to the Company, given our advertising focus.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since January 1999, Mr. Bergmann has served as the President of Perfect Timing Media, Inc., a television development and production company that he founded. Mr.&nbsp;Bergmann received his PhD from New York University and has served as head of a number of companies and divisions, including:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">principal of Century Media Inc, a Santa Monica based DR Advertising Agency and Media Buying Company;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the innovator of the first digital filmmaking and web design program at a major University in the United States;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">head of the television division of Major Arts, Inc.; </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">president of Coast Productions, where he engineered the merger of Coast Productions, Inc., with Odyssey Entertainment, Inc., which subsequently became Odyssey Filmmakers, Inc.;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">president of The Film Company, Inc.; and</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">various capacities with the American Broadcasting Company (ABC), including Executive Vice President and Special Assistant to the Chairman of the Board. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On June 9, 2004, Gregory Crane, Vice President of Marketing, resigned as an officer and director in an effort to assist the Company in recomposing management and the Board. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">As described under "Termination Agreements," below, we also later terminated the Executive Consulting Agreement with Mr. Crane&#146;s company, Advertising Management &amp; Consulting Services, Inc., or AMCS. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Company also recently concluded its relationship with MAR &amp; Associates, Inc., or MAR, the entity that provided us with services associated with the position of Chief Financial Officer through MAR&#146;s President, David Iannini. The Company originally decided to transition MAR into an investment banking or strategic advisory role. Ultimately, however, in keeping with the goal of eliminating all related party transactions, the Board determined that this was not in the best interests of the stockholders. As described under "Termination Agreements," below, we also terminated the Executive Consulting Agreement with MAR.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<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">On August 3, 2004, we hired W. Chris Broquist as our new Chief Financial Officer. Mr. Broquist brings 23 years of business experience including 14 years of a business banking background to YP Corp. Most recently, he served as Vice President &amp; CFO of Gold Graphics Manufacturing Co., a medium-sized, Los Angeles-based manufacturer. Prior to Gold Graphics, Mr. Broquist held the senior financial position at Century Media Group where he was a key member of the team that successfully negotiated its acquisition to a public entity. Mr. Broquist was also with The Summit Group for five years, where he lead the Businesses Services Group, which was responsible for providing business and financial planning services as well as developing access to capital for small and medium sized businesses. He holds a BA in Business Administrati
on with a concentration in finance from California State University, Fullerton. He completed his graduate work at The University of Washington, Pacific Coast Banking School in 1990.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">On July 30, 2004, John Langdon stepped down as a director of the Company. Mr. Langdon cited </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the growing</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> demands as a director of the Company resulting from the many changes we are undertaking and </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">his inability to meet those time commitments. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">As part of our continuing effort to recompose our Board of Directors, however, John T. Kurtzweil and Paul Gottlieb have been appointed as independent members of the Board. Messrs. Kurtzweil and Gottlieb have also accepted appointment to the Audit and Compensation Committees. Mr. Kurtzweil has agreed to serve as the Chairman of the Audit Committee and its qualified financial expert. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Mr. Kurtzweil brings more than 25 years of high-level corporate management background to our Board. Mr. Kurtzweil currently serves as the Senior Vice-President and Chief Financial Officer of Cirrus Logic, Inc., a publicly-held corporation that </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">is a premier supplier of high-performance analog, mixed-signal and digital processing solutions for consumer entertainment electronics, automotive entertainment and industrial product applications.</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman"> He possesses a strong financial background, including public company experience with such industry leaders as ON Semiconductor and Honeywell, Inc. Mr. Kurtzweil maintains act
ive CPA and CMA licenses and earned his MBA from the University of St. Thomas in St. Paul, MN and his Accounting Degree from Arizona State University in Tempe, AZ.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Mr. Gottlieb is an attorney with Pomeranz, Gottlieb &amp; Mushkin in New York City. His practice involves estate planning, tax, corporate and securities matters. Mr. Gottlieb received his undergraduate degree from Queens College of City University of New York, after which he served as a journalist in the United States Army. Upon completion of his military service, Mr. Gottlieb attended New York Law School, where he received his law degree. Mr. Gottlieb worked as a senior attorney with the Internal Revenue Service before entering private practice.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
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<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: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Termination Agreements</EM></FONT></DIV><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">After Messrs. Tullo&#146;s and Crane&#146;s personal resignations, the Company entered into Termination Agreements with respect to (i) the termination of the Executive Consulting Agreement between the Company and Sunbelt, of which Mr. Tullo is President, and (ii) the Executive Consulting Agreement between the Company and AMCS, of which Mr. Crane is President. Each of t</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">hese Termination Agreements provide for payments payable over two years in amounts that are well below the amounts that the Company otherwise would have been required to pay under the Executive Consulting Agreements. The required amounts that would have been payable under the Executive Consulting Agreement with Sunbelt and AMCS were approximately $2.6 million
 and $1.9 million, respectively. However, under the Termination Agreements, these payouts were reduced to $960,000 and $</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">697,010, respectively.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Specifically, the amounts owed under the Termination Agreement with Sunbelt are payable as follows:</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: 72pt; 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">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$150,000 upon signing of the Termination Agreement with Sunbelt;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; 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">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$17,500 payable at the beginning of each month for 24 months commencing August 1, 2004; </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$120,000 on October 1, 2004;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$150,000 on the one-year anniversary of the signing of the agreement; and</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$120,000 no later than October 1, 2005. This payment must be made upon Sunbelt&#146;s written request at any time between the July 1, 2005 and the October 1, 2005 payment. The Company will be obligated to make such early payment so long as it retains 30 days operating capital after making the payment, which is defined as a current ratio of 1-to-1. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">The amounts owed under the Termination Agreement with AMCS are payable as follows:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 108pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
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<TD style="WIDTH: 36pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$130,000 upon signing of Termination Agreement with AMCS;</FONT></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>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b.</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$10,709 payable at the beginning of each month for 24 months commencing August 1, 2004; </FONT></DIV></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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<TD style="WIDTH: 36pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$110,000 on October 1, 2004;</FONT></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>
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<TR style="LINE-HEIGHT: 1.25" vAlign=top>
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<TD style="WIDTH: 36pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d.</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$110,000 on the one-year anniversary of the signing of the agreement; and</FONT></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: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">e.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$90,000 no later than October 1, 2005. This payment must be made upon AMCS&#146; written request at any time between the July 1, 2005 and the October 1, 2005 payment. Company will be obligated to make such early payment so long as it retains 30 days operating capital after making said payment, which is defined as a current ratio of 1-to-1.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; 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">Upon a change of control or the sale of all or substantially all of the assets of the Company, all the foregoing payments to Sunbelt and AMCS will be immediately due and payable.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">Additionally, pursuant to the Termination Agreements, each of Sunbelt and AMCS, and their respective officers, directors and affiliates have agreed not to compete with or solicit customers or employees of the Company for a period of six years. Finally, the Termination Agreements require Messrs. Tullo, Crane, and other officers and employees of Sunbelt and AMCS to make themselves available to the Company and our officers, directors and employees for consultation as needed.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; 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">In connection with the conclusion of our relationship with MAR, we entered into a Separation and Settlement Agreement with MAR, whereby the Executive Consulting Agreement between the Company and MAR was terminated. Under the arrangement, we will pay MAR </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">$120,000 in equal monthly payments over the six months commencing August 1, 2004. This amount is well below the approximately $750,000 that would have been payable under the Executive Consulting Agreement with MAR</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</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: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Termination of M&amp;M Credit Facility</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of April 9, 2004, we terminated certain loan obligations that we owed to Morris &amp; Miller, Ltd. and Mathew and Markson, Ltd., our two largest stockholders. Under this termination agreement, we made final advances to these stockholders totaling an aggregate of $1,050,000 at an annual interest rate of 8%. The stockholders agreed to forego the final advance of $250,000. The aggregate of all advances made by the Company to these stockholders is to be repaid to the Company at the end of three years, along with accrued interest. To date, however, we have received $1,600,000 in negotiated accelerated repayments.</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: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Cash Dividends</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In connection with our termination of the loan obligations to Morris &amp; Miller and Mathew and Markson, we have begun paying a $0.01 per share dividend each quarter, subject to compliance with applicable laws. We paid the first dividend on April 30, 2004 and the second dividend on August 6, 2004. </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: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Disclosure of M&amp;M Beneficial Ownership</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May 27, 2004, we issued a press release disclosing the beneficial ownership of Morris &amp; Miller and Mathew and Markson, as provided to us in sworn affidavits by Ms. Ilse Cooper, the Managing Director of these entities. Ms. Cooper also serves as the Swiss Consul to Antigua. She has recently been promoted by the Swiss Ambassador to the role of General Consul and is awaiting confirmation of that appointment from the Queen of England as Antigua is part of the Commonwealth. Specifically, it was disclosed that Ms. Cooper herself, as well as her sister, are the beneficial owners of these entities. It was further disclosed that both Ms. Cooper and her sister are cancer survivors and that any assets of Morris &amp; Miller and Mathew and Markson remaining after their deaths will be bequeathed to the Swiss Institute for Exper
imental Cancer Research, a large not-profit-organization partially funded by the Swiss government.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>New Credit Facility</EM></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On April 13, 2004, we entered into a one year, renewable revolving credit facility agreement with Merrill Lynch Business Financial Services, Inc. for a maximum principal amount of $1,000,000. We may request advances under the credit facility up to the full amount of the line. Interest on outstanding advances is payable monthly in arrears at the per annum rate of the one-month LIBOR as published in The Wall Street Journal, plus 3.0%. Outstanding advances are secured by all of our existing and after-acquired tangible and intangible assets located in the United States.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We paid Merrill Lynch a $10,000 fee in connection with the initiation of the credit facility. A $10,000 line maintenance fee is payable to Merrill Lynch upon each annual renewal. At this time, we do not have any current plans or need to draw down any funds under the credit facility. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The credit facility requires us to maintain a "Leverage Ratio" (total liabilities to tangible net worth) that does not exceed 1.5-to-1 and a "Fixed Charge Ratio" (earnings before interest, taxes, depreciation, amortization and other non-cash charges minus any internally financed capital expenditures divided by the sum of debt service, rent under capital leases, income taxes and dividends) that is not less that 1.5-to-1 as determined quarterly on a 12-month trailing basis. The credit facility includes additional covenants governing permitted indebtedness, liens, and protection of collateral. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">Results of Operations</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net revenue for the three-month period ended June 30, 2004, was $16,917,361 compared to $8,013,845 for the three-month period ended June 30, 2003, an increase of approximately 111%. For the nine-month period ended June 30, 2004, net revenue was $47,179,181 compared to $20,268,779 for the nine-month period ended June 30, 2003, an increase of approximately 129%. This increase in net revenue is primarily the result of two factors: (1) an increase in the number of our IAP advertisers and (2) an increase in our monthly pricing. These two factors are discussed further below</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our activated IAP advertiser count increased to approximately </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">320,296</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> at June 30, 2004 compared to approximately </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">235,162 </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">at June 30, 2003, an increase of approximately 36%. Our paying IAP advertiser count increased to approximately&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">224,474</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> at June 30, 2004 compared to approx
imately&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">161,000</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> at June 30, 2003, an increase of approximately 34%. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our paying subscriber base actually declined in the three month period ended June 30, 2004 from the period ended March 31, 2004. This is due in large part to the increased competition in the telephony market and the targeting by CLEC&#146;s of small and mid-sized companies (our primary market) to switch their services from the long-established LEC&#146;s to themselves. When that switch occurs the company the company is unable immediately bill that customer and so deducts their number as a paying subscriber while retaining them as a customer until they pay an invoice or an alternative billing method is found. To combat this the company is transferring many of these CLEC customers to alternative billing methods such as ACH billing. While subsequent to the quarters end, the company has seen a decline in CLEC conversions, th
e company is progressing strongly with its ACH conversion that will take at least another 90 days.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<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; COLOR: #333333; FONT-FAMILY: Times New Roman">The increase in activated IAP advertisers described above equates to average monthly growth of </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">5,100 </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">activated IAP advertisers for the three-month period ended June 30, 2004. This remains within our targeted net growth of 5,000 to 10,000 new activated IAP advertisers per month.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Relating to our price increases, in March 2003 we increased our monthly fees for the IAP product from $17.95 to $21.95 for new customers. At the same time, for existing customers, the monthly fee for the IAP product was increased to $24.95 upon their first twelve-month anniversary of paying the $17.95 service fee. In January 2004, we began charging new customers monthly fees of $29.95 for the IAP product. In addition, in March 2004, the monthly fee on the IAP product for existing customers was increased to $29.95 upon their first six-month anniversary of paying the previous fee. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">Regarding our cost of services, between August 2003 and June 30, 2004, we converted approximately 45,000 direct-invoice IAP advertisers, out of an approximate target of 70,000, to telephone billing. However, in the fiscal quarter ended June 30, 2004, we continued to experience short-term </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">dilution of our gross billings </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">and chargebacks resulting from those direct-invoice IAP advertisers that we were unable to convert to LEC billing. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dilution is generally attributable to IAP advertiser credits and other receivable write-downs, su
ch as unbillable telephone numbers. It does not necessarily mean that we have lost a customer. We merely seek alternative billing methods for these customers. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #333333; FONT-FAMILY: Times New Roman">This level of dilution has been higher in the quarter ended June 30, 2004 than in the prior quarter ended June 30, 2003 resulting in higher cost of services. During July 2004 we have seen a marked drop in this dilution as it relates to "unbills." Unbills are phone numbers, or BTNs, that due to any number of variables can not be billed to a customer&#146;s phone bill. We expect this downward trend to continue and more customers to pay us as more invoice customers are converted to ACH billing. This increase in dilution accounts for virtually all of the change in our cost of services.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cost of services for the three-month periods ended June 30, 2004 and June 30, 2003 was $8,195,264 and $2,061,229, respectively, an increase of approximately 298%. Cost of services for the nine-month periods ended June 30, 2004 and June 30, 2003 was $19,696,203 and $5,496,780, respectively, an increase of approximately 244%. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our cost of services as a percentage of net revenue was approximately 48% for the three months ended June 30, 2004 compared to approximately 26% for the same period in the prior fiscal year. Our cost of services as a percentage of net revenue was approximately 42% for the nine months ended June 30, 2004 compared to approximately 27% for the same period in the prior fiscal year.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As explained in greater detail above under "Executive Overview - </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Accounting Policies and Procedures</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">," these increased costs of services resulted, primarily, from increased dilution expense, as well as increased IAP advertiser counts.</FONT><BR></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">33</FONT></TD>
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</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD vAlign=bottom width="100%">&nbsp;</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amortization of direct marketing costs included in cost of sales is $1,356,927 for the three months ended June 30, 2004 and $829,405&nbsp;for the prior-year period. Amortization of direct marketing costs included in cost of sales is $3,566,122 for the nine months ended June 30, 2004 and $1,953,457 for the prior-year period. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gross profits increased to $8,722,097 for the three months ended June 30, 2004 from $5,952,616 for the prior-year period, an increase of approximately 47%. Gross margins decreased to approximately 52% of net revenues in the three months ended June 30, 2004 compared to approximately 74% of net revenues in the prior-year period. Gross profits increased to $27,482,978 for the nine months ended June 30, 2004 from $14,771,999 for the prior-year period, an increase of approximately 86%. Gross margins decreased to approximately 58% of net revenues in the nine months ended June 30, 2004 compared to approximately 73% of net revenues in the prior-year period. The increase in our gross profits was due to increased revenues resulting from the previously mentioned increased IAP advertiser counts and price increases, offset by increas
ed dilution discussed above.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our general and administrative expense for the three-month periods ended June 30, 2004 and June 30, 2003 were $3,298,626 and $2,561,499, respectively, an increase of approximately 29%. Our general and administrative expense for the nine-month periods ended June 30, 2004 and June 30, 2003 were $9,223,891 and $5,603,685, respectively, an increase of approximately 65%. These general and administrative expenses increased due to an increase in employees and other expenses relating to our growth in IAP advertisers, our Quality Assurance and Outbound marketing initiatives, as well as an increase in certain officers&#146; compensation relating to employment contracts with such officers. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a percentage of net revenue, general and administrative expenses were approximately 20% for the three months ended June 30, 2004 compared to 32% for the same period in 2003. As a percentage of net revenue, general and administrative expenses were approximately 20% for the nine months ended June 30, 2004 compared to 28% for the same period in 2003. The reduction in general and administrative expenses as a percentage of net revenue is the result of increasing revenue associated with the leveraging of our fixed cost infrastructure over a larger IAP advertiser base.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales and marketing expenses for the three-month periods ended June 30, 2004 and June 30, 2003 were $1,667,040 and $1,069,576, respectively, an increase of approximately 56%. Sales and marketing expenses for the nine-month periods ended June 30, 2004 and June 30, 2003 were $4,385,430 and $2,564,950, respectively, an increase of approximately 71%. The primary reason for the increase in sales and marketing is due to the re-institution of our marketing solicitation program and the implementation of new market strategies and modification of direct mail marketing pieces. Such marketing has resulted in the increase in IAP advertisers cited previously. We expect these sales and marketing costs to continue to increase as our marketing efforts increase and as we continue to roll out our branding campaign. We capitalize certain di
rect marketing expenses and amortize those costs over an 18-month period based on the analyzed IAP advertiser attrition rates. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">As a percentage of net revenues, sales and marketing expenses were approximately 10% and 13% for the three-month periods ended June 30, 2004 and 2003, respectively. As a percentage of net revenues, sales and marketing expenses were approximately 9% and 13% for the nine-month periods ended June 30, 2004 and 2003, respectively.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depreciation and amortization primarily relates to the amortization of our intellectual property and depreciation of equipment. Amortization relating to the capitalization of our direct mail marketing costs is included in cost of sales, as discussed previously.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our depreciation and amortization expense was $243,261 in the three months ended June 30, 2004 compared to $166,523 for the three months ended June 30, 2003. Our depreciation and amortization expense was $639,173 in the nine months ended June 30, 2004 compared to $464,761 for the six months ended June 30, 2003. Depreciation and amortization increased in the current periods compared to the comparable periods in 2003 due to additional purchases of equipment relating to our upgrade in infrastructure in the information technology department, hardware purchased relating to our Quality Assurance and Outbound Marketing initiatives, as well as our agreement to license the "YP.Com" Uniform Resource Locator, or URL, from OnRamp Access, Inc. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Regarding our other intellectual property, the cost of our "Yellow-Page.net" URL license was capitalized at $5,000,000. This URL is amortized on an accelerated basis over the twenty-year term of the agreement. Amortization expense on this URL was $79,277 and $88,088 for the three-month periods ended June 30, 2004 and June 30, 2003, respectively. Amortization expense on this URL was $243,302 and $210,195 for the nine-month periods ended June 30, 2004 and June 30, 2003, respectively. As a result of the significant equipment purchases relating to the previously-mentioned infrastructure additions, depreciation expense is expected to be greater in the fourth quarter of fiscal 2004 compared to the prior-year periods. However, we do not anticipate capital expenditures to grow at the same rate in future fiscal periods compared t
o the prior fiscal year. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Operating income for the three-month period ended June 30, 2004 was $3,513,172 compared to $2,155,018 in the prior-year period, an increase of approximately 63%. Operating margins decreased to approximately 21% of net revenue from approximately 27% in the prior-year period. Operating income for the nine-month period ended June 30, 2004 was $13,604,485 compared to $6,138,602 in the prior-year period, an increase of approximately 112%. Operating margins decreased to approximately 28% of net revenue from approximately 30% in the prior-year period. The increase in operating income is the result of the increased revenue discussed above. Operating margins decreased slightly due to the significant increase in our cost of services resulting from increased dilution expense, partially offset by increased revenues and the leveragin
g of certain fixed expenses over a larger IAP advertiser base.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest income, net of interest expense, for the three-month period ended June 30, 2004 was $103,897. This compares to interest income, net of interest expense, of $27,994 for the three months ended June 30, 2003. Interest income, net of interest expense, for the nine-month periods ended June 30, 2004 was $253,595. This compares to interest income, net of interest expense, of $40,783 for the nine months ended June 30, 2003. The increase in interest income, net of interest expense, primarily results from our increased average cash position resulting, in turn, from our increased profitability, as well as increased interest income resulting from the increase in advances to affiliates. </FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">Net income before taxes for the three-month periods ended June 30, 2004 and June 30, 2003 was $4,048,533 and $2,352,869, respectively, an increase of approximately 72%. Pre-tax margins decreased to approximately 24% of net revenue in the current period compared to approximately 29% of net revenue in the prior-year period. Net income before taxes for the nine-month periods ended June 30, 2004 and June 30, 2003 were $14,265,698 and $6,579,129, respectively, an increase of approximately 114%. Pre-tax margins decreased to approximately 30% of net revenues in the current period compared to approximately 32% of nest revenues in the prior-year period. The increase in pre-tax income is a result of those factors that resulted in the increase in operating income in addition to the increased interest income and other income discuss
ed above.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The income tax provision was $1,416,986 in the three months ended June 30, 2004 compared to $676,039 in the prior-year period. The income tax provision was $4,992,994 in the nine months ended June 30, 2004 compared to $1,052,408 in the prior-year period. The increase in the income tax provision is the result of our increased profitability in current-year periods compared to the previous year periods, as well as the fact that we were able to utilize our net operating loss carry-forwards for the prior-year periods that were unavailable in the three- and nine-month periods ended June 30, 2004. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net income for the three-month periods ended June 30, 2004 and June 30, 2003 was $2,631,547, or $.05 per diluted share, and $1,676,830, or $.04 per diluted share, respectively, an increase in net income of approximately 57%. Net income as a percentage of net revenues for the three months ended June 30, 2004 was approximately 17%, compared to approximately 21% for the same prior-year period. Net income for the nine-month periods ended June 30, 2004 and June 30, 2003 was $9,272,704, or $.19 per diluted share, and $5,526,721, or $.13 per diluted share, respectively, an increase in net income of approximately 117%. Net income as a percentage of net revenues for the nine months ended June 30, 2004 was approximately 20% compared to approximately 27% for the same prior-year period. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Liquidity And Capital Resources</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net cash provided by operating activities for the nine-month period ended June 30, 2004, was $2,870,002 compared to $3,513,826 for the nine-month period ended June 30, 2003. The increase in cash generated from operations is primarily due to a significant increase in net income resulting from an increase in IAP advertisers, as well as an increase in income tax payable, offset by an increase in the accounts receivable balance from such growth and funds expended for mailings related to our direct marketing efforts.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">36</FONT></TD>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">Cash used in investing activities was $2,202,736 for the nine-month period ended June 30, 2004. The primary component of cash used in investing activities was advances to affiliates of $2,725,000 All advances to affiliates have ceased as of April 9, 2004 and these affiliates have begun early repayment of those advances. In the nine-month period ended June 30, 2003, cash used in investing activities was $1,544,673 which consisted primarily of purchases of equipment of $537,912 and lower advances to affiliates of $1,000,000.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash used or provided by financing activities for the nine-month period ended June 30, 2004 was $499,983 of dividends paid, compared to cash used in financing activities of $307,000 for the nine-month period ended June 30, 2003. The cash used in financing activities represents total payments of $585,167 to reduce the principal balances of our outstanding debt, offset by financing of $278,167 under our trade acceptance draft program with AcTrade Financial Technologies, Ltd., or AcTrade. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We had working capital of $12,645,133 as of June 30, 2004, compared to $4,684,466 as of June 30, 2003. The increase is due primarily to increases in cash to $2,546,130, and accounts receivable to $13,926,934 offset by increases in accrued liabilities and income taxes payable. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the past, we had borrowed under two credit facilities. These credit facilities were maintained primarily for safety and security back-up purposes as our cash flow generally is more than sufficient to maintain and grow our business. In April 2004, we established a $1,000,000 credit facility with Merrill Lynch Business Financial Services, Inc. This facility is for one year and is renewable. The applicable interest rate on borrowings, if any, will be a variable rate of the one-month LIBOR rate (as published in the </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Wall Street Journal</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">), plus 3%. The facility required an annual line fee of $10,000, payable whether or not we have drawn any funds on t
he line. We have terminated our previous credit facilities with the Bank of the Southwest and AcTrade Financial Technologies, Ltd. We utilized our new credit facility with Merrill Lynch and repaid the balance during the quarter ended June 30, 2004 in order to test its functioning and reporting requirements. There was no balance outstanding on June 30, 2004. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We owed $115,868 to Mathew &amp; Markson Ltd. on a note related to the original acquisition of the "Yellow Page.net" URL.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">As previously described, collections on accounts receivable are received primarily through the billing service aggregators under contracts to administer this billing and collection process. The billing service aggregators generally do not remit funds until they are collected. The billing companies maintain holdbacks for refunds and other uncertainties. Generally, cash is collected and remitted to us over a 60 to 120 day period subsequent to the billing dates. Under our current agreement with our primary billing service provider, PaymentOne, cash is remitted to us on a sixty day timetable.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">Effective as of April 9, 2004, per the December 22, 2003, agreement, we terminated certain loan agreements whereby we were obligated to loan or advance money to Morris &amp; Miller, Ltd. and Mathew and Markson, Ltd., our two largest stockholders, secured by Company stock held by these stockholders. Under this termination agreement, we made final advancements to these stockholders of approximately $1,050,000. An additional final advance of $250,000 was not paid as the stockholders decided to forego this payment. The aggregate of all advances made by the Company to these stockholders is to be repaid to the Company at the end of three years, along with accrued interest. During the quarter ended June 30, 2004, however, these stockholders began advanced repayments of those loans. The stockholders were not obligated to begin r
epayments until April 2007 but during this quarter they repaid $1,600,000. </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In connection with our termination of the loan obligations, we have begun paying a $0.01 per share dividend each quarter, subject to available cash and compliance with applicable laws. The first dividend was paid on April 30, 2004 to holders of record on March 20, 2004. The second dividend of $0.01 per common share was paid on August 6, 2004 to holders of record on June 21, 2004.</FONT></DIV>
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<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">Risk Factors</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT> <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An investment in our common stock involves a substantial degree of risk. Before making an investment decision, you should give careful consideration to the following risk factors in addition to the other information contained in this report. The following risk factors, however, may not reflect all of the risks associated with our business or an investment in our common stock only if you can afford to lose your entire 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><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>Risks Related to Our Business</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We have a relatively limited operating history upon which investors can evaluate the likelihood of our success.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been engaged in the Internet-based Yellow Pages industry through our subsidiary, Telco Billing, since 1997. As a result, an investor in our securities must consider the uncertainties, expenses, and difficulties frequently encountered by companies such as ours that are in the early stages of development. Investors should consider the likelihood of our future success to be highly speculative in light of our relatively limited operating history, as well as the challenges, limited resources, expenses, risks, and complications frequently encountered by similarly situated companies in the early stages of development, particularly companies in new and rapidly evolving markets such as Internet Yellow Pages. To address these ri
sks and to sustain profitability, we must, among other things:</FONT></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">maintain and increase our base of advertisers;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">increase the number of users who visit our web sites for online directory services;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">implement and successfully execute our business and marketing strategy;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">continue to develop and upgrade our technology;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">continually update and improve our service offerings and features;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">38</FONT></TD>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">provide superior IAP advertiser service;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">respond to industry and competitive developments; </FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">successfully manage our growth while controlling expenses; and</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">attract, retain, and motivate qualified personnel.</FONT></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">We may not be successful in addressing these risks. If we are unable to do so, our business, prospects, financial condition, and results of operations would be materially and adversely affected.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Our success depends upon our ability to establish and maintain relationships with our advertisers.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Our ability to generate revenue depends upon our ability to maintain relationships with our existing advertisers, to attract new advertisers to sign up for revenue-generating services, and to generate traffic to our advertisers&#146; websites. We primarily use direct marketing efforts to attract new advertisers. These direct marketing efforts may not produce satisfactory results in the future. We attempt to maintain relationships with our advertisers through IAP advertiser service and delivery of traffic to their businesses. An inability to either attract additional advertisers to use our service or to maintain relationships with our advertisers could have a material adverse effect on our business, prospects, financial condition, a
nd results of operations.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>If we do not introduce new or enhanced offerings to our advertisers and users, we may be unable to attract and retain those advertisers and users, which would significantly impede our ability to generate revenue.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We will need to introduce new or enhanced products and services in order to attract and retain advertisers and users and remain competitive. Our industry has been characterized by rapid technological change, changes in advertiser and user requirements and preferences, and frequent new product and service introductions embodying new technologies. These changes could render our technology, systems, and website obsolete. We may experience difficulties that could delay or prevent us from introducing new products and services. If we do not periodically enhance our existing products and services, develop new technologies that address our advertisers&#146; and users&#146; needs and preferences, or respond to emerging technological advance
s and industry standards and practices on a timely and cost-effective basis, our products and services may not be attractive to advertisers and users, which would significantly impede our revenue growth. In addition, our reputation and our brand could be damaged if any new product or service introduction is not favorably received.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Our revenue may decline over time.</STRONG></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"><STRONG></STRONG></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We have experienced a decrease in revenue from the Local Exchange Carriers (LEC) from the effects of the Competitive Local Exchange Carriers (CLEC) that are participating in providing local telephone services to IAP advertisers. We have begun to address this problem and we are implementing data filters to reduce the effects of the CLECs. We have also sought other billing methods to reduce the adverse effects of the CLEC billings. These other billing methods may be cheaper or more expensive than our current LEC billing and we have not yet determined if they will be less or more effective. We cannot provide any assurances that our efforts will be successful and may experience future decreases in revenue. </FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">39</FONT></TD>
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</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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>We may continue to experience dilution of LEC billable customers because of changes in the telephony industry.</STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We have experienced dilution of advertisers that we are able to successfully bill on their business phone bills. Because we only count revenue from customers whose billings are accepted by the Local Exchange Carriers, or LECs, or from those customers that have paid their direct invoice we can experience substantial changes in revenue when a customer&#146;s billing is not accepted by the LEC and we wait for payment of the direct billing invoice, which can take as long as 90 days or more. With the competition in the telephony industry, many business customers are finding alternative telephony suppliers, such as Competitive Local Exchange Carriers, or CLECs, that offer less expensive alternatives to the LECs. This shrinking of the
 LECs business affects us because we are unable to bill these customers on their phone bills. When the LECs effectuate a price increase this causes a rush of LEC customers looking for an alternative phone company, which may be a CLEC.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Our quarterly results of operations could fluctuate due to factors outside of our control, which may cause corresponding fluctuations in the price of our securities.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Our net sales may grow at a slower rate on a quarter-to-quarter basis than we have experienced in recent periods. Factors that could cause our results of operations to fluctuate in the future include the following:</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">fluctuating demand for our services, which may depend on a number of factors including</FONT></TD></TR></TABLE></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes in economic conditions and our IAP advertisers&#146; profitability,</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">varying IAP advertiser response rates to our direct marketing efforts,</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our ability to complete direct mailing solicitations on a timely basis each month,</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes in our direct marketing efforts,</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IAP advertiser refunds or cancellations, and</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 54pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">o</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our ability to continue to bill IAP advertisers on their monthly telephone bills, ACH or credit card rather than through direct invoicing;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">timing of new service or product introductions and market acceptance of new or enhanced versions of our services or products; </FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our ability to develop and implement new services and technologies in a timely fashion to meet market demand;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">price competition or pricing changes by us or our competitors;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">new product offerings or other actions by our competitors;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">40</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
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</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">month-to-month variations in the billing and receipt of amounts from Local Exchange Carriers (LECs), such that billing and revenues may fall into the subsequent fiscal quarter; </FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the ability of our check processing service providers to continue to process and provide billing information regarding our solicitation checks;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the amount and timing of expenditures for expansion of our operations, including the hiring of new employees, capital expenditures, and related costs;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">technical difficulties or failures affecting our systems or the Internet in general;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a decline in Internet traffic at our website;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the cost of acquiring, and the availability of, information for our database of potential advertisers; and</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the fact that our expenses are only partially based on our expectations regarding future revenue and are largely fixed in nature, particularly in the short term.</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The fluctuation of our quarterly operating results, as well as other factors, could cause the market price of our securities to fluctuate significantly in the future. Some of these factors include the following:</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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the announcement of new IAP advertisers or strategic alliances or the loss of significant IAP advertisers or strategic alliances;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">announcements by our competitors;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">sales or purchases of our securities by officers, directors and insiders;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">government regulation;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">announcements regarding restructuring, borrowing arrangements, technological innovations, departures of key officers, directors or employees, or the introduction of new products;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">political or economic events and governmental actions affecting Internet operations or businesses; and</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">general market conditions and other factors, including factors unrelated to our operating performance or that of our competitors.</FONT></TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Investors in our securities should be willing to incur the risk of such price fluctuations.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Our ability to efficiently process new advertiser sign-ups and to bill our advertisers monthly depends upon our check processing service providers and billing aggregators, respectively.</STRONG></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>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We currently use three check processing companies to provide us with advertiser information at the point of sign-up for our Internet Advertising Package. One of these processors has indicated that it will be outsourcing this function in the future. Therefore, we have refrained from sending new business to this check processor. Our ability to gather information to bill our advertisers at the point of sign-up could be adversely affected if one or more of these providers experiences a disruption in its operations or ceases to do business with us.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">41</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We also depend upon our billing aggregators to efficiently bill and collect monies from the Local Exchange Carriers, or LECs, relating to the LECs&#146; billing and collection of our monthly charges from advertisers. We currently have agreements with two billing aggregators. Any disruption in our billing aggregators&#146; ability to perform these functions could adversely affect our financial condition and results of operations.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>The loss of our ability to bill IAP advertisers through Local Exchange Carriers on the IAP advertisers&#146; telephone bills would adversely impact our results of operations.</STRONG></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Our business model depends heavily upon our ability to bill advertisers on their telephone bills through their respective Local Exchange Carriers (LEC). The existence of the LECs is the result of Federal legislation. In the same manner, Congress could pass future legislation that obviates the existence of or the need for the LECs. Additionally, regulatory agencies could limit or prevent our ability to use the LECs to bill our advertisers. Finally, the introduction of and advancement of new technologies, such as WiFi technology or other wireless-related technologies, could render unnecessary the existence of fixed telecommunication lines, which also could obviate the need for and access to the LECs. Our inability to use the LECs to 
bill our advertisers through their monthly telephone bills would have a material adverse impact on our results of operations.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We depend upon third parties to provide certain services and software, and our business may suffer if the relationships upon which we depend fail to produce the expected benefits or are terminated.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We currently outsource to third parties certain of the services that we provide, including the work of producing usable templates for and hosting of the QuickSites, website templates known as Ezsites, and wholesale Internet access. These relationships may not provide us benefits that outweigh the costs of the relationships. If any strategic supplier demands a greater portion of revenue derived from the services it provides or increases charges for its services, we may decide to terminate or refuse to renew that relationship, even if it previously had been profitable or otherwise beneficial. If we lose a significant strategic supplier, we may be unable to replace that relationship with other strategic relationships with comparable r
evenue potential. The loss or termination of any strategic relationship with one of these third-party suppliers could significantly impair our ability to provide services to our advertisers and users.</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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We depend upon third-party software to operate certain of our services. The failure of this software to perform as expected would have a material adverse effect on our business. Additionally, although we believe that several alternative sources for this software are available, any failure to obtain and maintain the rights to use such software would have a material adverse effect on our business, prospects, financial condition, and results of operations. We also depend upon third parties to provide services that allow us to connect to the Internet with sufficient capacity and bandwidth so that our business can function properly and our websites can handle current and anticipated traffic. Any restrictions or interruption in our conne
ction to the Internet would have a material adverse effect on our business, prospects, financial condition, and results of operations.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">42</FONT></TD>
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</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</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>The market for our services is uncertain and is still evolving.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Internet Yellow Pages services are evolving rapidly and are characterized by an increasing number of market entrants. Our future revenues and profits will depend substantially upon the widespread acceptance and the use of the Internet and other online services as an effective medium of commerce by merchants and consumers. Rapid growth in the use of and interest in the Internet may not continue on a lasting basis, which may negatively impact Internet-based businesses such as ours. In addition, advertisers and users may not adopt or continue to use Internet-base Yellow Pages services and other online services that we may offer in the future. The demand and market acceptance for recently introduced services generally is subject to a h
igh level of uncertainty. </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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Most potential advertisers have only limited, if any, experience advertising on the Internet and have not devoted a significant portion of their advertising expenditures to Internet advertising. Advertisers may find Internet Yellow Pages advertising to be less effective for meeting their business needs than traditional methods of Yellow Pages or other advertising and marketing. Our business, prospects, financial condition or results of operations will be materially and adversely affected if potential advertisers do not adopt Internet Yellow Pages as an important component of their advertising expenditures.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We may not be able to secure additional capital to expand our operations. </STRONG></FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><STRONG></STRONG>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Although we currently have no material long-term needs for capital expenditures, we will likely be required to make increased capital expenditures to fund our anticipated growth of operations, infrastructure, and personnel. We currently anticipate that our cash on hand as of August 1, 2004, together with cash flows from operations, will be sufficient to meet our anticipated liquidity needs for working capital and capital expenditures over the next 12 months. In the future, however, we may seek additional capital through the issuance of debt or equity depending upon our results of operations, market conditions or unforeseen needs or opportunities. Our future liquidity and capital requirements will depend on numerous factors, includi
ng the following:</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the pace of expansion of our operations;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our need to respond to competitive pressures; and</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
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<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">future acquisitions of complementary products, technologies or businesses.</FONT></TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties and actual results could vary materially as a result of the factors described above. As we require additional capital resources, we may seek to sell additional equity or debt securities or draw on our existing bank line of credit. Debt financing must be repaid at maturity, regardless of whether or not we have sufficient cash resources available at that time to repay the debt. The sale of additional equity or convertible debt securities could result in additional dilution to existing stockholders. We cannot provide assurance that any financing arrange
ments will be available in amounts or on terms acceptable to us, if at all.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">43</FONT></TD>
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</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
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<TD vAlign=bottom width="100%">&nbsp;</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>We must manage our growth and maintain procedures and controls on our business. </STRONG></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We have rapidly and significantly expanded our operations and we anticipate further significant expansion to accommodate the expected growth in our IAP advertiser base and market opportunities. We have increased the number of our personnel from the inception of our operations to the present. This expansion has placed, and is expected to continue to place, a significant strain on our management and operational resources. As a result, we may not be able to effectively manage our resources, coordinate our efforts, supervise our personnel or otherwise successfully manage our resources. We have recently added a number of key managerial, technical, and operations personnel and we expect to add additional key personnel in the future. We a
lso plan to continue to increase our personnel base. These additional personnel may further strain our management resources.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; The rapid growth of our business could in the future strain our ability to meet IAP advertiser demands and manage our IAP advertiser relationships. This could result in the loss of IAP advertisers and harm our business reputation.</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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; In order to manage the expected growth of our operations and personnel, we must continue maintaining and improving or replacing existing operational, accounting, and information systems, procedures, and controls. Further, we must manage effectively our relationships with our IAP advertisers, as well as other third parties necessary to our business. Our business could be adversely affected if we are unable to manage growth effectively.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We depend upon our executive officers and key personnel</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Our performance depends substantially on the performance of our executive officers and other key personnel. The success of our business in the future will depend on our ability to attract, train, retain and motivate high quality personnel, especially highly qualified technical and managerial personnel. The loss of services of any executive officers or key personnel could have a material adverse effect on our business, results of operations or financial condition. We do not maintain key person life insurance on the lives of any of our executive officers or key personnel.</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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Competition for talented personnel is intense, and there is no assurance that we will be able to continue to attract, train, retain or motivate other highly qualified technical and managerial personnel in the future. In addition, market conditions may require us to pay higher compensation to qualified management and technical personnel than we currently anticipate. Any inability to attract and retain qualified management and technical personnel in the future could have a material adverse effect on our business, prospects, financial condition, and results of operations.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">44</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
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</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</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>Our business is subject to a strict regulatory environment</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Existing laws and regulations and any future regulation may have a material adverse effect on our business. For example, we believe that our direct marketing programs meet or exceed existing requirements of the United States Federal Trade Commission (FTC). Any changes to FTC requirements or changes in our direct or other marketing practices, however, could result in our marketing practices failing to comply with FTC regulations. As a result, we could be subject to substantial liability in the future, including fines and criminal penalties, preclusion from offering certain products or services, and the prevention or limitation of certain marketing practices.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We face intense competition, including from companies with greater resources, which could adversely affect our growth and could lead to decreased revenues. </STRONG></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Several companies, including Verizon, Yahoo and Microsoft, currently market Internet Yellow Pages services that directly compete with our services and products. We may not compete effectively with existing and potential competitors for several reasons, including the following:</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">some competitors have longer operating histories and greater financial and other resources than we have and are in better financial condition than we are;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">some competitors have better name recognition, as well as larger, more established, and more extensive marketing, IAP advertiser service, and IAP advertiser support capabilities than we have;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">some competitors may supply a broader range of services, enabling them to serve more or all of their IAP advertisers&#146; needs. This could limit our sales and strengthen our competitors&#146; existing relationships with their IAP advertisers, including our current and potential IAP advertisers;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">some competitors may be able to better adapt to changing market conditions and IAP advertiser demand; and</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">barriers to entry are not significant. As a result, other companies that are not currently involved in the Internet-based Yellow Pages advertising business may enter the market or develop technology that reduces the need for our services.</FONT></TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Increased competitive pressure could lead to reduced market share, as well as lower prices and reduced margins for our services. If we experience reductions in our revenue for any reason, our margins may continue to decline, which would adversely affect our results of operations. We cannot assure you that we will be able to compete successfully in the future.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We may face risks as we expand our business into international markets.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We currently are exploring opportunities to offer our services in other English-speaking countries. We have limited experience in developing and marketing our services internationally, and we may not be able to successfully execute our business model in markets outside the United States. We will face a number of risks inherent in doing business in international markets, including the following:</FONT></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">international markets typically experience lower levels of Internet usage and Internet advertising than the United States, which could result in lower-than-expected demand for our services;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">unexpected changes in regulatory requirements;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">potentially adverse tax consequences;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">difficulties in staffing and managing foreign operations;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changing economic conditions;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">exposure to different legal standards, particularly with respect to intellectual property and distribution of information over the Internet;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">burdens of complying with a variety of foreign laws; and</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">fluctuations in currency exchange rates.</FONT></TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; To the extent that international operations represent a significant portion of our business in the future, our business could suffer if any of these risks occur.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We may be unable to promote and maintain our brands.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We believe that establishing and maintaining the brand identities of our Internet Yellow Pages services is a critical aspect of attracting and expanding a base of advertisers and users. Promotion and enhancement of our brands will depend largely on our success in continuing to provide high quality service. If advertisers and users do not perceive our existing services to be of high quality, or if we introduce new services or enter into new business ventures that are not favorably received by advertisers and users, we will risk diluting our brand identities and decreasing their attractiveness to existing and potential IAP advertisers.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We may not be able to adequately protect our intellectual property rights.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Our success depends both on our internally developed technology and our third party technology. We rely on a variety of trademarks, service marks, and designs to promote our brand names and identity. We also rely on a combination of contractual provisions, confidentiality procedures, and trademark, copyright, trade secrecy, unfair competition, and other intellectual property laws to protect the proprietary aspects of our products and services. Legal standards relating to the validity, enforceability, and scope of the protection of certain intellectual property rights in Internet-related industries are uncertain and still evolving. The steps we take to protect our intellectual property rights may not be adequate to protect our intel
lectual property and may not prevent our competitors from gaining access to our intellectual property and proprietary information. In addition, we cannot provide assurance that courts will always uphold our intellectual property rights or enforce the contractual arrangements that we have entered into to protect our proprietary technology. </FONT></DIV>
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</FONT></TD></TR></TABLE></DIV>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Third parties may infringe or misappropriate our copyrights, trademarks, service marks, trade dress, and other proprietary rights. Any such infringement or misappropriation could have a material adverse effect on our business, prospects, financial condition, and results of operations. In addition, the relationship between regulations governing domain names and laws protecting trademarks and similar proprietary rights is unclear. We may be unable to prevent third parties from acquiring domain names that are similar to, infringe upon or otherwise decrease the value of our trademarks and other proprietary rights, which may result in the dilution of the brand identity of our services. </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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We may decide to initiate litigation in order to enforce our intellectual property rights, to protect our trade secrets, or to determine the validity and scope of our proprietary rights. Any such litigation could result in substantial expense, may reduce our profits, and may not adequately protect our intellectual property rights. In addition, we may be exposed to future litigation by third parties based on claims that our products or services infringe their intellectual property rights. Any such claim or litigation against us, whether or not successful, could result in substantial costs and harm our reputation. In addition, such claims or litigation could force us to do one or more of the following:</FONT></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">cease selling or using any of our products that incorporate the challenged intellectual property, which would adversely affect our revenue;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">obtain a license from the holder of the intellectual property right alleged to have been infringed, which license may not be available on reasonable terms, if at all; and</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">redesign or, in the case of trademark claims, rename our products or services to avoid infringing the intellectual property rights of third parties, which may not be possible and in any event could be costly and time-consuming.</FONT></TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Even if we were to prevail, such claims or litigation could be time-consuming and expensive to prosecute or defend, and could result in the diversion of our management&#146;s time and attention. These expenses and diversion of managerial resources could have a material adverse effect on our business, prospects, financial condition, and results of operations.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Current capacity constraints may require us to expand our infrastructure and IAP advertiser support capabilities. </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">Our ability to provide high-quality Internet Yellow Pages services largely depends upon the efficient and uninterrupted operation of our computer and communications systems. We may be required to expand our technology, infrastructure, and IAP advertiser support capabilities in order to accommodate any significant increases in the numbers of advertisers and users of our web sites. We may not be able to project accurately the rate or timing of increases, if any, in the use of our services or expand and upgrade our systems and infrastructure to accommodate these increases in a timely manner. If we do not expand and upgrade our infrastructure in a timely manner, we could experience temporary capacity constraints that may cause unanticipated system disruptions, slower response times, and lower levels of IAP advertiser service
. Our inability to upgrade and expand our infrastructure and IAP advertiser support capabilities as required could impair the reputation of our brand and our services, reduce the volume of users able to access our website, and diminish the attractiveness of our service offerings to our advertisers. </FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD vAlign=bottom width="100%">&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Any expansion of our infrastructure may require us to make significant upfront expenditures for servers, routers, computer equipment, and additional Internet and intranet equipment, as well as to increase bandwidth for Internet connectivity. Any such expansion or enhancement will need to be completed and integrated without system disruptions. An inability to expand our infrastructure or IAP advertiser service capabilities either internally or through third parties, if and when necessary, would materially and adversely affect our business, prospects, financial condition, and results of operations.</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>Risks Related to the Internet</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We may not be able to adapt as the Internet, Internet Yellow Pages services, and IAP advertiser demands continue to evolve.</STRONG></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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Our failure to respond in a timely manner to changing market conditions or client requirements could have a material adverse effect on our business, prospects, financial condition, and results of operations. The Internet, e-commerce, and the Internet Yellow Pages industry are characterized by:</FONT></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">rapid technological change;</FONT></TD></TR></TABLE></DIV>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes in advertiser and user requirements and preferences;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">frequent new product and service introductions embodying new technologies; and</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the emergence of new industry standards and practices that could render our existing service offerings, technology, and hardware and software infrastructure obsolete.</FONT></TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; In order to compete successfully in the future, we must</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">enhance our existing services and develop new services and technology that address the increasingly sophisticated and varied needs of our prospective or current IAP advertisers;</FONT></TD></TR></TABLE></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">license, develop or acquire technologies useful in our business on a timely basis; and</FONT></TD></TR></TABLE></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">respond to technological advances and emerging industry standards and practices on a cost-effective and timely basis.</FONT></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>Our future success may depend on continued growth in the use of the Internet.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Because Internet Yellow Pages is a new and rapidly evolving industry, the ultimate demand and market acceptance for our services will be subject to a high level of uncertainty. Significant issues concerning the commercial use of the Internet and online service technologies, including security, reliability, cost, ease of use, and quality of service, remain unresolved and may inhibit the growth of Internet business solutions that use these technologies. In addition, the Internet or other online services could lose their viability due to delays in the development or adoption of new standards and protocols required to handle increased levels of Internet activity, or due to increased governmental regulation. Our business, prospects, fin
ancial condition, and results of operations would be materially and adversely affected if the use of Internet Yellow Pages and other online services does not continue to grow or grows more slowly than we expect.</FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<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>We may be required to keep pace with rapid technological change in the Internet industry.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; In order to remain competitive, we will be required continually to enhance and improve the functionality and features of our existing services, which could require us to invest significant capital. If our competitors introduce new products and services embodying new technologies, or if new industry standards and practices emerge, our existing services, technologies, and systems may become obsolete. We may not have the funds or technical know-how to upgrade our services, technology, and systems. If we face material delays in introducing new services, products, and enhancements, our advertisers and users, may forego the use of our services and select those of our competitors, in which event our business, prospects, financial conditio
n and results of operations could be materially and adversely affected.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Regulation of the Internet may adversely affect our business.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Due to the increasing popularity and use of the Internet and online services such as online Yellow Pages, federal, state,</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">local, and foreign governments may adopt laws and regulations, or amend existing laws and regulations, with respect to the Internet and other online services. These laws and regulations may affect issues such as user privacy, pricing, content, taxation, copyrights, distribution, and quality of products and services. The laws governing the Internet remain largely unsettled, even in areas where legislation has been enacted. It may take years to dete
rmine whether and how existing laws, such as those governing intellectual property, privacy, libel, and taxation, apply to the Internet and Internet advertising and directory services. In addition, the growth and development of the market for electronic commerce may prompt calls for more stringent consumer protection laws, both in the United States and abroad, that may impose additional burdens on companies conducting business over the Internet. Any new legislation could hinder the growth in use of the Internet generally or in our industry and could impose additional burdens on companies conducting business online, which could, in turn, decrease the demand for our services, increase our cost of doing business, or otherwise have a material adverse effect on our business, prospects, financial condition, and results of operations.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>We may not be able to obtain Internet domain names that we would like to have.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We believe that our existing Internet domain names are an extremely important part of our business. We may desire, or it may be necessary in the future, to use these or other domain names in the United States and abroad. Various Internet regulatory bodies regulate the acquisition and maintenance of domain names in the United States and other countries. These regulations are subject to change. Governing bodies may establish additional top-level domains, appoint additional domain name registrars or modify the requirements for holding domain names. As a result, we may be unable to acquire or maintain relevant domain names in all countries in which we plan to conduct business in the future. </FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; The extent to which laws protecting trademarks and similar proprietary rights will be extended to protect domain names currently is not clear. We therefore may be unable to prevent competitors from acquiring domain names that are similar to, infringe upon or otherwise decrease the value of our domain names, trademarks, trade names, and other proprietary rights. We cannot provide assurance that potential users and advertisers will not confuse our domain names, trademarks, and trade names with other similar names and marks. If that confusion occurs, we may lose business to a competitor and some advertisers and users may have negative experiences with other companies that those advertisers and users erroneously associate with us. The 
inability to acquire and maintain domain names that we desire to use in our business, and the use of confusingly similar domain names by our competitors, could have a material adverse affect on our business, prospects, financial conditions, and results of operations in the future.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Our business could be negatively impacted if the security of the Internet becomes compromised.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; To the extent that our activities involve the storage and transmission of proprietary information about our advertisers or users, security breaches could damage our reputation and expose us to a risk of loss or litigation and possible liability. We may be required to expend significant capital and other resources to protect against security breaches or to minimize problems caused by security breaches. Our security measures may not prevent security breaches. Our failure to prevent these security breaches or a misappropriation of proprietary information may have a material adverse effect on our business, prospects, financial condition, and results of operations.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Our technical systems could be vulnerable to online security risks, service interruptions or damage to our systems.</STRONG></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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; Our systems and operations may be vulnerable to damage or interruption from fire, floods, power loss, telecommunications failures, break-ins, sabotage, computer viruses, penetration of our network by unauthorized computer users and "hackers," natural disaster, and similar events. Preventing, alleviating, or eliminating computer viruses and other service-related or security problems may require interruptions, delays or cessation of service. We may need to expend significant resources protecting against the threat of security breaches or alleviating potential or actual service interruptions. The occurrence of such unanticipated problems or security breaches could cause material interruptions or delays in our business, loss of data, o
r misappropriation of proprietary or IAP advertiser-related information or could render us unable to provide services to our IAP advertisers for an indeterminate length of time. The occurrence of any or all of these events could materially and adversely affect our business, prospects, financial condition, and results of operations.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
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<TD vAlign=bottom width="100%">&nbsp;</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><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>If we are sued for content distributed through, or linked to by, our website or those of our advertisers, we may be required to spend substantial resources to defend ourselves and could be required to pay monetary damages. </STRONG></FONT></DIV><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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; We aggregate and distribute third-party data and other content over the Internet. In addition, third-party websites are accessible through our website or those of our advertisers. As a result, we could be subject to legal claims for defamation, negligence, intellectual property infringement, and product or service liability. Other claims may be based on errors or false or misleading information provided on or through our website or websites of our directory licensees. Other claims may be based on links to sexually explicit websites and sexually explicit advertisements. We may need to expend substantial resources to investigate and defend these claims, regardless of whether we successfully defend against them. While we carry general
 business insurance, the amount of coverage we maintain may not be adequate. In addition, implementing measures to reduce our exposure to this liability may require us to spend substantial resources and limit the attractiveness of our content to users.</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>Risks Related to Our 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: 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>Stock prices of technology companies have declined precipitously at times in the past and the trading price of our common stock is likely to be volatile, which could result in substantial losses to investors. </STRONG></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"></FONT>&nbsp;</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"><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp; The trading price of our common stock has risen and fallen significantly over the past twelve months and could continue to be volatile in response to factors including the following, many of which are beyond our control:</FONT></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">decreased demand in the Internet services sector;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">variations in our operating results;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">announcements of technological innovations or new services by us or our competitors;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes in expectations of our future financial performance, including financial estimates by securities analysts and investors;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our failure to meet analysts&#146; expectations;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">changes in operating and stock price performance of other technology companies similar to us;</FONT></TD></TR></TABLE></DIV>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">conditions or trends in the technology industry;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">additions or departures of key personnel; and</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">future sales of our common stock.</FONT></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 id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Domestic and international stock markets often experience significant price and volume fluctuations that are unrelated to the operating performance of companies with securities trading in those markets. These fluctuations, as well as political events, terrorist attacks, threatened or actual war, and general economic conditions unrelated to our performance, may adversely affect the price of our common stock. In the past, securities holders of other companies often have initiated securities class action litigation against those companies following periods of volatility in the market price of those companies&#146; securities. If the market price of our stock fluctuates and our stockholders initiate this type of litigation, we could incur substantial costs and experience a divers
ion of our management&#146;s attention and resources, regardless of the outcome. This could materially and adversely affect our business, prospects, financial condition, and results of operations.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">51</FONT></TD>
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<TD vAlign=bottom width="100%">&nbsp;</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>Certain provisions of Nevada law and in our charter may prevent or delay a change of control of our company</STRONG></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">We are subject to the Nevada anti-takeover laws regulating corporate takeovers. These anti-takeover laws prevent Nevada corporations from engaging in a merger, consolidation, sales of its stock or assets, and certain other transactions with any stockholder, including all affiliates and associates of the stockholder, who owns 10% or more of the corporation&#146;s outstanding voting stock, for three years following the date that the stockholder acquired 10% or more of the corporation&#146;s voting stock except in certain situations. In addition, our amended and restated articles of incorporation and bylaws include a number of provisions that may deter or impede hostile takeovers or changes of control or management. These provisions include the following: </FONT></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our board is classified into three classes of directors as nearly equal in size as possible, with staggered three year-terms;</FONT></TD></TR></TABLE></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the authority of our board to issue up to 5,000,000&nbsp;shares of serial preferred stock and to determine the price, rights, preferences, and privileges of these shares, without stockholder approval;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
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<TD style="WIDTH: 18pt">&nbsp;</TD>
<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all stockholder actions must be effected at a duly called meeting of stockholders and not by written consent unless such action or proposal is first approved by our board of directors;</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">special meetings of the stockholders may be called only by the Chairman of the Board, the Chief Executive Officer, or the President of our company; and</FONT></TD></TR></TABLE></DIV>
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<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
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<TD style="WIDTH: 18pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">cumulative voting is not allowed in the election of our directors.</FONT></TD></TR></TABLE></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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These provisions of Nevada law and our articles and bylaws could prohibit or delay mergers or other takeover or change of control of our company and may discourage attempts by other companies to acquire us, even if such a transaction would be beneficial to our stockholders. </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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Our common stock may be subject to the "penny stock" rules as promulgated under the Exchange Act.</STRONG></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">In the event that no exclusion from the definition of "penny stock" under the Exchange Act is available, then any broker engaging in a transaction in our common stock will be required to provide its customers with a risk disclosure document, disclosure of market quotations, if any, disclosure of the compensation of the broker-dealer and its sales person in the transaction, and monthly account statements showing the market values of our securities held in the customer&#146;s accounts. The bid and offer quotation and compensation information must be provided prior to effecting the transaction and must be contained on the customer&#146;s confirmation of sale. Certain brokers are less willing to engage in transactions involving "penny stocks" as a result of the additional disclosure requirements described above, which may ma
ke it more difficult for holders of our common stock to dispose of their shares.</FONT></DIV>
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<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</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><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">ITEM 3.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CONTROLS AND PROCEDURES</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Disclosure controls and procedures are designed with an objective of ensuring that information required to be disclosed in our periodic reports filed with the Securities and Exchange Commission, such as this Quarterly Report on Form 10-QSB, is recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission. Disclosure controls are also designed with an objective of ensuring that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, in order to allow timely consideration regarding required disclosures.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The evaluation of our disclosure controls by our principal executive officer and principal financial officer included a review of the controls&#146; objectives and design, the operation of the controls, and the effect of the controls on the information presented in this Quarterly Report. Our management, including our chief executive officer and chief financial officer, does not expect that disclosure controls can or will prevent or detect all errors and all fraud, if any. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Also, projections of any evaluation of the disclosure controls and procedures to future periods are subject to the risk that the disclosure controls and procedures may become inadequate becau
se of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Based on their review and evaluation as of the end of the period covered by this Form 10-QSB, and subject to the inherent limitations all as described above, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective as of the end of the period covered by this report. They are not aware of any significant changes in our disclosure controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. During the period covered by this Form 10-QSB, there have not been any changes in our internal control over financi
al reporting that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.</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">PART II - OTHER INFORMATION</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM 1.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">LEGAL PROCEEDINGS</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: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; 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 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">ITEM 2.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHANGES IN SECURITIES AND USE OF PROCEEDS</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sales of Unregistered Securities </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">On June 6, 2004, we issued 1,000,000 shares of our common stock, $.001 par value per share, to our new Chief Executive Officer, Peter Bergmann, as part of his compensation package. These shares were not issued under our 2003 Stock Plan but, rather, were issued pursuant to a Restricted Stock Agreement. Accordingly, the shares remain subject to restrictions on transfer and sale, which lapse in accordance with a vesting schedule depending on the achievement of certain time and performance goals.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">53</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">These shares were offered and sold in a private placement, pursuant to the provisions of Section 4(2) of the Securities Act of 1933 and Rule 506 of Regulation D. Mr. Bergmann, as an officer and director of the issuer, is deemed to be an "accredited investor," as that term is defined in Rule 501 of Regulation D. Moreover, </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">no form of general solicitation or general advertising was used in connection with the transaction and we obtained representations and warranties from Mr. Bergmann that he had access to complete information concerning the Company, was acquiring the shares of common stock for investment and not with a view to the distribution thereof, and otherwise was not an underwriter within the meaning of Section 2(11) 
of the Securities Act.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">ITEM 3.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">DEFAULTS UPON SENIOR SECURITIES</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; COLOR: #000000; 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 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; COLOR: #000000; FONT-FAMILY: Times New Roman">ITEM 4.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</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; COLOR: #000000; FONT-FAMILY: Times New Roman">We held our 2004 Annual Meeting of Stockholders on April 2, 2004. The following nominees were elected to the Company&#146;s Board of Directors to serve for the terms indicated or until the earlier of their resignation or election and qualification of their successors:</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle 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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Nominee</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle 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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Class</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle 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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Term Ending</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle 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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Votes in Favor</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=bottom align=middle width="16%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Votes Withheld</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="15%">&nbsp;</TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="15%">&nbsp;</TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="15%">&nbsp;</TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="15%">&nbsp;</TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="16%">&nbsp;</TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="15%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Angelo Tullo</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">I</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">2007</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="15%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1.2pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">44,613,527</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="16%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">847,580</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="15%">
<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">DeVal Johnson</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">I</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">2007</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="15%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1.2pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">44,612,327</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="16%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">848,780</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="15%">
<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">Peter Bergmann</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">II</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">2006</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="15%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1.2pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">44,807,722</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="16%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">653,385</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR>
<TR bgColor=#ffffff>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="15%">
<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">Daniel L. Coury, Sr.</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">II</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">2006</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="15%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1.2pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">44,609,427</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="16%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">851,680</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR>
<TR bgColor=#e2eef6>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="15%">
<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">Gregory B. Crane</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">III</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle 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">2005</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="15%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 1.2pt" align=center><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">42,963,477</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=center align=middle width="16%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">2,497,630</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR></TABLE></DIV>
<DIV>&nbsp;</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; COLOR: #000000; FONT-FAMILY: Times New Roman">The following additional items were voted upon by the Company&#146;s stockholders:</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>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 36pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(a)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal to </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">amend the Company&#146;s 2003 Stock Plan to increase the shares available for issuance under the plan from 3,000,000 to 5,000,000 shares of common</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"> stock. </FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=middle width="8%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Votes in Favor</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Opposed</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Abstained</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Broker Non-Vote</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="8%">&nbsp;</TD>
<TD vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">32,841,775</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">2,598,335</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">486,300</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">9,534,697</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=hangingindent cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR style="LINE-HEIGHT: 1.25" vAlign=top>
<TD style="WIDTH: 36pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">(b)</FONT></TD>
<TD align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Proposal to amend and restate the Articles of Incorporation to accomplish the following:</FONT></TD></TR></TABLE></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: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">change the Company&#146;s name to "YP Corp."</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: 54pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">provide for the classification of the Board of Directors into three classes of directors with staggered three-year terms;</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">54</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">generally update the existing Articles of Incorporation to (a) eliminate the designation of the Series A, Series B, Series C, and Series D Preferred Stock since no shares of such Series have ever been issued and the Board of Directors has recently retired such series, (b) decrease the authorized Preferred Stock; (c) add language concerning the indemnification of the Company&#146;s officers and directors; (d) add language that upon dissolution of the Company, the Company&#146;s remaining net assets are to be paid to holders of Common Stock after any liquidation preference has been paid to Preferred Stockholders; (e)&nbsp;clarify that the number of directors o
f the Company may be increased or decreased as provided in the Company&#146;s Bylaws; (f) limit the ability of stockholders to act by written consent; and (g) require a supermajority vote of the stockholders to amend or repeal some of the foregoing amendments; and</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: 72pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">restate the Articles of Incorporation by incorporating in a single document the new amendments, to the extent that they are approved by the stockholders at the Annual Meeting, as well as prior amendments and restatements.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=middle width="8%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Votes in Favor</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Opposed</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Abstained</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman"><STRONG>Broker Non-Vote</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=middle width="8%">&nbsp;</TD>
<TD vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">32,856,380</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">2,577,845</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">492,185</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD>
<TD vAlign=top align=middle width="19%">
<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; COLOR: #000000; FONT-FAMILY: Times New Roman">9,534,697</FONT></DIV></TD>
<TD vAlign=top align=middle width="4%">&nbsp;</TD></TR></TABLE></DIV>
<DIV></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; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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; COLOR: #000000; FONT-FAMILY: Times New Roman">ITEM 5.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">OTHER INFORMATION.</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; COLOR: #000000; 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 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">ITEM 6.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBITS AND REPORTS ON FORM 8-K UPDATE</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The following exhibits are either attached hereto or incorporated herein by reference as indicated:</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 cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=center align=left width="10%">
<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">Exhibit Number</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=center align=left width="86%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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">Description</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">4.1</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Specimen Stock Certificate with New Rights Legend</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">4.2</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Shareholder Rights Agreement, dated as of May 6, 2004, between the Registrant and Registrar and Transfer Company</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">4.3</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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 No. 1 to Shareholder Rights Agreement, dated as of May 31, 2004, between the Registrant and Registrar and Transfer Company</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.1</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Employment Agreement, dated as of June 6, 2004, between the Registrant and Peter Bergmann concerning his employment as President, Chief Executive Officer and Chairman</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>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">55</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.2</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Restricted Stock Agreement, dated as of June 6, 2004, between the Registrant and Peter Bergmann</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.3</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Indemnification Agreement, dated as of June 6, 2004, between the Registrant and Peter Bergmann</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.4</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Development Agreement, dated June 8, 2004, between the Registrant and SurfNet Media Group, Inc. </FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.5</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">First Amendment to Services Agreement, dated as of April 1, 2004, between the Registrant and SwitchBoard Incorporated</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.6</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Loan and Security Agreement, dated April 13, 2004, between the Registrant and </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Merrill Lynch Business Financial Services, Inc.</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="10%">
<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">31</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Certifications pursuant to SEC Release No. 33-8238, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">32</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</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>&nbsp;</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">(b)<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Registrant filed the following Current Reports on Form 8-K during the three-month period covered by this Quarterly Report: </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: 63pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-<FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May 18, 2004, the Company filed a Current Report on Form 8-K attaching a press release announcing that its Board of Directors had adopted a Stockholders Rights Plan.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR vAlign=top>
<TD width="100%" colSpan=3>&nbsp; </TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">56</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">SIGNATURES</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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">YP.CORP.</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>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=left width="37%">
<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">Dated: August 18, 2004</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="43%">
<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"><EM>/s/ Peter J. Bergman</EM></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="37%">&nbsp;</TD>
<TD vAlign=top align=left width="43%">
<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">Peter J. Bergmann, Chairman of the Board</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="37%">&nbsp;</TD>
<TD vAlign=top align=left width="43%">
<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 Executive Officer (Principal Executive Officer and acting Principal Financial Officer)</FONT></DIV></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=PGBRK cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%" colSpan=3>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left><FONT id=TAB1 style="MARGIN-LEFT: 216pt"></FONT></DIV></TD></TR>
<TR>
<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt" face="Times New Roman">57</FONT></TD>
<TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
<TR vAlign=top>
<TD style="PAGE-BREAK-AFTER: always" width="100%" colSpan=3><FONT size=1>
<HR color=#000000 noShade SIZE=2>
</FONT></TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>
<TABLE id=HDR cellSpacing=0 cellPadding=0 width="100%" align=center border=0>
<TR>
<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left>&nbsp;</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">EXHIBIT INDEX</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>&nbsp;</DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=center align=left width="10%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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">Exhibit Number</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=center align=left width="86%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=left></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">Description</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">4.1</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Specimen Stock Certificate with New Rights Legend</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">4.2</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Shareholder Rights Agreement, dated as of May 6, 2004, between the Registrant and Registrar and Transfer Company</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">4.3</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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 No. 1 to Shareholder Rights Agreement, dated as of May 31, 2004, between the Registrant and Registrar and Transfer Company</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.1</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Employment Agreement, dated as of June 6, 2004, between the Registrant and Peter Bergmann concerning his employment as President, Chief Executive Officer and Chairman</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.2</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Restricted Stock Agreement, dated as of June 6, 2004, between the Registrant and Peter Bergmann</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.3</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Indemnification Agreement, dated as of June 6, 2004, between the Registrant and Peter Bergmann</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.4</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Development Agreement, dated June 8, 2004, between the Registrant and SurfNet Media Group, Inc. </FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.5</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">First Amendment to Services Agreement, dated as of April 1, 2004, between the Registrant and SwitchBoard Incorporated</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">10.6</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Loan and Security Agreement, dated April 13, 2004, between the Registrant and </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Merrill Lynch Business Financial Services, Inc.</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="10%">
<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">31</FONT></DIV></TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">
<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">Certifications pursuant to SEC Release No. 33-8238, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></DIV></TD></TR>
<TR>
<TD vAlign=center align=left width="10%">&nbsp;</TD>
<TD vAlign=top align=left width="4%">&nbsp;</TD>
<TD vAlign=center align=left width="86%">&nbsp;</TD></TR>
<TR>
<TD vAlign=center align=left width="10%">
<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">32</FONT></DIV></TD>
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<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">Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></DIV></TD></TR></TABLE></DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ex4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML><HEAD><TITLE>Exhibit 4.1</TITLE><!-- Licensed to: EDGARfilings, Ltd.--><!-- Document Created using EDGARIZER HTML --><!-- Copyright 2004 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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<DIV align=center><IMG src="stock_certificate.jpg"></DIV>
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<TD width="100%" colSpan=3>&nbsp;</TD></TR>
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<TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
<TD align=middle width="34%"><FONT size=1>&nbsp;</FONT></TD>
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<TD vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE><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"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT>The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:</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"></FONT>&nbsp;</DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=left width="7%">
<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">TEN COM</FONT></DIV></TD>
<TD width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></TD>
<TD vAlign=top align=left width="28%">
<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">as tenants in common</FONT></DIV></TD>
<TD vAlign=top align=left width="15%">
<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">UNIF GIFT MIN ACT- </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="6%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="9%">
<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">Custodian</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="7%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top align=left width="7%">
<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">TEN ENT</FONT></DIV></TD>
<TD width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></TD>
<TD vAlign=top align=left width="28%">
<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">as tenants by the entireties</FONT></DIV></TD>
<TD vAlign=top align=left width="15%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="6%">
<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">(Cust)</FONT></DIV></TD>
<TD vAlign=top align=left width="9%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="7%">
<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">(Minor)</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="7%">
<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">JT TEN</FONT></DIV></TD>
<TD vAlign=top width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-</FONT></TD>
<TD vAlign=top align=left width="28%">
<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">as joint tenants with right of survivorship and not as tenants in common</FONT></DIV></TD>
<TD vAlign=top align=left width="37%" colSpan=4><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top align=left width="7%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="28%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="15%">
<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">under Uniform Gifts to Minors Act&nbsp; </FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="22%" colSpan=3><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top align=left width="7%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD width="2%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="28%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=left width="15%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT></TD>
<TD vAlign=top align=middle width="22%" colSpan=3>
<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)</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><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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">Additional abbreviations may also be used though not in the above list.</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"></FONT>&nbsp;</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: Arial">For value received, __________________________________________hereby sell, assign and transfer unto</FONT></DIV>
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<DIV align=left><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
<TABLE cellSpacing=0 cellPadding=0 width="30%" border=1>
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<TD vAlign=top align=middle width="30%">
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">PLEASE INSERT SOCIAL SECURITY OR OTHER</FONT></DIV>
<DIV><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial">IDENTIFYING NUMBER OF ASSIGNEE</FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=left width="30%">&nbsp;</TD></TR></TABLE></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: Arial">
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<DIV>&nbsp;</DIV></FONT></DIV><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center>
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</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: 8pt; FONT-FAMILY: Arial">PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE.</FONT></DIV>
<DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=center></FONT>&nbsp;</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: Arial">
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</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: Arial"></FONT>&nbsp;</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: Arial">
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</FONT></DIV></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>
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<DIV>
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</DIV></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Shares of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint</FONT></DIV>
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<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: Arial">
<HR align=left width="100%" color=#000000 noShade SIZE=1>
</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: Arial">&nbsp;</FONT><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Attorney to transfer the said stock on the books of the within-named Corporation with full power of substitution in the premises.</FONT></DIV></FONT>
<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: Arial"></FONT>&nbsp;</DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=left width="6%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="30%">&nbsp;</TD>
<TD vAlign=top align=left width="5%">&nbsp;</TD>
<TD vAlign=top align=left width="45%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="6%">
<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: Arial">Dated,</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="30%">&nbsp;</TD>
<TD vAlign=top align=left width="5%">&nbsp;</TD>
<TD vAlign=top align=left width="45%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="6%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="30%">&nbsp;</TD>
<TD vAlign=top align=left width="5%">
<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: 12pt; FONT-FAMILY: Arial"><STRONG>X</STRONG></FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="45%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="6%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="30%">&nbsp;</TD>
<TD vAlign=top align=left width="5%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
<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: 12pt; FONT-FAMILY: Arial"><STRONG>X</STRONG></FONT></DIV></FONT></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="45%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="6%">&nbsp;</TD>
<TD vAlign=top align=left width="14%">&nbsp;</TD>
<TD vAlign=top align=left width="30%">&nbsp;</TD>
<TD vAlign=center align=left width="5%">
<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: 8pt; FONT-FAMILY: Arial, sans-serif"><STRONG>NOTICE:</STRONG></FONT></DIV></TD>
<TD vAlign=top align=left width="45%">
<DIV style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align=justify><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Arial, sans-serif">THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.</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 align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
<TD vAlign=top align=left width="45%" colSpan=2>
<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: Arial">Signature(s) Guaranteed</FONT></DIV></TD>
<TD vAlign=top align=left width="55%"><FONT style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top align=left width="45%" colSpan=2>&nbsp;</TD>
<TD vAlign=top align=left width="55%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="45%" colSpan=2>&nbsp;</TD>
<TD vAlign=top align=left width="55%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="45%" colSpan=2>&nbsp;</TD>
<TD vAlign=top align=left width="55%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="45%" colSpan=2>&nbsp;</TD>
<TD vAlign=top align=left width="55%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="2%">
<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: Arial">By</FONT></DIV></TD>
<TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left width="43%">&nbsp;</TD>
<TD vAlign=top align=left width="55%">&nbsp;</TD></TR>
<TR>
<TD vAlign=top align=left width="45%" colSpan=2>
<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: 8pt; FONT-FAMILY: Arial, sans-serif">THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.</FONT></DIV></TD>
<TD vAlign=top align=left width="55%">&nbsp;</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: 8pt; FONT-FAMILY: Arial, sans-serif"><STRONG>KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, MUTILATED OR DESTROYED, THE CORPORATION WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.</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: 8pt; FONT-FAMILY: Times New Roman, serif">This certificate also evidences and entitles the holder hereof to certain Rights as set forth in a Rights Agreement between YP Corp. (the "Company") and Registrar and Transfer Company, as Rights Agent, dated as of May 6, 2004 and as amended from time to time (the "Rights Agreement"), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor. </FONT><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times 
New Roman, serif"><EM>Under certain circumstances, as set forth in the Rights Agreement, Rights owned by or transferred to any Person who is or becomes an Acquiring Person (as defined in the Rights Agreement) and certain transferees thereof will become null and void and will no longer be transferable</EM></FONT><FONT style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif">.</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 cellSpacing=0 cellPadding=0 width="100%" border=1>
<TR>
<TD vAlign=top align=middle width="33%">
<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: 8pt; FONT-FAMILY: Arial, sans-serif"><STRONG>AMERICAN BANK NOTE COMPANY</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: 8pt; FONT-FAMILY: Arial, sans-serif"><STRONG>711 ARMSTRONG LANE</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: 8pt; FONT-FAMILY: Arial, sans-serif"><STRONG>COLUMBIA, TENNESSEE 38401</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: 8pt; FONT-FAMILY: Arial, sans-serif"><STRONG>(931) 388-3003</STRONG></FONT></DIV></TD>
<TD vAlign=top align=middle width="41%">
<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: 8pt; FONT-FAMILY: Arial, sans-serif">PRODUCTION COORDINATOR: VERONICA GLIATTI 931-490-1706</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: 8pt; FONT-FAMILY: Arial, sans-serif">PROOF OF JUNE 24, 2004</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: 8pt; FONT-FAMILY: Arial, sans-serif"><STRONG>YP CORP.</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: 8pt; FONT-FAMILY: Arial, sans-serif"><STRONG>TSB 16406 BACK</STRONG></FONT></DIV></TD></TR>
<TR>
<TD vAlign=top align=middle width="33%">
<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: 8pt; FONT-FAMILY: Arial, sans-serif">SALES: C. SHARKEY 302-731-7088</FONT></DIV></TD>
<TD vAlign=top align=middle width="41%">
<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: 8pt; FONT-FAMILY: Arial, sans-serif">Operator: Teresa</FONT></DIV></TD></TR>
<TR>
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<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: 8pt; FONT-FAMILY: Arial, sans-serif">/ ETHER 19 / LIVE JOBS / Y / YP CORP 16406 BACK</FONT></DIV></TD>
<TD vAlign=top align=middle width="41%">
<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: 8pt; FONT-FAMILY: Arial, sans-serif">NEW</FONT></DIV></TD></TR></TABLE></DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>ex4_2.txt
<DESCRIPTION>EXHIBIT 4.2
<TEXT>
                                                                     Exhibit 4.2




                                RIGHTS AGREEMENT


                             DATED AS OF MAY 6, 2004


                                     BETWEEN


                                    YP CORP.

                                       AND

                 REGISTRAR AND TRANSFER COMPANY, AS RIGHTS AGENT


<PAGE>
                                TABLE OF CONTENTS
                                -----------------
Page
- ----

Section 1.   Certain Definitions . . . . . . . . . . . . . . . . . . . . . . . 1

Section 2.   Appointment of Rights Agent . . . . . . . . . . . . . . . . . . . 6

Section 3.   Issue of Right Certificates . . . . . . . . . . . . . . . . . . . 6

Section 4.   Form of Right Certificates. . . . . . . . . . . . . . . . . . . . 7

Section 5.   Countersignature and Registration . . . . . . . . . . . . . . . . 8

Section 6.   Transfer, Split Up, Combination and Exchange of Right
             Certificates; Mutilated, Destroyed, Lost or Stolen Right
             Certificates. . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Section 7.   Exercise of Rights, Purchase Price; Expiration Date of Rights . . 9

Section 8.   Cancellation and Destruction of Right Certificates. . . . . . . .10

Section 9.   Availability of Shares of Preferred Stock . . . . . . . . . . . .10

Section 10.  Preferred Stock Record Date . . . . . . . . . . . . . . . . . . .11

Section 11.  Adjustment of Purchase Price, Number of Shares and
             Number of Rights. . . . . . . . . . . . . . . . . . . . . . . . .12

Section 12.  Certificate of Adjusted Purchase Price or Number of Shares. . . .19

Section 13.  Consolidation, Merger or Sale or Transfer of Assets or
             Earning Power . . . . . . . . . . . . . . . . . . . . . . . . . .19

Section 14.  Fractional Rights and Fractional Shares . . . . . . . . . . . . .22

Section 15.  Rights of Action. . . . . . . . . . . . . . . . . . . . . . . . .23

Section 16.  Agreement of Right Holders. . . . . . . . . . . . . . . . . . . .24

Section 17.  Right Certificate Holder Not Deemed a Stockholder . . . . . . . .24

Section 18.  Concerning the Rights Agent . . . . . . . . . . . . . . . . . . .25

Section 19.  Merger or Consolidation or Change of Name of Rights Agent . . . .25

Section 20.  Duties of Rights Agent. . . . . . . . . . . . . . . . . . . . . .26


<PAGE>
Page
- ----

Section 21.  Change of Rights Agent. . . . . . . . . . . . . . . . . . . . . .27

Section 22.  Issuance of New Right Certificates. . . . . . . . . . . . . . . .28

Section 23.  Redemption. . . . . . . . . . . . . . . . . . . . . . . . . . . .29

Section 24.  Exchange. . . . . . . . . . . . . . . . . . . . . . . . . . . . .29

Section 25.  Notice of Certain Events. . . . . . . . . . . . . . . . . . . . .30

Section 26.  Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31

Section 27.  Supplements and Amendments. . . . . . . . . . . . . . . . . . . .31

Section 28.  Successors. . . . . . . . . . . . . . . . . . . . . . . . . . . .32

Section 29.  Benefits of this Agreement. . . . . . . . . . . . . . . . . . . .32

Section 30.  Determinations and Actions by the Board of Directors. . . . . . .32

Section 31.  Severability. . . . . . . . . . . . . . . . . . . . . . . . . . .32

Section 32.  Governing Law . . . . . . . . . . . . . . . . . . . . . . . . . .32

Section 33.  Counterparts. . . . . . . . . . . . . . . . . . . . . . . . . . .33

Section 34.  Descriptive Headings. . . . . . . . . . . . . . . . . . . . . . .33


<PAGE>
                                RIGHTS AGREEMENT
                                ----------------


     Rights  Agreement, dated as of May 6, 2004 ("Agreement"), between YP Corp.,
a  Nevada  corporation  (the  "Company"), and Registrar and Transfer Company, as
Rights  Agent  (the  "Rights  Agent").

     The  Board  of  Directors  of  the  Company  has  authorized and declared a
dividend  of  one  preferred  share purchase right (a "Right") for each share of
Common Stock (as hereinafter defined) of the Company outstanding as of the Close
of  Business  (as  defined below) on May 4, 2004 (the "Record Date"), each Right
representing the right to purchase one one-thousandth (subject to adjustment) of
a  share of Preferred Stock (as hereinafter defined), upon the terms and subject
to  the conditions herein set forth, and has further authorized and directed the
issuance of one Right (subject to adjustment as provided herein) with respect to
each share of Common Stock that shall become outstanding between the Record Date
and  the earlier of the Distribution Date and the Expiration Date (as such terms
are  hereinafter  defined);  provided,  however,  that Rights may be issued with
                             --------
respect  to  shares  of  Common  Stock  that  shall become outstanding after the
Distribution  Date  and  prior to the Expiration Date in accordance with Section
                                                                         -------
22.
- --

     Accordingly,  in  consideration  of  the premises and the mutual agreements
herein set forth, the parties hereby agree as follows:

     Section  1.  Certain  Definitions.  For  purposes  of  this  Agreement, the
                  --------------------
following terms have the meaning indicated:

     (a)     "Acquiring  Person"  shall  mean  any  Person  (as  such  term  is
hereinafter  defined)  that  shall  be  the  Beneficial  Owner  (as such term is
hereinafter  defined)  of  15%  or  more  of  the  shares  of  Common Stock then
outstanding, but shall not include an Exempt Person (as such term is hereinafter
defined);  provided,  however, that (i) if the Board of Directors of the Company
           --------   -------
determines  in  good  faith  that a Person that would otherwise be an "Acquiring
Person"  became  the Beneficial Owner of a number of shares of Common Stock such
that  the  Person would otherwise qualify as an "Acquiring Person" inadvertently
(including,  without  limitation,  because  (A)  such Person was unaware that it
beneficially  owned a percentage of Common Stock that would otherwise cause such
Person to be an "Acquiring Person" or (B) such Person was aware of the extent of
its  Beneficial  Ownership  of  Common  Stock but had no actual knowledge of the
consequences  of such Beneficial Ownership under this Agreement) and without any
intention  of  changing  or influencing control of the Company, then such Person
shall  not  be  deemed  to  be  or  to have become an "Acquiring Person" for any
purposes  of  this  Agreement  unless and until such Person shall have failed to
divest  itself,  as  soon  as  practicable (as determined, in good faith, by the
Board  of  Directors  of  the  Company), of Beneficial Ownership of a sufficient
number  of  shares of Common Stock so that such Person would no longer otherwise
qualify as an "Acquiring Person"; (ii) if, as of the date hereof or prior to the
first  public  announcement  of the adoption of this Agreement, any Person is or
becomes  the  Beneficial  Owner  of  15%  or  more of the shares of Common Stock
outstanding,  such  Person  shall not be deemed to be or to become an "Acquiring
Person"  unless and until such time as such Person shall, after the first public
announcement  of  the adoption of this Agreement, become the Beneficial Owner of
additional


                                        1
<PAGE>
shares  of  Common Stock (other than pursuant to a dividend or distribution paid
or made by the Company on the outstanding Common Stock or pursuant to a split or
subdivision  of  the  outstanding  Common  Stock),  unless,  upon  becoming  the
Beneficial  Owner  of such additional shares of Common Stock, such Person is not
then  the  Beneficial  Owner  of  15% or more of the shares of Common Stock then
outstanding;  and  (iii)  no  Person  shall  become an "Acquiring Person" as the
result  of  an  acquisition  of  shares  of Common Stock by the Company that, by
reducing the number of shares outstanding, increases the proportionate number of
shares  of  Common Stock beneficially owned by such Person to 15% or more of the
shares  of  Common  Stock  then outstanding, provided, however, that if a Person
                                             --------  -------
shall  become  the Beneficial Owner of 15% or more of the shares of Common Stock
then  outstanding  by reason of such share acquisitions by the Company and shall
thereafter  become the Beneficial Owner of any additional shares of Common Stock
(other  than  pursuant to a dividend or distribution paid or made by the Company
on  the  outstanding  Common  Stock or pursuant to a split or subdivision of the
outstanding  Common Stock), then such Person shall be deemed to be an "Acquiring
Person"  unless  upon becoming the Beneficial Owner of such additional shares of
Common  Stock such Person does not beneficially own 15% or more of the shares of
Common  Stock  then  outstanding.  For  all  purposes  of  this  Agreement,  any
calculation  of  the  number  of  shares  of  Common  Stock  outstanding  at any
particular time, including for purposes of determining the particular percentage
of such outstanding shares of Common Stock of which any Person is the Beneficial
Owner, shall be made in accordance with the last sentence of Rule 13d-3(d)(1)(i)
of  the General Rules and Regulations under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), as in effect on the date hereof.

     (b)     "Affiliate"  and  "Associate"  shall  have  the respective meanings
ascribed  to such terms in Rule 12b-2 of the General Rules and Regulations under
the Exchange Act, as in effect on the date hereof.

     (c)     A Person shall be deemed the "Beneficial Owner" of, shall be deemed
to  have "Beneficial Ownership" of and shall be deemed to "beneficially own" any
securities:

          (i)     that  such  Person  or  any  of  such  Person's  Affiliates or
Associates  is  deemed  to  beneficially own, directly or indirectly, within the
meaning  of  Rule  l3d-3 of the General Rules and Regulations under the Exchange
Act  as  in  effect  on  the  date  hereof;

          (ii)     that  such  Person  or  any  of  such  Person's Affiliates or
Associates  has  (A)  the  right  to  acquire (whether such right is exercisable
immediately  or  only  after  the  passage  of  time) pursuant to any agreement,
arrangement  or  understanding (other than customary agreements with and between
underwriters  and  selling  group  members  with  respect  to a bona fide public
offering  of  securities),  or  upon the exercise of conversion rights, exchange
rights,  rights,  warrants  or  options, or otherwise; provided, however, that a
                                                       --------  -------
Person  shall not be deemed the Beneficial Owner of, or to beneficially own, (x)
securities  tendered pursuant to a tender or exchange offer made by or on behalf
of  such  Person  or  any  of  such Person's Affiliates or Associates until such
tendered  securities are accepted for purchase, (y) securities which such Person
has a right to acquire upon the exercise of Rights at any time prior to the time
that  any Person becomes an Acquiring Person or (z) securities issuable upon the
exercise  of Rights from and after the time that any Person becomes an Acquiring
Person  if  such  Rights  were  acquired  by


                                        2
<PAGE>
such  Person  or  any  of  such  Person's  Affiliates or Associates prior to the
Distribution  Date  or  pursuant to Section 3(a) or Section 22 hereof ("Original
                                    ------------    ----------
Rights")  or  pursuant  to  Section  11(i)  or  Section 11(n) with respect to an
                            --------------      -------------
adjustment  to  Original  Rights;  or  (B)  the  right  to  vote pursuant to any
agreement,  arrangement or understanding; provided, however, that a Person shall
                                          --------  -------
not  be  deemed the Beneficial Owner of, or to beneficially own, any security by
reason  of  such  agreement,  arrangement  or  understanding  if  the agreement,
arrangement  or  understanding  to  vote  such security (1) arises solely from a
revocable proxy or consent given to such Person in response to a public proxy or
consent  solicitation  made  pursuant to, and in accordance with, the applicable
rules  and  regulations  promulgated  under the Exchange Act and (2) is not also
then  reportable  on  Schedule  13D under the Exchange Act (or any comparable or
successor  report);  or

          (iii)     that  are beneficially owned, directly or indirectly, by any
other  Person  and  with  respect  to  which such Person or any of such Person's
Affiliates  or Associates has any agreement, arrangement or understanding (other
than  customary  agreements  with  and  between  underwriters  and selling group
members  with  respect  to  a  bona  fide public offering of securities) for the
purpose  of acquiring, holding, voting (except to the extent contemplated by the
proviso to Section 1(c)(ii)(B)) or disposing of such securities of the Company;
           -------------------

provided,  however, that no Person who is an officer, director or employee of an
- --------   -------
Exempt  Person  shall  be  deemed,  solely  by reason of such Person's status or
authority  as  such,  to  be  the  "Beneficial  Owner"  of,  to have "Beneficial
Ownership"  of  or  to  "beneficially own" any securities that are "beneficially
owned"  (as  defined  in this Section l(c)), including, without limitation, in a
                              ------------
fiduciary  capacity,  by an Exempt Person or by any other such officer, director
or  employee  of  an  Exempt  Person.

     (d)     "Business  Day"  shall mean any day other than a Saturday, a Sunday
or  a  day on which banking institutions in the State of New York or the city in
which  the  principal  office  of  the Rights Agent is located are authorized or
obligated  by  law  or  executive  order  to  close.

     (e)     "Close  of  Business"  on  any given date shall mean 5:00 P.M., New
York  City  time,  on  such  date; provided, however, that if such date is not a
                                   --------  -------
Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding
Business  Day.

     (f)     "Common  Stock"  when used with reference to the Company shall mean
the Common Stock, presently par value $0.001 per share, of the Company.  "Common
Stock"  when used with reference to any Person other than the Company shall mean
the  common  stock  (or, in the case of an unincorporated entity, the equivalent
equity interest) with the greatest voting power of such other Person or, if such
other  Person  is  a  Subsidiary  of  another Person, the Person or Persons that
ultimately  control  such  first-mentioned  Person.

     (g)     "Common  Stock  Equivalents"  shall  have  the meaning set forth in
Section  11(a)(iii)  hereof.
- -------------------

     (h)     "Current  Value"  shall  have  the  meaning  set  forth  in Section
                                                                         -------
11(a)(iii)  hereof.
- ----------

     (i)     "Distribution  Date"  shall have the meaning set forth in Section 3
                                                                       ---------
hereof.


                                        3
<PAGE>
     (j)     "Equivalent  Preferred  Shares" shall have the meaning set forth in
Section  11(b)  hereof.
- --------------

     (k)     "Exempt  Person"  shall mean: (i) the Company or any Subsidiary (as
such  term  is  hereinafter  defined)  of  the  Company, in each case including,
without  limitation,  in its fiduciary capacity, or any employee benefit plan of
the  Company  or  of  any  Subsidiary  of  the Company, or any entity or trustee
holding  Common  Stock  for or pursuant to the terms of any such plan or for the
purpose  of  funding  any  such  plan  or  funding  other  employee benefits for
employees  of  the  Company  or  of any Subsidiary of the Company; (ii) Frank J.
Husic,  for  so  long  as  such  Person, together with any of his Affiliates and
Associates,  shall  be the Beneficial Owner of 15% or more, but not 18% or more,
of the shares of Common Stock then outstanding, provided that such Persons shall
                                                --------
cease to be an Exempt Person at such time when such Person, together with any of
his  Affiliates  and  Associates,  (A) shall become the Beneficial Owner of less
than 15% of the shares of Common Stock then outstanding or (B) shall commerce or
publicly  announce  the  intention  to  commence  a tender or exchange offer the
consummation of which would result in such Persons becoming the Beneficial Owner
of  shares  of  Common  Stock  aggregating  18% or more of the Common Stock then
outstanding; (iii) Mathew and Markson Ltd., an Antiguan corporation, for so long
as such Person, together with its Affiliates and Associates (other than Morris &
Miller Ltd.), shall be the Beneficial Owner of 15% or more, but not 24% or more,
of  the shares of Common Stock then outstanding, provided that such Person shall
                                                 --------
cease  to be an Exempt Person at such time when such Person (A) shall become the
Beneficial Owner of less than 15% of the shares of Common Stock then outstanding
or (B) shall commerce or publicly announce the intention to commence a tender or
exchange  offer  the consummation of which would result in such Person, together
with  its  Affiliates and Associates (other than Morris & Miller Ltd.), becoming
the  Beneficial  Owner  of shares of Common Stock aggregating 24% or more of the
Common  Stock  then  outstanding;  and  (iv)  Morris  & Miller Ltd., an Antiguan
corporation,  for  so  long  as  such  Person,  together with its Affiliates and
Associates  (other  than Mathew and Markson Ltd.), shall be the Beneficial Owner
of  15%  or  more,  but  not  24%  or  more,  of the shares of Common Stock then
outstanding,  provided  that  such  Person shall cease to be an Exempt Person at
              --------
such  time  when  such Person (A) shall become the Beneficial Owner of less than
15%  of  the  shares  of  Common Stock then outstanding or (B) shall commerce or
publicly  announce  the  intention  to  commence  a tender or exchange offer the
consummation  of which would result in such Person, together with its Affiliates
and  Associates  (other  than  Mathew and Markson Ltd.), becoming the Beneficial
Owner of shares of Common Stock aggregating 24% or more of the Common Stock then
outstanding.

     (l)     "Exchange  Ratio"  shall  have  the meaning set forth in Section 24
                                                                      ----------
hereof.

     (m)     "Expiration  Date"  shall  have  the meaning set forth in Section 7
                                                                       ---------
hereof.

     (n)     "Final Expiration Date" shall have the meaning set forth in Section
                                                                         -------
7  hereof.
- -

     (o)     "Flip-In  Event"  shall  have  the  meaning  set  forth  in Section
                                                                         -------
11(a)(ii)  hereof.
- ---------

     (p)     "NASDAQ"  shall  mean  The  Nasdaq  Stock  Market.


                                        4
<PAGE>
     (q)     "New  York  Stock Exchange" shall mean the New York Stock Exchange,
Inc.

     (r)     "Person" shall mean any individual, firm, corporation, partnership,
limited  liability  company,  trust  or  other  entity,  and  shall  include any
successor  (by  merger  or  otherwise)  to  such  entity.

     (s)     "Preferred  Stock"  shall  mean  the  Series A Junior Participating
Preferred  Stock,  par  value $0.001 per share, of the Company having the rights
and  preferences set forth in the Form of Certificate of Designation attached to
this  Agreement  as  Exhibit  A.
                     ----------

     (t)     "Principal Party" shall have the meaning set forth in Section 13(b)
                                                                   -------------
hereof.

     (u)     "Purchase  Price"  shall have the meaning set forth in Section 7(b)
                                                                    ------------
hereof.

     (v)     "Redemption  Date"  shall  have  the meaning set forth in Section 7
                                                                       ---------
hereof.

     (w)     "Redemption  Price"  shall have the meaning set forth in Section 23
                                                                      ----------
hereof.

     (x)     "Right  Certificate"  shall have the meaning set forth in Section 3
                                                                       ---------
hereof.

     (y)     "Security"  shall  have  the  meaning set forth in Section 11(d)(i)
hereof.

     (z)     "Securities Act" shall mean the Securities Act of 1933, as amended.

     (aa)     "Section  11(a)(ii) Trigger Date" shall have the meaning set forth
in  Section  11(a)(iii)  hereof.
    -------------------

     (bb)     "Spread"  shall  have  the meaning set forth in Section 11(a)(iii)
                                                              ------------------
hereof.

     (cc)     "Stock  Acquisition  Date"  shall  mean  the  first date of public
announcement  (which,  for  purposes  of this definition, shall include, without
limitation, a report filed pursuant to Section 13(d) of the Exchange Act) by the
Company or an Acquiring Person that an Acquiring Person has become such, or such
earlier date as a majority of the Board of Directors of the Company shall become
aware  of  the  existence  of  an  Acquiring  Person.

     (dd)     "Subsidiary"  of  any  Person  shall mean any corporation or other
entity  of  which securities or other ownership interests having ordinary voting
power  sufficient  to  elect  a  majority  of  the  board  of  directors of such
corporation  or other persons performing similar functions for such other entity
are  beneficially  owned,  directly  or  indirectly,  by  such  Person,  and any
corporation  or  other  entity  that  is  otherwise  controlled  by such Person.

     (ee)     "Substitution  Period" shall have the meaning set forth in Section
                                                                         -------
11(a)(iii)  hereof.
- ----------

     (ff)     "Summary  of Rights" shall have the meaning set forth in Section 3
                                                                       ---------
hereof.


                                        5
<PAGE>
     (gg)     "Trading Day" shall have the meaning set forth in Section 11(d)(i)
                                                                ----------------
hereof.

     Section  2.  Appointment  of Rights Agent.  The Company hereby appoints the
                  ----------------------------
Rights Agent to act as agent for the Company and the holders of the Rights (who,
in accordance with Section 3 hereof, shall prior to the Distribution Date be the
                   ---------
holders of Common Stock) in accordance with the terms and conditions hereof, and
the  Rights Agent hereby accepts such appointment.  The Company may from time to
time  appoint  such  co-Rights  Agents  as  it  may deem necessary or desirable.

     Section  3.  Issue  of  Right  Certificates.
                  ------------------------------

     (a)     Until  the  Close  of  Business on the earlier of (i) the tenth day
after  the  Stock Acquisition Date or (ii) the tenth Business Day (or such later
date  as  may  be  determined by action of the Board of Directors of the Company
prior  to such time as any Person becomes an Acquiring Person) after the date of
the commencement by any Person (other than an Exempt Person) of, or of the first
public  announcement  of  the  intention  of  such  Person (other than an Exempt
Person)  to commence, a tender or exchange offer the consummation of which would
result  in any Person (other than an Exempt Person) becoming an Acquiring Person
(the  earlier of such dates being herein referred to as the "Distribution Date",
provided,  however,  that  if either of such dates occurs after the date of this
- --------   -------
Agreement  and  on or prior to the Record Date, then the Distribution Date shall
be the Record Date), (x) the Rights will be evidenced (subject to the provisions
of  Section  3(b) hereof) by the certificates for Common Stock registered in the
    -------------
names of the holders thereof and not by separate Right Certificates, and (y) the
Rights  will  be  transferable  only  in  connection with the transfer of Common
Stock.  As  soon  as  practicable  after the Distribution Date, the Company will
prepare  and  execute,  the  Rights Agent will countersign, and the Company will
send  or  cause  to  be  sent (and the Rights Agent will, if requested, send) by
first-class,  insured,  postage-prepaid  mail,  to  each record holder of Common
Stock  as  of  the  close  of  business on the Distribution Date (other than any
Acquiring  Person  or any Associate or Affiliate of an Acquiring Person), at the
address of such holder shown on the records of the Company, a Right Certificate,
in  substantially  the  form  of  Exhibit  B  hereto  (a  "Right  Certificate"),
                                  ----------
evidencing  one  Right (subject to adjustment as provided herein) for each share
of  Common  Stock  so  held.  As  of  the  Distribution Date, the Rights will be
evidenced  solely  by  such  Right  Certificates.

     (b)     On  the  Record  Date,  or  as  soon as practicable thereafter, the
Company  will send a copy of a Summary of Rights to Purchase Shares of Preferred
Stock,  in substantially the form of Exhibit C hereto (the "Summary of Rights"),
                                     ---------
by  first-class,  postage-prepaid mail, to each record holder of Common Stock as
of  the Close of Business on the Record Date (other than any Acquiring Person or
any  Associate  or  Affiliate  of  any Acquiring Person), at the address of such
holder  shown  on  the records of the Company.  With respect to certificates for
Common Stock outstanding as of the Record Date, until the Distribution Date, the
Rights  will  be  evidenced  by such certificates registered in the names of the
holders  thereof  together  with  the Summary of Rights.  Until the Distribution
Date  (or,  if  earlier, the Expiration Date), the surrender for transfer of any
certificate  for  Common Stock outstanding on the Record Date, with or without a
copy  of the Summary of Rights, shall also constitute the transfer of the Rights
associated  with  the  Common  Stock  represented  thereby.


                                        6
<PAGE>
     (c)     Rights  shall  be  issued  in respect of all shares of Common Stock
issued or disposed of (including, without limitation, upon disposition of Common
Stock  out  of  treasury  stock or issuance or reissuance of Common Stock out of
authorized  but  unissued shares) after the Record Date but prior to the earlier
of  the  Distribution  Date and the Expiration Date, or in certain circumstances
provided in Section 22 hereof, after the Distribution Date.  Certificates issued
            ----------
for  Common  Stock  (including, without limitation, upon transfer of outstanding
Common  Stock,  disposition of Common Stock out of treasury stock or issuance or
reissuance  of  Common  Stock  out  of authorized but unissued shares) after the
Record Date but prior to the earlier of the Distribution Date and the Expiration
Date  shall  have  impressed  on, printed on, written on or otherwise affixed to
them  the  following  legend:

          This  certificate  also  evidences  and  entitles the holder
          hereof  to certain Rights as set forth in a Rights Agreement
          between  YP Corp. (the "Company") and Registrar and Transfer
          Company,  as  Rights  Agent,  dated as of May 6, 2004 and as
          amended  from  time  to  time  (the "Rights Agreement"), the
          terms  of  which are hereby incorporated herein by reference
          and  a  copy  of which is on file at the principal executive
          offices  of the Company. Under certain circumstances, as set
          forth in the Rights Agreement, such Rights will be evidenced
          by  separate certificates and will no longer be evidenced by
          this  certificate.  The  Company  will mail to the holder of
          this  certificate  a  copy  of  the Rights Agreement without
          charge  after  receipt  of a written request therefor. Under
                                                                 -----
          certain circumstances, as set forth in the Rights Agreement,
          ------------------------------------------------------------
          Rights  owned  by  or  transferred  to  any Person who is or
          ------------------------------------------------------------
          becomes  an  Acquiring  Person  (as  defined  in  the Rights
          ------------------------------------------------------------
          Agreement)  and certain transferees thereof will become null
          ------------------------------------------------------------
          and  void  and  will  no  longer  be  transferable.
          --------------------------------------------------

With  respect  to  such  certificates containing the foregoing legend, until the
Distribution  Date  the  Rights  associated with the Common Stock represented by
such  certificates  shall  be  evidenced  by  such  certificates  alone, and the
surrender  for  transfer  of  any such certificate, except as otherwise provided
herein,  shall  also  constitute  the transfer of the Rights associated with the
Common  Stock  represented  thereby.  In the event that the Company purchases or
otherwise  acquires  any  Common  Stock  after  the Record Date but prior to the
Distribution  Date, any Rights associated with such Common Stock shall be deemed
canceled  and  retired so that the Company shall not be entitled to exercise any
Rights associated with the Common Stock that are no longer outstanding.

     Notwithstanding  this  Section  3(c),  the  omission  of a legend shall not
                            -------------
affect  the  enforceability  of  any part of this Agreement or the rights of any
holder  of  the  Rights.

     Section  4.  Form  of  Right Certificates.  The Right Certificates (and the
                  ----------------------------
forms  of  election  to  purchase  shares and of assignment to be printed on the
reverse  thereof)  shall  be  substantially  in  the form set forth in Exhibit B
                                                                       ---------
hereto  and  may  have  such  marks  of  identification  or designation and such
legends,  summaries  or  endorsements  printed  thereon  as the Company may deem
appropriate  and  as are not inconsistent with the provisions of this Agreement,
or  as  may  be  required  to comply with any applicable law or with any rule or
regulation  made  pursuant  thereto


                                        7
<PAGE>
or  with  any  rule or regulation of any stock exchange or interdealer quotation
system  on  which  the  Rights  may from time to time be listed or quoted, or to
conform  to  usage.  Subject  to  the  provisions  of  this Agreement, the Right
Certificates  shall  entitle  the holders thereof to purchase such number of one
one-thousandths  of  a share of Preferred Stock as shall be set forth therein at
the  Purchase  Price,  but  the number of such one one-thousandths of a share of
Preferred  Stock  and  the  Purchase  Price  shall  be  subject to adjustment as
provided  herein.

     Section  5.  Countersignature  and  Registration.
                  -----------------------------------

     (a)     The  Right  Certificates shall be executed on behalf of the Company
by  the  President  of  the  Company, either manually or by facsimile signature,
shall  have  affixed thereto the Company's seal or a facsimile thereof and shall
be  attested  by  the  Secretary of the Company, either manually or by facsimile
signature.  The Right Certificates shall be manually countersigned by the Rights
Agent  and shall not be valid for any purpose unless countersigned.  In case any
officer of the Company who shall have signed any of the Right Certificates shall
cease  to  be  such officer of the Company before countersignature by the Rights
Agent  and  issuance  and  delivery  by  the  Company,  such Right Certificates,
nevertheless,  may be countersigned by the Rights Agent and issued and delivered
by  the  Company  with the same force and effect as though the Person who signed
such  Right  Certificates  had not ceased to be such officer of the Company; and
any  Right Certificate may be signed on behalf of the Company by any Person who,
at the actual date of the execution of such Right Certificate, shall be a proper
officer  of  the Company to sign such Right Certificate, although at the date of
the execution of this Agreement any such Person was not such an officer.

     (b)     Following  the  Distribution  Date,  the  Rights Agent will keep or
cause  to be kept, at an office or agency designated for such purpose, books for
registration  and  transfer  of  the  Right Certificates issued hereunder.  Such
books  shall show the names and addresses of the respective holders of the Right
Certificates,  the  number  of Rights evidenced on its face by each of the Right
Certificates, and the date of each of the Right Certificates.

     Section  6.  Transfer,  Split  Up,  Combination  and  Exchange  of  Right
                  ------------------------------------------------------------
Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.
- ----------------------------------------------------------------------

     (a)     Subject  to the provisions of this Agreement, at any time after the
Distribution  Date  and  prior  to the Expiration Date, any Right Certificate or
Right  Certificates  may  be  transferred,  split  up, combined or exchanged for
another Right Certificate or Right Certificates, entitling the registered holder
to  purchase  a like number of one one-thousandths of a share of Preferred Stock
as  the  Right  Certificate or Right Certificates surrendered then entitled such
holder  to  purchase.  Any  registered  holder  desiring  to transfer, split up,
combine  or exchange any Right Certificate or Right Certificates shall make such
request  in writing delivered to the Rights Agent, and shall surrender the Right
Certificate  or  Right  Certificates  to  be  transferred, split up, combined or
exchanged  at  the  office  or  agency  of  the Rights Agent designated for such
purpose.  Thereupon the Rights Agent shall countersign and deliver to the Person
entitled  thereto a Right Certificate or Right Certificates, as the case may be,
as  so  requested.  The Company may require payment of a sum sufficient to cover
any  tax  or  governmental  charge  that  may  be imposed in connection with any
transfer,  split  up,  combination  or  exchange  of  Right  Certificates.


                                        8
<PAGE>
     (b)     Subject  to the provisions of this Agreement, at any time after the
Distribution  Date and prior to the Expiration Date, upon receipt by the Company
and  the  Rights  Agent of evidence reasonably satisfactory to them of the loss,
theft,  destruction  or mutilation of a Right Certificate, and, in case of loss,
theft  or destruction, of indemnity or security reasonably satisfactory to them,
and, at the Company's request, reimbursement to the Company and the Rights Agent
of  all reasonable expenses incidental thereto, and upon surrender to the Rights
Agent  and  cancellation of the Right Certificate if mutilated, the Company will
make  and  deliver a new Right Certificate of like tenor to the Rights Agent for
delivery  to  the  registered  holder  in lieu of the Right Certificate so lost,
stolen,  destroyed  or  mutilated.

     Section  7.  Exercise of Rights, Purchase Price; Expiration Date of Rights.
                  -------------------------------------------------------------

     (a)     Except  as  otherwise  provided  herein,  the  Rights  shall become
exercisable  on  the  Distribution Date, and thereafter the registered holder of
any  Right  Certificate  may,  subject to Section 11(a)(ii) hereof and except as
                                          -----------------
otherwise  provided herein, exercise the Rights evidenced thereby in whole or in
part  upon  surrender  of  the  Right  Certificate, with the form of election to
purchase  on  the reverse side thereof duly executed, to the Rights Agent at the
office  or agency of the Rights Agent designated for such purpose, together with
payment  of the aggregate Purchase Price with respect to the total number of one
one-thousandths  of  a  share  of  Preferred Stock (or other securities, cash or
other  assets,  as the case may be) as to which the Rights are exercised, at any
time  that  is  both  after  the  Distribution  Date  and prior to the time (the
"Expiration  Date")  that  is the earliest of (i) the Close of Business on April
26,  2014  (the  "Final Expiration Date"), (ii) the time at which the Rights are
redeemed  as  provided in Section 23 hereof (the "Redemption Date") or (iii) the
                          ----------
time  at  which  such  Rights  are  exchanged  as provided in Section 24 hereof.
                                                              ----------

     (b)     The  Purchase  Price  shall  be  initially  $36.50  for  each  one
one-thousandth  of a share of Preferred Stock purchasable upon the exercise of a
Right.  The  Purchase  Price and the number of one one-thousandths of a share of
Preferred  Stock or other securities or property to be acquired upon exercise of
a Right shall be subject to adjustment from time to time as provided in Sections
                                                                        --------
11  and  13  hereof and shall be payable in lawful money of the United States of
- --       --
America  in  accordance  with  this  Section  7(c).
                                     -------------

     (c)     Except  as  otherwise  provided  herein,  upon  receipt  of a Right
Certificate  representing  exercisable  Rights,  with  the  form  of election to
purchase  duly  executed, accompanied by payment of the aggregate Purchase Price
for  the  shares  of  Preferred Stock to be purchased and an amount equal to any
applicable  transfer  tax  required  to  be  paid  by  the  holder of such Right
Certificate  in accordance with Section 9 hereof, in cash or by certified check,
                                ---------
cashier's  check  or money order payable to the order of the Company, the Rights
Agent  shall  thereupon  promptly (i) (A) requisition from any transfer agent of
the Preferred Stock, or make available if the Rights Agent is the transfer agent
for  the  Preferred  Stock,  certificates  for the number of shares of Preferred
Stock  to  be  purchased,  and  the  Company  hereby  irrevocably authorizes its
transfer  agent  to  comply  with  all  such requests, or (B) requisition from a
depositary  agent  appointed  by  the  Company  depositary receipts representing
interests in such number of one one-thousandths of a share of Preferred Stock as
are  to  be  purchased  (in  which  case  certificates  for  the Preferred Stock
represented  by  such receipts shall be deposited by the transfer agent with the


                                        9
<PAGE>
depositary  agent),  and the Company hereby directs any such depositary agent to
comply  with  such  request, (ii) when appropriate, requisition from the Company
the  amount  of  cash  to  be  paid  in lieu of issuance of fractional shares in
accordance  with  Section  14  hereof,  (iii)  promptly  after  receipt  of such
                  -----------
certificates  or  depositary receipts, cause the same to be delivered to or upon
the order of the registered holder of such Right Certificate, registered in such
name  or names as may be designated by such holder, (iv) when appropriate, after
receipt,  promptly  deliver  such  cash  to  or upon the order of the registered
holder  of  such  Right  Certificate,  and  (v) deliver to the Company the cash,
certified  check,  cashier's  check  or  money  order received as payment of the
exercise  price  for  such  Rights.

     (d)     Except  as otherwise provided herein, in case the registered holder
of  any  Right  Certificate shall exercise less than all of the Rights evidenced
thereby, a new Right Certificate evidencing Rights equivalent to the exercisable
Rights  remaining  unexercised  shall  be  issued  by  the  Rights  Agent to the
registered  holder  of such Right Certificate or to his duly authorized assigns,
subject  to  the  provisions  of  Section  14  hereof.
                                  -----------

     (e)     Notwithstanding anything in this Agreement to the contrary, neither
the Rights Agent nor the Company shall be obligated to undertake any action with
respect  to  a  registered holder of Rights upon the occurrence of any purported
transfer  or  exercise  of Rights pursuant to Section 6 hereof or this Section 7
                                              ---------                ---------
unless  such  registered  holder  shall  have  (i)  completed  and  signed  the
certificate  contained in the form of assignment or form of election to purchase
set  forth  on  the  reverse  side of the Right Certificate surrendered for such
transfer  or exercise and (ii) provided such additional evidence of the identity
of  the  Beneficial  Owner  (or  former Beneficial Owner) thereof as the Company
shall  reasonably  request.

     Section  8.  Cancellation and Destruction of Right Certificates.  All Right
                  --------------------------------------------------
Certificates  surrendered  for  the  purpose  of  exercise,  transfer, split up,
combination  or  exchange  shall, if surrendered to the Company or to any of its
agents,  be  delivered to the Rights Agent for cancellation or in canceled form,
or,  if  surrendered  to the Rights Agent, shall be canceled by it, and no Right
Certificates  shall  be  issued in lieu thereof except as expressly permitted by
any  of  the  provisions  of  this  Agreement.  The Company shall deliver to the
Rights  Agent  for  cancellation  and  retirement, and the Rights Agent shall so
cancel  and  retire,  any  other  Right Certificate purchased or acquired by the
Company  otherwise  than  upon  the  exercise  thereof.  The  Rights Agent shall
deliver all canceled Right Certificates to the Company, or shall, at the written
request  of  the  Company, destroy such canceled Right Certificates, and in such
case  shall  deliver  a  certificate  of  destruction  thereof  to  the Company.

     Section  9.  Availability  of  Shares  of  Preferred  Stock.
                  ----------------------------------------------

     (a)     The  Company covenants and agrees that it will cause to be reserved
and  kept available out of its authorized and unissued shares of Preferred Stock
or  any  shares of Preferred Stock held in its treasury, the number of shares of
Preferred  Stock  that  will be sufficient to permit the exercise in full of all
outstanding  Rights.

     (b)     So long as the shares of Preferred Stock issuable upon the exercise
of  Rights  may  be  listed  or  admitted  to trading on any national securities
exchange,  or quoted on NASDAQ, the



                                       10
<PAGE>
Company  shall  use  its  best efforts to cause, from and after such time as the
Rights become exercisable, all shares reserved for such issuance to be listed or
admitted  to trading on such exchange, or quoted on NASDAQ, upon official notice
of  issuance  upon  such  exercise.

     (c)     From  and  after  such  time  as the Rights become exercisable, the
Company  shall use its best efforts, if then necessary to permit the issuance of
shares  of  Preferred Stock upon the exercise of Rights, to register and qualify
such shares of Preferred Stock under the Securities Act and any applicable state
securities  or  "Blue  Sky"  laws  (to  the  extent exemptions therefrom are not
available),  cause  such  registration  statement  and  qualifications to become
effective  as  soon as possible after such filing and keep such registration and
qualifications  effective  (with  a  prospectus  at  all  times  meeting  the
requirements  of  the  Securities Act) until the earlier of the date as of which
the  Rights  are  no  longer  exercisable for such securities and the Expiration
Date.  The  Company  may temporarily suspend, for a period of time not to exceed
90  days,  the  exercisability  of  the  Rights  in  order to prepare and file a
registration  statement  under  the  Securities  Act  and  permit  it  to become
effective.  Upon  any  such  suspension,  the  Company  shall  issue  a  public
announcement  stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement at such time as the suspension is no
longer  in  effect.  Notwithstanding  any  provision  of  this  Agreement to the
contrary,  the  Rights  shall  not be exercisable in any jurisdiction unless the
requisite  qualification in such jurisdiction shall have been obtained and until
a  registration  statement  under  the  Securities  Act shall have been declared
effective,  unless  an  exemption  therefrom  is  available.

     (d)     The  Company covenants and agrees that it will take all such action
as  may be necessary to ensure that all shares of Preferred Stock delivered upon
exercise  of  Rights shall, at the time of delivery of the certificates therefor
(subject  to  payment of the Purchase Price), be duly and validly authorized and
issued  and  fully  paid  and  nonassessable  shares.

     (e)     The  Company further covenants and agrees that it will pay when due
and payable any and all federal and state transfer taxes and charges that may be
payable  in  respect of the issuance or delivery of the Right Certificates or of
any  shares  of  Preferred Stock upon the exercise of Rights.  The Company shall
not,  however,  be  required  to  pay  any  transfer tax which may be payable in
respect  of  any  transfer  or  delivery of Right Certificates to a Person other
than, or the issuance or delivery of certificates or depositary receipts for the
Preferred Stock in a name other than that of, the registered holder of the Right
Certificate  evidencing  Rights  surrendered for exercise or to issue or deliver
any certificates or depositary receipts for Preferred Stock upon the exercise of
any  Rights  until any such tax shall have been paid (any such tax being payable
by  that  holder of such Right Certificate at the time of surrender) or until it
has  been  established to the Company's reasonable satisfaction that no such tax
is  due.

     Section  10.  Preferred  Stock  Record Date.  Each Person in whose name any
                   -----------------------------
certificate  for Preferred Stock is issued upon the exercise of Rights shall for
all  purposes  be  deemed  to  have become the holder of record of the shares of
Preferred Stock represented thereby on, and such certificate shall be dated, the
date  upon  which  the  Right  Certificate  evidencing  such  Rights  was  duly
surrendered  and  payment  of  the  Purchase  Price (and any applicable transfer
taxes)  was  made;  provided,  however,  that  if the date of such surrender and
                    --------   -------
payment  is  a date upon which the Preferred Stock transfer books of the Company
are closed, such Person shall be deemed to have


                                       11
<PAGE>
become the record holder of such shares on, and such certificate shall be dated,
the  next succeeding Business Day on which the Preferred Stock transfer books of
the Company are open. Prior to the exercise of the Rights evidenced thereby, the
holder of a Right Certificate shall not be entitled to any rights of a holder of
Preferred  Stock  for  which the Rights shall be exercisable, including, without
limitation,  the  right  to vote or to receive dividends or other distributions,
and  shall  not  be  entitled  to  receive  any notice of any proceedings of the
Company,  except  as  provided  herein.

     Section  11.  Adjustment  of  Purchase Price, Number and Kind of Shares and
                   -------------------------------------------------------------
Number  of  Rights.  The Purchase Price, the number of shares of Preferred Stock
- ------------------
or other securities or property purchasable upon exercise of each Right, and the
number  of  Rights  outstanding  are  subject to adjustment from time to time as
provided  in  this  Section  11.
                    -----------

     (a)   (i)     In  the  event  the  Company shall at any time after the date
of  this Agreement (A) declare and pay a dividend on the Preferred Stock payable
in shares of Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C)
combine  the  outstanding  Preferred  Stock  into  a smaller number of shares of
Preferred  Stock  or  (D)  issue  any  shares  of  its  capital  stock  in  a
reclassification  of the Preferred Stock (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing
or  surviving  corporation), except as otherwise provided in this Section 11(a),
                                                                  -------------
the number and kind of shares of capital stock issuable upon exercise of a Right
as  of  the  record  date  for  such  dividend  or  the  effective  date of such
subdivision,  combination  or reclassification shall be proportionately adjusted
so  that  the holder of any Right exercised after such time shall be entitled to
receive  the  aggregate number and kind of shares of capital stock that, if such
Right  had  been exercised immediately prior to such date and at a time when the
Preferred  Stock  transfer books of the Company were open, the holder would have
owned  upon  such  exercise  and  been  entitled  to  receive  by virtue of such
dividend,  subdivision,  combination  or  reclassification.

          (ii)     Subject  to  Section  24  of this Agreement, in the event any
                                -----------
Person  becomes  an  Acquiring  Person (the first occurrence of such event being
referred  to  hereinafter  as  the "Flip-In Event"), then (A) the Purchase Price
shall  be  adjusted  to be the Purchase Price in effect immediately prior to the
Flip-In  Event  multiplied  by  the  number of one one-thousandths of a share of
Preferred  Stock  for  which  a  Right was exercisable immediately prior to such
Flip-In  Event,  whether  or  not  such Right was then exercisable, and (B) each
holder  of  a  Right, except as otherwise provided in this Section 11(a)(ii) and
                                                           -----------------
Section  11(a)(iii)  hereof,  shall  thereafter  have the right to receive, upon
- -------------------
exercise  thereof  at  a  price equal to the Purchase Price (as so adjusted), in
accordance  with  the terms of this Agreement and in lieu of shares of Preferred
Stock,  such number of shares of Common Stock as shall equal the result obtained
by  dividing the Purchase Price (as so adjusted) by 50% of the current per share
market  price  of the Common Stock (determined pursuant to Section 11(d) hereof)
                                                           -------------
on  the  date  of such Flip-In Event; provided, however, that the Purchase Price
                                      --------  -------
(as  so  adjusted)  and  the number of shares of Common Stock so receivable upon
exercise  of  a  Right shall, following the Flip-In Event, be subject to further
adjustment  as  appropriate  in  accordance  with  Section  11(f)  hereof.
                                                   --------------
Notwithstanding  anything  in  this Agreement to the contrary, however, from and
after  the  Flip-In  Event,  any  Rights  that are beneficially owned by (x) any
Acquiring  Person (or any Affiliate or Associate of any Acquiring Person), (y) a
transferee  of  any  Acquiring  Person  (or any such Affiliate or Associate) who


                                       12
<PAGE>
becomes  a  transferee  after  the  Flip-In  Event  or  (z)  a transferee of any
Acquiring  Person  (or  any such Affiliate or Associate) who became a transferee
prior  to  or  concurrently  with  the  Flip-In  Event  pursuant to either (I) a
transfer from the Acquiring Person to holders of its equity securities or to any
Person  with  whom it has any continuing agreement, arrangement or understanding
regarding  the transferred Rights or (II) a transfer that the Board of Directors
of  the  Company  has determined is part of a plan, arrangement or understanding
that  has  the  purpose  or  effect  of  avoiding the provisions of this Section
                                                                         -------
11(a)(ii), and subsequent transferees of such Persons, shall be void without any
- ---------
further  action  and  any  holder of such Rights shall thereafter have no rights
whatsoever  with  respect  to such Rights under any provision of this Agreement.
The  Company  shall  use all reasonable efforts to ensure that the provisions of
this  Section  11(a)(ii)  are  complied with, but shall have no liability to any
      ------------------
holder  of Right Certificates or other Person as a result of its failure to make
any  determinations  with  respect  to  an  Acquiring  Person or its Affiliates,
Associates or transferees hereunder.  From and after the Flip-In Event, no Right
Certificate  shall  be  issued  pursuant  to  Section 3 or Section 6 hereof that
                                              ---------    ---------
represents  Rights  that  are  or have become void pursuant to the provisions of
this  Section 11(a)(ii), and any Right Certificate delivered to the Rights Agent
      -----------------
that  represents  Rights that are or have become void pursuant to the provisions
of  this  Section 11(a)(ii) shall be canceled.  From and after the occurrence of
          -----------------
an event specified in Section 13(a) hereof, any Rights that theretofore have not
                      -------------
been  exercised  pursuant  to  this  Section  11(a)(ii)  shall  thereafter  be
                                     ------------------
exercisable  only in accordance with Section 13 and not pursuant to this Section
                                     ----------                          -------
11(a)(ii).
- ---------

          (iii)     The  Company,  at  its option, may substitute for a share of
Common  Stock  issuable  upon  the exercise of Rights in accordance with Section
                                                                         -------
11(a)(ii)  a  number  of shares of Preferred Stock or fraction thereof such that
- ---------
the current per share market price of one share of Preferred Stock multiplied by
such  number  or  fraction is equal to the current per share market price of one
share  of  Common Stock.  In the event that there shall not be sufficient shares
of  Common Stock issued but not outstanding or authorized but unissued to permit
the  exercise  in  full  of the Rights in accordance with Section 11(a)(ii), the
                                                          -----------------
Board of Directors of the Company shall, with respect to such deficiency, to the
extent permitted by applicable law and any material agreements then in effect to
which  the  Company  is  a  party,  (A)  determine  the excess (such excess, the
"Spread")  of  (1)  the  value  of  the shares of Common Stock issuable upon the
exercise  of  a Right in accordance with Section 11(a)(ii) (the "Current Value")
                                         -----------------
over  (2) the Purchase Price (as adjusted in accordance with Section 11(a)(ii)),
                                                             -----------------
and  (B)  with  respect  to  each Right (other than Rights that have become void
pursuant  to  Section  11(a)(ii)), make adequate provision to substitute for the
              ------------------
shares  of  Common  Stock  issuable  in  accordance  with Section 11(a)(ii) upon
                                                          -----------------
exercise  of  the  Right  and  payment  of  the  Purchase  Price (as adjusted in
accordance  therewith),  (1)  cash,  (2) a reduction in such Purchase Price, (3)
shares  of Preferred Stock or other equity securities of the Company (including,
without  limitation,  shares  or fractions of shares of preferred stock that, by
virtue  of  having  dividend,  voting,  and  liquidation  rights  substantially
comparable  to  those of the shares of Common Stock, are deemed in good faith by
the  Board  of  Directors of the Company to have substantially the same value as
the  shares  of  Common  Stock  (such  shares  of  Preferred Stock and shares or
fractions  of  shares  of preferred stock are hereinafter referred to as "Common
Stock  Equivalents")),  (4) debt securities of the Company, (5) other assets, or
(6)  any  combination  of  the foregoing, having a value that, when added to the
value  of  the  shares of Common Stock issued upon exercise of such Right, shall
have  an  aggregate  value  equal  to  the Current Value (less the amount of any
reduction  in  such  Purchase


                                       13
<PAGE>
Price), where such aggregate value has been determined by the Board of Directors
of  the  Company  upon  the advice of a nationally recognized investment banking
firm  selected in good faith by the Board of Directors of the Company; provided,
                                                                       --------
however,  that if the Company shall not make adequate provision to deliver value
- -------
pursuant to clause (B) above within thirty (30) days following the Flip-In Event
(the date of the Flip-In Event being the "Section 11(a)(ii) Trigger Date"), then
the Company shall be obligated to deliver, to the extent permitted by applicable
law  and any material agreements then in effect to which the Company is a party,
upon the surrender for exercise of a Right and without requiring payment of such
Purchase  Price,  shares of Common Stock (to the extent available), and then, if
necessary,  such number or fractions of shares of Preferred Stock (to the extent
available)  and  then,  if  necessary,  cash,  which  shares and/or cash have an
aggregate  value  equal  to  the  Spread. If, upon the occurrence of the Flip-In
Event,  the Board of Directors of the Company shall determine in good faith that
it  is  likely  that  sufficient  additional  shares  of  Common  Stock could be
authorized  for issuance upon exercise in full of the Rights, then, if the Board
of  Directors  of  the  Company  so elects, the thirty (30) day period set forth
above  may  be  extended  to the extent necessary, but not more than ninety (90)
days  after  the  Section  11(a)(ii) Trigger Date, in order that the Company may
seek  stockholder approval for the authorization of such additional shares (such
thirty  (30)  day  period,  as  it  may  be  extended,  is  herein  called  the
"Substitution  Period").  To  the  extent  that the Company determines that some
action  need  be  taken  pursuant  to  the  second and/or third sentence of this
Section  11(a)(iii), the Company (x) shall provide, subject to Section 11(a)(ii)
- -------------------                                            -----------------
hereof  and the last sentence of this Section 11(a)(iii), that such action shall
                                      ------------------
apply uniformly to all outstanding Rights and (y) may suspend the exercisability
of  the  Rights until the expiration of the Substitution Period in order to seek
any  authorization of additional shares and/or to decide the appropriate form of
distribution  to  be  made pursuant to such second sentence and to determine the
value  thereof.  In  the event of any such suspension, the Company shall issue a
public  announcement  stating  that  the  exercisability  of the Rights has been
temporarily  suspended,  as  well  as  a public announcement at such time as the
suspension  is no longer in effect. For purposes of this Section 11(a)(iii), the
                                                         ------------------
value  of the shares of Common Stock shall be the current per share market price
(as  determined  pursuant  to Section 11(d)(i)) on the Section 11(a)(ii) Trigger
                              -----------------
Date  and  the  per  share  or fractional value of any "Common Stock Equivalent"
shall be deemed to equal the current per share market price of the Common Stock.
The  Board  of  Directors  of  the  Company  may,  but shall not be required to,
establish  procedures  to  allocate  the right to receive shares of Common Stock
upon the exercise of the Rights among holders of Rights pursuant to this Section
                                                                         -------
11(a)(iii).
- ----------

     (b)     In  case  the  Company  shall fix a record date for the issuance of
rights,  options  or  warrants  to all holders of Preferred Stock entitling them
(for  a  period  expiring  within  45  calendar  days after such record date) to
subscribe  for  or  purchase  Preferred Stock (or shares having the same rights,
privileges,  and  preferences  as  the  Preferred  Stock  ("Equivalent Preferred
Shares")) or securities convertible into Preferred Stock or Equivalent Preferred
Shares  at  a  price per share of Preferred Stock or Equivalent Preferred Shares
(or  having  a conversion price per share, if a security convertible into shares
of  Preferred  Stock  or Equivalent Preferred Shares) less than the then-current
per  share  market  price of the Preferred Stock (determined pursuant to Section
                                                                         -------
11(d) hereof) on such record date, the Purchase Price to be in effect after such
- -----
record  date  shall  be  determined  by multiplying the Purchase Price in effect
immediately  prior  to  such  record  date by a fraction, the numerator of which
shall be the number of shares of



                                       14
<PAGE>
Preferred  Stock and Equivalent Preferred Shares outstanding on such record date
plus  the  number  of  shares of Preferred Stock and Equivalent Preferred Shares
that  the  aggregate  offering  price of the total number of shares of Preferred
Stock  and/or Equivalent Preferred Shares so to be offered (and/or the aggregate
initial  conversion  price of the convertible securities so to be offered) would
purchase at such current market price, and the denominator of which shall be the
number  of shares of Preferred Stock and Equivalent Preferred Shares outstanding
on  such  record  date  plus  the number of additional shares of Preferred Stock
and/or  Equivalent  Preferred  Shares to be offered for subscription or purchase
(or  into  which  the  convertible  securities  so  to  be offered are initially
convertible);  provided, however, that in no event shall the consideration to be
               --------  -------
paid  upon the exercise of one Right be less than the aggregate par value of the
shares  of  capital stock of the Company issuable upon exercise of one Right. In
case such subscription price may be paid in a consideration part or all of which
shall  be in a form other than cash, the value of such consideration shall be as
determined  in  good  faith  by  the  Board  of  Directors of the Company, whose
determination  shall  be  described  in a statement filed with the Rights Agent.
Shares  of  Preferred Stock and Equivalent Preferred Shares owned by or held for
the  account  of  the Company shall not be deemed outstanding for the purpose of
any such computation. Such adjustment shall be made successively whenever such a
record date is fixed; and in the event that such rights, options or warrants are
not  so  issued,  the  Purchase Price shall be adjusted to be the Purchase Price
that  would  then  be  in  effect  if  such  record  date  had  not  been fixed.

     (c)     In  case  the  Company  shall fix a record date for the making of a
distribution  to  all  holders  of  the  Preferred  Stock  (including  any  such
distribution  made  in  connection  with  a consolidation or merger in which the
Company is the continuing or surviving corporation) of evidences of indebtedness
or assets (other than a regular quarterly cash dividend or a dividend payable in
Preferred Stock) or subscription rights or warrants (excluding those referred to
in  Section  11(b) hereof), the Purchase Price to be in effect after such record
    --------------
date shall be determined by multiplying the Purchase Price in effect immediately
prior  to  such  record  date by a fraction, the numerator of which shall be the
then-current  per share market price of the Preferred Stock (determined pursuant
to  Section  11(d)  hereof)  on such record date, less the fair market value (as
    --------------
determined  in  good  faith  by  the  Board  of  Directors of the Company, whose
determination  shall be described in a statement filed with the Rights Agent) of
the  portion  of the assets or evidences of indebtedness so to be distributed or
of  such  subscription  rights  or warrants applicable to one share of Preferred
Stock, and the denominator of which shall be such current per share market price
(determined  pursuant to Section 11(d) hereof) of the Preferred Stock; provided,
                         -------------                                 --------
however,  that  in no event shall the consideration to be paid upon the exercise
- -------
of one Right be less than the aggregate par value of the shares of capital stock
of  the Company to be issued upon exercise of one Right.  Such adjustments shall
be made successively whenever such a record date is fixed; and in the event that
such  distribution is not so made, the Purchase Price shall again be adjusted to
be  the  Purchase Price that would then be in effect if such record date had not
been  fixed.

     (d)     (i)     Except as otherwise provided herein, for the purpose of any
computation  hereunder,  the "current per share market price" of any security (a
"Security" for the purpose of this Section 11(d)(i)) on any date shall be deemed
                                   ----------------
to be the average of the daily closing prices per share of such Security for the
30  consecutive  Trading  Days (as such term is hereinafter defined) immediately
prior  to  such  date; provided, however, that in the event that the current per
                       --------  -------
share  market  price of the Security is determined during a period following the
announcement by


                                       15
<PAGE>
the  issuer  of such Security of (A) a dividend or distribution on such Security
payable  in  shares of such Security or securities convertible into such shares,
or  (B)  any  subdivision, combination or reclassification of such Security, and
prior  to  the expiration of 30 Trading Days after the ex-dividend date for such
dividend  or  distribution, or the record date for such subdivision, combination
or  reclassification,  then, and in each such case, the current per share market
price  shall  be  appropriately adjusted to reflect the current market price per
share  equivalent  of such Security. The closing price for each day shall be the
last  sale price, regular way, or, in case no such sale takes place on such day,
the  average of the closing bid and asked prices, regular way, in either case as
reported by the principal consolidated transaction reporting system with respect
to  securities  listed or admitted to trading on the New York Stock Exchange or,
if  the  Security  is  not  listed  or admitted to trading on the New York Stock
Exchange, as reported in the principal consolidated transaction reporting system
with  respect to securities listed on the principal national securities exchange
on  which  the  Security is listed or admitted to trading or, if the Security is
not  listed or admitted to trading on any national securities exchange, the last
quoted  price  or,  if  not so quoted, the average of the high bid and low asked
prices  on  NASDAQ  or  in the over-the-counter market, as reported by NASDAQ or
such  other  system  then  in  use,  or, if on any such date the Security is not
quoted by any such organization, the average of the closing bid and asked prices
as  furnished  by  a  professional  market maker making a market in the Security
selected  by the Board of Directors of the Company. The term "Trading Day" shall
mean  a  day  on  which  the principal national securities exchange on which the
Security  is  listed  or  admitted  to  trading  is  open for the transaction of
business  or,  if  the  Security  is  not  listed  or admitted to trading on any
national  securities  exchange,  a  Business  Day.

          (ii)     For  the  purpose  of  any  computation  hereunder,  if  the
Preferred  Stock is publicly traded, the "current per share market price" of the
Preferred  Stock  shall be determined in accordance with the method set forth in
Section  11(d)(i).  If the Preferred Stock is not publicly traded but the Common
- -----------------
Stock  is publicly traded, the "current per share market price" of the Preferred
Stock  shall  be conclusively deemed to be the current per share market price of
the  Common  Stock  as determined pursuant to Section 11(d)(i) multiplied by the
                                              ----------------
then-applicable  Adjustment  Number  (as defined in and determined in accordance
with  the  Certificate  of Designation for the Preferred Stock).  If neither the
Common  Stock  nor  the  Preferred  Stock is publicly traded, "current per share
market price" shall mean the fair value per share as determined in good faith by
the Board of Directors of the Company, whose determination shall be described in
a  statement  filed  with  the  Rights  Agent.

     (e)     No  adjustment  in the Purchase Price shall be required unless such
adjustment  would require an increase or decrease of at least 1% in the Purchase
Price;  provided,  however,  that any adjustments that by reason of this Section
        --------   -------                                               -------
11(e)  are  not  required  to  be  made  shall be carried forward and taken into
- -----
account  in  any  subsequent adjustment.  All calculations under this Section 11
shall  be made to the nearest cent or to the nearest one hundred-thousandth of a
share  of  Preferred  Stock or one-hundredth of a share of Common Stock or other
share  or  security  as  the case may be.  Notwithstanding the first sentence of
this  Section 11(e), any adjustment required by this Section 11 shall be made no
      -------------                                  ----------
later  than the earlier of (i) three years from the date of the transaction that
requires  such  adjustment  or  (ii)  the  Expiration  Date.


                                       16
<PAGE>
     (f)     If,  as  a  result  of an adjustment made pursuant to Section 11(a)
                                                                   -------------
hereof,  the  holder  of any Right thereafter exercised shall become entitled to
receive  any  shares  of  capital  stock of the Company other than the Preferred
Stock,  thereafter  the  Purchase  Price  and the number of such other shares so
receivable  upon exercise of a Right shall be subject to adjustment from time to
time  in  a  manner  and  on  terms  as  nearly equivalent as practicable to the
provisions  with  respect  to  the  Preferred Stock contained in Sections 11(a),
                                                                 --------------
11(b),  11(c),  11(e),  11(h),  11(i),  and 11(m) hereof, as applicable, and the
- -----   -----   -----   -----   -----       -----
provisions of Sections 7, 9, 10, 13, and 14 hereof with respect to the Preferred
              ----------  -  --  --      --
Stock shall apply on like terms to any such other shares.

     (g)     All  Rights  originally  issued  by  the  Company subsequent to any
adjustment  made  to  the  Purchase  Price hereunder shall evidence the right to
purchase, at the adjusted Purchase Price, the number of one one-thousandths of a
share  of  Preferred Stock purchasable from time to time hereunder upon exercise
of the Rights, all subject to further adjustment as provided herein.

     (h)     Unless the Company shall have exercised its election as provided in
Section  11(i),  upon  each  adjustment of the Purchase Price as a result of the
- --------------
calculations  made  in  Sections  11(b)  and  11(c),  each  Right  outstanding
                        ---------------       -----
immediately prior to the making of such adjustment shall thereafter evidence the
right  to  purchase,  at  the  adjusted  Purchase  Price,  that  number  of  one
one-thousandths  of  a  share  of Preferred Stock (calculated to the nearest one
hundred-thousandth  of  a  share of Preferred Stock) obtained by (i) multiplying
(x)  the  number of one one-thousandths of a share purchasable upon the exercise
of  a  Right  immediately  prior to such adjustment by (y) the Purchase Price in
effect  immediately  prior  to  such adjustment and (ii) dividing the product so
obtained by the Purchase Price in effect immediately after such adjustment.

     (i)     The Company may elect on or after the date of any adjustment of the
Purchase  Price  pursuant to Sections 11(b) or 11(c) hereof to adjust the number
                             --------------    -----
of  Rights,  in  substitution  for  any  adjustment  in  the  number  of  one
one-thousandths of a share of Preferred Stock purchasable upon the exercise of a
Right.  Each  of  the  Rights outstanding after such adjustment of the number of
Rights  shall be exercisable for the number of one one-thousandths of a share of
Preferred  Stock  for  which  a  Right was exercisable immediately prior to such
adjustment.  Each Right held of record prior to such adjustment of the number of
Rights  shall  become  that  number  of  Rights  (calculated  to  the  nearest
one-hundredth)  obtained  by  dividing  the Purchase Price in effect immediately
prior  to  adjustment  of  the  Purchase  Price  by the Purchase Price in effect
immediately  after  adjustment  of the Purchase Price.  The Company shall make a
public  announcement  of its election to adjust the number of Rights, indicating
the record date for the adjustment, and, if known at the time, the amount of the
adjustment  to  be made.  Such record date may be the date on which the Purchase
Price  is  adjusted  or  any day thereafter, but, if the Right Certificates have
been  issued,  shall  be  at  least  10  days  later than the date of the public
announcement.  If Right Certificates have been issued, then upon each adjustment
of  the  number  of  Rights  pursuant  to this Section 11(i) the Company may, as
                                               -------------
promptly  as  practicable, cause to be distributed to holders of record of Right
Certificates  on  such  record  date  Right  Certificates evidencing, subject to
Section 14 hereof, the additional Rights to which such holders shall be entitled
- ----------
as  a result of such adjustment or, at the option of the Company, shall cause to
be distributed to such holders of record in substitution and replacement for the
Right  Certificates  held  by  such holders prior to the date of adjustment, and
upon  surrender  thereof,  if  required  by  the Company, new Right Certificates
evidencing  all  the  Rights  to  which  such  holders  shall  be


                                       17
<PAGE>
entitled after such adjustment. Right Certificates so to be distributed shall be
issued,  executed, and countersigned in the manner provided for herein and shall
be registered in the names of the holders of record of Right Certificates on the
record  date  specified  in  the  public  announcement.

     (j)     Irrespective  of  any adjustment or change in the Purchase Price or
the  number  of  one one-thousandths of a share of Preferred Stock issuable upon
the  exercise  of  a  Right,  the  Right Certificates theretofore and thereafter
issued  may  continue  to  express  the  Purchase  Price  and  the number of one
one-thousandths of a share of Preferred Stock that were expressed in the initial
Right  Certificates  issued  hereunder.

     (k)     Before  taking  any  action that would cause an adjustment reducing
the  Purchase  Price  below  the  then  par  value,  if  any, of the fraction of
Preferred  Stock  or  other  shares of capital stock issuable upon exercise of a
Right,  the  Company shall take any corporate action that may, in the opinion of
its  counsel,  be  necessary  in  order that the Company may validly and legally
issue  fully  paid  and  nonassessable  shares  of Preferred Stock or other such
shares  at  such  adjusted  Purchase  Price.

     (l)     In  any  case  in  which  this  Section  11  shall  require that an
                                             -----------
adjustment  in  the  Purchase  Price be made effective as of a record date for a
specified  event,  the  Company  may elect to defer until the occurrence of such
event  issuing  to  the holder of any Right exercised after such record date the
Preferred  Stock  and  other capital stock or securities of the Company, if any,
issuable upon such exercise over and above the Preferred Stock and other capital
stock  or  securities of the Company, if any, issuable upon such exercise on the
basis  of  the  Purchase  Price  in  effect  prior to such adjustment; provided,
                                                                       --------
however,  that  the  Company  shall  deliver  to such holder a due bill or other
- -------
appropriate instrument evidencing such holder's right to receive such additional
shares upon the occurrence of the event requiring such adjustment.

     (m)     Anything  in  this  Section 11 to the contrary notwithstanding, the
                                 ----------
Company  shall  be  entitled  to make such adjustments in the Purchase Price, in
addition  to  those adjustments expressly required by this Section 11, as and to
                                                           ----------
the  extent  that  it  in its sole discretion shall determine to be advisable in
order  that  any  (i)  consolidation or subdivision of the Preferred Stock, (ii)
issuance  wholly  for  cash  of  any  shares of Preferred Stock at less than the
current  market  price,  (iii)  issuance  wholly  for cash of Preferred Stock or
securities  that  by  their  terms  are  convertible  into  or  exchangeable for
Preferred  Stock,  (iv)  dividends  on  Preferred  Stock  payable  in  shares of
Preferred  Stock,  or (v) issuance of rights, options or warrants referred to in
Section  11(b),  hereafter made by the Company to holders of its Preferred Stock
- --------------
shall  not  be  taxable  to  such  stockholders.

     (n)     Anything  in this Agreement to the contrary notwithstanding, in the
event  that  at  any  time  after  the  date  of this Agreement and prior to the
Distribution  Date  the  Company  shall  (i) declare and pay any dividend on the
Common  Stock  payable in Common Stock or (ii) effect a subdivision, combination
or  consolidation  of the Common Stock (by reclassification or otherwise than by
payment  of  a dividend payable in Common Stock) into a greater or lesser number
of  shares  of  Common  Stock,  then,  in  each  such case, the number of Rights
associated  with  each  share  of  Common  Stock  then outstanding, or issued or
delivered  thereafter,  shall  be proportionately adjusted so that the number of
Rights  thereafter associated with each share of


                                       18
<PAGE>
Common  Stock  following  any  such  event  shall  equal  the result obtained by
multiplying  the  number  of  Rights  associated with each share of Common Stock
immediately  prior  to  such event by a fraction the numerator of which shall be
the  total number of shares of Common Stock outstanding immediately prior to the
occurrence  of  the event and the denominator of which shall be the total number
of  shares  of  Common Stock outstanding immediately following the occurrence of
such  event.

     (o)     The Company agrees that, after the earlier of the Distribution Date
or  the Stock Acquisition Date, it will not, except as permitted by Sections 23,
                                                                    -----------
24  or  27  hereof, take (or permit any Subsidiary to take) any action if at the
- --      --
time  such  action  is  taken it is reasonably foreseeable that such action will
diminish  substantially or eliminate the benefits intended to be afforded by the
Rights.

     Section  12.  Certificate  of  Adjusted Purchase Price or Number of Shares.
                   ------------------------------------------------------------
Whenever  an  adjustment  is  made  as  provided in Section 11 or 13 hereof, the
                                                    ----------    --
Company  shall  promptly (a) prepare a certificate setting forth such adjustment
and a brief statement of the facts accounting for such adjustment, (b) file with
the  Rights  Agent  and  with  each  transfer agent for the Common Stock and the
Preferred Stock a copy of such certificate, and (c) mail a brief summary thereof
to  each  holder of a Right Certificate in accordance with Section 25 hereof (if
                                                           ----------
so required under Section 25 hereof).  The Rights Agent shall be fully protected
                  ----------
in  relying  on any such certificate and on any adjustment therein contained and
shall not be deemed to have knowledge of any such adjustment unless and until it
shall  have  received  such  certificate.

     Section 13.  Consolidation, Merger or Sale or Transfer of Assets or Earning
                  --------------------------------------------------------------
Power.
- -----

     (a)     In the event, directly or indirectly, at any time after the Flip-In
Event  (i)  the  Company  shall  consolidate  with or shall merge into any other
Person,  (ii)  any  Person shall merge with and into the Company and the Company
shall  be  the  continuing  or  surviving  corporation  of  such  merger and, in
connection  with  such  merger, all or part of the Common Stock shall be changed
into  or  exchanged for stock or other securities of any other Person (or of the
Company)  or  cash  or  any  other  property, or (iii) the Company shall sell or
otherwise  transfer  (or one or more of its Subsidiaries shall sell or otherwise
transfer),  in one or more transactions, assets or earning power aggregating 50%
or  more  of  the  assets  or  earning power of the Company and its Subsidiaries
(taken  as  a  whole) to any other Person (other than the Company or one or more
wholly-owned  Subsidiaries  of  the  Company), then upon the first occurrence of
such  event,  proper  provision shall be made so that (A) each holder of a Right
(other  than  Rights that have become void pursuant to Section 11(a)(ii) hereof)
                                                       -----------------
shall  thereafter  have  the  right to receive, upon the exercise thereof at the
Purchase  Price  (as  theretofore  adjusted in accordance with Section 11(a)(ii)
                                                               -----------------
hereof), in accordance with the terms of this Agreement and in lieu of shares of
Preferred  Stock  or  Common  Stock  of  the  Company,  such  number  of validly
authorized and issued, fully paid, non-assessable and freely tradeable shares of
Common  Stock  of the Principal Party (as such term is hereinafter defined), not
subject  to  any  liens,  encumbrances, rights of first refusal or other adverse
claims,  as  shall  equal the result obtained by dividing the Purchase Price (as
theretofore  adjusted in accordance with Section 11(a)(ii) hereof) by 50% of the
                                         -----------------
current  per  share  market  price  of  the Common Stock of such Principal Party
(determined  pursuant  to  Section  11(d) hereof) on the date of consummation of
                           --------------
such  consolidation,  merger,  sale  or


                                       19
<PAGE>
transfer; provided, however, that the Purchase Price (as theretofore adjusted in
          --------  -------
accordance  with  Section  11(a)(ii)  hereof) and the number of shares of Common
                  ------------------
Stock  of  such  Principal Party so receivable upon exercise of a Right shall be
subject  to  further  adjustment as appropriate in accordance with Section 11(f)
                                                                   -------------
hereof  to  reflect  any events occurring in respect of the Common Stock of such
Principal  Party  after  the  occurrence  of such consolidation, merger, sale or
transfer;  (B)  such  Principal  Party shall thereafter be liable for, and shall
assume,  by  virtue  of  such  consolidation,  merger, sale or transfer, all the
obligations  and  duties of the Company pursuant to this Agreement; (C) the term
"Company"  shall  thereafter be deemed to refer to such Principal Party; and (D)
such  Principal  Party shall take such steps (including, but not limited to, the
reservation  of  a sufficient number of its shares of Common Stock in accordance
with  Section  9  hereof)  in  connection  with  such  consummation  of any such
      ----------
transaction  as  may  be  necessary  to  assure that the provisions hereof shall
thereafter  be  applicable,  as  nearly as reasonably may be, in relation to the
shares  of  its  Common  Stock  thereafter  deliverable upon the exercise of the
Rights;  provided  that,  upon  the  subsequent occurrence of any consolidation,
         --------
merger, sale or transfer of assets or other extraordinary transaction in respect
of  such  Principal Party, each holder of a Right shall thereupon be entitled to
receive,  upon exercise of a Right and payment of the Purchase Price as provided
in  this  Section  13(a), such cash, shares, rights, warrants and other property
          --------------
that  such  holder  would  have been entitled to receive had such holder, at the
time  of  such  transaction,  owned  the  Common  Stock  of  the Principal Party
receivable upon the exercise of a Right pursuant to this Section 13(a), and such
                                                         -------------
Principal  Party  shall  take  such  steps  (including,  but  not  limited  to,
reservation  of  shares  of  stock) as may be necessary to permit the subsequent
exercise  of  the  Rights  in  accordance  with  the terms hereof for such cash,
shares,  rights,  warrants  and  other  property.

     (b)     "Principal  Party"  shall  mean:

          (i)     in the case of any transaction described in (i) or (ii) of the
first sentence of Section 13(a) hereof, (A) the Person that is the issuer of the
                  -------------
securities into which the shares of Common Stock are converted in such merger or
consolidation,  or, if there is more than one such issuer, the issuer the shares
of  Common  Stock  of  which  have the greatest aggregate market value of shares
outstanding,  or  (B) if no securities are so issued, (x) the Person that is the
other  party to the merger, if such Person survives said merger, or, if there is
more  than  one such Person, the Person the shares of Common Stock of which have
the  greatest  aggregate market value of shares outstanding or (y) if the Person
that  is  the  other party to the merger does not survive the merger, the Person
that  does  survive the merger (including the Company if it survives) or (z) the
Person  resulting  from  the  consolidation;  and

          (ii)     in  the  case  of  any  transaction described in (iii) of the
first  sentence  of Section 13(a) hereof, the Person that is the party receiving
                    -------------
the greatest portion of the assets or earning power transferred pursuant to such
transaction  or  transactions,  or,  if  each  Person  that  is  a party to such
transaction  or  transactions receives the same portion of the assets or earning
power  so  transferred  or  if  the Person receiving the greatest portion of the
assets  or  earning power cannot be determined, whichever of such Persons is the
issuer  of  Common  Stock  having  the greatest aggregate market value of shares
outstanding; provided, however, that in any such case described in the foregoing
             --------  -------
clause (b)(i) or (b)(ii), if the Common Stock of such Person is not at such time
or has not been continuously over the preceding 12-month period registered under
Section  12 of


                                       20
<PAGE>
the  Exchange Act, then (1) if such Person is a direct or indirect Subsidiary of
another Person the Common Stock of which is and has been so registered, the term
"Principal  Party"  shall refer to such other Person, or (2) if such Person is a
Subsidiary, directly or indirectly, of more than one Person, the Common Stock of
all  of  which  is  and has been so registered, the term "Principal Party" shall
refer  to  whichever  of  such  Persons is the issuer of Common Stock having the
greatest  aggregate market value of shares outstanding, or (3) if such Person is
owned,  directly or indirectly, by a joint venture formed by two or more Persons
that  are  not  owned, directly or indirectly, by the same Person, the rules set
forth  in  clauses (1) and (2) above shall apply to each of the owners having an
interest  in  the  venture  as  if  the  Person owned by the joint venture was a
Subsidiary  of  both  or all of such joint venturers, and the Principal Party in
each  such  case  shall bear the obligations set forth in this Section 13 in the
                                                               ----------
same  ratio as its interest in such Person bears to the total of such interests.

     (c)     The Company shall not consummate any consolidation, merger, sale or
transfer  referred  to  in Section 13(a) hereof unless prior thereto the Company
                           -------------
and  the  Principal  Party involved therein shall have executed and delivered to
the Rights Agent an agreement confirming that the requirements of Sections 13(a)
                                                                  --------------
and  (b)  hereof  shall promptly be performed in accordance with their terms and
     ---
that  such consolidation, merger, sale or transfer of assets shall not result in
a  default  by  the  Principal Party under this Agreement as the same shall have
been  assumed  by  the Principal Party pursuant to Sections 13(a) and (b) hereof
                                                   --------------     ---
and  providing  that,  as  soon  as  practicable  after executing such agreement
pursuant to this Section 13, the Principal Party will:
                 ----------

          (i)     prepare and file a registration statement under the Securities
Act,  if  necessary,  with  respect to the Rights and the securities purchasable
upon  exercise  of  the  Rights  on an appropriate form, use its best efforts to
cause  such  registration  statement  to become effective as soon as practicable
after such filing, and use its best efforts to cause such registration statement
to  remain effective (with a prospectus at all times meeting the requirements of
the  Securities  Act)  until  the  Expiration  Date  and  similarly  comply with
applicable  state  securities  laws;

          (ii)     use  its  best  efforts, if the Common Stock of the Principal
Party  shall  be listed or admitted to trading on the New York Stock Exchange or
on  another  national  securities  exchange,  to  list  or  admit to trading (or
continue the listing of) the Rights and the securities purchasable upon exercise
of the Rights on the New York Stock Exchange or such securities exchange, or, if
the  Common  Stock  of  the  Principal  Party shall not be listed or admitted to
trading  on  the  New  York Stock Exchange or a national securities exchange, to
cause the Rights and the securities receivable upon exercise of the Rights to be
authorized for quotation on NASDAQ or on such other system then in use;

          (iii)     deliver  to  holders  of  the  Rights  historical  financial
statements  for  the  Principal  Party  that  comply  in  all  respects with the
requirements  for  registration  on  Form  10  (or any successor form) under the
Exchange  Act;  and

          (iv)     obtain  waivers  of any rights of first refusal or preemptive
rights in respect of the Common Stock of the Principal Party subject to purchase
upon  exercise  of  outstanding  Rights.


                                       21
<PAGE>
     (d)     In  case  the  Principal  Party  has  a  provision  in  any  of its
authorized securities or in its certificate of incorporation or by-laws or other
instrument  governing  its affairs, which provision would have the effect of (i)
causing  such Principal Party to issue (other than to holders of Rights pursuant
to  this  Section  13),  in  connection  with,  or  as  a  consequence  of,  the
          -----------
consummation  of  a transaction referred to in this Section 13, shares of Common
                                                    ----------
Stock  or  Common  Stock  Equivalents  of  such Principal Party at less than the
then-current  market  price  per  share  thereof (determined pursuant to Section
                                                                         -------
11(d)  hereof)  or securities exercisable for, or convertible into, Common Stock
- -----
or  Common  Stock  Equivalents  of  such  Principal  Party  at  less  than  such
then-current  market  price,  or  (ii) providing for any special payment, tax or
similar  provision  in  connection with the issuance of the Common Stock of such
Principal  Party  pursuant to the provisions of Section 13, then, in such event,
                                                ----------
the  Company  hereby  agrees  with  each  holder  of  Rights  that  it shall not
consummate  any  such  transaction  unless  prior  thereto  the Company and such
Principal  Party  shall  have  executed  and  delivered  to  the  Rights Agent a
supplemental  agreement  providing  that  the  provision  in  question  of  such
Principal  Party  shall  have  been  canceled,  waived  or  amended, or that the
authorized  securities  shall be redeemed, so that the applicable provision will
have  no  effect in connection with, or as a consequence of, the consummation of
the  proposed  transaction.

     (e)     The  Company  covenants  and  agrees that it shall not, at any time
after  the  Flip-In  Event,  enter into any transaction of the type described in
clauses  (i)  through  (iii)  of  Section  13(a) hereof if (i) at the time of or
                                  --------------
immediately  after  such  consolidation,  merger,  sale,  transfer  or  other
transaction  there  are  any rights, warrants or other instruments or securities
outstanding  or  agreements  in  effect  that  would  substantially  diminish or
otherwise  eliminate  the  benefits  intended to be afforded by the Rights, (ii)
prior  to,  simultaneously with or immediately after such consolidation, merger,
sale,  transfer  or  other  transaction,  the  stockholders  of  the Person that
constitutes,  or  would  constitute, the Principal Party for purposes of Section
                                                                         -------
13(b)  hereof  shall  have received a distribution of Rights previously owned by
- -----
such  Person  or any of its Affiliates or Associates or (iii) the form or nature
of  organization  of  the  Principal  Party  would  preclude  or  limit  the
exercisability  of  the  Rights.

     Section  14.  Fractional  Rights  and  Fractional  Shares.
                   -------------------------------------------

     (a)     The  Company  shall  not  be  required to issue fractions of Rights
(except  prior to the Distribution Date in accordance with Section 11(n) hereof)
                                                           -------------
or to distribute Right Certificates that evidence fractional Rights.  In lieu of
such  fractional  Rights,  there  shall be paid to the registered holders of the
Right  Certificates  with regard to which such fractional Rights would otherwise
be  issuable, an amount in cash equal to the same fraction of the current market
value  of  a  whole  Right.  For the purposes of this Section 14(a), the current
                                                      -------------
market  value  of a whole Right shall be the closing price of the Rights for the
Trading  Day immediately prior to the date on which such fractional Rights would
have  been  otherwise issuable.  The closing price for any day shall be the last
sale  price,  regular way, or, in case no such sale takes place on such day, the
average  of  the  closing  bid  and asked prices, regular way, in either case as
reported in the principal consolidated transaction reporting system with respect
to  securities  listed or admitted to trading on the New York Stock Exchange or,
if  the  Rights  are  not  listed  or  admitted to trading on the New York Stock
Exchange, as reported in the principal consolidated transaction reporting system


                                       22
<PAGE>
with  respect to securities listed on the principal national securities exchange
on  which the Rights are listed or admitted to trading or, if the Rights are not
listed  or  admitted  to  trading  on any national securities exchange, the last
quoted  price  or,  if  not so quoted, the average of the high bid and low asked
prices  on  NASDAQ  or  in the over-the-counter market, as reported by NASDAQ or
such  other system then in use or, if on any such date the Rights are not quoted
by  any  such  organization,  the average of the closing bid and asked prices as
furnished  by a professional market maker making a market in the Rights selected
by  the  Board  of Directors of the Company.  If on any such date no such market
maker  is  making  a  market in the Rights, the fair value of the Rights on such
date  as determined in good faith by the Board of Directors of the Company shall
be  used.

     (b)     The  Company  shall not be required to issue fractions of Preferred
Stock (other than fractions that are integral multiples of one one-thousandth of
a  share  of  Preferred  Stock)  or  to  distribute  certificates  that evidence
fractional  shares  of  Preferred  Stock (other than fractions that are integral
multiples of one one-thousandth of a share of Preferred Stock) upon the exercise
or  exchange  of  Rights.  Interests in fractions of Preferred Stock in integral
multiples  of  one  one-thousandth  of  a  share  of Preferred Stock may, at the
election  of  the  Company,  be evidenced by depositary receipts, pursuant to an
appropriate  agreement  between  the  Company  and  a depositary selected by it;
provided,  that such agreement shall provide that the holders of such depositary
- --------
receipts  shall  have  all the rights, privileges, and preferences to which they
are  entitled  as  beneficial  owners of the Preferred Stock represented by such
depositary  receipts.  In  lieu of fractional shares of Preferred Stock that are
not  integral multiples of one one-thousandth of a share of Preferred Stock, the
Company  shall  pay  to the registered holders of Right Certificates at the time
such  Rights  are  exercised  or  exchanged as herein provided an amount in cash
equal  to  the  same  fraction  of  the current market value of a whole share of
Preferred  Stock (as determined in accordance with Section 14(a) hereof) for the
                                                   -------------
Trading Day immediately prior to the date of such exercise or exchange.

     (c)     The  Company  shall not be required to issue fractions of shares of
Common  Stock  or  to distribute certificates that evidence fractional shares of
Common  Stock  upon  the  exercise  or  exchange  of  Rights.  In  lieu  of such
fractional  shares  of  Common  Stock,  the  Company shall pay to the registered
holders of the Right Certificates with regard to which such fractional shares of
Common  Stock  would  otherwise  be issuable an amount in cash equal to the same
fraction  of  the  current  market  value  of  a whole share of Common Stock (as
determined  in  accordance  with  Section  14(a)  hereof)  for  the  Trading Day
                                  --------------
immediately prior to the date of such exercise or exchange.

     (d)     By  the  acceptance  of a Right, the holder of such Right expressly
waives his, her, or its right to receive any fractional Rights or any fractional
shares  upon  exercise  or  exchange  of  a  Right  (except  as provided above).

     Section  15.  Rights  of  Action.  All  rights of action in respect of this
                   ------------------
Agreement,  excepting  the  rights  of  action  given  to the Rights Agent under
Section  18 hereof, are vested in the respective registered holders of the Right
- -----------
Certificates (and, prior to the Distribution Date, the registered holders of the
Common  Stock); and any registered holder of any Right Certificate (or, prior to
the  Distribution  Date, of the Common Stock), without the consent of the Rights
Agent


                                       23
<PAGE>
or  of  the holder of any other Right Certificate (or, prior to the Distribution
Date,  of the Common Stock), on his, her, or its own behalf and for his, her, or
its own benefit, may enforce, and may institute and maintain any suit, action or
proceeding  against the Company to enforce, or otherwise act in respect of, his,
her,  or  its  right  to exercise the Rights evidenced by such Right Certificate
(or,  prior  to the Distribution Date, such Common Stock) in the manner provided
therein  and  in  this Agreement. Without limiting the foregoing or any remedies
available  to  the  holders  of Rights, it is specifically acknowledged that the
holders  of  Rights  would  not have an adequate remedy at law for any breach of
this  Agreement  and will be entitled to specific performance of the obligations
under,  and  injunctive  relief  against actual or threatened violations of, the
obligations of any Person subject to this Agreement.

     Section  16.  Agreement  of  Right  Holders.  Every  holder  of a Right, by
                   -----------------------------
accepting  the  same,  consents and agrees with the Company and the Rights Agent
and with every other holder of a Right that:

     (a)     prior  to  the  Distribution  Date, the Rights will be transferable
only in connection with the transfer of the Common Stock;

     (b)     after  the  Distribution  Date,  the  Right  Certificates  are
transferable  only  on  the registry books of the Rights Agent if surrendered at
the  office  or  agency  of  the  Rights Agent designated for such purpose, duly
endorsed or accompanied by a proper instrument of transfer; and

     (c)     the  Company  and the Rights Agent may deem and treat the Person in
whose name the Right Certificate (or, prior to the Distribution Date, the Common
Stock certificate) is registered as the absolute owner thereof and of the Rights
evidenced  thereby (notwithstanding any notations of ownership or writing on the
Right Certificates or the Common Stock certificate made by anyone other than the
Company  or  the  Rights  Agent)  for  all  purposes whatsoever, and neither the
Company  nor the Rights Agent, subject to Section 7(e) hereof, shall be affected
                                          ------------
by  any  notice  to  the  contrary.

     Section 17.  Right Certificate Holder Not Deemed a Stockholder.  No holder,
                  -------------------------------------------------
as  such,  of any Right Certificate shall be entitled to vote, receive dividends
or  be  deemed  for  any  purpose the holder of the Preferred Stock or any other
securities  of  the  Company that may at any time be issuable on the exercise or
exchange  of the Rights represented thereby, nor shall anything contained herein
or  in any Right Certificate be construed to confer upon the holder of any Right
Certificate,  as  such, any of the rights of a stockholder of the Company or any
right  to  vote  for  the  election of directors or upon any matter submitted to
stockholders  at  any  meeting  thereof,  or  to give or withhold consent to any
corporate  action,  or  to receive notice of meetings or other actions affecting
stockholders  (except as provided in this Agreement), or to receive dividends or
subscription  rights,  or  otherwise,  until  the Rights evidenced by such Right
Certificate  shall  have  been  exercised  or  exchanged  in accordance with the
provisions  hereof.


                                       24
<PAGE>
     Section  18.  Concerning  the  Rights  Agent.
                   ------------------------------

     (a)     The  Company  agrees  to  pay  to  the  Rights  Agent  reasonable
compensation  for  all services rendered by it hereunder and, from time to time,
on  demand  of  the  Rights  Agent, its reasonable expenses and counsel fees and
other  disbursements  incurred  in  the  administration  and  execution  of this
Agreement and the exercise and performance of its duties hereunder.  The Company
also  agrees to indemnify the Rights Agent for, and to hold it harmless against,
any  loss,  liability  or  expense,  incurred  without  negligence, bad faith or
willful misconduct on the part of the Rights Agent, for anything done or omitted
by the Rights Agent in connection with the acceptance and administration of this
Agreement,  including  the  costs and expenses of defending against any claim of
liability  arising  therefrom,  directly  or  indirectly.

     (b)     The  Rights  Agent  shall be protected and shall incur no liability
for,  or in respect of any action taken, suffered or omitted by it in connection
with,  its  administration  of  this  Agreement  in  reliance  upon  any  Right
Certificate  or certificate for the Preferred Stock or Common Stock or for other
securities  of  the  Company,  instrument  of  assignment  or transfer, power of
attorney,  endorsement,  affidavit,  letter,  notice,  direction,  consent,
certificate,  statement  or other paper or document believed by it to be genuine
and  to  be  signed, executed and, where necessary, verified or acknowledged, by
the  proper  Person  or  Persons, or otherwise upon the advice of counsel as set
forth  in  Section  20  hereof.
           -----------

     Section  19.  Merger  or  Consolidation  or Change of Name of Rights Agent.
                   ------------------------------------------------------------

     (a)     Any corporation into which the Rights Agent or any successor Rights
Agent  may  be  merged  or with which it may be consolidated, or any corporation
resulting  from  any  merger  or  consolidation to which the Rights Agent or any
successor  Rights  Agent  shall be a party, or any corporation succeeding to the
stock  transfer  or  corporate trust powers of the Rights Agent or any successor
Rights  Agent,  shall  be the successor to the Rights Agent under this Agreement
without  the  execution or filing of any paper or any further act on the part of
any of the parties hereto; provided, that such corporation would be eligible for
                           --------
appointment  as  a  successor  Rights  Agent  under the provisions of Section 21
                                                                      ----------
hereof.  In  case  at  the time such successor Rights Agent shall succeed to the
agency  created by this Agreement, any of the Right Certificates shall have been
countersigned  but  not delivered, any such successor Rights Agent may adopt the
countersignature  of  the  predecessor  Rights  Agent  and  deliver  such  Right
Certificates  so  countersigned;  and  in  case  at  that  time any of the Right
Certificates  shall  not have been countersigned, any successor Rights Agent may
countersign such Right Certificates either in the name of the predecessor Rights
Agent  or  in the name of the successor Rights Agent; and in all such cases such
Right  Certificates shall have the full force provided in the Right Certificates
and  in  this  Agreement.

     (b)     In  case  at any time the name of the Rights Agent shall be changed
and at such time any of the Right Certificates shall have been countersigned but
not  delivered,  the Rights Agent may adopt the countersignature under its prior
name  and  deliver Right Certificates so countersigned; and in case at that time
any  of  the  Right  Certificates  shall not have been countersigned, the Rights
Agent  may  countersign  such  Right  Certificates  either  in  its  prior  name


                                       25
<PAGE>
or in its changed name; and in all such cases such Right Certificates shall have
the full force provided in the Right Certificates and in this Agreement.

     Section  20.  Duties  of  Rights  Agent.  The  Rights  Agent undertakes the
                   -------------------------
duties  and  obligations  imposed by this Agreement upon the following terms and
conditions,  by  all of which the Company and the holders of Right Certificates,
by  their  acceptance  thereof,  shall  be  bound:

     (a)     The  Rights  Agent may consult with legal counsel (who may be legal
counsel  for  the  Company),  and  the opinion of such counsel shall be full and
complete authorization and protection to the Rights Agent as to any action taken
or omitted by it in good faith and in accordance with such opinion.

     (b)     Whenever  in the performance of its duties under this Agreement the
Rights  Agent  shall  deem  it necessary or desirable that any fact or matter be
proved  or  established  by  the Company prior to taking or suffering any action
hereunder,  such  fact  or  matter  (unless other evidence in respect thereof be
herein  specifically  prescribed)  may  be  deemed to be conclusively proved and
established  by  a  certificate signed by the President and the Secretary of the
Company  and  delivered  to the Rights Agent; and such certificate shall be full
authorization to the Rights Agent for any action taken or suffered in good faith
by  it under the provisions of this Agreement in reliance upon such certificate.

     (c)     The  Rights  Agent shall be liable hereunder to the Company and any
other Person only for its own negligence, bad faith or willful misconduct.

     (d)     The Rights Agent shall not be liable for or by reason of any of the
statements  of  fact  or  recitals  contained  in this Agreement or in the Right
Certificates  (except its countersignature thereof) or be required to verify the
same,  but all such statements and recitals are and shall be deemed to have been
made  by  the  Company  only.

     (e)     The  Rights  Agent shall not be under any responsibility in respect
of  the  validity of this Agreement or the execution and delivery hereof (except
the  due  execution hereof by the Rights Agent) or in respect of the validity or
execution  of  any  Right Certificate (except its countersignature thereof); nor
shall  it  be  responsible  for  any  breach  by  the Company of any covenant or
condition  contained in this Agreement or in any Right Certificate; nor shall it
be responsible for any change in the exercisability of the Rights (including the
Rights  becoming void pursuant to Section 11(a)(ii) hereof) or any adjustment in
                                  -----------------
the  terms  of the Rights provided for in Sections 3, 11, 13, 23, and 24, or the
                                          ----------  --  --  --      --
ascertaining  of  the  existence  of facts that would require any such change or
adjustment  (except  with  respect  to the exercise of Rights evidenced by Right
Certificates  after  receipt  of a certificate furnished pursuant to Section 12,
                                                                     ----------
describing  such  change  or  adjustment);  nor shall it by any act hereunder be
deemed  to  make  any  representation  or  warranty  as  to the authorization or
reservation  of  any  shares of Preferred Stock or other securities to be issued
pursuant  to this Agreement or any Right Certificate or as to whether any shares
of  Preferred Stock or other securities will, when issued, be validly authorized
and  issued,  fully  paid,  and  nonassessable.


                                       26
<PAGE>
     (f)     The  Company agrees that it will perform, execute, acknowledge, and
deliver or cause to be performed, executed, acknowledged, and delivered all such
further and other acts, instruments and assurances as may reasonably be required
by  the  Rights  Agent for the carrying out or performing by the Rights Agent of
the  provisions  of  this  Agreement.

     (g)     The  Rights  Agent  is  hereby  authorized  and  directed to accept
instructions  with  respect  to the performance of its duties hereunder from any
person reasonably believed by the Rights Agent to be one of the President or the
Secretary  of  the  Company,  and  to  apply  to  such  officers  for  advice or
instructions  in  connection with its duties, and it shall not be liable for any
action  taken or suffered by it in good faith in accordance with instructions of
any  such  officer  or  for  any  delay  in  acting  while  waiting  for  those
instructions.  Any application by the Rights Agent for written instructions from
the  Company  may,  at  the option of the Rights Agent, set forth in writing any
action  proposed to be taken or omitted by the Rights Agent under this Agreement
and  the  date on and/or after which such action shall be taken or such omission
shall  be  effective.  The Rights Agent shall not be liable for any action taken
by,  or  omission of, the Rights Agent in accordance with a proposal included in
any  such  application on or after the date specified in such application (which
date shall not be less than five Business Days after the date any officer of the
Company  actually  receives  such application unless any such officer shall have
consented in writing to an earlier date) unless, prior to taking any such action
(or  the effective date in the case of an omission), the Rights Agent shall have
received  written  instructions  in  response to such application specifying the
action  to  be  taken  or  omitted.

     (h)     The Rights Agent and any stockholder, director, officer or employee
of  the  Rights  Agent  may  buy,  sell  or  deal  in any of the Rights or other
securities of the Company or become pecuniarily interested in any transaction in
which  the  Company  may  be  interested,  or contract with or lend money to the
Company  or otherwise act as fully and freely as though it were not Rights Agent
under  this  Agreement.  Nothing  herein  shall  preclude  the Rights Agent from
acting in any other capacity for the Company or for any other legal entity.

     (i)     The  Rights  Agent  may  execute  and exercise any of the rights or
powers  hereby vested in it or perform any duty hereunder either itself or by or
through its attorneys or agents, and the Rights Agent shall not be answerable or
accountable for any act, default, neglect or misconduct of any such attorneys or
agents  or  for  any  loss  to the Company resulting from any such act, default,
neglect  or  misconduct, provided reasonable care was exercised in the selection
                         --------
and  continued  employment  thereof.

     (j)     If,  with  respect  to  any  Rights  Certificate surrendered to the
Rights  Agent for exercise or transfer, the certificate contained in the form of
assignment or the form of election to purchase set forth on the reverse thereof,
as  the  case  may  be,  has  not been completed to certify the holder is not an
Acquiring Person (or an Affiliate or Associate thereof) or a transferee thereof,
the  Rights  Agent  shall  not  take  any  further  action  with respect to such
requested exercise or transfer without first consulting with the Company.

     Section  21.  Change  of  Rights  Agent.  The Rights Agent or any successor
                   -------------------------
Rights  Agent  may resign and be discharged from its duties under this Agreement
upon 30 days' notice in writing mailed to the Company and to each transfer agent
of  the  Common  Stock  or Preferred


                                       27
<PAGE>
Stock  by registered or certified mail, and, following the Distribution Date, to
the  holders  of  the  Right  Certificates  by first-class mail. The Company may
remove  the  Rights  Agent or any successor Rights Agent upon 30 days' notice in
writing,  mailed  to the Rights Agent or successor Rights Agent, as the case may
be,  and  to  each  transfer  agent  of  the  Common Stock or Preferred Stock by
registered  or  certified  mail,  and,  following  the Distribution Date, to the
holders of the Right Certificates by first-class mail. If the Rights Agent shall
resign  or be removed or shall otherwise become incapable of acting, the Company
shall appoint a successor to the Rights Agent. If the Company shall fail to make
such  appointment within a period of 30 days after giving notice of such removal
or  after  it  has been notified in writing of such resignation or incapacity by
the  resigning  or  incapacitated  Rights  Agent  or  by  the  holder of a Right
Certificate  (who  shall,  with  such  notice,  submit his Right Certificate for
inspection  by the Company), then the registered holder of any Right Certificate
may  apply  to  any court of competent jurisdiction for the appointment of a new
Rights Agent. Any successor Rights Agent, whether appointed by the Company or by
such a court, shall be a corporation organized and doing business under the laws
of  the  United  States  or  the  laws  of any state of the United States or the
District  of Columbia, in good standing, having an office in the State of Nevada
or  the  State  of  New  York,  which  is authorized under such laws to exercise
corporate  trust  or  stock  transfer  powers  and  is subject to supervision or
examination  by  federal  or  state  authority  and which has at the time of its
appointment  as  Rights  Agent  a  combined  capital and surplus of at least $50
million.  After appointment, the successor Rights Agent shall be vested with the
same  powers,  rights, duties, and responsibilities as if it had been originally
named  as  Rights  Agent without further act or deed; but the predecessor Rights
Agent  shall  deliver and transfer to the successor Rights Agent any property at
the  time  held  by  it hereunder and execute and deliver any further assurance,
conveyance,  act or deed necessary for the purpose. Not later than the effective
date  of  any such appointment, the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Common Stock or
Preferred  Stock  and, following the Distribution Date, mail a notice thereof in
writing to the registered holders of the Right Certificates. Failure to give any
notice  provided  for  in this Section 21, however, or any defect therein, shall
                               ----------
not  affect the legality or validity of the resignation or removal of the Rights
Agent or the appointment of the successor Rights Agent, as the case may be.

     Section  22.  Issuance  of  New Right Certificates.  Notwithstanding any of
                   ------------------------------------
the  provisions  of this Agreement or of the Rights to the contrary, the Company
may, at its option, issue new Right Certificates evidencing Rights in such forms
as may be approved by its Board of Directors to reflect any adjustment or change
in  the  Purchase  Price  and  the  number  or  kind or class of shares or other
securities  or  property  purchasable  under  the  Right  Certificates  made  in
accordance  with  the  provisions of this Agreement.  In addition, in connection
with  the  issuance  or sale of Common Stock following the Distribution Date and
prior  to  the Expiration Date, the Company may with respect to shares of Common
Stock  so  issued  or  sold  (i) pursuant to the exercise of stock options, (ii)
under  any  employee plan or arrangement, (iii) upon the exercise, conversion or
exchange  of  securities,  notes  or  debentures  issued  by the Company or (iv)
pursuant to a contractual obligation of the Company, in each case existing prior
to the Distribution Date, issue Rights Certificates representing the appropriate
number of Rights in connection with such issuance or sale.


                                       28
<PAGE>
     Section  23.  Redemption.
                   ----------

     (a)     The  Board  of  Directors  of the Company, at any time prior to the
Flip-In  Event,  may  cause  the Company to redeem all but not less than all the
then-outstanding  Rights  at a redemption price of $.01 per Right, appropriately
adjusted  to  reflect  any  stock  split,  stock dividend or similar transaction
occurring  in  respect of the Common Stock after the date hereof (the redemption
price  being hereinafter referred to as the "Redemption Price").  The redemption
of  the  Rights  may be made effective at such time, on such basis and with such
conditions  as  the Board of Directors of the Company in its sole discretion may
establish.  The Redemption Price shall be payable, at the option of the Company,
in  cash,  shares  of  Common  Stock, or such other form of consideration as the
Board of Directors of the Company shall determine.

     (b)     Immediately  upon  the  action  of  the  Board  of Directors of the
Company  ordering the redemption of the Rights pursuant to Section 23 (a) (or at
                                                           --------------
such  later  time as the Board of Directors of the Company may establish for the
effectiveness  of  such  redemption), and without any further action and without
any  notice,  the right to exercise the Rights will terminate and the only right
thereafter  of  the  holders of Rights shall be to receive the Redemption Price.
The  Company shall promptly give public notice of any such redemption; provided,
                                                                       --------
however,  that  the failure to give, or any defect in, any such notice shall not
- -------
affect the validity of such redemption.  Within 10 days after such action of the
Board of Directors of the Company ordering the redemption of the Rights (or such
later  time  as  the  Board  of  Directors  of the Company may establish for the
effectiveness of such redemption), the Company shall mail a notice of redemption
to  all  the  holders  of the then-outstanding Rights at their last addresses as
they  appear  upon  the  registry  books  of  the  Rights Agent or, prior to the
Distribution  Date,  on  the registry books of the transfer agent for the Common
Stock.  Any  notice that is mailed in the manner herein provided shall be deemed
given,  whether  or  not  the  holder  receives the notice.  Each such notice of
redemption  shall  state the method by which the payment of the Redemption Price
will  be  made.

     Section  24.  Exchange.
                   --------

     (a)     The  Board  of Directors of the Company, at its option, at any time
after  the  Flip-In  Event, may cause the Company to exchange all or part of the
then-outstanding  and  exercisable  Rights  (which shall not include Rights that
have  become  void  pursuant  to the provisions of Section 11(a)(ii) hereof) for
                                                   -----------------
Common  Stock  at  an  exchange  ratio  of  one share of Common Stock per Right,
appropriately  adjusted  to  reflect  any stock split, stock dividend or similar
transaction occurring in respect of the Common Stock after the date hereof (such
amount  per  Right  being  hereinafter  referred  to  as  the "Exchange Ratio").
Notwithstanding  the  foregoing, the Board of Directors of the Company shall not
be empowered to effect such exchange at any time after an Acquiring Person shall
have  become  the  Beneficial Owner of shares of Common Stock aggregating 50% or
more  of  the  shares  of  Common  Stock  then  outstanding.  From and after the
occurrence  of  an  event  specified  in  Section  13(a) hereof, any Rights that
                                          --------------
theretofore  have  not  been  exchanged  pursuant  to  this  Section 24(a) shall
                                                             -------------
thereafter  be  exercisable  only  in  accordance with Section 13 and may not be
                                                       ----------
exchanged  pursuant  to  this  Section 24(a).  The exchange of the Rights by the
                               -------------
Board  of  Directors  of the Company may be made effective at such time, on such


                                       29
<PAGE>
basis  and  with such conditions as the Board of Directors of the Company in its
sole  discretion  may  establish.

     (b)     Immediately  upon  the  effectiveness of the action of the Board of
Directors of the Company ordering the exchange of any Rights pursuant to Section
                                                                         -------
24(a)  and  without  any  further  action  and  without any notice, the right to
- -----
exercise  such  Rights shall terminate and the only right thereafter of a holder
of  such  Rights shall be to receive that number of shares of Common Stock equal
to  the  number  of  such  Rights held by such holder multiplied by the Exchange
Ratio.  The  Company  shall  promptly  give  public notice of any such exchange;
provided, however, that the failure to give, or any defect in, such notice shall
- --------  -------
not  affect  the  validity  of such exchange.  The Company shall promptly mail a
notice  of any such exchange to all of the holders of the Rights so exchanged at
their last addresses as they appear upon the registry books of the Rights Agent.
Any  notice  that is mailed in the manner herein provided shall be deemed given,
whether  or  not  the  holder receives the notice.  Each such notice of exchange
will  state  the  method by which the exchange of the shares of Common Stock for
Rights will be effected and, in the event of any partial exchange, the number of
Rights  that will be exchanged.  Any partial exchange shall be effected pro rata
based  on the number of Rights (other than Rights that have become void pursuant
to  the  provisions  of Section 11(a)(ii) hereof) held by each holder of Rights.
                        -----------------

     (c)     The  Company,  at its option, may substitute and, in the event that
there  shall not be sufficient shares of Common Stock issued but not outstanding
or  authorized  but unissued to permit an exchange of Rights for Common Stock as
contemplated in accordance with this Section 24, the Company shall substitute to
                                     ----------
the  extent  of  such  insufficiency,  for each share of Common Stock that would
otherwise  be issuable upon exchange of a Right, a number of shares of Preferred
Stock  or  fraction  thereof  (or  Equivalent  Preferred Shares, as such term is
defined  in  Section  11(b))  such  that  the  current  per  share  market price
             --------------
(determined  pursuant  to  Section 11(d) hereof) of one share of Preferred Stock
                           -------------
(or  Equivalent  Preferred Share) multiplied by such number or fraction is equal
to  the  current per-share market price of one share of Common Stock (determined
pursuant to Section 11(d) hereof) as of the date of such exchange.
            -------------

     Section  25.  Notice  of  Certain  Events.
                   ---------------------------

     (a)     In  case  the  Company  shall  at any time after the earlier of the
Distribution  Date or the Stock Acquisition Date propose (i) to pay any dividend
payable  in  stock of any class to the holders of its Preferred Stock or to make
any  other  distribution  to  the  holders  of its Preferred Stock (other than a
regular  quarterly cash dividend), (ii) to offer to the holders of its Preferred
Stock  rights  or warrants to subscribe for or to purchase any additional shares
of  Preferred  Stock  or  shares  of stock of any class or any other securities,
rights  or  options, (iii) to effect any reclassification of its Preferred Stock
(other  than a reclassification involving only the subdivision or combination of
outstanding  Preferred  Stock),  (iv)  to effect the liquidation, dissolution or
winding  up  of  the  Company,  or  (v)  to pay any dividend on the Common Stock
payable in Common Stock or to effect a subdivision, combination or consolidation
of  the  Common  Stock  (by  reclassification  or  otherwise  than by payment of
dividends  in  Common Stock), then, in each such case, the Company shall give to
each  holder  of  a  Right  Certificate, in accordance with Section 26 hereof, a
                                                            ----------
notice  of  such  proposed  action,  which shall specify the record date for the
purposes  of such dividend or distribution or offering of rights or warrants, or
the  date  on which


                                       30
<PAGE>
such  liquidation,  dissolution,  winding  up,  reclassification,  subdivision,
combination  or  consolidation  is  to  take place and the date of participation
therein  by  the holders of the Common Stock and/or Preferred Stock, if any such
date is to be fixed, and such notice shall be so given in the case of any action
covered  by  clause  (i) or (ii) above at least 10 days prior to the record date
for  determining holders of the Preferred Stock for purposes of such action, and
in  the case of any such other action, at least 10 days prior to the date of the
taking  of  such  proposed  action  or  the date of participation therein by the
holders  of  the  Common  Stock  and/or  Preferred Stock, whichever shall be the
earlier.

     (b)     In  case  any  event  described  in Section 11(a)(ii) or Section 13
                                                 -----------------    ----------
shall  occur,  then  the Company shall as soon as practicable thereafter give to
each  holder  of  a Right Certificate (or if occurring prior to the Distribution
Date,  the  holders of the Common Stock) in accordance with Section 26 hereof, a
                                                            ----------
notice  of  the occurrence of such event, which notice shall describe such event
and  the consequences of such event to holders of Rights under Section 11(a)(ii)
                                                               -----------------
and  Section  13  hereof.
     -----------

     Section  26.  Notices.  Notices  or demands authorized by this Agreement to
                   -------
be  given  or made by the Rights Agent or by the holder of any Right Certificate
to  or on the Company shall be sufficiently given or made if sent by first-class
mail, postage prepaid, addressed (until another address is filed in writing with
the  Rights  Agent)  as  follows:

                       YP Corp.
                       Attention: President
                       4840 E. Jasmine Street
                       Mesa, Arizona 85205-3321

Subject  to the provisions of Section 21 hereof, any notice or demand authorized
                              ----------
by  this  Agreement  to  be given or made by the Company or by the holder of any
Right  Certificate to or on the Rights Agent shall be sufficiently given or made
if  sent  by first-class mail, postage prepaid, addressed (until another address
is  filed  in  writing  with  the  Company)  as  follows:

                       Registrar and Transfer Company
                       Attention: Mary Anne Hurley
                       10 Commerce Drive
                       Cranford, New Jersey 07016

Notices  or  demands  authorized  by  this  Agreement to be given or made by the
Company  or  the  Rights  Agent  to the holder of any Right Certificate shall be
sufficiently  given  or  made  if  sent  by  first-class  mail, postage prepaid,
addressed  to such holder at the address of such holder as shown on the registry
books  of  the  Company.

     Section  27.  Supplements  and  Amendments.  Except  as  provided  in  the
                   ----------------------------
penultimate  sentence  of  this  Section  27, for so long as the Rights are then
                                 -----------
redeemable,  the Company may in its sole and absolute discretion, and the Rights
Agent shall if the Company so directs, supplement or amend any provision of this
Agreement  in any respect without the approval of any holders of the Rights.  At
any  time  when  the  Rights  are  no  longer  redeemable,  except  as  provided


                                       31
<PAGE>
in  the penultimate sentence of this Section 27, the Company may, and the Rights
                                     ----------
Agent  shall,  if  the  Company  so  directs, supplement or amend this Agreement
without  the approval of any holders of Rights, provided that no such supplement
or  amendment may (a) adversely affect the interests of the holders of Rights as
such  (other  than  an  Acquiring  Person  or  an  Affiliate  or Associate of an
Acquiring Person), (b) cause this Agreement again to become amendable other than
in  accordance  with  this  sentence  or  (c)  cause  the Rights again to become
redeemable.  Notwithstanding  anything  contained  in  this  Agreement  to  the
contrary,  no  supplement or amendment shall be made that changes the Redemption
Price.  Upon  the  delivery  of a certificate from an appropriate officer of the
Company  that  states that the supplement or amendment is in compliance with the
terms  of  this  Section  27,  the Rights Agent shall execute such supplement or
                 -----------
amendment,  provided  that  any  supplement  or  amendment  that  does not amend
            --------
Sections  18,  19, 20 or 21 hereof or this Section 27 in a manner adverse to the
- ------------   --  --    --                ----------
Rights  Agent  shall become effective immediately upon execution by the Company,
whether or not also executed by the Rights Agent.

     Section  28.  Successors.  All  the  covenants  and  provisions  of  this
                   ----------
Agreement  by  or  for the benefit of the Company or the Rights Agent shall bind
and  inure  to the benefit of their respective successors and assigns hereunder.

     Section  29.  Benefits  of this Agreement.  Nothing in this Agreement shall
                   ---------------------------
be construed to give to any Person other than the Company, the Rights Agent, and
the registered holders of the Right Certificates (and, prior to the Distribution
Date, the Common Stock) any legal or equitable right, remedy or claim under this
Agreement; but this Agreement shall be for the sole and exclusive benefit of the
Company,  the Rights Agent, and the registered holders of the Right Certificates
(and, prior to the Distribution Date, the Common Stock).

     Section  30.  Determinations  and  Actions  by the Board of Directors.  The
                   -------------------------------------------------------
Board  of  Directors of the Company shall have the exclusive power and authority
to  administer this Agreement and to exercise the rights and powers specifically
granted to the Board of Directors of the Company or to the Company, or as may be
necessary  or  advisable  in  the  administration  of this Agreement, including,
without  limitation, the right and power to (i) interpret the provisions of this
Agreement and (ii) make all determinations deemed necessary or advisable for the
administration of this Agreement (including, without limitation, a determination
to  redeem  or  not  redeem the Rights or to amend or not amend this Agreement).
All  such  actions,  calculations,  interpretations, and determinations that are
done  or  made  by  the Board of Directors of the Company in good faith shall be
final,  conclusive  and binding on the Company, the Rights Agent, the holders of
the  Rights,  as  such,  and  all  other  parties.

     Section  31.  Severability. If any term, provision, covenant or restriction
                   ------------
of  this  Agreement  is  held  by  a  court  of  competent jurisdiction or other
authority  to  be  invalid,  void  or unenforceable, the remainder of the terms,
provisions,  covenants,  and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

     Section  32.  Governing  Law.  This  Agreement  and  each Right Certificate
                   --------------
issued  hereunder  shall  be  deemed to be a contract made under the laws of the
State  of  New Jersey and


                                       32
<PAGE>
for  all purposes shall be governed by and construed in accordance with the laws
of  such  State applicable to contracts to be made and performed entirely within
such  State.

     Section 33.  Counterparts.  This Agreement may be executed in any number of
                  ------------
counterparts  and  each of such counterparts shall for all purposes be deemed to
be  an original, and all such counterparts shall together constitute but one and
the  same  instrument.

     Section  34.  Descriptive  Headings.  Descriptive  headings  of the several
                   ---------------------
Sections  of  this  Agreement  are  inserted  for convenience only and shall not
control  or  affect the meaning or construction of any of the provisions hereof.

                            [SIGNATURE PAGE FOLLOWS]



                                       33
<PAGE>
     IN  WITNESS  WHEREOF,  the  parties hereto have caused this Agreement to be
duly executed, all as of the day and year first above written.

                                    YP CORP.



                                    By:
                                       -----------------------------------
                                    Name:
                                         ---------------------------------
                                    Title:
                                          --------------------------------



                                    REGISTRAR AND TRANSFER COMPANY,
                                    as Rights Agent



                                    By:
                                       -----------------------------------
                                    Name:
                                         ---------------------------------
                                    Title:
                                          --------------------------------


                                       34
<PAGE>
Exhibit A
- ---------

                                     FORM OF
                           CERTIFICATE OF DESIGNATION

                                       of

                  SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

                                       of

                                    YP CORP.

     YP  CORP., a corporation organized and existing under the laws of the State
of Nevada (the "Corporation"), DOES HEREBY CERTIFY:

     That  pursuant  to  the  authority  vested in the Board of Directors of the
Corporation  (the "Board of Directors") in accordance with the provisions of the
Amended and Restated Articles of Incorporation of the said Corporation, the said
Board of Directors on April 26, 2004 adopted the following resolution creating a
series  of  800,000  shares  of  Preferred  Stock designated as "Series A Junior
Participating  Preferred  Stock":

               RESOLVED,  that pursuant to the authority vested in the
          Board  of  Directors  of this Corporation in accordance with
          the  provisions  of  the  Amended  and  Restated Articles of
          Incorporation  a series of Preferred Stock, par value $0.001
          per  share, of the Corporation be and hereby is created, and
          that  the  designation  and number of shares thereof and the
          voting  and  other  powers,  preferences,  and  relative,
          participating,  optional  or  other  rights of the shares of
          such  series  and  the  qualifications,  limitations  and
          restrictions  thereof  are  as  follows:

                  SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

     1.     Designation  and Amount.  There shall be a series of Preferred Stock
that shall be designated as "Series A Junior Participating Preferred Stock," and
the  number of shares constituting such series shall be 800,000.  Such number of
shares  may  be  increased or decreased by resolution of the Board of Directors;
provided,  however, that no decrease shall reduce the number of shares of Series
A  Junior  Participating  Preferred Stock to less than the number of shares then
issued  and  outstanding  plus  the  number  of shares issuable upon exercise of
outstanding  rights,  options  or  warrants  or  upon  conversion of outstanding
securities  issued  by  the  Corporation.

     2.     Dividends  and  Distribution.

          (A)     Subject to the prior and superior rights of the holders of any
shares  of  any  class  or  series of stock of the Corporation ranking prior and
superior  to  the  shares  of Series A Junior Participating Preferred Stock with
respect  to  dividends,  the  holders of shares of Series A Junior Participating
Preferred  Stock,  in preference to the holders of shares of any class or series



                                      A-1
<PAGE>
of  stock of the Corporation ranking junior to the Series A Junior Participating
Preferred  Stock in respect thereof, shall be entitled to receive, when, as, and
if  declared  by  the  Board of Directors out of funds legally available for the
purpose, quarterly dividends payable in cash on the first day of January, April,
July  and  October,  in  each year (each such date being referred to herein as a
"Quarterly  Dividend  Payment Date"), commencing on the first Quarterly Dividend
Payment  Date  after  the  first  issuance  of a share or fraction of a share of
Series  A  Junior Participating Preferred Stock, in an amount per share (rounded
to  the  nearest  cent) equal to the greater of (a) $10.00 or (b) the Adjustment
Number  (as  defined  below)  times  the  aggregate per share amount of all cash
dividends  declared  on  the  Common  Stock,  par value $0.001 per share, of the
Corporation (the "Common Stock"), plus the Adjustment Number times the aggregate
per  share  amount  (payable  in  kind)  of  all  non-cash  dividends  or  other
distributions  other  than  a  dividend  payable  in shares of Common Stock or a
subdivision  of  the  outstanding shares of Common Stock (by reclassification or
otherwise)  declared  on  the  Common  Stock, in each case since the immediately
preceding  Quarterly  Dividend  Payment  Date  or,  with  respect  to  the first
Quarterly  Dividend  Payment  Date,  since  the  first  issuance of any share or
fraction  of  a  share  of  Series  A Junior Participating Preferred Stock.  The
"Adjustment Number" initially shall be 1000.  In the event the Corporation shall
at  any time after May 18, 2004 (i) declare and pay any dividend on Common Stock
payable  in shares of Common Stock, (ii) subdivide the outstanding Common Stock,
or  (iii)  combine the outstanding Common Stock into a smaller number of shares,
then in each such case the Adjustment Number in effect immediately prior to such
event shall be adjusted by multiplying such Adjustment Number by a fraction, the
numerator  of  which  is  the  number  of  shares  of  Common  Stock outstanding
immediately  after  such  event  and  the  denominator of which is the number of
shares  of  Common Stock that were outstanding immediately prior to such event.

          (B)     The  Corporation  shall  declare a dividend or distribution on
the  Series  A  Junior Participating Preferred Stock as provided in Section 2(A)
                                                                    ------------
above  immediately  after  it  declares a dividend or distribution on the Common
Stock (other than a dividend payable in shares of Common Stock).

          (C)     Dividends  shall  begin  to  accrue  and  be  cumulative  on
outstanding  shares  of  Series  A Junior Participating Preferred Stock from the
Quarterly  Dividend Payment Date next preceding the date of issue of such shares
of  Series  A  Junior Participating Preferred Stock, unless the date of issue of
such shares is prior to the record date for the first Quarterly Dividend Payment
Date, in which case dividends on such shares shall begin to accrue from the date
of  issue  of  such  shares, or unless the date of issue is a Quarterly Dividend
Payment Date or is a date after the record date for the determination of holders
of shares of Series A Junior Participating Preferred Stock entitled to receive a
quarterly dividend and before such Quarterly Dividend Payment Date, in either of
which  events  such  dividends shall begin to accrue and be cumulative from such
Quarterly  Dividend  Payment  Date.  Accrued but unpaid dividends shall not bear
interest.  Dividends  paid  on  the  shares  of  Series  A  Junior Participating
Preferred Stock in an amount less than the total amount of such dividends at the
time  accrued  and  payable  on  such  shares  shall  be allocated pro rata on a
share-by-share  basis  among all such shares at the time outstanding.  The Board
of Directors may fix a record date for the determination of holders of shares of
Series  A  Junior Participating Preferred Stock entitled to receive payment of a
dividend


                                      A-2
<PAGE>
or  distribution  declared  thereon,  which record date shall be no more than 60
days prior to the date fixed for the payment thereof.

     3.     Voting  Rights.  The  holders  of  shares  of  Series  A  Junior
Participating Preferred Stock shall have the following voting rights:

          (A)     Each  share  of  Series A Junior Participating Preferred Stock
shall  entitle  the  holder thereof to a number of votes equal to the Adjustment
Number  on  all  matters  submitted  to  a  vote  of  the  stockholders  of  the
Corporation.

          (B)     Except  as required by law, by Section 3(C), and by Section 10
                                                 ------------         ----------
hereof,  holders  of Series A Junior Participating Preferred Stock shall have no
special  voting  rights  and  their consent shall not be required (except to the
extent  they  are  entitled  to  vote  with holders of Common Stock as set forth
herein)  for  taking  any  corporate  action.

          (C)     If,  at the time of any annual meeting of stockholders for the
election of directors, the equivalent of six quarterly dividends (whether or not
consecutive)  payable  on  any  share or shares of Series A Junior Participating
Preferred  Stock  are in default, the number of directors constituting the Board
of  Directors  of  the  Corporation  shall  be increased by two.  In addition to
voting  together  with  the  holders  of  Common Stock for the election of other
directors  of  the  Corporation,  the  holders  of record of the Series A Junior
Participating  Preferred Stock, voting separately as a class to the exclusion of
the  holders  of Common Stock, shall be entitled at said meeting of stockholders
(and at each subsequent annual meeting of stockholders), unless all dividends in
arrears  on  the Series A Junior Participating Preferred Stock have been paid or
declared  and  set  apart for payment prior thereto, to vote for the election of
two  directors  of  the  Corporation,  the  holders  of  any  Series  A  Junior
Participating Preferred Stock being entitled to cast a number of votes per share
of  Series  A  Junior  Participating  Preferred Stock as is specified in Section
                                                                         -------
3(A).  Until  the  default  in  payments  of  all  dividends  that permitted the
election  of  said  directors  shall cease to exist, any director who shall have
been  so  elected pursuant to the provisions of this Section 3(C) may be removed
                                                     ------------
at  any  time, without cause, only by the affirmative vote of the holders of the
shares  of Series A Junior Participating Preferred Stock at the time entitled to
cast  a  majority  of the votes entitled to be cast for the election of any such
director  at  a special meeting of such holders called for that purpose, and any
vacancy  thereby created may be filled by the vote of such holders.  If and when
such  default  shall  cease  to  exist,  the  holders  of  the  Series  A Junior
Participating  Preferred Stock shall be divested of the foregoing special voting
rights,  subject  to  revesting  in  the event of each and every subsequent like
default in payments of dividends.  Upon the termination of the foregoing special
voting  rights,  the  terms  of  office of all persons who may have been elected
directors  pursuant to said special voting rights shall forthwith terminate, and
the  number of directors constituting the Board of Directors shall be reduced by
two.  The voting rights granted by this Section 3(C) shall be in addition to any
                                        ------------
other  voting rights granted to the holders of the Series A Junior Participating
Preferred  Stock  in  this  Section  3.
                            ----------


                                      A-3
<PAGE>
     4.     Certain  Restrictions.

          (A)     Whenever  quarterly  dividends  or  other  dividends  or
distributions  payable  on  the Series A Junior Participating Preferred Stock as
provided  in  Section  2  are  in  arrears, thereafter and until all accrued and
              ----------
unpaid dividends and distributions, whether or not declared, on shares of Series
A Junior Participating Preferred Stock outstanding shall have been paid in full,
the  Corporation  shall  not:

               (i)     declare  or  pay  dividends  on,  make  any  other
distributions  on,  or redeem or purchase or otherwise acquire for consideration
any  shares of stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series A Junior Participating Preferred Stock;

               (ii)     declare  or  pay  dividends  on  or  make  any  other
distributions on any shares of stock ranking on a parity (either as to dividends
or  upon  liquidation,  dissolution  or  winding  up)  with  the Series A Junior
Participating  Preferred  Stock,  except  dividends paid ratably on the Series A
Junior  Participating  Preferred  Stock  and  all  such  parity  stock  on which
dividends  are payable or in arrears in proportion to the total amounts to which
the  holders  of  all  such  shares  are  then  entitled;  or

               (iii)     purchase  or  otherwise  acquire for consideration any
shares  of Series A Junior Participating Preferred Stock, or any shares of stock
ranking  on  a  parity  with  the Series A Junior Participating Preferred Stock,
except in accordance with a purchase offer made in writing or by publication (as
determined  by  the  Board  of  Directors)  to  all  holders  of Series A Junior
Participating Preferred Stock, or to such holders and holders of any such shares
ranking  on a parity therewith, upon such terms as the Board of Directors, after
consideration  of the respective annual dividend rates and other relative rights
and  preferences


                                      A-4
<PAGE>
of  the respective series and classes, shall determine in good faith will result
in  fair  and  equitable  treatment  among  the  respective  series  or classes.

          (B)     The  Corporation  shall  not  permit  any  subsidiary  of  the
Corporation  to  purchase  or  otherwise acquire for consideration any shares of
stock  of  the  Corporation  unless  the  Corporation could, under Section 4(A),
                                                                          -----
purchase  or  otherwise  acquire  such  shares at such time and in such manner.

     5.     Reacquired  Shares.  Any  shares  of  Series  A Junior Participating
Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever  shall  be  retired promptly after the acquisition thereof.  All such
shares  shall  upon  their  retirement  become authorized but unissued shares of
Preferred  Stock  and may be reissued as part of a new series of Preferred Stock
to be created by resolution or resolutions of the Board of Directors, subject to
any  conditions  and  restrictions  on  issuance  set  forth  herein.

     6.     Liquidation,  Dissolution  or  Winding  Up.

          (A)     Upon  any  liquidation,  dissolution  or  winding  up  of  the
Corporation,  voluntary  or  otherwise,  no  distribution  shall  be made to the
holders  of  shares  of  stock  ranking  junior  (either as to dividends or upon
liquidation,  dissolution  or  winding  up) to the Series A Junior Participating
Preferred  Stock unless, prior thereto, the holders of shares of Series A Junior
Participating  Preferred  Stock  shall  have  received  an amount per share (the
"Series  A  Liquidation  Preference")  equal to the greater of (i) $1.00 plus an
amount  equal to accrued and unpaid dividends and distributions thereon, whether
or  not  declared,  to  the  date of such payment, or (ii) the Adjustment Number
times  the  per share amount of all cash and other property to be distributed in
respect  of the Common Stock upon such liquidation, dissolution or winding up of
the  Corporation.

          (B)     In  the  event,  however, that there are not sufficient assets
available  to  permit payment in full of the Series A Liquidation Preference and
the  liquidation  preferences  of  all  other classes and series of stock of the
Corporation,  if  any,  that  rank  on  a  parity  with  the  Series  A  Junior
Participating  Preferred Stock in respect thereof, then the assets available for
such  distribution  shall  be distributed ratably to the holders of the Series A
Junior  Participating  Preferred  Stock and the holders of such parity shares in
proportion  to  their  respective  liquidation  preferences.

          (C)     Neither the merger or consolidation of the Corporation into or
with  another entity nor the merger or consolidation of any other entity into or
with the Corporation shall be deemed to be a liquidation, dissolution or winding
up of the Corporation within the meaning of this Section 6.
                                                 ---------

     7.     Consolidation,  Merger,  Etc.  In  case  the Corporation shall enter
into  any  consolidation,  merger, combination or other transaction in which the
outstanding shares of Common Stock are exchanged for or changed into other stock
or  securities, cash and/or any other


                                      A-5
<PAGE>
property,  then  in  any  such  case each share of Series A Junior Participating
Preferred  Stock  shall at the same time be similarly exchanged or changed in an
amount  per  share  equal to the Adjustment Number times the aggregate amount of
stock, securities, cash and/or any other property (payable in kind), as the case
may  be,  into  which  or  for  which  each  share of Common Stock is changed or
exchanged.

     8.     No  Redemption.  Shares  of  Series A Junior Participating Preferred
Stock shall not be subject to redemption by the Corporation.

     9.     Ranking.  The  Series  A  Junior Participating Preferred Stock shall
rank  junior  to  all  other  series of the Preferred Stock as to the payment of
dividends  and as to the distribution of assets upon liquidation, dissolution or
winding  up,  unless  the  terms of any such series shall provide otherwise, and
shall rank senior to the Common Stock as to such matters.

     10.     Amendment.  At  any  time  that  any  shares  of  Series  A  Junior
Participating Preferred Stock are outstanding, the Amended and Restated Articles
of  Incorporation  of  the  Corporation  shall  not  be  amended,  by  merger,
consolidation  or otherwise, in any manner that would materially alter or change
the  powers,  preferences or special rights of the Series A Junior Participating
Preferred  Stock  so as to affect them adversely without the affirmative vote of
the  holders  of  two-thirds  of  the  outstanding  shares  of  Series  A Junior
Participating Preferred Stock, voting separately as a class.

     11.     Fractional  Shares.  Series  A Junior Participating Preferred Stock
may  be  issued  in  fractions  of  a  share  that  shall entitle the holder, in
proportion  to  such  holder's  fractional  shares,  to  exercise voting rights,
receive  dividends,  participate in distributions and to have the benefit of all
other rights of holders of Series A Junior Participating Preferred Stock.

     IN  WITNESS WHEREOF, the undersigned has executed this Certificate this ___
day  of  May,  2004.

                                        YP CORP.



                                        ----------------------------------------
                                        Angelo Tullo, Chief Executive Officer


                                      A-6
<PAGE>
                                                                       Exhibit B
                                                                       ---------

                            Form of Right Certificate

Certificate No. R-______                                            _____ Rights

          NOT  EXERCISABLE  AFTER  APRIL  26,  2014  OR  EARLIER  IF
          REDEMPTION  OR  EXCHANGE  OCCURS.  THE RIGHTS ARE SUBJECT TO
          REDEMPTION  AT  $.01  PER RIGHT AND TO EXCHANGE ON THE TERMS
          SET  FORTH  IN  THE  RIGHTS  AGREEMENT.  UNDER  CERTAIN
          CIRCUMSTANCES,  AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS
          OWNED  BY OR TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN
          ACQUIRING  PERSON  (AS  DEFINED IN THE RIGHTS AGREEMENT) AND
          CERTAIN  TRANSFEREES  THEREOF  WILL BECOME NULL AND VOID AND
          WILL  NO  LONGER  BE  EXERCISABLE  OR  TRANSFERABLE.


                                RIGHT CERTIFICATE

                                    YP CORP.

     This  certifies that ____________________________ or registered assigns, is
the  registered  owner  of  the  number of Rights set forth above, each of which
entitles  the  owner thereof, subject to the terms, provisions and conditions of
the  Rights  Agreement, dated as of May 6, 2004, as the same may be amended from
time  to  time  (the "Rights Agreement"), between YP Corp., a Nevada corporation
(the  "Company"),  and  Registrar  and  Transfer  Company,  as Rights Agent (the
"Rights Agent"), to purchase from the Company at any time after the Distribution
Date  (as  such term is defined in the Rights Agreement) and prior to 5:00 P.M.,
New  York  City  time,  on  April 26, 2014 at the office or agency of the Rights
Agent  designated  for  such  purpose,  or of its successor as Rights Agent, one
one-thousandth  of  a  fully  paid  non-assessable  share  of  Series  A  Junior
Participating  Preferred  Stock,  par  value  $0.001  per  share (the "Preferred
Stock"),  of the Company at a purchase price of $36.50 per one one-thousandth of
a  share  of  Preferred  Stock  (the  "Purchase  Price"),  upon presentation and
surrender  of  this Right Certificate with the Form of Election to Purchase duly
executed.  The  number  of  Rights evidenced by this Rights Certificate (and the
number  of  one  one-thousandths  of  a  share  of  Preferred  Stock that may be
purchased  upon  exercise  hereof)  set  forth above, and the Purchase Price set
forth  above,  are  the number and Purchase Price as of April 26, 2004, based on
the  Preferred  Stock  as  constituted  at such date.  As provided in the Rights
Agreement,  the  Purchase Price, the number of one one-thousandths of a share of
Preferred Stock (or other securities or property) that may be purchased upon the
exercise  of  the  Rights,  and  the  number  of  Rights evidenced by this Right
Certificate  are  subject  to  modification and adjustment upon the happening of
certain  events.

     This  Right  Certificate  is  subject  to all of the terms, provisions, and
conditions  of the Rights Agreement, which terms, provisions, and conditions are
hereby  incorporated  herein  by


                                      B-1
<PAGE>
reference  and  made  a  part  hereof and to which Rights Agreement reference is
hereby  made  for  a  full  description  of  the  rights, limitations of rights,
obligations,  duties, and immunities hereunder of the Rights Agent, the Company,
and the holders of the Right Certificates. Copies of the Rights Agreement are on
file  at  the principal executive offices of the Company and the above-mentioned
office  or  agency  of  the Rights Agent. The Company will mail to the holder of
this  Right  Certificate  a  copy  of  the Rights Agreement without charge after
receipt  of  a  written  request  therefor.

     This  Right  Certificate,  with  or  without other Right Certificates, upon
surrender  at  the  office  or  agency  of  the Rights Agent designated for such
purpose, may be exchanged for another Right Certificate or Right Certificates of
like  tenor  and  date evidencing Rights entitling the holder to purchase a like
aggregate  number  of  shares  of Preferred Stock as the Rights evidenced by the
Right  Certificate  or  Right  Certificates surrendered shall have entitled such
holder  to  purchase.  If this Right Certificate shall be exercised in part, the
holder  shall  be  entitled  to  receive  upon  surrender  hereof  another Right
Certificate  or Right Certificates for the number of whole Rights not exercised.

     Subject  to the provisions of the Rights Agreement, the Rights evidenced by
this  Certificate  (i)  may  be redeemed by the Company at a redemption price of
$.01  per  Right  or (ii) may be exchanged in whole or in part for shares of the
Company's  Common  Stock,  par  value  $0.001  per share, or shares of Preferred
Stock.

     No fractional shares of Preferred Stock or Common Stock will be issued upon
the  exercise  or  exchange  of any Right or Rights evidenced hereby (other than
fractions  of  Preferred Stock that are integral multiples of one one-thousandth
of  a  share  of  Preferred Stock, which may, at the election of the Company, be
evidenced  by  depository  receipts), but in lieu thereof a cash payment will be
made,  as  provided  in  the  Rights  Agreement.

     No  holder of this Right Certificate, as such, shall be entitled to vote or
receive dividends or be deemed for any purpose the holder of the Preferred Stock
or  of  any  other securities of the Company that may at any time be issuable on
the  exercise  or  exchange  hereof,  nor shall anything contained in the Rights
Agreement  or herein be construed to confer upon the holder hereof, as such, any
of  the  rights  of  a  stockholder  of the Company or any right to vote for the
election  of  directors  or  upon  any  matter  submitted to stockholders at any
meeting  thereof,  or to give or withhold consent to any corporate action, or to
receive  notice  of  meetings or other actions affecting stockholders (except as
provided  in  the  Rights  Agreement)  or  to  receive dividends or subscription
rights,  or  otherwise,  until  the  Right  or  Rights  evidenced  by this Right
Certificate  shall  have  been  exercised or exchanged as provided in the Rights
Agreement.

     This  Right  Certificate  shall  not be valid or obligatory for any purpose
until it shall have been countersigned by the Rights Agent.

                            [SIGNATURE PAGE FOLLOWS]


                                      B-2
<PAGE>
     WITNESS  the  facsimile signature of the proper officers of the Company and
its corporate seal. Dated as of _________ __, 2004.

                                     YP CORP.



                                     By:
                                        ------------------------------------
                                        President

ATTEST:



- ------------------------------
Secretary


Countersigned:


REGISTRAR AND TRANSFER COMPANY, as Rights Agent



By
  ------------------------------------
    Name:
         -----------------------------
    Title:
          ----------------------------


                                      B-3
<PAGE>
                    Form of Reverse Side of Right Certificate

                               FORM OF ASSIGNMENT
                               ------------------

                (To be executed by the registered holder if such
                holder desires to transfer the Right Certificate)

     FOR  VALUE  RECEIVED  __________________________  hereby sells, assigns and
transfers  unto ________________________________________________________________
________________________________________________________________________________
                  (Please print name and address of transferee)

_______  Rights  represented by this Right Certificate, together with all right,
title  and  interest therein, and does hereby irrevocably constitute and appoint
___________________________  Attorney,  to  transfer said Rights on the books of
the  within-named  Company,  with  full  power  of  substitution.

Dated:
       -----------------------------


                                                  ------------------------------
                                                  Signature

Signature  Guaranteed:


     Signatures  must  be guaranteed by a bank, trust company, broker, dealer or
other  eligible  institution  participating  in a recognized signature guarantee
medallion  program.


.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                               (To be completed)

     The  undersigned  hereby  certifies that the Rights evidenced by this Right
Certificate  are not beneficially owned by, were not acquired by the undersigned
from,  and  are  not  being  assigned  to an Acquiring Person or an Affiliate or
Associate  thereof  (as  defined  in  the  Rights  Agreement).



                                                  ------------------------------
                                                  Signature


                                      B-4
<PAGE>
              Form of Reverse Side of Right Certificate - continued

                          FORM OF ELECTION TO PURCHASE
                          ----------------------------

                  (To be executed if holder desires to exercise
                  Rights represented by the Rights Certificate)

TO YP CORP.:

     The  undersigned  hereby  irrevocably  elects  to  exercise ________ Rights
represented  by this Right Certificate to purchase the shares of Preferred Stock
(or  other securities or property) issuable upon the exercise of such Rights and
requests  that  certificates  for  such shares of Preferred Stock (or such other
securities)  be  issued  in  the  name  of:
_________________________________________________________________________
                         (Please print name and address)
_________________________________________________________________________

If  such  number  of  Rights shall not be all the Rights evidenced by this Right
Certificate,  a  new  Right Certificate for the balance remaining of such Rights
shall  be  registered  in  the  name  of and delivered to (Please print name and
address  below):

_________________________________________________________________________

_________________________________________________________________________

Please insert social security
or other identifying number:


Dated:
      -----------------------------------


                                                  ------------------------------
                                                  Signature

        (Signature must conform to holder specified on Right Certificate)

Signature Guaranteed:

     Signature  must  be  guaranteed by a bank, trust company, broker, dealer or
other  eligible  institution  participating  in a recognized signature guarantee
medallion  program.



- --------------------------------------------------------------------------------
                                (To be completed)


                                      B-5
<PAGE>
              Form of Reverse Side of Right Certificate - continued



     The  undersigned  certifies  that  the  Rights  evidenced  by  this  Right
Certificate  are  not  beneficially  owned  by,  and  were  not  acquired by the
undersigned  from,  an Acquiring Person or an Affiliate or Associate thereof (as
defined  in  the  Rights  Agreement).



                                                  ------------------------------
                                                  Signature


- --------------------------------------------------------------------------------


                                     NOTICE
                                     ------

     The signature in the Form of Assignment or Form of Election to Purchase, as
the case may be, must conform to the name as written upon the face of this Right
Certificate in every particular, without alteration or enlargement or any change
whatsoever.

     In the event the certification set forth above in the Form of Assignment or
the  Form  of  Election  to Purchase, as the case may be, is not completed, such
Assignment  or  Election  to  Purchase  will  not  be  honored.


                                      B-6
<PAGE>
                                                                       Exhibit C
                                                                       ---------

          UNDER  CERTAIN  CIRCUMSTANCES,  AS  SET  FORTH IN THE RIGHTS
          AGREEMENT, RIGHTS OWNED BY OR TRANSFERRED TO ANY PERSON THAT
          IS  OR BECOMES AN ACQUIRING PERSON (AS DEFINED IN THE RIGHTS
          AGREEMENT)  AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL
          AND  VOID AND WILL NO LONGER BE EXERCISABLE OR TRANSFERABLE.

                          SUMMARY OF RIGHTS TO PURCHASE
                          SHARES OF PREFERRED STOCK OF
                                    YP CORP.

     On  April  26,  2004,  the  Board  of Directors of YP Corp. (the "Company")
declared  a  dividend of one preferred share purchase right (a "Right") for each
outstanding  share  of  common stock, par value $0.001 per share, of the Company
(the  "Common  Stock").  The  dividend  is payable on May 18, 2004 (the "Payment
Date")  to  the stockholders of record on May 4, 2004 (the "Record Date").  Each
Right  entitles  the  registered  holder  to  purchase  from  the  Company  one
one-thousandth  of a share of Series A Junior Participating Preferred Stock, par
value  $0.001  per  share,  of the Company (the "Preferred Stock") at a price of
$36.50  per  one  one-thousandth  of  a  share of Preferred Stock (the "Purchase
Price"), subject to adjustment.  The description and terms of the Rights are set
forth  in a Rights Agreement dated as of May 6, 2004, as the same may be amended
from  time  to  time (the "Rights Agreement"), between the Company and Registrar
and Transfer Company, as Rights Agent (the "Rights Agent").

     Until  the  earlier to occur of (i) 10 days following a public announcement
that  a  person  or  group  of  affiliated  or  associated persons has become an
"Acquiring  Person" (as described below) or (ii) 10 business days (or such later
date  as  may  be  determined by action of the Board of Directors of the Company
prior  to  such  time  as  any  person or group of affiliated persons becomes an
Acquiring Person) following the commencement of, or announcement of an intention
to make, a tender offer or exchange offer the consummation of which would result
in  any  person or group of affiliated persons becoming an Acquiring Person (the
earlier  of such dates being called the "Distribution Date"), the Rights will be
evidenced,  with  respect to any of the Common Stock certificates outstanding as
of  the Record Date, by such Common Stock certificate together with this Summary
of  Rights.  Except  in  certain  situations, a person or group of affiliated or
associated  persons  becomes  an  "Acquiring  Person"  upon acquiring beneficial
ownership of 15% or more of the outstanding shares of Common Stock.

     In  the case of Frank J. Husic and his affiliates (which together currently
own  approximately  15.4%  of the Company's outstanding shares of Common Stock),
those  persons  will  become  an Acquiring Person if such persons, together with
their  respective  affiliates  and  associates,  (a)  have  acquired  beneficial
ownership  of  18%  or  more  of  the outstanding shares of Common Stock, or (b)
beneficially  own  15%  or  more  of  the outstanding shares of Common Stock and
commence  or announce a tender or exchange offer to acquire beneficial ownership
of  18% or more of the outstanding Common Stock, or (c) at any time beneficially
own  less  than


                                      C-1
<PAGE>
15%  of  the outstanding Common Stock and acquire beneficial ownership of 15% or
more of the outstanding shares of Common Stock, or commence or announce a tender
or  exchange  offer  to  acquire  beneficial  ownership  of  15%  or more of the
outstanding  Common  Stock.  In  the  case  of  Mathew  and Markson, Ltd. (which
currently  owns  22.2%  of  the  outstanding shares of Common Stock) or Morris &
Miller,  Ltd. (which currently owns 21.7% of the Company's outstanding shares of
Common  Stock),  either of those persons will become an Acquiring Person if such
entity, together with its affiliates and associates, (a) has acquired beneficial
ownership  of  24%  or  more  of  the outstanding shares of Common Stock, or (b)
beneficially  owns  15%  or  more  of the outstanding shares of Common Stock and
commences  or  announces  a  tender  or  exchange  offer  to  acquire beneficial
ownership  of  24%  or  more of the outstanding Common Stock, or (c) at any time
beneficially  own  less  than  15%  of  the outstanding Common Stock and acquire
beneficial  ownership  of 15% or more of the outstanding shares of Common Stock,
or  commence  or  announce  a  tender  or  exchange  offer to acquire beneficial
ownership of 15% or more of the outstanding Common Stock.

     The Rights Agreement provides that, until the Distribution Date (or earlier
expiration of the Rights), the Rights will be transferred with and only with the
Common  Stock.  Until  the  Distribution  Date  (or  earlier  expiration  of the
Rights),  new  Common  Stock  certificates  issued  after  the  Record Date upon
transfer  or new issuances of Common Stock will contain a notation incorporating
the  Rights  Agreement  by  reference.  Until  the Distribution Date (or earlier
expiration  of  the  Rights), the surrender for transfer of any certificates for
shares  of  Common  Stock  outstanding  as of the Record Date, even without such
notation  or a copy of this Summary of Rights, will also constitute the transfer
of  the  Rights  associated  with the shares of Common Stock represented by such
certificate.  As  soon  as practicable following the Distribution Date, separate
certificates  evidencing  the  Rights  ("Right  Certificates") will be mailed to
holders  of  record  of  the  Common  Stock  as  of the close of business on the
Distribution  Date  and such separate Right Certificates alone will evidence the
Rights.

     The  Rights  are  not  exercisable until the Distribution Date.  The Rights
will  expire  on  April 26, 2014 (the "Final Expiration Date"), unless the Final
Expiration  Date  is  advanced  or  extended  or  unless  the Rights are earlier
redeemed or exchanged by the Company, in each case as described below.

     The  Purchase Price payable, and the number of shares of Preferred Stock or
other securities or property issuable, upon exercise of the Rights is subject to
adjustment  from  time  to  time to prevent dilution (i) in the event of a stock
dividend on, or a subdivision, combination or reclassification of, the Preferred
Stock,  (ii)  upon the grant to holders of the Preferred Stock of certain rights
or  warrants  to  subscribe  for  or  purchase  Preferred  Stock  at a price, or
securities  convertible  into Preferred Stock with a conversion price, less than
the  then-current  market  price  of  the  Preferred  Stock  or  (iii)  upon the
distribution  to  holders of the Preferred Stock of evidences of indebtedness or
assets  (excluding  regular  periodic  cash  dividends  or  dividends payable in
Preferred  Stock)  or  of  subscription  rights  or  warrants  (other than those
referred  to  above).

     The number of outstanding Rights is subject to adjustment in the event of a
stock  dividend  on  the  Common  Stock  payable  in  shares  of Common Stock or
subdivisions,


                                      C-2
<PAGE>
consolidations  or combinations of the Common Stock occurring, in any such case,
prior  to  the  Distribution  Date.

     Shares  of Preferred Stock purchasable upon exercise of the Rights will not
be redeemable.  Each share of Preferred Stock will be entitled, when, as, and if
declared, to a minimum preferential quarterly dividend payment of the greater of
(a)  $10.00  per  share,  and  (b)  an  amount  equal to 1000 times the dividend
declared per share of Common Stock.  In the event of liquidation, dissolution or
winding  up  of the Company, the holders of the Preferred Stock will be entitled
to  a  minimum  preferential payment of the greater of (a) $1.00 per share (plus
any  accrued  but  unpaid  dividends), and (b) an amount equal to 1000 times the
payment made per share of Common Stock.  Each share of Preferred Stock will have
1000  votes, voting together with the Common Stock.  If the Company fails to pay
dividends  on the Preferred Stock for six quarters (whether or not consecutive),
the  size  of  the Company's Board of Directors will be increased by two members
and the holders of Preferred Stock, voting as a separate class, will be entitled
to  elect  the  two  additional  directors.  The holders of Preferred Stock will
retain this right until all dividend arrearages on the Preferred Stock have been
cured,  at  which  time the two additional members will cease to be directors of
the  Company  and the size of the Company's Board of Directors will be decreased
by  two  members.

     In  the  event  of  any merger, consolidation or other transaction in which
outstanding  shares  of  Common  Stock are converted or exchanged, each share of
Preferred  Stock  will be entitled to receive 1000 times the amount received per
share  of  Common  Stock.  These  rights are protected by customary antidilution
provisions.

     Because  of  the nature of the Preferred Stock's dividend, liquidation, and
voting  rights,  the  value  of  the  one  one-thousandth interest in a share of
Preferred  Stock  purchasable upon exercise of each Right should approximate the
value  of  one  share  of  Common  Stock.

     In  the  event that any person or group of affiliated or associated persons
becomes  an  Acquiring  Person,  each  holder  of  a  Right,  other  than Rights
beneficially  owned  by the Acquiring Person (which will thereupon become void),
will  thereafter  have the right to receive upon exercise of a Right that number
of  shares of Common Stock having a market value of two times the exercise price
of  the  Right.

     In  the event that, after a person or group has become an Acquiring Person,
the Company is acquired in a merger or other business combination transaction or
50%  or  more  of  its  consolidated  assets  or  earning power are sold, proper
provisions  will  be  made  so  that  each  holder of a Right (other than Rights
beneficially  owned  by  an  Acquiring Person, which will have become void) will
thereafter have the right to receive upon the exercise of a Right that number of
shares  of  common stock of the person with which the Company has engaged in the
foregoing  transaction (or its parent) that at the time of such transaction have
a market value of two times the exercise price of the Right.

     At any time after any person or group becomes an Acquiring Person and prior
to  the  earlier of one of the events described in the previous paragraph or the
acquisition by such Acquiring Person of 50% or more of the outstanding shares of
Common  Stock,  the  Board  of


                                      C-3
<PAGE>
Directors  of  the  Company  may exchange the Rights (other than Rights owned by
such  Acquiring  Person,  which will have become void), in whole or in part, for
shares  of  Common  Stock  or  Preferred  Stock  (or  a  series of the Company's
preferred  stock  having  equivalent rights, preferences, and privileges), at an
exchange  ratio of one share of Common Stock, or a fractional share of Preferred
Stock (or other preferred stock) equivalent in value thereto, per Right.

     With  certain  exceptions,  no  adjustment  in  the  Purchase Price will be
required  until  cumulative  adjustments require an adjustment of at least 1% in
such  Purchase  Price.  No  fractional shares of Preferred Stock or Common Stock
will  be  issued  (other  than  fractions  of  Preferred Stock that are integral
multiples  of one one-thousandth of a share of Preferred Stock, that may, at the
election  of  the  Company,  be  evidenced  by depositary receipts), and in lieu
thereof  an adjustment in cash will be made based on the current market price of
the  Preferred  Stock  or  the  Common  Stock.

     At  any  time prior to the time an Acquiring Person becomes such, the Board
of  Directors of the Company may redeem the Rights in whole, but not in part, at
a price of $.01 per Right (the "Redemption Price") payable, at the option of the
Company,  in cash, shares of Common Stock or such other form of consideration as
the  Board  of  Directors of the Company shall determine.  The redemption of the
Rights  may  be  made  effective  at  such  time,  on  such basis, and with such
conditions  as  the Board of Directors of the Company in its sole discretion may
establish.  Immediately upon any redemption of the Rights, the right to exercise
the Rights will terminate and the only right of the holders of Rights will be to
receive  the  Redemption  Price.

     For  so  long as the Rights remain redeemable, the Company may, except with
respect  to  the  Redemption  Price,  amend  the Rights Agreement in any manner.
After  the Rights are no longer redeemable, the Company may, except with respect
to  the Redemption Price, amend the Rights Agreement in any manner that does not
adversely  affect  the  interests  of  holders  of  the  Rights.

     Until  a Right is exercised or exchanged, the holder thereof, as such, will
have  no  rights as a stockholder of the Company, including, without limitation,
the  right  to  vote  or  to  receive  dividends.

     A  copy  of  the  Rights  Agreement  has been filed with the Securities and
Exchange  Commission as an Exhibit to a Registration Statement on Form 8-A dated
May,  2004.  A copy of the Rights Agreement is available free of charge from the
Company.  This summary description of the Rights does not purport to be complete
and  is  qualified  in its entirety by reference to the Rights Agreement, as the
same  may  be  amended from time to time, which is hereby incorporated herein by
reference.


                                      C-4
<PAGE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>ex4_3.txt
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
                                                                     Exhibit 4.3


                       AMENDMENT NO. 1 TO RIGHTS AGREEMENT


     THIS  AMENDMENT  NO.  1 TO RIGHTS AGREEMENT (this "Amendment"), dated as of
May  31,  2004,  is  between YP Corp., a Nevada corporation (the "Company"), and
Registrar and Transfer Company, as rights agent (the "Rights Agent").

     WHEREAS,  the  Company  and  the  Rights  Agent  are  parties  to  a Rights
Agreement, dated as of May 6, 2004 (the "Rights Agreement"); and

     WHEREAS,  pursuant  to  Section 27 of the Rights Agreement, the Company and
the Rights Agent desire to amend the Rights Agreement as set forth below;

     NOW, THEREFORE, the Rights Agreement is hereby amended as follows:

     1.     Amendment  of  Section  1(k).
            -----------------------------

          Section  1(k)  of  the Rights Agreement is amended by replacing clause
(ii)  thereof  with  the  following:

          "(ii) Frank J. Husic, for so long as such Person, together with any of
          his Affiliates and Associates, shall be the Beneficial Owner of 15% or
          more,  but  not  more  than  25%,  of  the shares of Common Stock then
          outstanding,  provided  that  such Persons shall cease to be an Exempt
          Person  at  such  time  when  such  Person,  together  with any of his
          Affiliates  and  Associates,  (A) shall become the Beneficial Owner of
          less  than  15%  of the shares of Common Stock then outstanding or (B)
          shall commerce or publicly announce the intention to commence a tender
          or  exchange  offer  the  consummation  of  which would result in such
          Persons  becoming  the  Beneficial  Owner  of  shares  of Common Stock
          aggregating  more  than  25%  of  the  Common Stock then outstanding."

     2.     Effectiveness.
            --------------

     This  Amendment shall be deemed effective as of May 31, 2004 as if executed
by  both  parties  hereto  on  such  date.  Except as amended hereby, the Rights
Agreement  shall  remain  in  full  force  and  effect  and  shall  be otherwise
unaffected  hereby.

     3.     Miscellaneous.
            --------------

     This  Amendment shall be deemed to be a contract made under the laws of the
State  of  Nevada  and  for  all  purposes shall be governed by and construed in
accordance  with  the  laws of such state applicable to contracts to be made and
performed  entirely  within  such  state.  This Amendment may be executed in any
number  of  counterparts,  each  of  such  counterparts  shall  for


<PAGE>
all  purposes  be  deemed  to  be  an  original, and all such counterparts shall
together  constitute  but  one  and the same instrument. If any term, provision,
covenant  or  restriction  of  this  Amendment  is  held by a court of competent
jurisdiction  or  other  authority to be invalid, illegal, or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this Amendment
shall  remain in full force and effect and shall in no way be affected, impaired
or  invalidated.


<PAGE>
     IN  WITNESS  WHEREOF,  the  parties hereto have caused this Amendment to be
duly executed as of the date set forth above.


                                      YP CORP.


                                      By:
                                         ---------------------------------------
                                      Name: Peter Bergmann
                                      Title: Chief Executive Officer



                                      REGISTRAR AND TRANSFER COMPANY


                                      By:
                                         ---------------------------------------
                                      Name:
                                      Title:


<PAGE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>5
<FILENAME>ex10_1.txt
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into on June 6,
2004  by and between YP Corp., a Nevada corporation (the "Company") and Peter J.
Bergmann  ("Executive").

     In  consideration  of  the mutual promises, covenants and agreements herein
contained,  intending  to  be  legally  bound,  the  parties  agree  as follows:

     1.   Employment.  The  Company  hereby  agrees  to  employ  Executive,  and
          ----------
Executive  hereby  agrees to serve, subject to the provisions of this Agreement,
as  an  employee  of  the  Company  in  the position of Chief Executive Officer,
President and Chairman.  Executive will perform all services and acts reasonably
necessary  to  fulfill  the duties and responsibilities of his position and will
render  such  services  on  the  terms  set  forth herein and will report to the
Company's  Board  of  Directors (the "Board").  In addition, Executive will have
such  other  executive  and  managerial  powers  and  duties with respect to the
Company  as  may  be reasonably required to perform his services and fulfill his
duties  hereunder  and  as  otherwise  may  reasonably be assigned to him by the
Board, to the extent consistent with his position and status as set forth above.
Executive  agrees  to  devote  his  business time, attention and energies to the
extent  reasonably  necessary  to  perform the duties assigned hereunder, and to
perform such duties diligently, faithfully and to the best of his abilities.  It
is expressly understood and agreed that Executive shall have the right to engage
in  any  activities  that are generally engaged in by executives of his position
and  status,  provided  that  Executive agrees to refrain from any activity that
does,  will or could reasonably be deemed to conflict with the best interests of
the Company. Notwithstanding the foregoing, Company acknowledges and agrees that
during  the Term Executive shall have the right to (i) engage in activities as a
producer, director and consultant with respect to various projects in the motion
picture,  television and related entertainment industries ("Outside Activities")
and  (ii)  render Executive's services as an employee, officer, director, agent,
consultant,  independent contractor, proprietor, principal, or partner of and/or
to  have  a  "financial  interest"  in  any  business  engaging  in such Outside
Activities;  provided  that  Executive  agrees  that  engaging  in  such Outside
Activities shall not substantially interfere with the performance of Executive's
duties  hereunder.

     2.   Term.  This  Agreement  is  for  the  three-year  period  (the "Term")
          ----
commencing  on  the date hereof and terminating on the third anniversary of such
date,  or  upon  the  date of termination of employment pursuant to Section 8 of
                                                                    ---------
this  Agreement;  provided, however, that commencing on the third anniversary of
                  --------  -------
the  date  hereof and each anniversary thereafter the Term will automatically be
extended  for  one  additional  year unless, not later than 30 days prior to any
such  anniversary, either party hereto will have notified the other party hereto
that  such  extension will not take effect, in which event the Term shall end on
the  last  day  of  the  then  current  period.

     3.   Place  of  Performance.  Except  for  required travel on the Company's
          ----------------------
business,  Executive  will  perform  the  majority of his duties and conduct the
majority  of  his  business on behalf of the Company at the Company's offices in
Mesa,  Arizona  and  at  Executive's  office  in  Marina  del  Rey,  California.


                                        1
<PAGE>
     4.   Compensation.
          ------------
          (a)  Salary.  Executive's  salary  during  the  first  year  of  this
               ------
Agreement  will be at the annual rate of $200,000 (the "Annual Salary"), payable
in  accordance  with  the  Company's  regular  payroll practices. All applicable
withholdings,  including  taxes, will be deducted from such payments. The Annual
Salary  will  be  increased to $225,000 during the second year of this Agreement
and  to $275,000 during the third year of this Agreement. Thereafter, the Annual
Salary  will  be  as  determined by the Compensation Committee of the Board, but
shall  in  no  event  be  less  than  110% of the previous year's Annual Salary.

          (b)  Signing  Bonus.  Executive  will  receive  $190,000  as  a
               --------------
nonreturnable,  nonrefundable  signing  bonus payable upon the execution of this
Agreement,  subject  to  all  applicable  withholdings,  including  taxes.

          (c)  Performance  Bonuses.  Executive will receive a one-time bonus of
               --------------------
$130,000  upon  the  resolution  of  existing  and  outstanding corporate issues
involving  the  Company  as  determined  by the Board in its reasonable business
judgment,  but  in  no  event  later than the date one year from the date above.
Additionally, promptly following the commencement of each fiscal year, Executive
will  receive  an annual bonus of $135,000 in the event that the Company's basic
earnings  per  share  (as  reported  in  the  Company's  SEC  reports)  for that
respective  fiscal year ended September 30, exceed the prior fiscal year's basic
earnings  per  share  by  a minimum of 40%.  To the extent such test is met, the
bonus will be paid to Executive no later than 30 days after the Company receives
from its independent public accountants the audited financial statements for the
relevant  fiscal year indicating that the Company's basic earnings per share for
such  fiscal  year  exceed  the basic earnings per share for the prior year by a
minimum  of 40%.  All bonuses payable under this Section 4(c) will be subject to
                                                 ------------
all  applicable  withholdings,  including  taxes.

          (d)  Discretionary  Bonus.  During  each  year  of  the  Term,  the
               --------------------
Compensation Committee of the Board will review Executive's performance and may,
in  its  sole discretion, cause to be paid to Executive a discretionary bonus in
addition  to  the  Annual  Salary  and  other bonuses, subject to all applicable
withholdings,  including  taxes.

          (e)  Restricted  Stock.  Promptly  following  the date of execution of
               -----------------
this  Agreement,  the  Company  will grant 1,000,000 shares of restricted common
stock  of  the  Company,  $.001 par value, to Executive ("Restricted Stock") and
pursuant to a form of Restricted Stock Agreement used by the Company which shall
be  provided  to  Executive  prior  to  the  execution  of  this  Agreement. The
Restricted  Stock will vest in accordance with the terms of the Restricted Stock
Agreement,  provided  that  Executive's employment is not terminated pursuant to
Section  8(iii)  below.  In  the event that Executive's employment is terminated
- ---------------
pursuant  to  Section  8(vi) below, such Restricted Stock shall vest immediately
              --------------
upon notice of termination. The Restricted Stock will be subject in all respects
to  the terms and conditions of the Restricted Stock Agreement. The Company will
register  those  shares  of  Restricted  Stock  for  which  contractual transfer
restrictions  have  lapsed with the Securities and Exchange Commission within 60
days  of  such  vesting  and,  in  any  event,  will  endeavor (using reasonable
commercial  efforts)  to obtain an effective registration statement with respect
to  such  shares  of  Restricted  Stock  within  90  days  of  vesting.


                                        2
<PAGE>
          (f)  Housing  Allowance.  For  the first 18 months of the Term of this
               ------------------
Agreement,  Executive  will  receive  $2,000  per  month  to  defray the cost of
maintaining  a  home in Arizona. Thereafter, the Board will review the allowance
and  provide  it  to  Executive  as  necessary  and  appropriate  as  reasonably
determined  by  the  Board.

          (g)  Automobile.  Executive  will  be  provided with an automobile for
               ----------
Executive's use and Company shall pay all related costs and expenses, including,
but  not  limited  to,  fuel,  oil,  maintenance, repairs, garage and insurance.

          (h)  Mobile  Phone  Allowance.  Executive  will  be reimbursed for two
               ------------------------
cellular  telephones  and  their  reasonable  usage.

          (i)  Office.  Executive  shall  be  provided  with an executive office
               ------
suitable  for  his  position  and status. Company, at its sole cost and expense,
shall  provide  Executive  with  assistants  at  both his Arizona and California
offices.

     5.   Business  Expenses.  During  the  Term,  the  Company  will  reimburse
          ------------------
Executive  for  all  business  expenses  incurred  by him in connection with his
employment,  including  first  class  travel  and  top line accommodations, upon
submission  by  the Executive of receipts and other documentation in conformance
with  the Company's normal procedures for executives of Executive's position and
status.

     6.   Vacation,  Holidays and Sick Leave. During the Term, Executive will be
          ------------------------------------
entitled  to  paid  vacation (25 business days per calendar year), paid holidays
and  paid  sick leave in accordance with the Company's standard policies for its
officers,  as  may  be  amended  from  time  to  time.

     7.   Benefits.  During  the Term, Executive will be eligible to participate
          --------
fully in all health, disability and dental benefits, insurance programs, pension
and  retirement  plans  and other employee benefit and compensation arrangements
(collectively,  the  "Employee  Benefits")  available  to senior officers of the
Company  generally,  as  the same may be amended from time to time by the Board.
Without  limiting  the  generality  of  the  foregoing,  Company shall reimburse
Executive  for  any  and  all  medical and dental costs and expenses incurred by
Executive  and/or  his  significant  other  to  the  extent  that such costs and
expenses  are  not  covered  by  Company's  insurance  policies.

     8.   Termination  of  Employment.
          ---------------------------
          (a)  Notwithstanding  any provision of this Agreement to the contrary,
the  employment  of  Executive hereunder will terminate on the first to occur of
the  following  dates:

               (i)  the  date  of  Executive's  death;

               (ii) the date on which Executive has experienced a Disability (as
defined below), and the Company gives Executive notice of termination on account
of  Disability;

               (iii)  the  date  on  which Executive has engaged in conduct that
constitutes  Cause (as defined below), and the Company gives Executive notice of
termination  for  Cause;


                                        3
<PAGE>
               (iv) expiration  of  the  Term  without  renewal  or  extension;

               (v)  the  date  on  which  the  Company gives Executive notice of
termination  for any reason other than the reasons set forth in (i) through (iv)
above;  or

               (vi) the  date  on  which  Executive  gives the Company notice of
termination  for  Good  Reason  (as  defined  below).

          (b)  For purposes of this Agreement, "Disability" will mean an illness
injury  or  other  incapacitating  condition  as  a result of which Executive is
unable  to  perform,  with reasonable accommodation, the services required to be
performed under this Agreement for 180 consecutive days during the Term.  In any
such event, the Company, in its sole discretion, may terminate this Agreement by
giving  notice  to Executive of termination for Disability.  Executive agrees to
submit  to  such medical examinations as may be necessary to determine whether a
Disability exists, pursuant to such reasonable requests made by the Company from
time  to  time.  Any  determination  as to the existence of a Disability will be
made  by  a  physician  mutually  selected  by  the  Company  and  Executive.

          (c)  For  purposes of this Agreement, "Cause" will mean the occurrence
of  any  of  the  following  events,  as  reasonably  determined  by  the Board:

               (i)  Executive's  willful  and continued failure to substantially
perform  his  duties  hereunder;

               (ii) Executive's conviction of a felony, or his guilty plea to or
entry  of  a  nolo  contendere  plea  to  a  felony  charge;

               (iii)  the  willful  engaging  by  Executive  in  conduct that is
materially  injurious  to  the  Company's  business  or  reputation;  or

               (iv) Executive's breach of any material term of this Agreement or
the  Company's  written policies and procedures, as in effect from time to time;
provided,  however,  that  with  respect  to  (i),  (iii)  or  (iv)  above, such
termination  for  Cause will only be effective if the conduct constituting Cause
is  not  cured  by  Executive  within  30 days of receipt by Executive of notice
specifying  in  reasonable detail the nature of the alleged breach. For purposes
of  this  subparagraph  (c), no act or omission by Executive shall be considered
"willful"  unless  done,  or  not  done,  by  Executive  in bad faith or without
reasonable  belief  that  such  act  or  omission  was  in the best interests of
Company,  and  any  act  or  omission by Executive based upon or consistent with
authority given to Executive under this Agreement or by the Board or upon advise
of  Company's  counsel,  shall be conclusively presumed to be done in good faith
and  in  the  best  interests  of  Company  .

          (d)  For  purposes  of  this  Agreement,  "Good  Reason" will mean the
occurrence  of  any  of  the  following  events,  as  reasonably  determined  by
Executive:

               (i)  a  substantial reduction in Executive's responsibilities and
duties  by  the  Board,  but  excluding  for  reasons  of  Cause;


                                        4
<PAGE>
               (ii) the failure of the Company to pay Executive his total Annual
Salary  and/or  bonuses  earned  (not  including  discretionary  bonuses);

               (iii)  the  Company's  breach  of  any  material  term  of  this
Agreement;  provided  that in all cases Executive will have provided the Company
with  notice and not less than a 15 calendar day opportunity to cure the conduct
that  Executive  claims  constitutes  Good  Reason;  and/or

               (iv) a  Change  of  Control  shall have occurred. For purposes of
this Agreement, "Change of Control" shall have the meaning ascribed to it in the
Company's  2003  Stock  Plan.

     9.   Compensation  in  Event  of Termination. Upon termination of the Term,
          ------------------------------------
this Agreement will terminate and the Company will have no further obligation to
Executive  except  to  pay  the  amounts  set  forth  in  this  Section  9.
                                                                ----------
          (a)  In  the  event  Executive's  employment is terminated pursuant to
Sections  8(a)(i),  (ii), (iii) or (iv) on or before the expiration of the Term,
Executive  or his estate, conservator or designated beneficiary, as the case may
be,  will  be entitled to payment of any earned but unpaid Annual Salary for the
year  in  which  the  Executive's  employment  is terminated through the date of
termination,  as  well  as  any  accrued  but  unused vacation, reimbursement of
expenses  and  vested benefits to which Executive is entitled in accordance with
the  terms  of  each  applicable  Employee  Benefits  plan.

          (b)  In  the  event  Executive's  employment is terminated pursuant to
Section  8(a)(v) or (vi) on or before the expiration of the Term, Executive will
be  entitled  to  receive  on the date of termination, as his sole and exclusive
remedy,  a  lump  sum amount equal to 18 months of payments that Executive would
receive  under  the  Agreement  if  his employment with the Company had not been
terminated,  including,  but  not limited to, the Annual Salary in effect at the
time  of  termination  and  bonuses  (payable at time they would be otherwise be
payable),  vacation,  benefits  and  reimbursement  of  expenses.

          (c)  In  the event that it shall be determined by the Company's public
accounting  firm  that  any  payment  or  distribution  by  the  Company  or its
affiliated companies to or for the benefit of Executive (whether paid or payable
or  distributed  or  distributable  pursuant  to  the terms of this Agreement or
otherwise,  but  determined without regard to any adjustment required under this
Section  9(c)  (a  "Payment")),  would  be  subject to the excise tax imposed by
Section  4999 of the Internal Revenue Code of 1986, as amended or any amendment,
replacement  or  similar  provision  thereto,  or  any interest or penalties are
incurred  by Executive (other than interest or penalties incurred as a result of
Executive's  failure  promptly  to  file  appropriate tax returns or amended tax
returns  after  notification  of  such  determination  by  the  Company's public
accounting firm) with respect to such excise tax (such excise tax, together with
any such interest and penalties, are hereinafter collectively referred to as the
"Excise  Tax"),  then  Executive  shall  be  entitled  to receive within 30 days
following  such  determination  or  such  occurrence,  as  the  case  may be, an
additional  payment  (a "Gross Up Payment") in an amount such that after payment
by Executive of the Excise Tax imposed upon the Gross-Up Payment, Executive will
retain  an amount equal to the amount he would have retained had no Exercise Tax
been  imposed.


                                        5
<PAGE>
     10.  Confidentiality.  Executive  covenants  and  agrees  that  he will not
          ---------------
at  any time during or after the end of the Term, without written consent of the
Company  or  as  may  be  required  by  law  or valid legal process, directly or
indirectly,  use  for  his  own  account,  or  disclose  to  any person, firm or
corporation,  other  than authorized officers, directors, attorneys, accountants
and  employees  of the Company or its subsidiaries, Confidential Information (as
hereinafter defined) of the Company.  As used herein, "Confidential Information"
of  the  Company  means  information  about  the  Company of any kind, nature or
description,  including  but  not limited to, any proprietary information, trade
secrets,  data,  formulae,  supplier, client and customer lists or requirements,
price  lists  or  pricing  structures, marketing and sales information, business
plans  or  dealings  and  financial information and plans as well as all papers,
resumes  and  records  (including  computer  records)  that  are disclosed to or
otherwise  known to Executive as a direct or indirect consequence of Executive's
employment  with  the  Company,  which information is not generally known to the
public  or  in  the  businesses  in  which the Company is engaged.  Confidential
Information  also  includes  any information furnished to the Company by a third
party  with  restrictions  on  its  use  or  further  disclosure.

     11.  Nonsolicitation  and  Noninterference.
          -------------------------------------

          (a)  Customers  and Suppliers. While employed by the Company and for a
               -------------------------
one-year  period thereafter, Executive will not, directly or indirectly, solicit
or  influence  or  attempt  to  solicit  or influence any current or prospective
customer,  client, vendor or supplier of the Company or any of its affiliates or
subsidiaries  to  divert  their business to any Competitor (as defined below) of
the  Company  (whether  or  not  exclusive)  or  otherwise  terminate his or its
relationship  with  the  Company.

          (b)  Employees.

               (i)  Executive  recognizes  that,  as  a  result  of  Executive's
association  with  the  Company,  he will possess confidential information about
other  employees  or  consultants  of  the  Company  and  its  subsidiaries  and
affiliates  relating  to  their  education,  experience,  skills,  abilities,
compensation and benefits, and their interpersonal relationships with customers.
Executive  acknowledges  and  agrees  that  the information he possesses or will
possess about these other employees or consultants is not generally known, is of
substantial  value  to  the  Company  and  its  affiliates  and  subsidiaries in
developing its business and in securing and retaining customers, and is, will be
or  may  be  known  to  Executive  because  of  his employment with the Company.

               (ii) Accordingly,  Executive  agrees  that, while employed by the
Company  and  for  a one-year period thereafter, Executive will not, directly or
indirectly, induce, solicit or recruit any employee or consultant of the Company
or  its  subsidiaries  or  affiliates  for  the purpose of (A) being employed by
Executive  or by any Competitor of the Company or (B) causing such individual to
terminate his or her employment relationship with the Company for any purpose or
no  purpose.

               (iii)  For  purposes  of this Agreement, a "Competitor" will mean
any  other  entity  or  person  that provides or proposes to provide services or
products similar in kind or purpose to those provided or proposed to be provided
by  the  Company  during  the  Term.


                                        6
<PAGE>
               (iv) The  provisions  of  Sections  11(a) and (b) above shall not
apply  in  the  event  that Executive terminates this Agreement for Good Reason.

     12.  Rights  and  Remedies  upon  Breach.  In  the  event  that  Executive
          -----------------------------------
breaches,  or  threatens  to  breach, any of the material agreements or material
covenants  set  forth herein, the Company will have the right and remedy to seek
to  obtain  injunctive  relief,  it  being  agreed that any breach or threatened
breach  of  any  of  the  confidentiality,  nonsolicitation or other restrictive
covenants  and agreements contained herein would cause irreparable injury to the
Company  and  that  money damages would not provide an adequate remedy at law to
the  Company.

     13.  Dispute  Resolution.  Except  for  an  action  exclusively  seeking
          ------------------
injunctive  relief,  any  disagreement, claim or controversy arising under or in
connection  with this Agreement, including Executive's employment or termination
of  employment  with  the  Company  will  be resolved exclusively by arbitration
before  a  single  arbitrator  in  accordance  with  the  National Rules for the
Resolution  of  Employment Disputes of the American Arbitration Association (the
"Rules"),  provided  that, the arbitrator will allow for discovery sufficient to
adequately  arbitrate  any  statutory  claims,  including  access  to  essential
documents  and  witnesses;  provided further, that the Rules will be modified by
the arbitrator to the extent necessary to be consistent with applicable law. The
arbitration  will  take  place  in Phoenix, Arizona. The award of the arbitrator
with  respect to such disagreement, claim or controversy will be in writing with
sufficient explanation to allow for such meaningful judicial review as permitted
by  law,  and  that  such decision will be enforceable in any court of competent
jurisdiction  and  will be binding on the parties hereto. The remedies available
in arbitration will be identical to those allowed at law. The arbitrator will be
entitled  to  award  reasonable  attorneys'  fees to the prevailing party in any
arbitration  or judicial action under this Agreement, consistent with applicable
law.  The Company and Executive each will pay its or his own attorneys' fees and
costs  in  any  such  arbitration,  provided  that, the Company will pay for any
costs,  including  the arbitrator's fee, that Executive would not have otherwise
incurred  if the dispute were adjudicated in a court of law, rather than through
arbitration.

     14.  Binding  Agreement.  This  Agreement  is  a  personal contract and the
          ------------------
rights  and  interests  of  Executive  hereunder  may  not be sold, transferred,
assigned,  pledged,  encumbered or hypothecated by him, provided that all rights
of  the Executive hereunder shall inure to the benefit of, and be enforceable by
Executive's personal or legal representatives, executors, heirs, administrators,
successors,  distributors,  devisees  and  legatees.

          (b)  In  addition  to any obligations impose by law upon any successor
to  Company  (whether  direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the assets of Company, by agreement in
form  and  substance satisfactory to Executive, to expressly assume and agree to
perform  this  Agreement  in  the  same  manner  and to the same extent that the
Company  would  by  required  to  perform if no such succession had taken place.

     15.  Disclosure  Obligations.  During  the  Term,  Executive agrees to make
          -----------------------
prompt  and  full  disclosure  to  the  Company  of  any  change  of  facts  or
circumstances  that  may  affect  Executive's  obligations  undertaken  and
acknowledged  herein,  and  Executive  agrees  that the Company has the right to
notify  any  third party of the existence and content of Executive's obligations
hereunder.


                                        7
<PAGE>
     16.  Return  of  Company  Property.  Executive  agrees  that  following the
          -----------------------------
termination  of  his  employment  for  any  reason,  he will promptly return all
property  of the Company, its subsidiaries, affiliates and any divisions thereof
he  may  have  managed  that is then in or thereafter comes into his possession,
including,  but  not  limited  to,  documents,  contracts,  agreements,  plans,
photographs,  books,  notes,  electronically  stored  data and all copies of the
foregoing,  as  well  as  any  materials or equipment supplied by the Company to
Executive.

     17.  Entire  Agreement.  This  Agreement  contains  all  the understandings
          -----------------
between  the  parties  hereto  pertaining to the matters referred to herein, and
supersedes  all undertakings and agreements, whether oral or written, previously
entered  into  by  them  with  respect  thereto.  Executive  represents that, in
executing  this  Agreement,  he  does  not  rely,  and  has  not  relied, on any
representation or statement not set forth herein made by the Company with regard
to  the  subject  matter,  bases  or  effect  of  this  Agreement  or otherwise.

     18.  Amendment  or Modification, Waiver. No provision of this Agreement may
          -----------------------------------
be  amended  or  waived unless such amendment or waiver is agreed to in writing,
signed  by  Executive  and  by  a  duly  authorized officer of the Company.  The
failure  of  either  party  to  this  Agreement  to  enforce  any  of its terms,
provisions  or covenants will not be construed as a waiver of the same or of the
right  of  such party to enforce the same.  Waiver by either party hereto of any
breach  or default by the other party of any term or provision of this Agreement
will  not  operate  as  a  waiver  of  any  other  breach  or  default.

     19.  Notices.  Any notice to be given hereunder will be in writing and will
          -------
be  deemed given when delivered personally, sent by courier or fax or registered
or  certified  mail, postage prepaid, return receipt requested, addressed to the
party  concerned at the address indicated below or to such other address as such
party  may  subsequently  give  notice  of  hereunder  in  writing:

     To  Executive  at:

     Peter  J.  Bergmann
     Suite  214
     520  Washington  Blvd.
     Marina  del  Rey,  California  90292
     Phone:  (310)  578-2040
     Fax:  (310)  388-4617

     YP  Corp.
     Suite  105
     4840  East  Jasmine  Street
     Mesa,  Arizona  85205-3321
     Phone:  (480)  860-0011
     Fax:  (480)  325-1257


                                        8
<PAGE>
     To  the  Company  at:

     YP  Corp.
     Suite  105
     4840  East  Jasmine  Street
     Mesa,  Arizona  85205-3321
     Phone:  (480)  860-0011
     Fax:  (480)  325-1257
     Attention:  Board  of  Directors

Any  notice delivered personally or by courier under this Section will be deemed
given  on the date delivered.  Any notice sent by fax or registered or certified
mail,  postage  prepaid,  return  receipt requested, will be deemed given on the
date faxed or mailed.  Each party may change the address to which notices are to
be  sent  by  giving  notice of such change in conformity with the provisions of
this  Section.  A  copy of all notices sent to Executive shall be simultaneously
sent  to  Phillips  Nizer  LLP,  666  Fifth  Avenue,  New  York, NY  10103-0084;
attention:  David  H.  Chidekel,  Esq.

     20.  Severability.  In  the  event  that  any one or more of the provisions
          ------------
of  this  Agreement  will  be  held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remainder of the Agreement will not
in any way be affected or impaired thereby.  Moreover, if any one or more of the
provisions  contained  in this Agreement will be held to be excessively broad as
to  duration, activity or subject, such provisions will be construed by limiting
and  reducing  them  so  as  to  be enforceable to the maximum extent allowed by
applicable  law.

     21.  Survivorship.  The  respective  rights  and obligations of the parties
          ------------
hereunder will survive any termination of this Agreement to the extent necessary
for  the  intended  preservation  of  such  rights  and  obligations.

     22.  Each Party the Drafter. This Agreement and the provisions contained in
          -----------------------
it  will  not  be  construed  or  interpreted  for  or against any party to this
Agreement because that party drafted or caused that party's legal representative
to  draft  any  of  its  provisions.

     23.  Governing  Law.  This  Agreement  will be governed by and construed in
          --------------
accordance  with  the  laws  of  the  State  of  Arizona,  without regard to its
conflicts  of  laws  principles.

     24.  Headings.  All descriptive headings of sections and paragraphs in this
          --------
Agreement  are  intended  solely  for  convenience,  and  no  provision  of this
Agreement  is  to  be  construed  by  reference to the heading of any section or
paragraph.

     25.  Counterparts.  This Agreement may be executed in counterparts, each of
          ------------
which  will be deemed an original, but all of which together will constitute one
and  the  same  instrument.

     26.  Indemnification.  Company  shall  indemnify,  hold harmless and defend
          ---------------
Executive  for  all  acts  or  omissions  taken  or not taken by Executive while
performing  services  for Company upon the terms and conditions set forth in the
Indemnification  Agreement  to  be entered into by the parties contemporaneously
with  this  Agreement.  At  all  times during the Term Company shall maintain an
insurance  policy  covering  all  Officers  and Directors of the Company against
third  party


                                        9
<PAGE>
claims and lawsuits, and Company shall insure that Executive shall be covered by
such  policy  upon  terms and conditions no less favorable to Executive than the
terms  and conditions governing the coverage accorded to such other Officers and
Directors.









                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]





                                       10
<PAGE>
     IN  WITNESS  WHEREOF, the parties hereto have executed this Agreement as of
the  date  first  written  above.

YP  CORP.,  a  Nevada  corporation               EXECUTIVE


/s/  DeVal  Johnson                              /s/  Peter  J.  Bergmann
- --------------------------                       ------------------------
DeVal  Johnson                                   Peter  J.  Bergmann
Executive  Vice  President
and  Corporate  Secretary























                      [PETER BERGMANN EMPLOYMENT AGREEMENT]


                                       11
<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>6
<FILENAME>ex10_2.txt
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
                           RESTRICTED STOCK AGREEMENT

     This  Restricted  Stock Agreement (the "Agreement") is entered into between
YP  Corp.,  a  Nevada  corporation  (the  "Company"), and Peter J. Bergmann (the
"Grantee"),  as  of  June  6,  2004  ("Date  of  Grant").

                                   Background

     The  Company  and Grantee have entered into an Employment Agreement of even
date  herewith  ("Employment Agreement").  Pursuant to the Employment Agreement,
the Company is obligated to grant Grantee shares of common stock of the Company,
$.001  par  value  per  share,  subject  to  the  restrictions set forth in this
Agreement.

                                    Agreement

     In  consideration  of the mutual covenants and conditions in this Agreement
and for other good and valuable consideration, the Company and the Grantee agree
as  follows:

          1.   GRANT  OF  STOCK.
               ----------------

          Subject  to  the  terms  of  this Agreement, the Company hereby grants
1,000,000 shares of the Company's common stock, $.001 par value (the "Stock") to
the Grantee. The delivery of any documents evidencing the Stock granted pursuant
to  this  Agreement  shall  be  subject  to  the  provisions of Section 5 below.
                                                                ----------

          2.   RIGHTS  OF  GRANTEE.
               -------------------

          Upon  the  execution  of  this  Agreement,  the  Grantee will become a
shareholder  with respect to all of the Stock granted to him pursuant to Section
                                                                         -------
1  and  will have all of the rights of a shareholder in the Company with respect
- -
to  all  such Stock including the right to vote and receive dividends; provided,
                                                                       --------
however,  that  such Stock will be subject to the restrictions set forth in this
- -------
Agreement.

          3.   RESTRICTIONS  ON  STOCK  SUBJECT  TO  THIS  AGREEMENT.
               -----------------------------------------------------

               A.   General.
                    -------

               Except  as set forth in this Agreement, the Grantee will transfer
those shares of Stock for which the restrictions have not lapsed under Section 4
                                                                       ---------
to  the  Company  immediately  and  without  any  payment  to the Grantee if the
Grantee's  employment  or  status  as  a  non-employee service provider with the
Company  (or  its  Subsidiary) is terminated for any reason. Notwithstanding the
foregoing,  in  the  event that Grantee's employment or status as a non-employee
service  provider  with the Company (or its Subsidiary) is terminated six months
or more after the Date of Grant as a result of Grantee's death or Disability (as
defined  in  the  Employment  Agreement), Grantee or Grantee's beneficiaries, as
applicable,  will  be  permitted  to  retain the Stock subject to the continuing
restrictions  set  forth  in  this  Agreement.


<PAGE>
               B.   Limitations  on  Transfer.
                    -------------------------

               Unless approved by the Committee or the Board, the Grantee agrees
not  to  sell,  transfer, pledge, exchange, hypothecate, or otherwise dispose of
any  shares  of Stock under this Agreement ("Transfer") before the date on which
the  restrictions  on  those shares of Stock lapse in accordance with Section 4.
                                                                      ----------
Any  attempted  disposition  of the Stock in violation of the preceding sentence
will be null and void, and the Company will not recognize or give effect to such
transfer  on  its  books  and records or recognize the person or persons to whom
such  proposed  transfer  has  been made as the legal or beneficial owner of the
shares  of  Stock.  In the event that a Transfer is approved by the Committee or
the  Board,  the  Grantee  must,  prior to consummating or effecting a Transfer,
first obtain the written agreement of the transferee to be bound by the terms of
this  Agreement  as  if  such  transferee  were  deemed  the original "Grantee."

          4.   LAPSE  OF  RESTRICTIONS.
               -----------------------

               A.   Schedule.
                    --------

               Subject  to  the  other  conditions  in  this  Section  4,  the
                                                              -----------
restrictions  on  the Stock set forth in Section 3 will lapse in accordance with
                                         ---------
the  following  schedule, subject to and as adjusted for, in the case of closing
prices  of  the  Company's  common  stock,  stock  splits, reverse stock splits,
combinations,  reclassifications  and  the  like:
<TABLE>
<CAPTION>



                    Date Restriction Lapses                          Percentage of Stock Becomes
               (earlier to occur of the following)                           Unrestricted
<S>                                                                  <C>

               Third Anniversary of Date of Grant                                            100%
- -------------------------------------------------------------------  ----------------------------
   Change of Control (as defined in the Company's 2003 Stock Plan)                           100%
- -------------------------------------------------------------------  ----------------------------
Termination of Grantee's Employment with Company by Grantee for
  "Good Reason" (as defined in the Employment Agreement)                                     100%
- -------------------------------------------------------------------  ----------------------------
Date that Company's common stock as listed on the Over-the-Counter
  Bulletin Board, Nasdaq, the American Stock Exchange, The New
York Stock Exchange, or a similar exchange or quotation system
("Exchange") reaches an average closing price of $4 for three
                     consecutive trading days                                                 20%
- -------------------------------------------------------------------  ----------------------------
Date that Company's common stock as listed on an Exchange reaches
  an average closing price of $5 for three consecutive trading days                           40%
- -------------------------------------------------------------------  ----------------------------
Date that Company's common stock as listed on an Exchange reaches
  an average closing price of $6 for three consecutive trading days                           60%
- -------------------------------------------------------------------  ----------------------------
Date that Company's common stock as listed on an Exchange reaches
  an average closing price of $7 for three consecutive trading days                           80%
- -------------------------------------------------------------------  ----------------------------
Date that Company's common stock as listed on an Exchange reaches
  an average closing price of $8 for three consecutive trading days                          100%
- -------------------------------------------------------------------  ----------------------------
</TABLE>



               Notwithstanding the above, if the Grantee's employment or service
is  terminated  for  Cause (as defined in the Employment Agreement), the Grantee
will be required to transfer all shares of Stock set forth in Section 1 (whether
                                                              ---------
or  not  subject to restrictions set forth in Section 3) back to the Company for
                                              ----------
no  consideration,  excluding  shares  of  Stock  that  have been transferred by
Grantee  in  accordance  with  the  terms  of  this  Agreement.


                                      -2-
<PAGE>
               B.   Condition  That Must be Satisfied Before Restrictions Lapse.
                    ------------------------------------------------------------

               Subject  to  Section 3A, the restrictions on the Stock subject to
                            -----------
this Agreement will not lapse unless the Grantee is employed by, or is providing
services to, the Company (or a Subsidiary) as of the date the restrictions lapse
in  accordance  with  the  above  schedule.

          5.   SECURITIES  ACT.
               ---------------

               A.   Registration.
                    ------------

               Without  limiting  the  registration  rights  set  forth  in  the
Employment  Agreement,  the  Company  agrees to register the Stock pursuant to a
Form  S-8  registration statement filed within 30 days following the date hereof
and  to file a reoffer prospectus with the Form S-8 to permit Executive to offer
and  sell  the  Stock  and  to  maintain  the effectiveness of such registration
statement  and  prospectus for a period of at least two years after restrictions
on  the  Stock  lapse.

               B.   Condition  on  Delivery  of  Stock.
                    ----------------------------------

               The  Company  will not be required to deliver any shares of Stock
if,  in  the  opinion of counsel for the Company, the issuance would violate the
Securities  Act of 1933 or any other applicable federal or state securities laws
or  regulations.  The  Company  may  require  the Grantee, prior to or after the
issuance  of  any  such  Stock,  to  sign  and  deliver to the Company a written
statement ("Investment Letter") in form and content acceptable to the Company in
its  sole discretion. Grantee agrees (i) that the Grantee is acquiring the Stock
for  investment  and  not  with a view to the sale or distribution thereof, (ii)
that the Grantee will not sell any Stock received hereunder that remains subject
to restrictions except with the prior written approval of the Company, and (iii)
that  Grantee  will  comply  with the Securities Act of 1933 or other applicable
federal  or  state  securities  laws  and  regulations.

               C.   Legend.
                    ------

               If   the  Stock  has not been registered under the Securities Act
of  1933  or  other  applicable federal or state securities laws or regulations,
such  shares will bear a legend restricting the transferability. The legend will
be  substantially  in  the  following  form:

          "The Stock represented by this certificate have not been registered or
          qualified under federal or state securities laws. The Stock may not be
          offered  for  sale,  sold, pledged, or otherwise disposed of unless so
          registered  or  qualified,  unless  an exemption exists or unless such
          disposition  is  not  subject to the federal or state securities laws,
          and  the  availability of any exemption or the inapplicability of such
          securities  laws  must  be established by an opinion of counsel, which
          opinion  of  counsel  will be reasonably satisfactory to the Company."


                                      -3-
<PAGE>
          6.   REPRESENTATIONS  OF  GRANTEE.
               ----------------------------

     In  connection  with  Grantee's  receipt  of  the  Stock,  Grantee  hereby
represents  and  warrants  to  the  Company  as  follows:

               A.   Further  Limitations  on  Disposition.
                    -------------------------------------

          Grantee  understands  and  acknowledges  that  he  may  not  make  any
disposition,  sale, or transfer (including transfer by gift or operation of law)
of  all  or  any  portion  of  the  Stock  except as provided in this Agreement.
Moreover,  Grantee  agrees  to  make no disposition of all or any portion of the
Stock  unless  and  until:  (i) there is then in effect a registration statement
under  the  Securities  Act  of 1933 covering such proposed disposition and such
disposition  is  made  in  accordance with said Registration Statement; (ii) the
resale  provisions  of  Rule  701  or  Rule  144 are available in the opinion of
counsel to the Company; or (iii)(A) Grantee notifies the Company of the proposed
disposition  and  has  furnished  the  Company  with a detailed statement of the
circumstances  surrounding  the  proposed disposition, (B) Grantee furnishes the
Company with an opinion of Grantee's counsel to the effect that such disposition
will  not  require  registration of such Stock under the Securities Act, and (C)
such  opinion of Grantee's counsel shall have been concurred with by counsel for
the  Company  and  the  Company  shall have advised Grantee of such concurrence.

               B.   Determination  of  Fair  Market  Value.
                    --------------------------------------

          Grantee understands Fair Market Value of the Stock shall be determined
in  accordance  with  Section  3.1(k)  of  the  Company's  2003  Stock  Plan.

               C.   Section  83(b)  Election.
                    ------------------------

          Grantee  understands  that  Section 83 of the Internal Revenue Code of
1986  (the  "Code")  taxes  as ordinary income the difference between the amount
paid  for  the  Stock  and the fair market value of the Stock as of the date any
restrictions  on  the  Stock  lapse.  In  this  context, "restriction" means the
restrictions  set  forth in Section 3. The Grantee understands that he may elect
                            ---------
to  be  taxed at the time the Stock is granted rather than when and as the Stock
vests  by  filing  an election under Section 83(b) of the Code with the Internal
Revenue  Service  within 30 days from the Date of Grant. The Grantee understands
that  failure  to  make  this  filing  timely  will result in the recognition of
ordinary  income by the Grantee, as the Stock vests, on the Fair Market Value of
the  Stock  at  the  time  such  restrictions  lapse.

          THE  GRANTEE ACKNOWLEDGES THAT IT IS THE GRANTEE'S SOLE RESPONSIBILITY
          AND NOT THE COMPANY'S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b),
          EVEN  IF  THE  GRANTEE  REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO
          MAKE  THIS  FILING  ON  THE  GRANTEE'S  BEHALF.


                                      -4-
<PAGE>
          7.   NONTRANSFERABILITY  OF  AGREEMENT.
               ---------------------------------

          Unless approved by the Committee or the Board, this Agreement will not
be transferable by the Grantee during his life other than by will or pursuant to
applicable laws of descent and distribution. Unless approved by the Committee or
the  Board,  any  rights  and privileges of the Grantee will not be transferred,
assigned,  pledged,  or  hypothecated  by the Grantee, or by any other person or
persons,  in any way, whether by operation of law, or otherwise, and will not be
subject  to  execution, attachment, garnishment or similar process. In the event
of any such occurrence, this Agreement will automatically be terminated and will
thereafter  be  null  and  void.

          8.   FEDERAL  AND  STATE  TAXES.
               --------------------------

          The  Grantee  may  incur  certain  liabilities  for federal, state, or
local  taxes  and  the  Company  may  be required by law to withhold taxes. Upon
determination  of  the year in which such taxes are due and the determination by
the  Company  of  the amount of taxes required to be withheld, the Grantee shall
pay  an amount equal to the amount of federal, state, or local taxes required to
be  withheld  to  the  Company.

          9.   ADJUSTMENT  OF  SHARES.
               ----------------------

          The  number of shares of Stock granted to the Grantee pursuant to this
Agreement will be proportionately adjusted in the event of any recapitalization,
forward  or  reverse  split,  reorganization,  merger,  consolidation, spin-off,
combination,  repurchase,  or  share  exchange,  or  other  similar  corporate
transaction  or  event affecting the Stock all as set forth in Article 11 of the
                                                               ----------
Company's  2003  Stock  Plan.

          10.  AMENDMENT  OF  THIS  AGREEMENT.
               ------------------------------

          This Agreement  may  only  be amended with the written approval of the
Grantee  and  the  Company.

          11.  GOVERNING  LAW.
               --------------

          This Agreement  shall  be  governed  in  all  respects,  whether as to
validity,  construction, capacity, performance, or otherwise, by the laws of the
State  of  Arizona.

          12.  SEVERABILITY.
               ------------

          In   the  event that a court of competent jurisdiction determines that
any  portion  of this Agreement is in violation of any statute or public policy,
then  only  the  portions of this Agreement which violate such statute or public
policy  shall  be  stricken. All portions of this Agreement which do not violate
any  statute  or public policy shall continue in full force and effect. Further,
any court order striking any portion of this Agreement shall modify the stricken
terms  as  narrowly  as  possible  to  give  as  much  effect as possible to the
intentions  of  the  parties  under  this  Agreement.


                                      -5-
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by
its  duly  authorized representative and Grantee has signed this Agreement as of
the  day  and  year  first  written  above.

YP  CORP.,  a  Nevada  corporation                  GRANTEE


/s/  DeVal  Johnson                                 /s/  Peter  J.  Bergmann
- --------------------------                          ------------------------
DeVal  Johnson                                      Peter  J.  Bergmann
Executive  Vice  President
and  Corporate  Secretary











            [Signature Page to YP. Corp. Restricted Stock Agreement]


<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>ex10_3.txt
<DESCRIPTION>EXHIBIT 10.3
<TEXT>


                            INDEMNIFICATION AGREEMENT

                                     Parties

          This  INDEMNIFICATION AGREEMENT (the "Agreement") is made by YP Corp.,
a  Nevada  corporation (the "Company"), and Peter J. Bergmann (the "Indemnitee")
as  of  June  6,  2004.

                                   Background

          A.  Recently  highly  competent  persons have become more reluctant to
serve  publicly-held  companies  as directors, officers, or in other capacities,
unless  they  are  provided  with  better protection from the risk of claims and
actions against them arising out of their service to and activities on behalf of
such  corporations.

          B. The high cost of obtaining adequate insurance and the uncertainties
related  to  indemnification  have  increased  the  difficulty of attracting and
retaining  such  persons.

          C.  The Board of Directors of the Company (the "Board") has determined
that  the  potential inability to attract and retain such persons is detrimental
to  the  best  interests  of the Company's securityholders and that such persons
should  be  assured  that  they  will  have  better  protection  in  the future.

          D. It is reasonable, prudent and necessary for the Company to obligate
itself  contractually  to indemnify such persons to the fullest extent permitted
by  applicable  law  so  that  such  persons will serve or continue to serve the
Company  free  from  undue concern that they will not be adequately indemnified.

          E.  In  recognition  of  Indemnitee's  need for substantial protection
against personal liability in order to enhance Indemnitee's continued service to
the  Company in an effective manner and Indemnitee's reliance on the protections
currently  provided  by the Company's Operating Agreement and in part to provide
Indemnitee  with  specific  contractual  assurance  that the protection promised
thereby  will be available to Indemnitee (regardless of, among other things, any
amendment  thereto or revocation thereof or any change in the composition of the
Company's  Board  of  Directors  or  acquisition  transaction  relating  to  the
Company),  the  Company  wishes  to  provide  in  this  Agreement  for  the
indemnification  of  and  the advancing of expenses to Indemnitee to the fullest
extent  permitted  by law and as set forth in this Agreement, and, to the extent
insurance  is  maintained,  for  the  continued coverage of Indemnitee under the
Company's  directors'  and  officers'  liability  insurance  policies.

          F.  Indemnitee  is  willing to serve, continue to serve and to take on
additional  service  for or on behalf of the Company on the condition that he be
indemnified  according  to  the  terms  of  this  Agreement.


<PAGE>
                               Terms of Agreement

          In  consideration  of  the premises and the mutual covenants contained
herein,  and  other good and valuable consideration, the receipt and sufficiency
of  which  are  hereby  acknowledged, the Company and Indemnitee hereby agree as
follows:

          Section  1.  Definitions.  For  purposes  of  this  Agreement:
                       -----------

          (a)  "Change  in  Control"  means  a  change in control of the Company
occurring after the date of this Agreement of a nature that would be required to
be  reported  in  response to Item 6(e) of Schedule 14A of Regulation 14A (or in
response to any similar item on any similar schedule or form) promulgated, under
the Securities Exchange Act of 1934, as amended (the "1934 Act"), whether or not
the  Company  is  then  subject  to  such reporting requirement; provided, that,
                                                                 --------
without  limitation,  such change in control shall be deemed to have occurred if
(i)  any  "person" (as such term is used in Sections 13(d) and 14(d) of the 1934
Act)  is  or  becomes the "beneficial owner" (as defined in Rule 13d-3 under the
1934 Act), directly or indirectly, of securities of the Company representing 20%
or  more  of  the  combined  voting  power  of  the  Company's  then outstanding
securities  without  the prior approval of at least two-thirds of the members of
the  Board  in office immediately prior to such person attaining such percentage
interest; (ii) the Company is a party to a merger, consolidation, sale of assets
or  other  reorganization, or a proxy contest, as a consequence of which members
of the Board in office immediately prior to such transaction or event constitute
less  than a majority of the Board thereafter, or (iii) during any period of two
consecutive  years,  individuals who at the beginning of such period constituted
the  Board  (including  for  this  purpose  any  new  director whose election or
nomination  for election by the Company's stockholders was approved by a vote of
at  least two-thirds of the directors then still in office who were directors at
the  beginning  of  such  period)  cease for any reason to constitute at least a
majority  of  the  Board.

          (b)  "Company  Status"  means  the  status of a person who is or was a
director,  officer,  employee, agent or fiduciary of the Company or of any other
corporation,  partnership,  joint venture, trust, employee benefit plan or other
enterprise  which  such  person is or was serving at the request of the Company.

          (c)  "Disinterested  Director"  means a director of the Company who is
not and was not a party to the Proceeding in respect of which indemnification is
sought  by  Indemnitee.

          (d)  "Expense"  means all reasonable attorneys' fees, retainers, court
costs,  transcript  costs,  fees  of  experts,  witness  fees,  travel expenses,
duplicating  costs,  printing  and  binding  costs,  telephone charges, postage,
delivery  service  fees,  and  all  other disbursements or expenses of the types
customarily  incurred  in  connection  with prosecuting, defending, preparing to
prosecute  or  defend, investigating, or being or preparing to be a witness in a
Proceeding.

          (e) "Independent Counsel" means a law firm, or a member of a law firm,
that  is experienced in matters of corporation law and neither presently is, nor
in  the  past  five  years  has  been, retained to represent: (i) the Company or
Indemnitee  in any other matter material to either such party, or (ii) any other
party  to  the  proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding  the foregoing, the term "Independent Counsel"


                                      -2-
<PAGE>
shall not include any person who, under the applicable standards of professional
conduct  then  prevailing,  would  have  a  conflict of interest in representing
either  the  Company or Indemnitee in an action to determine Indemnitee's rights
under  this  Agreement.

          (f)  "Potential Change in Control" shall be deemed to have occurred if
(i)  the  Company  enters  into an agreement or arrangement, the consummation of
which  would  result  in the occurrence of a Change in Control or (ii) the Board
adopts  a  resolution  to  the  effect  that,  for purposes of this Agreement, a
Potential  Change  in  Control  has  occurred.

          (g)  "Proceeding"  means  any threatened, pending or completed action,
suit,  arbitration,  alternate  dispute  resolution  mechanism,  investigation,
administrative  hearing  or  any  other  proceeding,  whether  civil,  criminal,
administrative  or  investigative,  whether  formal  or  informal,  except  one
initiated  by  an Indemnitee pursuant to Section 11 of this Agreement to enforce
his  rights  under  this  Agreement.

          Section  2.  Services  by Indemnitee. Indemnitee agrees to serve as an
                       ------------------------
officer  and  director  of  the  Company,  and,  at  its request, as a director,
officer,  employee,  agent  or  fiduciary  of  certain  other  corporations  and
entities.  Indemnitee  may  at  any time and for any reason resign from any such
position  (subject to any other contractual obligation or any obligation imposed
by  operation  of  law).

          Section 3. Indemnification - General. The Company shall indemnify, and
                     -------------------------
advance  Expenses  to,  Indemnitee  as provided in this Agreement to the fullest
extent  permitted  by  applicable  law  in effect on the date hereof and to such
greater  extent  as  applicable law may thereafter from time to time permit. The
rights  of  Indemnitee  provided under the preceding sentence shall include, but
shall  not  be  limited  to,  the rights set forth in the other Sections of this
Agreement.

          Section  4.  Proceedings  Other Than Proceedings by or in the Right of
                       ---------------------------------------------------------
the  Company.  Indemnitee  shall  be  entitled  to the rights of indemnification
- ------------
provided  in  this  Section  if,  by  reason of his Company Status, he is, or is
threatened  to  be  made,  a  party  to  any  threatened,  pending  or completed
Proceeding,  other than a Proceeding by or in the right of the Company. Pursuant
to  this  Section,  Indemnitee shall be indemnified against Expenses, judgments,
penalties, fines and amounts paid in settlement actually and reasonably incurred
by  him  or  on  his behalf in connection with any such Proceeding or any claim,
issue or matter therein, if he acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Company, and, with
respect  to  any  criminal  Proceeding,  had  no reasonable cause to believe his
conduct  was  unlawful.

          Section  5.  Proceedings  by or in the Right ofthe Company. Indemnitee
                       ---------------------------------------------
shall  be entitled to the rights of indemnification provided in this Section if,
by  reason of his Company Status, he is, or is threatened to be made, a party to
any  threatened proceeding or completed Proceeding brought by or in the right of
the  Company  to  procure  a  judgment  in  its favor. Pursuant to this Section,
Indemnitee  shall  be  indemnified  against  Expenses  actually  and  reasonably
incurred  by  him  or on his behalf in connection with any such Proceeding if he
acted  in  good  faith  and  in  a manner he reasonably believed to be in or not
opposed  to the best interests


                                      -3-
<PAGE>
of  the  Company. Notwithstanding the foregoing, no indemnification against such
Expenses  shall  be  made  in  respect of any claim, issue or matter in any such
proceeding  as  to which Indemnitee shall have been adjudged to be liable to the
Company  if  applicable  law  prohibits  such  indemnification unless a court of
competent  jurisdiction  in  Nevada, or the court in which such Proceeding shall
have  been  brought  or is pending, shall determine that indemnification against
Expenses  may  nevertheless  be  made  by  the  Company.

          Section  6.  Indemnification  for  Expenses  of Party Who is Wholly or
                       ---------------------------------------------------------
Partly Successful. Notwithstanding any other provision of this Agreement, to the
- ------------------
extent  the  Indemnitee  is,  by reason of his Company Status, a party to and is
successful,  on  the  merits  or  otherwise,  in  any  Proceeding,  he  shall be
indemnified  against  all Expenses actually and reasonably incurred by him or on
his  behalf  in  connection therewith. If Indemnitee is not wholly successful in
such Proceeding but is successful, on the merits or otherwise, as to one or more
but  less  than  all  claims,  issues or matters in such Proceeding, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred
by  him  or  on  his behalf in connection with each successfully resolved claim,
issue  or  matter.  For  the  purposes  of this Section and without limiting the
foregoing,  the termination of any claim, issue or matter in any such Proceeding
by  dismissal,  with  or  without  prejudice, shall be deemed to be a successful
result  as  to  such  claim,  issue  or  matter.

          Section  7.  Indemnification of Expenses of a Witness. Notwithstanding
                       ----------------------------------------
any  other  provision  of  this  Agreement, to the extent that Indemnitee is, by
reason  of  his  Company  Status,  a  witness  in  any  Proceeding,  he shall be
indemnified  against  all Expenses actually and reasonably incurred by him or on
his  behalf  in  connection  therewith.

          Section  8.  Advancement  of  Expenses.  The Company shall advance all
                       -------------------------
Expenses  incurred  by  or  on  behalf  of  Indemnitee  in  connection  with any
Proceeding  within  20  days  after the receipt by the Company of a statement or
statements  from  Indemnitee  requesting  such  advance or advances from time to
time,  whether  prior  to  or  after  final disposition of such Proceeding. Such
statement  or  statements  shall  reasonably  evidence  the Expenses incurred by
Indemnitee  and shall include or be preceded or accompanied by an undertaking by
or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately
be  determined  that  Indemnitee  is not entitled to be indemnified against such
Expenses.

          Section  9.  Procedure  for  Determination  of  Entitlement  to
                       --------------------------------------------------
Indemnification.
- ---------------

          (a)  To obtain indemnification under this Agreement in connection with
any  Proceeding,  and  for  the duration thereof, Indemnitee shall submit to the
Company a written request, including therein or therewith such documentation and
information as is reasonably available to Indemnitee and is reasonably necessary
to  determine  whether  and  to  what  extent  Indemnitee  is  entitled  to
indemnification.  The  Secretary  of the Company shall, promptly upon receipt of
any  such  request  for  indemnification,  advise  the  Board  in  writing  that
Indemnitee  has  requested  indemnification.

          (b) Upon written request by Indemnitee for indemnification pursuant to
Section  9(a)  hereof,  a  determination,  if  required  by applicable law, with
respect to Indemnitee's


                                      -4-
<PAGE>
entitlement thereto shall be made in such case: (i) if a Change in Control shall
have  occurred, by Independent Counsel in a written opinion to the Board, a copy
of  which shall be delivered to Indemnitee (unless Indemnitee shall request that
such determination be made by the Board or the securityholders, in which case in
the  manner provided for in clauses (ii) or (iii) of this Section 9(b)); (ii) if
a Change in Control shall not have occurred, (A) by the Board by a majority vote
of  a  quorum  consisting  of Disinterested Directors, or (B) if a quorum of the
Board  consisting  of Disinterested Directors is not obtainable, or even if such
quorum  is  obtainable,  if  such  quorum of Disinterested Directors so directs,
either  (x)  by Independent Counsel in a written opinion to the Board, a copy of
which  shall  be  delivered  to Indemnitee, or (y) by the securityholders of the
Company, as determined by such quorum of Disinterested Directors, or a quorum of
the  Board,  as  the  case may be; or (iii) as provided in Section 10(b) of this
Agreement.  If  it  is  so  determined  that  Indemnitee  is  entitled  to
indemnification,  payment  to Indemnitee shall be made within 10 days after such
determination.  Indemnitee  shall  cooperate  with the person, persons or entity
making  such  determination  with  respect  to  Indemnitee's  entitlement  to
indemnification,  including  providing  to  such  person, persons or entity upon
reasonable  advance  request  any  documentation  or  information  which  is not
privileged  or  otherwise  protected  from  disclosure  and  which is reasonably
available  to  Indemnitee  and  reasonably  necessary to such determination. Any
costs  or  expenses  (including  attorneys'  fees and disbursements) incurred by
Indemnitee  in  so  cooperating  with  the person, persons or entity making such
determination  shall  be borne by the Company (irrespective of the determination
as  to  Indemnitee's  entitlement  to  indemnification)  and  the Company hereby
indemnifies  and  agrees  to  hold  Indemnitee  harmless  therefrom.

          (c) If required, Independent Counsel shall be selected as follows: (i)
if  a  Change  in  Control shall not have occurred, Independent Counsel shall be
selected  by  the Board, and the Company shall give written notice to Indemnitee
advising  him  of  the  identity of Independent Counsel so selected or (ii) if a
Change  in Control shall have occurred, Independent Counsel shall be selected by
Indemnitee  (unless  Indemnitee shall request that such selection be made by the
Board,  in  which  event  the  foregoing clause (i) shall apply), and Indemnitee
shall  give  written  notice  to  the  Company  advising  it  of the identity of
Independent  Counsel so selected. In either event, Indemnitee or the Company, as
the  case  may be, may, within seven days after such written notice of selection
shall  have been given, deliver to the Company or to Indemnitee, as the case may
be,  a  written objection to such selection. Such objection may be asserted only
on  the  ground  that  Independent  Counsel  so  selected  does  not  meet  the
requirements of "Independent Counsel" as defined in Section 1 of this Agreement,
and  the  objection shall set forth with particularity the factual basis of such
assertion.  If  such  written objection is made, Independent Counsel so selected
may  not  serve  as  Independent Counsel unless and until a court has determined
that  such  objection  is  without merit. If, within 20 days after submission by
Indemnitee  of  a  written  request for indemnification pursuant to Section 9(a)
hereof,  no  Independent  Counsel  shall have been selected and not objected to,
either  the Company or Indemnitee may petition a court of competent jurisdiction
in the State of Nevada, or other court of competent jurisdiction, for resolution
of  any objection which shall have been made by the Company or Indemnitee to the
other's  selection  of  Independent  Counsel  and/or  for  the  appointment  as
Independent  Counsel  of a person selected by such court or by such other person
as  such court shall designate, and the person with respect to whom an objection
is so resolved or the person so appointed shall act as Independent Counsel under
Section  9(b)  hereof.  The


                                      -5-
<PAGE>
Company  shall  pay  any  and  all  reasonable  fees and expenses of Independent
Counsel  incurred  by  such  Independent  Counsel in connection with its actions
pursuant  to  this  Agreement, and the Company shall pay all reasonable fees and
expenses  incident  to  the  procedures  of this Section 9(c), regardless of the
manner in which such Independent Counsel was selected or appointed. Upon the due
commencement  date of any judicial proceeding or arbitration pursuant to Section
11(a) of this Agreement, Independent Counsel shall be discharged and relieved of
any further responsibility in such capacity (subject to the applicable standards
of  professional  conduct  then  prevailing).

          Section  10.  Presumptions  and  Effects  of  Certain  Proceedings.
                        ----------------------------------------------------

          (a)  If  a  Change  in  Control  shall  have  occurred,  in  making  a
determination  with  respect  to  entitlement  to indemnification hereunder, the
person  or  persons  or  entity  making  such  determination  shall presume that
Indemnitee is entitled to indemnification under this Agreement if Indemnitee has
submitted  a request for indemnification in accordance with Section 9(a) of this
Agreement,  and  the  Company  shall  have  the burden of proof to overcome that
presumption  in  connection  with the making by any person, persons or entity of
any  determination  contrary  to  that  presumption.

          (b)  If  the  person,  persons  or  entity empowered or selected under
Section  9  of  this  Agreement  to  determine whether Indemnitee is entitled to
indemnification shall not have made a determination within 60 days after receipt
by  the  Company  of  the  request  therefor,  the  requisite  determination  of
entitlement  to indemnification shall be deemed to have been made and Indemnitee
shall  be  entitled  to  such  indemnification,  absent  (i)  a  misstatement by
Indemnitee  of  a  material fact, or an omission of a material fact necessary to
make  Indemnitee's  statement  not materially misleading, in connection with the
request  for  indemnification, or (ii) prohibition of such indemnification under
applicable  law;  provided,  that  such  60-day  period  may  be  extended for a
                  --------
reasonable  time, not to exceed an additional 30 days, if the person, persons or
entity  making  the determination with respect to entitlement to indemnification
in good faith require(s) such additional time for the obtaining or evaluating of
documentation  and/or information relating thereto and so notifies Indemnitee in
writing  prior  to  the expiration of such 60 day period; and provided, further,
that  the  foregoing provisions of this Section 10(b) shall not apply (i) if the
determination  of  entitlement  to  indemnification  is  to  be  made  by  the
securityholders  pursuant to Section 9(b) of this Agreement and if (A) within 15
days  after  receipt  by  the  Company of the request for such determination the
Board has resolved to submit such determination to the securityholders for their
consideration  at an annual meeting thereof to be held within 75 days after such
receipt  and  such  determination  is  made thereat, or (B) a special meeting of
securityholders  is  called within 15 days after such receipt for the purpose of
making  such determination, such meeting is held for such purpose within 60 days
after  having  been so called and such determination is made thereat, or (ii) if
the determination of entitlement to indemnification is to be made by Independent
Counsel  pursuant  to  Section  9(b)  of  this  Agreement.

          (c) The termination of any Proceeding or of any claim, issue or matter
therein,  by  judgment,  order, settlement or conviction, or upon a plea of nolo
contendere  or its equivalent, shall not (except as otherwise expressly provided
in  this  Agreement)  of  itself  adversely  affect  the


                                      -6-
<PAGE>
right  of  Indemnitee to indemnification or create a presumption that Indemnitee
did  not act in good faith and in a manner which he reasonably believed to be in
or  not  opposed  to  the  best interests of the Company or, with respect to any
criminal  proceeding,  that  Indemnitee had reasonable cause to believe that his
conduct  was  unlawful.

          Section  11.  Remedies  of  Indemnitee.
                        ------------------------

          (a)  In the event that (i) a determination is made pursuant to Section
9  of  this  Agreement  that Indemnitee is not entitled to indemnification under
this  Agreement,  (ii)  advancement  of  Expenses is not timely made pursuant to
Section 8 of this Agreement, (iii) the determination of indemnification is to be
made  by Independent Counsel pursuant to Section 9(b) of this Agreement and such
determination shall not have been made and delivered in a written opinion within
90  days  after  receipt by the Company of the request for indemnification, (iv)
payment  of  indemnification is not made pursuant to Section 7 of this Agreement
within  ten  days after receipt by the Company of a written request therefor, or
(v)  payment of indemnification is not made within 10 days after a determination
has  been  made  that  Indemnitee  is  entitled  to  indemnification  or  such
determination  is  deemed  to have been made pursuant to Section 9 or 10 of this
Agreement,  Indemnitee  shall  be  entitled to an adjudication in an appropriate
court of the State of Delaware, or in any other court of competent jurisdiction,
of  his  entitlement  to  such  indemnification  or  advancement  of  Expenses.
Alternatively,  the  Indemnitee, at his option, may seek an award in arbitration
to  be  conducted  by  a single arbitrator pursuant to the rules of the American
Arbitration  Association.  Indemnitee  shall commence such proceeding seeking an
adjudication  or  an  award in arbitration within 180 days following the date on
which  Indemnitee  first  has  the right to commence such proceeding pursuant to
this  Section 11(a). The Company shall not oppose Indemnitee's right to seek any
such  adjudication  or  award  in  arbitration.

          (b) In the event that a determination shall have been made pursuant to
Section  9 of this Agreement that Indemnitee is not entitled to indemnification,
any  judicial proceeding or arbitration commenced pursuant to this Section shall
be conducted in all respects as a de novo trial or arbitration on the merits and
Indemnitee  shall not be prejudiced by reason of that adverse determination.  If
a  Change  in  Control  shall  have  occurred  in  any  judicial  proceeding  or
arbitration  commenced  pursuant  to  this  Section,  the Company shall have the
burden  of  proving  that  Indemnitee  is  not  entitled  to  indemnification or
advancement  of  Expenses,  as  the  case  may  be.

          (c)  If  a  determination  shall have been made or deemed to have been
made  pursuant  to Section 9 or 10 of this Agreement that Indemnitee is entitled
to  indemnification,  the  Company  shall  be bound by such determination in any
judicial  proceeding  or  arbitration commenced pursuant to this Section, absent
(i)  a  misstatement  by  Indemnitee  of  a  material  fact, or an omission of a
material  fact  necessary  to  make  Indemnitee's  statement  not  materially
misleading,  in  connection  with  the  request  for  indemnification,  or  (ii)
prohibition  of  such  indemnification  under  applicable  law.

          (d)  The  Company  shall  be  precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Section that the procedures
and  presumptions  of  this


                                      -7-
<PAGE>
Agreement are not valid, binding and enforceable and shall stipulate in any such
court  or  before  any  such  arbitrator  that  the  Company is bound by all the
provisions  of  this  Agreement.

          (e)  In  the  event that Indemnitee, pursuant to this Section, seeks a
judicial  adjudication  of,  or  an  award  in arbitration to enforce his rights
under,  or to recover damages for breach of, this Agreement, Indemnitee shall be
entitled  to  recover  from the Company, and shall be indemnified by the Company
against,  any  and  all  expenses  (of  the kinds described in the definition of
Expenses)  actually and reasonably incurred by him in such judicial adjudication
or  arbitration,  but  only if he prevails therein. If it shall be determined in
such  judicial  adjudication  or  arbitration that Indemnitee is not entitled to
receive  all  of  the  indemnification  or  advancement  of expenses sought, the
expenses incurred by Indemnitee in connection with such judicial adjudication or
arbitration  shall  be  appropriately  prorated.

          Section  12.  Non-Exclusivity;  Survival  of  Rights;  Insurance;
                        ---------------------------------------------------
Subrogation.
- -----------
          (a)  The  rights  of  indemnification  and  to  receive advancement of
Expenses  as  provided  by  this Agreement shall not be deemed exclusive of, and
shall  not  diminish,  any  other  rights to which Indemnitee may at any time be
entitled  under  applicable  law, the certificate of incorporation or by-laws of
the  Company,  any  agreement,  a  vote  of  securityholders  or a resolution of
directors, or otherwise, and shall neither be deemed to be a substitute therefor
nor to diminish or abrogate any rights of Indemnitee  thereunder.  No amendment,
alteration  or  repeal  of  this  Agreement  or  any  provision  hereof shall be
effective  as  to  any Indemnitee with respect to any action taken or omitted by
such  Indemnitee  in  his  Company Status prior to such amendment, alteration or
repeal.

          (b)  To  the  extent that the Company maintains an insurance policy or
policies  providing  liability  insurance  for  directors,  officers, employees,
agents  or  fiduciaries of the Company or of any other corporation, partnership,
joint  venture,  trust,  employee  benefit  plan  or other enterprise which such
person serves at the request of the Company, Indemnitee shall be covered by such
policy  or  policies in accordance with its or their terms to the maximum extent
of  the  coverage  available  for any such director, officer, employee, agent or
fiduciary  under  such  policy  or  policies.

          (c)  In  the  event  of  any payment under this Agreement, the Company
shall  be  subrogated  to  the  extent  of  such payment to all of the rights of
recovery  of  Indemnitee,  who  shall  execute  all papers required and take all
action necessary to secure such rights, including execution of such documents as
are  necessary  to  enable  the  Company  to  bring suit to enforce such rights.

          (d)  The  Company shall not be liable under this Agreement to make any
payment  of  amounts otherwise indemnifiable hereunder if and to the extent that
Indemnitee  has  otherwise  actually  received  such payment under any insurance
policy,  contract,  agreement  or  otherwise.

          Section 13. Establishment of Trust. In the event of a Potential Change
                      ----------------------
in  Control  or  a  Change  in Control, the Company shall, promptly upon written
request  by  Indemnitee,  create  a Trust for the benefit of Indemnitee and from
time to time, upon written request of Indemnitee


                                      -8-
<PAGE>
to  the  Company,  shall  fund  such  Trust  in  an amount, as set forth in such
request,  sufficient  to  satisfy any and all Expenses reasonably anticipated at
the time of each such request, if, by reason of his Company Status, he is, or is
threatened  to  be  made,  a  party  to  any  threatened,  pending  or completed
Proceeding,  and  any and all judgments, fines, penalties and settlement amounts
actually  and reasonably incurred by him or on his behalf in connection with any
such  Proceeding  from  time  to  time  actually  paid  or  claimed,  reasonably
anticipated  or  proposed  to be paid. The terms of the Trust shall provide that
upon  a  Change  in  Control (i) the Trust shall not be revoked or the principal
thereof  invaded,  without  the  written consent of Indemnitee; (ii) the Trustee
shall advance, within two business days of a request by Indemnities, any and all
Expenses  to Indemnitee, not advanced directly by the Company to Indemnitee (and
Indemnitee  hereby  agrees  to reimburse the Trust under the circumstances under
which  Indemnitee  would be required to reimburse the Company under Section 8 of
this  Agreement);  (iii) the Trust shall continue to be funded by the Company in
accordance  with  the funding obligation set forth above; (iv) the Trustee shall
promptly pay to Indemnitee all amounts for which Indemnitee shall be entitled to
indemnification  pursuant to this Agreement or otherwise; and (v) all unexpended
funds  in  such  Trust shall revert to the Company upon a final determination by
the  Board,  arbitrator  or court of competent jurisdiction, as the case may be,
that  Indemnitee  has  been fully indemnified under the terms of this Agreement.
The  Trustee  shall  be  chosen  by Indemnitee. Nothing in this Section 13 shall
relieve  the  Company  of  any  of  its  obligations  under  this  Agreement.

          Section  14.  Contribution.  In  the  event  that  the indemnification
                        ------------
provided  for  in  this  Agreement  is  unavailable to Indemnitee for any reason
whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to
the  amount  incurred  by  Indemnitee,  whether for judgments, fines, penalties,
excise  taxes,  amounts paid or to be paid in settlement and/or for expenses, in
connection  with the Proceeding as to which such indemnification is unavailable,
in  such  proportion  as  is  deemed  fair and reasonable in light of all of the
circumstances of such action by the Board, arbitrator or court before which such
action  was  brought,  as  the case may be, in order to reflect (i) the relative
benefits  received  by  the  Company  and Indemnitee as a result of the event(s)
and/or  transaction(s)  giving  cause  to  such action; and/or (ii) the relative
fault  of  the Company (and its other directors, officers, employees and agents)
and  Indemnitee  in  connection  with  such  event(s)  and/or  transactions(s).
Indemnitee's  right to contribution under this Section 14 shall be determined in
accordance  with,  pursuant  to and in the same manner as, the provisions hereof
relating  to  Indemnitee's  right  to  indemnification  under  this  Agreement.

          Section 15. Duration of Agreement. This Agreement shall continue until
                      -----------------------
and  terminate  upon  the  later of: (a) 10 years after the date that Indemnitee
shall  have ceased to serve as a director, officer, employee, agent or fiduciary
of  the  Company or of any other corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise which Indemnitee served at the request
of  the  Company;  or  (b)  the  final termination of all pending Proceedings in
respect  of which Indemnitee is granted rights of indemnification or advancement
of  Expenses hereunder and or any proceeding commenced by Indemnitee pursuant to
Section  11  of this Agreement. This Agreement shall be binding upon the Company
and  its successors and assigns and shall inure to the benefit of Indemnitee and
his  heirs,  executors  and  administrators.

          Section  16.  Period  of Limitations. No legal action shall be brought
                        -----------------------
and  no  cause of action shall be asserted by or on behalf of the Company or any
affiliate  of  the  Company


                                      -9-
<PAGE>
  against  Indemnitee,  Indemnitee's  spouse,  heirs,
executors or personal or legal representatives after the expiration of two years
from  the  date  of  accrual  of such cause of action, and any claim or cause of
action  of  the  Company  or  its  affiliates  shall  be extinguished and deemed
released  unless  asserted  by  the  timely filing of a legal action within such
two-year  period;  provided,  that  if  any  shorter  period  of  limitations is
                   --------
otherwise  applicable  to  any  such  cause  of action such shorter period shall
govern.

          Section  17.  Severability.  If  any  provision  or provisions of this
                        ------------
Agreement  shall  be held to be invalid, illegal or unenforceable for any reason
whatsoever:  (a)  the  validity,  legality  and  enforceability of the remaining
provisions of this Agreement (including, without limitation, each portion of any
Section  of  this  Agreement  containing  any such provision held to be invalid,
illegal  or unenforceable, that is not itself invalid, illegal or unenforceable)
shall  not  in  any  way be affected or impaired thereby; and (b) to the fullest
extent possible, the provisions of this Agreement including, without limitation,
each portion of any Section of this Agreement containing any such provision held
to  be invalid, illegal or unenforceable, that is not itself invalid, illegal or
unenforceable)  shall be construed so as to give effect to the intent manifested
by  the  provision  held  invalid,  illegal  or  unenforceable.

          Section  18.  Exception  to Right of Indemnification or Advancement of
                        ----------------------------------------- --------------
Expenses.
- ---------
Except  as  provided  in  Section  11(e),  Indemnitee  shall  not be entitled to
indemnification  or advancement of Expenses under this Agreement with respect to
any  Proceeding,  or  any  claim  therein,  brought  or  made by him against the
Company.

          Section  19. Identical Counterparts. This Agreement may be executed in
                       -----------------------
two  or  more counterparts, each of which shall for all purposes be deemed to be
an  original  but  all  of  which  together  shall  constitute  one and the same
Agreement.  Only  one  such  counterpart  signed  by  the  party  against  whom
enforceability  is sought needs to be produced to evidence the existence of this
Agreement.

          Section 20. Headings. The headings of the paragraphs of this Agreement
                      --------
are  inserted  for  convenience  only  and  shall not to constitute part of this
Agreement  or  to  affect  the  construction  thereof.

          Section  21.  Modification  and Waiver. No supplement, modification or
                        ------------------------
amendment  of this Agreement shall be binding unless executed in writing by both
of  the  parties  hereto.  No  waiver of any of the provisions of this Agreement
shall  be  deemed  or  shall  constitute a waiver of any other provisions hereof
(whether  or  not similar) nor shall such waiver constitute a continuing waiver.

          Section 22. Notice by Indemnitee. Indemnitee agrees promptly to notify
                      ----------------------
the  Company  in writing upon being served with any summons, citation, subpoena,
complaint,  indictment, information or other document relating any Proceeding or
matter  which  may  be  subject  to  indemnification  or advancement of Expenses
covered  hereunder.

          Section  23.  Notices.  All  notices,  requests,  demands  and  other
                        -------
communications  hereunder  shall  be in writing and shall be deemed to have been
duly  given if (i) delivered by hand and receipted for by the party to whom such
notice  or  other  communication  shall  have  been


                                      -10-
<PAGE>
directed,  or  (ii) mailed by certified or registered mail with postage prepaid,
on  the  third  business  day  after  the  date  on  which  it  is  so  mailed:

     If  to  Indemnitee,  to:

     Peter  J.  Bergmann
     Suite  214
     520  Washington  Blvd.
     Marina  del  Rey,  California  90292
     Phone:  (310)  578-2040
     Fax:  (310)  388-4617

     If  to  the  Company,  to:

     YP  Corp.
     Suite  105
     4840  East  Jasmine  Street
     Mesa,  Arizona  85205-3321
     Phone:  (480)  860-0011
     Fax:  (480)  325-1257
     Attention:  Board  of  Directors

or to such other address or such other person as Indemnitee or the Company shall
designate  in  writing  in  accordance  with  this  Section, except that notices
regarding  changes  in  notices shall be effective only upon receipt.  A copy of
all  notices  sent  to  Executive shall be simultaneously sent to Phillips Nizer
LLP,  666 Fifth Avenue, New York, NY  10103-0084; attention:  David H. Chidekel,
Esq.


          Section 24. Governing Law. The parties agree that this Agreement shall
                      -------------
be  governed  by, and construed and enforced in accordance with, the laws of the
State  of  Nevada.

          Section  25.  Miscellaneous. Use of the masculine noun shall be deemed
                        -------------
to  include  usage  of  the  feminine  pronoun  where  appropriate.



                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]


                                      -11-
<PAGE>
     IN  WITNESS  WHEREOF, the parties hereto have executed this Agreement as of
the  date  first  written  above.

YP  CORP.,  a  Nevada  corporation              INDEMNITEE


/s/  DeVal  Johnson                             /s/  Peter  J.  Bergmann
- --------------------------                      ------------------------
DeVal  Johnson                                  Peter  J.  Bergmann
Executive  Vice  President
and  Corporate  Secretary























                   [PETER BERGMANN INDEMNIFICATION AGREEMENT]


<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>8
<FILENAME>ex10_4.txt
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
                              DEVELOPMENT AGREEMENT

                    ENHANCED TOOLBAR INCLUDING AUDIBILIZATION

This  Agreement,  dated as of June 8, 2004, is by and between YP Corp., a Nevada
corporation  with  its  principal  place  of business at 4840 E. Jasmine Street,
Suite  105,  Mesa,  Arizona  85205  and  SurfNet  Media  Group,  Inc, a Delaware
corporation with its principal place of business at 2801 South Fair Lane, Tempe,
Arizona  85282.  YP  and  SurfNet  are sometimes referred to individually as the
"Party"  and  collectively  as  the  "Parties."

                                    RECITALS:

     A.   SurtNet  develops computer software that, among other things, provides
enhanced  communications  capabilities  via  the  Internet.

     B.   YP  is  in  the  business  of  providing  Internet-based  yellow  page
advertising  space on or through www.yellow-page.net, www.yp.net and www.yp.com.

     C.   YP  wishes  to  utilize  in its business certain software applications
developed by SurfNet to enhance and improve the functionality and utility of the
products  and  services  YP  uses  in  its  business.

     D.   SurfNet  and  YP desire to enter into a business relationship pursuant
to  which,  among  other  things,  (i)  SurtNet  would  deliver certain software
applications  via the Internet to YP, and (ii) YP would make certain payments to
SurfNet.

                                   AGREEMENT:

Accordingly,  the  Parties  hereby  agree  as  follows:

1.   Certain  Definitions.  For  the  purposes  of this Agreement, the following
     terms  will  have  the  indicated  meanings:

     1.1  "Beneficial  Owner"  has the meaning set forth in Rule 13d-3 under the
          Securities  Act  of  1993,  as  amended.

     1.2  "Change  Of  Control" means a change in control of YP of a nature that
          would  be required to be reported in response to Item 6(e) of Schedule
          14A  of  Regulation  14A under the Securities Exchange Act of 1934, as
          amended  (the  "Exchange  Act"),  whether  or not YP is subject to the
          Exchange  Act  at  such  time,  including any of the following events:

          1.2.1 Any Person becomes the Beneficial Owner, directly or indirectly,
               of  securities  of  YP  representing  a  majority of the combined
               voting  power  of  or  equity interest in YP in connection with a
               merger  or  otherwise.  In  applying  the  preceding  sentence,
               securities  acquired  directly  from  YP,  its


                                        1
<PAGE>
               subsidiaries,  or  affiliates  by  or for the Person shall not be
               taken  into  account.


          1.2.2  A  merger or consolidation of YP is consummated will, any other
               corporation  or  entity or any other form of business combination
               pursuant  to  which  the outstanding stock of YP is exchanged for
               cash,  securities  or other property paid, issued or caused to be
               issued by the surviving or acquiring corporation or entity unless
               the  stockholders  immediately before the merger or consolidation
               would continue to own equity securities that represent (either by
               remaining  outstanding  or  by  being  converted  into  equity
               securities  of  the  surviving  entity)  at  least  a controlling
               interest  in YP or such surviving or acquiring entity corporation
               immediately  after  such  merger  or  consolidation.

          1.2.3 A sale, transfer or lease by YP of all, or substantially all, of
               YP's  assets  is  consummated.

     1.3  "Deliverables"  means  the  software  code  as  set  forth  in  the
          Specifications and other materials required to be delivered by SurfNet
          to  YP  hereunder,  as  more  fully  described  in the Specifications,
          including, without limitation, the Toolbar. Unless otherwise set forth
          in  this Agreement (including the Specifications), or unless otherwise
          agreed  by  the  Parties,  all  code  to  be  delivered  to YP will be
          transmitted  by  SurfNet  to YP electronically in accordance with such
          security  measures  as  may  be  mutually  agreed  by  the  Parties.

     1.4  "Error(s)"  means defect(s) in the Technology which prevent(s) it from
          performing  in  accordance  with  the  Specifications.

     1.5  "Impression(s)"  means a single instance of the Toolbar being accessed
          or  viewed  by  an  end  user.

     1.6  "Internet"  means  any  systems  for  distributing  digital electronic
          content  and  information  to  end  users via transmission, broadcast,
          public  display,  or  other  forms  of  delivery,  whether  direct  or
          indirect,  whether  over  telephone  lines,  cable television systems,
          optical  fiber  connections, cellular telephones, satellites, wireless
          broadcast,  or  other  mode  of transmission now known or subsequently
          developed.

     1.7  "Launch  Date"  will  mean  that  date  on  which the Toolbar is first
          generally  available  for  use  by  YP.

     1.8  "Person"  has  the  meaning given in Section 3(a)(9) of the Securities
          Act  of  1933,  amended,  as modified and used in Section 13(d) of the
          Securities  Act  of  1933,  amended,  and  will  include a "group," as
          defined  in  Rule 13d-5 promulgated thereunder. However, a person will
          not  include  YP  or  any  of  its  affiliates.


                                        2
<PAGE>
     1.9  "Schedule"  means  the  schedule(s) for completion of the Services, as
          set  forth  in  the  Specifications.

     1.10 "Services"  means  the  design,  development  and  delivery  of  the
          Technology  in  accordance  with  the Specifications, as modified from
          time  to time, and all other services performed by SurfNet pursuant to
          this  Agreement.


     1.11 "Specifications"  means  the  specifications  for  the  Services  and
          Technology,  attached to this Agreement as Exhibit A, which includes a
          Technology  design  and  content  summary,  as  well  as  a  detailed
          specification  for  all  required  features  and  functionality, and a
          complete delivery and implementation schedule. The Parties contemplate
          that the Specifications may be modified by mutual consent from time to
          time during the Term; if and when the Specifications are modified, the
          Parties  shall  initial  the  new  Specifications or amendments to the
          existing Specifications, and immediately following the last initialing
          such new Specifications or amendments shall automatically be deemed to
          supercede  or  supplement  (as  the  case  may  be)  Exhibit  A.

     1.12 "Technology"  means  (i)  Metaphor  desktop  engine  computer software
          developed  by SurfNet driving a YP-designed toolbar created by SurfNet
          that  will  provide  an  end  user  with  active desktop access to the
          Toolbar  without  imbedding  the Technology in the operating system or
          desktop, as more fully described in the Specifications, and all future
          versions  thereof and enhancements, upgrades and modifications thereto
          developed  by  SurfNet  ("Phase  I"); and (ii) an audibilized Metaphor
          desktop  engine  computer software developed by SurfNet, as more fully
          described  in  the Specifications, and all future versions thereof and
          enhancements,  upgrades and modifications thereto developed by SurfNet
          driving a YP-designed toolbar created by SurfNet that will (A) provide
          an  end  user  with  active  desktop  access  to  the  Toolbar without
          imbedding  the  Technology in the operating system or desktop, and (B)
          incorporate  streaming audio into the Metaphor desktop engine for such
          uses  as  press  releases,  management  announcements  and  other  YP
          generated  audible  messaging  ("Phase  II").

     1.13 "Toolbar"  means  the  product  derived  from  the  Technology.

     1.14 "Term"  means  the period of time commencing on the Effective Date and
          continuing  thereafter indefinitely until this Agreement is terminated
          pursuant  to  Section  8  below.

     1.15 "Territory"  means  the  entire  universe.

     1.16 "Web"  means  the  so-called  World  Wide Web, containing, inter alia,
          pages  written  in hypertext markup language (HTML) and/or any similar
          successor  technology.

2.   License.  Subject  to the terms and conditions contained in this Agreement,
     SurfNet  hereby  grants to YP for a duration of two (2) years commencing on
     the  date  that  the


                                        3
<PAGE>
technology  is delivered and accepted by YP a worldwide, exclusive license, with
respect  to  the Internet yellow pages market only, to (i) use the Technology on
YP's  websites  and permit the Technology to be copied onto the websites of YP's
end  users,  and  (ii)  promote  the  Technology  on  a  co-branded  basis.
Notwithstanding  the foregoing, if the Launch Date does not occur within six (6)
months  from  the date hereof, YP will forfeit its exclusivity and the foregoing
license  automatically  will become a nonexclusive license. SurfNet reserves the
right  to  make copies of, to make derivative works of and to use the Technology
for  commercial  purposes and to license the Technology to third parties subject
to  the terms of this Agreement, subject to any additional terms relative to the
original  term  sheet  executed by the parties in _______. No rights or licenses
are  granted  or  deemed granted hereunder or in connection herewith, other than
those  rights  or  licenses  expressly  granted  in  this  Agreement.

3.   Compensation.  YP  shall  pay  SurfNet  for  the  Services  the  following:

     3.1  A  development  fee  of  eighty-five  thousand dollars ($85,000), with
          fifty  thousand  dollars  ($50,000) payable upon the execution of this
          Agreement  and  thirty-five  thousand  dollars  ($35,000) payable upon
          delivery  of  Phase  II.

     3.2  A  monthly  license  fee of three thousand seven hundred fifty dollars
          ($3,750),  covering up to one million Impressions per month based on a
          streaming  rate  of  16kbs,  payable in arrears on the 15th day of the
          month  immediately  following  the Launch Date, and on the 15th day of
          each  month  thereafter  during  the  Term;  and

     3.3  A  monthly  license  fee  of four thousand seven hundred fifty dollars
          ($4,750) for each additional one million Impressions per month, or any
          part  thereof,  in  excess  of the aggregate Impressions referenced in
          Section 3.2, based on a streaming rate of 16kbs, payable in arrears on
          the  15th  day  of  the  following  month.

     3.4  A  Change  of  Control  fee of one hundred thousand dollars ($100,000)
          payable  not  later  than five (5) business days following a Change of
          Control.

4.   Technology  Development.

     4.1  In  General. SurfNet shall perform the Services, and deliver to YP the
          Technology,  in  accordance  with  the  Specifications  (including the
          Schedule),  as  the  same may change from time to time during the Term
          with  the  mutual  consent  of YP and SurfNet, and all other terms and
          conditions  contained  in  this  Agreement.  SurfNet will use its best
          efforts  to  meet  each  milestone  in the Schedule for delivering the
          Technology.  SurfNet  agrees that the Services shall be performed in a
          professional  manner and shall be of a high grade, nature and quality.
          Throughout  the  Term:

          4.1.1 SurfNet will assign human and financial resources to develop the
               Technology.


                                        4
<PAGE>
          4.1.2  SurfNet  will  monitor the reliability and accessibility of the
               Technology, and ensure that it continues to perform in accordance
               with  the Specifications, excluding any modifications and changes
               made  by  YP  without  the  knowledge  or  consent  of  SurfNet.

          4.1.3  From  time  to  time,  YP may request that SurfNet undertake to
               develop  certain  enhancements  to  the  Technology.  Upon  such
               request, SurfNet shall confer in good faith with YP regarding the
               feasibility  of  developing  such enhancements and the time frame
               for  developing,  testing  and  incorporating  such enhancements.
               Then,  SurfNet  and YP shall mutually agree as to whether SurfNet
               should pursue development of such enhancements, and, if so, which
               of  SurfNet  and/or  YP  will  fund such development. Upon mutual
               written  agreement, the Specifications shall be deemed amended to
               include  such  enhancements.

     4.2  Acceptance.  The  terms  and conditions contained in this Section will
          apply  to  the  initial  release of the Technology, as well as to each
          subsequent  release,  upgrade,  enhancement  and  version  thereof.

          4.2.1  SurfNet  agrees  to  thoroughly  test the Technology (including
               without  limitation  each  and  every  release,  version,  and
               enhancement  thereof), as appropriate under the circumstances, at
               all  appropriate  stages  of  development, and shall document its
               testing  by  written  test  documents  delivered to YP. Such test
               documents  shall  include  a detailed description of the tests as
               conducted,  and  test  results  (including,  without  limitation,
               resulting  bug list and outstanding issues list). Notwithstanding
               anything  contained  in  this  Agreement to the contrary, SurfNet
               will  not  deploy the Technology, and/or any enhancement thereof,
               unless  and  until  YP  authorizes  such  deployment  in writing.

          4.2.2  If  either Party is aware or becomes aware of a delay that will
               prevent  SurfNet  from  meeting  a  scheduled  milestone  for any
               component  of  the Technology under the Schedule, such Party will
               promptly  inform  the  other  Party of such delay, and the reason
               therefore,  in  writing.  If  such  delay  is  caused  by YP, the
               Schedule  will  automatically  be  deemed extended, if and to the
               extent  minimally  necessitated  by  the  original delay. If such
               delay  is  caused  by SurfNet, SurfNet will be given a reasonable
               period  (up  to  thirty  (30)  business  days,  depending  on the
               circumstances) to cure. However, SurfNet acknowledges that timely
               meeting  the  Schedule  is  of  critical  importance  under  this
               Agreement,  and  that  time is of the essence in curing a delayed
               delivery.

          4.2.3  YP  shall evaluate the beta and final version of the Technology
               and  shall  submit  a  written acceptance or rejection to SurfNet
               within  ten (10) business days after YP Net's receipt of the beta
               versions  and  fifteen  (15)  business  days after receipt of the
               final  version  of  the  Technology.  If  YP


                                        5
<PAGE>
               identifies  Errors  in  the  Technology prior to acceptance, then
               SurfNet  shall correct, at its sole expense, such Errors, and use
               its  best  efforts  to effect such correction within fifteen (15)
               business  days. If no written acceptance or rejection is received
               by  SurfNet,  acceptance  shall  he  deemed  to  have  occurred.

          4.2.4  If  SurfNet  fails  to  deliver the Technology within the dates
               specified  in  the  Schedule (after application of the applicable
               reasonable  cure  period) and if any Errors discovered during the
               acceptance  process cannot be eliminated in the correction period
               specified  in  the  Specifications  or  Exhibit  B  (whichever is
               applicable) then YP may, at its option: (i) extend the correction
               period;  or  (ii)  suspend  its  performance until the problem is
               corrected  to YP's reasonable satisfaction and/or, if the failure
               to  deliver  or  uncorrected  Error  is  material, terminate this
               Agreement  for  cause  pursuant  to  Section  8.

          4.2.5  Notwithstanding  anything  contained  herein  to  the contrary,
               SurfNet  shall at all times hereunder be responsible for ensuring
               that the Technology meets all Specifications, and if any Error in
               the  originally  submitted  Technology  is  discovered  after
               acceptance,  SurfNet shall remain obligated to correct such Error
               in  accordance with the applicable timetable determined by YP and
               SurfNet  as  set  forth in the Specifications or Exhibit B, or as
               otherwise  may  be  mutually  agreed  under  the  circumstances.

5.   Representations  and  Warranties.

     5.1  By  SurfNet.  SurfNet  warrants  and  represents  that:

          5.1.1 It is a corporation duly organized, validly existing and in good
               standing  under  the  laws  of  Delaware.

          5.1.2  It has the full power to enter into this Agreement and to grant
               the  rights  set  forth  herein.

          5.1.3  This Agreement, when executed and delivered by SurfNet, will be
               the  legal,  valid and binding obligation of SurfNet, enforceable
               against  it  in  accordance  with  its  terms.

          5.1.4  The  execution,  delivery  and performance of this Agreement by
               SurfNet does not conflict with, or constitute a breach or default
               under,  any  provision  of any agreement, contract, commitment or
               instrument  to  which  it  is  a  party

     5.2  By  YP.  YP  warrants  and  represents  that:


                                        6
<PAGE>
          5.2.1 It is a corporation duly organized, validly existing and in good
               standing  under  the  laws  of  Nevada.

          5.2.2  It has the full power to enter into this Agreement and to grant
               the  rights  set  forth  herein.

          5.2.3  This  Agreement, when executed and delivered by YP, will be the
               legal, valid and binding obligation of YP, enforceable against it
               in  accordance  with  its  terms.

          5.2.4  The execution, delivery and performance of this Agreement by YP
               does  not conflict with, or constitute a breach or default under,
               any  provision  of  any  agreement,  contract,  commitment  or
               instrument  to  which  it  is  a  party.

6.   Indemnification.

     6.1  SurfNet  warrants that the use of the Technology by YP pursuant to the
          terms  hereof  shall  not  constitute  an infringement of any existing
          patent,  copyright  or other right. SurfNet hereby agrees to defend or
          settle  any  suit,  proceeding  or claim brought against YP based on a
          claim  that  the  use  of  the  Technology  or  any part thereof by YP
          constitutes an infringement of any existing patent, copyright or other
          right.  SurfNet  shall  pay  all  damages  or costs awarded against or
          expenses,  including  attorneys'  fees,  incurred  by YP in such suit,
          proceeding  or  claim.

     6.2  In  the event the Technology or any part thereof shall be in SurfNet's
          opinion  likely  to or shall become the subject of a claim for patent,
          copyright,  or other infringement, may, at its option and expense, and
          without  diminishing  SurfNet's obligations under Section 7.1, procure
          for  YP  the  right  to  continue  using  such  affected  part  of the
          Technology  or  modify  such  affected  part to become non-infringing.
          Should  SurfNet  elect to remove or modify such infringing part of the
          Technology,  SurfNet  shall  forthwith  replace  such  part  with  a
          functionally  equivalent  non-infringing  part  and/or  take  other
          appropriate  action  to  ensure  that  the  Technology conforms to the
          Specifications  to  YP  Net's  satisfaction,  without  cost  to  YP.

     6.3  In the event that SurfNet shall refuse or shall be unable to supply or
          shall  be  prevented from supplying the Technology or any part thereof
          to  YP,  or in the event that YP Net's continued use of the Technology
          shall  be  prohibited  or enjoined at any time, SurfNet shall promptly
          replace  all  affected  parts  of  the  Technology  with  functionally
          equivalent non-infringing parts and/or shall take such other action to
          ensure  that  the  Technology  conforms  to the Specifications to YP's
          satisfaction,  without  cost  to  YP.


                                        7
<PAGE>
     6.4  SurfNet  warrants  that  YP shall suffer no interruption of its normal
          business activities or cycles as a result of any claimed infringement,
          any  litigation referred to in Section 7.1 or any replacement of items
          contemplated  in  Sections  5.2  or  5.3  hereof.

7.   Warranties.

     7.1  SurfNet represents and warrants to YP that as of the date of delivery:

          7.1.1 SurfNet has good and merchantable title to and the right to sell
               and/or  license the Technology as the case may be as provided for
               in  this  Agreement,  free  and  clear of all security interests,
               liens  and  encumbrances.

          7.1.2  The  Technology  is designed in accordance with this Agreement.

          7.1.3 The Technology is comprised of all of the features and functions
               agreed  to  herein.

          7.1.4  YP  shall  receive  any  licenses or warranties extended by any
               third  party  used  by SurfNet in connection with the Technology.

     7.2  SurfNet  further  warrants and covenants that for a period of one year
          following  the  Technology  Acceptance  Date:

          7.2.1  The  Technology  will  be  free from defects in workmanship and
               material.

          7.2.2  The Technology will have all of the qualities and features, and
               be  capable  of  performing all of the functions described in the
               Specifications.

          7.2.3  The Technology will be of merchantable quality, will be fit for
               the  ordinary  purposes  for  which such goods are used, and will
               pass  without  objection  in  the  trade.

     7.3  During  the one year following the Technology Acceptance Date, SurfNet
          will  immediately and in no event later than thirty (30) business days
          after  notice, provide, at no charge to YP, corrections, modifications
          or  additions  to the Technology where YP notifies SurfNet in writing,
          of  any  errors,  omissions,  deficiencies  or  inconsistencies in the
          Technology, except for any changes made by YP. YP shall assist SurfNet
          in  identifying  these  circumstances on which such errors, omissions,
          deficiencies  or  inconsistencies are discovered, and, if requested by
          SurfNet,  shall  document  their  existence.

     7.4  EXCEPT  AS  SPECIFICALLY  PROVIDED  IN  THIS  AGREEMENT,  THERE ARE NO
          EXPRESS  WARRANTIES  WHICH  EXTEND BEYOND THE DESCRIPTION SET FORTH IN
          THIS  AGREEMENT.


                                        8
<PAGE>
8.   Termination  and  Other  Remedies.

     8.1  In addition to any other rights and/or remedies that YP may have under
          the circumstances, all of which are expressly reserved, YP may suspend
          performance  and/or  terminate this Agreement immediately upon written
          notice  at  any  time  if:

          8.1.1  SurfNet  is  in material breach of this Agreement, and fails to
               cure  that  breach  within sixty (60) business days after written
               notice  thereof,  in  which  case  YP  Net will have the right to
               withhold  payment  of amounts otherwise owed by YP Net to SurfNet
               pursuant  to  this  Agreement;  or

          8.1.2  In  the  case  of  a  failure  to  provide  the  technology  or
               deliverables as promised by the delivery dates as mutually agreed
               by  the parties herein or as extended than YP will be entitled to
               the  return  of  all  the  development  money  tendered  herein.

          8.1.3  SurfNet  becomes  insolvent  or  makes  any  assignment for the
               benefit  of  creditors or similar transfer evidencing insolvency;
               or  suffers or permits the commencement of any form of insolvency
               or  receivership  proceeding;  or  has  any  petition  under  any
               bankruptcy  law filed against it, which petition is not dismissed
               within  sixty (60) business days of such filing; or has a trustee
               or  receiver  appointed  for  its  business or assets or any part
               thereof.

     8.2  In  addition to any other rights and/or remedies that SurfNet may have
          under  the circumstances, all of which are expressly reserved, SurfNet
          may  suspend  performance  and/or terminate this Agreement immediately
          upon  written  notice  at  any  time  if:


          8.2.1  YP  is  in  material breach of Section 3 of this Agreement, and
               fails  to cure that breach within thirty (30) business days after
               written  notice  thereof;  or

          8.2.2  YP becomes insolvent or makes any assignment for the benefit of
               creditors  or  similar transfer evidencing insolvency; or suffers
               or  permits  the  commencement  of  any  form  of  insolvency  or
               receivership proceeding; or has any petition under any bankruptcy
               law  filed  against  it,  which  petition is not dismissed within
               sixty  (60)  business  days  of  such filing; or has a trustee or
               receiver  appointed  for  its  business  or  assets  or  any part
               thereof.

     8.3  In  the  event  of termination or expiration of this Agreement for any
          reason, any provision required to interpret the rights and obligations
          of  the  Parties  arising prior to termination of this Agreement shall
          survive  termination.

9.   Confidentiality.


                                        9
<PAGE>
     9.1  Nondisclosure.

          9.1.1  SurfNet  shall maintain in confidence and shall not disclose to
               any third Party the Confidential Information received pursuant to
               this  Agreement,  without  the  prior  written consent of YP. The
               foregoing  obligation shall not apply to: (i) information that is
               known  to  SurfNet or independently developed by SurfNet prior to
               the  time of disclosure; (ii) information disclosed to SurfNet by
               a  third  party  that  has a right to make such disclosure; (iii)
               information that becomes patented, published or otherwise part of
               the  public domain as a result of acts by YP or by a third person
               who  has  the  right to make such disclosure; or (iv) information
               that  is  required  to  be disclosed by order of any governmental
               authority  or  a  court  of competent jurisdiction; provided that
               SurfNet  shall  notify  YP  if  it  believes  such  disclosure is
               required  and  shall  use its best efforts to obtain confidential
               treatment  of  such  information  by  the  agency  or  court.

          9.1.2  YP  shall  maintain in confidence and shall not disclose to any
               third  Party  the  Confidential  Information received pursuant to
               this Agreement, without the prior written consent of SurfNet. The
               foregoing  obligation shall not apply to: (i) information that is
               known to YP or independently developed by YP prior to the time of
               disclosure;  (ii)  information  disclosed  to YP by a third party
               that  has a right to make such disclosure; (iii) information that
               becomes  patented,  published  or  otherwise  part  of the public
               domain  as  a  result of acts by SurfNet or by a third person who
               has  the  right to make such disclosure; or (iv) information that
               is  required  to  be  disclosed  by  order  of  any  governmental
               authority  or a court of competent jurisdiction; provided that YP
               shall  notify  SurfNet if it believes such disclosure is required
               and  shall  use its best efforts to obtain confidential treatment
               of  such  information  by  the  agency  or  court.

          9.1.3  The  receiving  Party's  obligations  of  confidentiality  with
               respect to Confidential Information that constitute trade secrets
               under  the  Uniform  Trade Secrets Act as adopted in the State of
               Georgia  (or  other similar applicable law) shall run for as long
               as such information remains a trade secret. The receiving Party's
               obligations  of  confidentiality  with  respect  to  Confidential
               Information  that  is not covered under the Uniform Trade Secrets
               Act  as  adopted  in  the  State  of  Arizona  (or  other similar
               applicable  law),  shall run for three (3) years from the date of
               termination  of  this  Agreement.

     9.2  Use  of  Confidential  Information.


                                       10
<PAGE>
          9.2.1  SurfNet  shall  ensure  that  all  of its employees, agents and
               contractors  having  access to the Confidential Information of YP
               are  obligated  in  writing  to  abide  by  SurfNet's obligations
               hereunder.  SurfNet  shall  use the Confidential Information only
               for  the  purposes  contemplated  under  this  Agreement.

          9.2.2  YP  shall  ensure  that  all  of  its  employees,  agents  and
               contractors  having  access  to  the  Confidential Information of
               SurfNet are obligated in writing to abide by YP Net's obligations
               hereunder. YP shall use the Confidential Information only for the
               purposes  contemplated  under  this  Agreement.

     9.3  Disparagement.  Without  having  first  sought  and  obtained YP Net's
          written  approval  (which  YP  may  withhold  in its sole and absolute
          discretion), SurfNet shall not, directly or indirectly, (i) trade upon
          this  transaction  or any aspect of SurfNet's relationship with YP, or
          (ii)  otherwise  deprecate  YP  technology.

     9.4  Press  Release. Neither Party will issue any press release or make any
          public  announcement(s)  relating  in  any  way  whatsoever  to  this
          Agreement  or  the  relationship established by this Agreement without
          the  express  prior  written  consent of the other Party. However, the
          Parties  acknowledge  that this Agreement, or portions thereof, may be
          required  under  applicable  law  to  be  disclosed,  as part of or an
          exhibit  to  a Party's required public disclosure documents. If either
          Party  is  advised  by  its  legal  counsel  that  such  disclosure is
          required,  it  will  notify  the other in writing and the Parties will
          jointly  seek  confidential treatment of this Agreement to the maximum
          extent  reasonably possible, in documents approved by both Parties and
          filed  with  the  applicable  governmental  or regulatory authorities.
          Notwithstanding the foregoing, YP and SurfNet will cooperate to create
          a mutually approved joint press release regarding the non-confidential
          aspects of this Agreement, which press release shall be issued by each
          Party  on  the Launch Date; provided, however, that the precise timing
          of  such  press release shall be subject to the approval of YP (in its
          sole  and  absolute  discretion).

     9.5  Injunctive Relief. Because damages at law will be an inadequate remedy
          for  breach of any of the covenants, promises and agreements contained
          in  this  Article  9  hereof, the aggrieved Party shall be entitled to
          injunctive  relief  in  any  state or federal court located within the
          City  of  Phoenix, Arizona, including specific performance or an order
          enjoining  the breaching Party from any threatened or actual breach of
          such  covenants,  promises or agreements. The rights set forth in this
          Section  shall  be in addition to any other rights which the aggrieved
          Party  may  have  at  law  or  in  equity.

     10.  Miscellaneous


                                       11
<PAGE>
     10.1 Neither  Party  shall  represent  itself  as  the  agent  nor  legal
          representative  of  the  other for any purpose whatsoever, and neither
          Party  shall  have  the  right  to  create or assume for the other any
          obligation  of  any kind. This Agreement shall not create or be deemed
          to  create  an agency, partnership, franchise, employment relationship
          or  joint  venture  between  the  Parties.  Each Party's employees who
          perform  services  related  to  this  Agreement shall remain under the
          exclusive direction and control of their respective employer and shall
          receive  such  salaries, compensation and benefits as their respective
          employer  may from time to time determines. Each Party shall have full
          and  sole  responsibility  for  its  employees who perform any service
          related  to  this  Agreement  with  regard  to  compliance  with  all
          applicable  laws,  rules and regulations governing such Party relating
          to  employment,  labor,  wages,  benefits,  taxes  and  other  matters
          affecting  its  employees,

     10.2 Any  notice  required  or  permitted  to be given under this Agreement
          shall  be  made  in  writing and shall be deemed to have been given or
          made if it is in writing and is: (i) delivered in person, (ii) sent by
          same day or overnight courier, (iii) mailed by certified or registered
          mail,  return  receipt  requested,  postage  prepaid, addressed to the
          Party  at its address set forth below or at such other address as such
          Party may subsequently furnish to the other Party by notice hereunder,
          or  (iv)  delivered  by  facsimile,  the transmittal of which shall be
          confirmed  by a telephone call to the other Party and by dispatch of a
          confirming  copy  of  the transmittal by registered or certified mail,
          postage  prepaid.  Notices  will  be  deemed  effective on the date of
          delivery  in the case of personal delivery, or three (3) business days
          after  mailing, or on the date of dispatch in the case of notification
          by  facsimile  (assuming  confirmation  of transmission). The Parties'
          addresses  for  purposes  of  notice  shall  be  as  set  forth above.

     10.3 This  Agreement  shall  be  construed,  enforced, performed and in all
          respects  governed  by and in accordance with the laws in the State of
          Arizona.  In  any  action or suit to enforce any right or remedy under
          this  Agreement  the prevailing Party shall be entitled to recover its
          reasonable  attorneys'  fees  and  costs.

     10.4 In the event any provision of this Agreement is rendered null, void or
          otherwise  ineffective  in  any  given  country  or  any  political
          subdivision  in  a  given  country,  then  (i)  the  Parties  agree to
          negotiate  in  good  faith  an  acceptable alternative provision which
          reflects  as  closely  as  possible  the  intent  of the unenforceable
          provision  and  which shall apply only with respect to that portion of
          the  Territory  in which the original provision is rendered null, void
          or  otherwise  ineffective and (ii) notwithstanding, and regardless of
          whether  the Parties reach agreement after the good faith negotiations
          described  in clause (i) immediately above, the validity, legality and
          enforceability  of  the  remaining  provisions  of this Agreement with
          respect to such portion of the Territory (and of all of the provisions
          of  this Agreement with respect to the balance of the Territory) shall
          not  in  any  way  be


                                       12
<PAGE>
          affected  or  impaired  thereby  and  shall  remain  in full force and
          effect.  Section  and  all other headings used herein are provided for
          convenience  only  and  are  not  to  be  given  any  legal  effect or
          considered  in  interpreting  any  provision  of  this  Agreement.  No
          provision  of  this  Agreement  shall be interpreted against any Party
          because such Party or its legal representative drafted such provision.

     10.5 Neither  Party  may  transfer, assign or sublicense this Agreement, or
          any  rights  or  obligations  hereunder,  whether  by  contract  or by
          operation of law, except with the express written consent of the other
          Party, and any attempted transfer, assignment or sublicense by a Party
          in  violation  of  this  Section  shall  be void. For purposes of this
          Agreement,  an  "transfer"  under  this  Section  shall  be  deemed to
          include,  without limitation, the following: (a) a merger or any other
          combination of an entity with another party, whether or not the entity
          is the surviving entity; (b) any transaction or series of transactions
          whereby a third party acquires direct or indirect power to control the
          management  and policies of an entity, whether through the acquisition
          of  voting  securities, by contract, or otherwise; (c) the transfer of
          any  rights  or  obligations  in  the course of a liquidation or other
          similar  reorganization  of  an  entity;  or  (d)  the  transfer  to a
          subsidiary.  Neither  Party  will  unreasonably  withhold or delay its
          consent  to a requested transfer, assignment or sublicense. Subject to
          the  provisions  of this Section, this Agreement shall be binding upon
          and inure to the benefit of each Party and their respective successors
          and  assigns.

     10.6 All  rights  and  obligations of the Parties hereunder arc personal to
          them.  Except  as otherwise specifically stated herein, this Agreement
          is  not  intended  to benefit, nor shall it be deemed to give rise to,
          any  rights  in  any  third  party.

     10.7 Each  Party  shall  be  responsible for compliance with all applicable
          laws, rules and regulations, if any, related to the performance or its
          obligations  under  this  Agreement.

     10.8 No  waiver  of  any  breach  of  any provision of this Agreement shall
          constitute  a  waiver of any prior, concurrent or subsequent breach of
          the  same  or  any  other  provisions hereof or thereof, and no waiver
          shall  be effective unless made in writing and signed by an authorized
          representative  of  the  waiving  Party.

     10.9 Neither  Party  shall  be liable hereunder by reason of any failure or
          delay in the performance of its obligations hereunder during any event
          of  force  majeure.

     10.10  This  Agreement  contains  the  entire agreement of the Parties with
          respect  to the premises, and may not be modified or amended except by
          a  written  instrument  executed  by the Party sought to be charged or
          bound  thereby.

     10.11  The  Parties acknowledge that there may be instances during the Term
          when,  notwithstanding  the  Non-Disclosure  Agreement  referred to in
          Section 10.1 above, either party will not wish to disclose or have the
          other  party  become  aware


                                       13
<PAGE>
          (through  inspection  or  otherwise)  of  certain  confidential  and
          proprietary  information  of  the other party relating to its business
          and/or  technology.  In  those  instances,  the  Parties agree to work
          together  in a spirit of cooperation to work around such disclosure so
          that  each  party is able to perform the Services under this agreement
          to  the  other party's reasonable satisfaction and otherwise discharge
          their obligations under this Agreement without making such disclosure.

11.  Source  Code  Escrow.  SurfNet  agrees  to  deposit  a  full  and  complete
     electronic  copy  of the source code to the Technology, and all updates and
     enhancements  thereto (the "Source Materials"), into escrow with a mutually
     agreed upon escrow services company. The parties will enter into a mutually
     agreeable  escrow  agreement.  YP  shall  pay  all fees for such escrow and
     SurfNet  shall  bear  its  own  costs in preparing the Source Materials for
     deposit.  The escrow agreement shall provide for the release of such Source
     Materials  in  the event SurfNet ceases to do business in the normal course
     (except  in  the  cases  of  corporate  restructuring,  acquisition  or
     reorganization  under  Chapter  11 of the U.S. Bankruptcy Code). Subject to
     the  terms  and  conditions of this Agreement, upon release from escrow, YP
     shall  have  a nonexclusive, license to use and modify the Source Materials
     and  distribute  the  same.  Title  in all Source Materials shall remain in
     SurfNet,  and  YP  will  take  all  reasonable  precautions to maintain the
     secrecy of the Source Materials unless Surfnet becomes insolvent as defined
     herein.

Executed as of the date set forth above.

SURFNET  MEDIA  GROUP,  INC.                         YP  CORP.


By:_________________________                            By:_____________________
     Robert  Arkin                                      Peter  Bergmann
     Chairman                                           Chief  Executive  Office


                                       14
<PAGE>
                                    EXHIBIT A
              SPECIFICATIONS, DELIVERY AND IMPLEMENTATION SCHEDULE

The toolbar shall contain the following:

     1.   Search  controls  consistent  with  the  YP  main  website
     2.   Stock  ticker  information
     3.   Rotating  banners  consisting  of  a  YP  banner  and banners for YP's
          national  customer  base  including  audio  commercials.
     4.   This  will  be  based  on  Surfnet's  MetaphorTM  patented technology.

The  toolbar  shall  be  similar to that shown in www.toolbar.com on the Surfnet
                                                  ---------------
proofing  station.


                                       15
<PAGE>
                                    EXHIBIT B
                               CORRECTION PERIODS

Corrections shall be made as needed on an ongoing basis, Should such corrections
result  in  designing  a  new  toolbar  or one with new functionalities, revised
pricing  will  be  instituted based on negotiations to be conducted at the time.


                                       16
<PAGE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>9
<FILENAME>ex10_5.txt
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
                               FIRST AMENDMENT TO
                               ------------------
                         SWITCHBOARD SERVICES AGREEMENT
                         ------------------------------

     THIS FIRST AMENDMENT is made and entered into as of the first day of April,
2004  (the "Amendment Effective Date"), by and between Switchboard Incorporated,
a  Delaware  corporation  having its principal place of business at 120 Flanders
Road,  Westboro,  MA  01581  ("Switchboard"), and YP Corp., a Nevada corporation
having  its principal place of business at 4840. E. Jasmine #110, Mesa, Arizona,
85205  f/k/a  YP.Net,  Inc.).

     WHEREAS,  Switchboard  and YP Corp. are parties to that certain Switchboard
Services  Agreement  with  an Effective Date of April 1, 2003 (the "Agreement");
and

     WHEREAS,  the  parties  desire  to  amend  the  Agreement.

     NOW,  THEREFORE,  for  good  and  valuable  consideration,  the receipt and
sufficiency  of  which  are hereby acknowledged, Switchboard and YP Corp. hereby
agree  as  follows:

1.   Terms  not  defined  herein  shall have the meaning ascribed to them in the
Agreement.  As  used  herein  the  term  YP.Net  shall  mean  YP  Corp.

2.   Delete  the  last sentence of the definition of Directory Ad in Section 1.0
of  Schedule  A  and  insert  the  following  in  its  place:

     Directory  Ads shall appear in the form of a business Featured Listing, and
     shall  contain  multiple  clickable  elements,  including  (at  all  times)
     business  name  which links either to a YP.Net Merchant website or a YP.Net
     "More  Info"  page (also referred to as a Mini Web Page). Directory Ads may
     also  include  a  web site address link and or other transactional links or
     information,  such  as one (1) line of promotional text to appear under the
     business  name,  which  shall  pertain  to  the  Merchant's  business  or
     information  and shall consist of no more than 70 text characters, business
     address,  business  telephone number, e-mail address, toll free number, fax
     number,  hours  of  operation,  enhanced  data, and may include a link to a
     small  web  page  hosted by YP.Nct ("Mini Web Page"), with placement in the
     Featured  Listing section of the Yellow Pages results screen, substantially
     as  depicted  in  the  screen  shot  attached  hereto  as  EXHIBIT  "A".

3.   Insert  the following new definitions at the end of Section 1.0 of Schedule
A:

     "Directory  Ad  Click  Through"  shall  mean  a  click  by  a  user  of the
      -----------------------------
     Switchboard  Site  or  a  Switchboard  Affiliated  Site  as  reported  by
     Switchboard during a User Session on a clickable element in a Directory Ad.

     "User Session" shall mean the session of activity that a unique user spends
      ------------
     on the Switchboard Site or a Switchboard Affiliated Site beginning when the
     User  first  uses  the Switchboard Site or returns after a previous session
     and  ending  with  the


<PAGE>
     sooner  of  either  the  occurrence of the User leaving the site or after a
     thirty  (30)  minute  period  of  time.

4.   Delete  Section  4.7  of  Schedule  A  and  insert  the  following:

     4.7 DirectoryAdHosting Fees. Commencing as of the Amendment Effective Date,
     YP.Net  shall  pay  Switchboard  a fee of twenty five cents ($.25) for each
     Directory  Ad  Click Through up to a maximum of fifty five thousand dollars
     ($55,000)  per  month  (the  "Monthly Cap"). Any monthly Directory Ad Click
     Throughs  in excess of two hundred twenty thousand (220,000) shall be at no
     charge  to  YP.Net for such month. YP.net shall in all months commencing as
     of  the Amendment Effective Date guarantee and pay to Switchboard a minimum
     monthly  fee  of  twenty  thousand  dollars  ($20,000)  regardless  of  the
     Directory  Ad  Click-Throughs generated during the month. In no event shall
     the  total  monthly  amount  owed by YP.Net to Switchboard hereunder exceed
     fifty  five  thousand dollars ($55,000). For purposes of billing YP.Net for
     Directory  Ad  Click-Throughs, a click by a user on more than one clickable
     element  of  a  Directory Ad during a User Session shall only be counted as
     one  (1)  Directory Ad Click-Through, subject to the following: Switchboard
     shall  use  commercially  reasonable efforts to implement this User session
     technology  by  June 1, 2004, but in the instance that it is not available,
     only user clicks to a Mini Web Page and/or a web site address link shall be
     countable  as  Directory  Ad  Click-Throughs.

5.   Notwithstanding  anything  contained  in  the  Agreement,  subsequent  to
insertion  and  submission of any Directory Ad by YP.Net pursuant to Section 4.3
of  Schedule  A of the Agreement, Switchboard reserves the right to place and/or
move  any  Directory  Ad  in  a Featured Listing "A", "B" or "C" rotation. In no
event  shall  Switchboard  remove  any  Directory  Ad  from the Switchboard Site
(except  for  breach of the Agreement by YP.Net) or move any Directory Ad to the
"All  Listing"  section  or  to any rotation below Featured Listing "C" rotation
(for example, Featured Listing "D" rotation). Ads within the rotational tiers A,
B  and  C are displayed on a random rotational basis within the respective tier.
The  tiers  will  be  displayed  in  a  sequential basis, with all ads in tier A
showing  before  ads  in  tier  B,  which  shows  before  ads  in  tier  C.

6.   On  a  monthly  basis,  Switchboard  shall  provide  YP.Net  with  a report
identifying  the  number  of  times a Directory Ad was displayed to users of the
Switchboard  Site  and  the  number  of  Directory  Ad  Click  Throughs for each
Directory  Ad;  provided, in no event shall such report include in the number of
Directory Ad Click Throughs fraudulent clicks on any Directory Ad, including but
not  limited  to  clicks generated by the use of robots or other automated query
tools  and/or computer generated search requests. In addition, Switchboard shall
invoice  YP.Net  and  YP.Nct  shall  pay  Switchboard  the  amount  equal to the
aggregate number of billable Directory Ad Click Throughs times twenty five cents
($.25)  up  to  the  Monthly  Cap  but in any event no less than twenty thousand
dollars  ($20,000).  Invoices  shall  be  paid  in accordance with the terms and
conditions  of  the  Agreement. Both parties acknowledge that each party's total
monthly  Click  Through  count  may  be  different  from the other party's total
monthly Click-Through count. To the extent discrepancies exist, YP.Net agrees to
pay  Switchboard  the  undisputed  portion  of  the  amount due for the month in
question  and  the  parties  agree  to  the  following  dispute  resolution


                                        2
<PAGE>
process  with  respect  to  the disputed portion of the amount due: In any month
where  the  Switchboard Click-Through count and the YP.Net's Click-Through count
vary  less  than  or  equal  to  10%, Company shall pay Switchboard based on the
Switchboard  Click-Through  count.  In  any  month  where  the  Switchboard
Click-Through  count  and  the YP.Net Click-Through count vary by more than 10%,
the  parties  agree  to expeditiously reconcile the Click-Through counts. In the
event  of such discrepancy, the matter shall first be promptly escalated to each
party's  chief  financial  officer in an attempt to settle such dispute. If such
chief financial officers are unable to resolve the dispute, it shall be promptly
referred  to the Chief Executive Officers or other senior level appointee of the
respective  companies who shall attempt to resolve such dispute. Notwithstanding
the  foregoing,  in  the  event  that  both  parties in good faith are unable to
resolve  such  a  dispute  within thirty (30) days of the calendar month end for
which such dispute results from, the parties shall submit to binding arbitration
by  one arbitrator. The arbitration shall be conducted in Boston, Massachusetts,
in  accordance  with  the  rules,  regulations,  and  procedures of the American
Arbitration  Association,  and the decision of the arbitrator shall be final and
binding  on  both  parties.

7.   Within  30  days  from  the Amendment Effective Date, YP.Net agrees that no
page  on  a YP.Net Site to which a user of the Switchboard Site or a Switchboard
Affiliated  Site  is  referred  via  a clickable element on a Directory Ad shall
contain  a  yellow  pages  search  form  similar  to  the  Switchboard  Site.

8.   The Agreement, as amended by this Amendment, shall have a term of 13 months
from  the  Amendment  Effective  Date through May 1, 2005 and may be extended by
written  mutual  agreement of the parties. Notwithstanding the foregoing, YP.Net
may terminate the Agreement at any time commencing after July 31, 2004, provided
that  YP.Net delivers to Switchboard written notice of such termination election
at  least  forty-five  (45)  days  in  advance  of  the  effective  date of such
termination.

9.   Neither  party  shall  issue  any  press  release  regarding  the terms and
conditions  of this Amendment or the extension of the Agreement or the terms and
conditions  hereof.

10.  Except as amended herein, the Agreement remains in full force and effect as
originally  written.  In  the  event  of  any  conflict  between  the  terms and
conditions  set  forth  herein and the Agreement, this Amendment shall govern in
all  respects.

     IN  WITNESS  WHEREOF,  Switchboard  and  Company  have  caused  this  First
Amendment  to be executed by their duly authorized representative as of the date
first  set  forth  above.

SWITCHBOARD  INCORPORATED                             YP  CORP.


By:______________________                             By:______________________
Name:____________________                             Name:____________________
Title:___________________                             Title:___________________


                                        3
<PAGE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>10
<FILENAME>ex10_6.txt
<DESCRIPTION>EXHIBIT 10.6
<TEXT>
[GRAPHIC OMITTED]
Merrill Lynch                                WCMA(R) LOAN AND SECURITY AGREEMENT
================================================================================

WCMA  LOAN  AND  SECURITY AGREEMENT NO. 412-02104 ("Loan Agreement") dated as of
April 13, 2004, between YP.NET, INC., a corporation organized and existing under
the  laws  of the State of Nevada having its principal office at 4840 E. Jasmine
Street,  Suite  105,  Mesa,  AZ  85205  ("Customer"), and MERRILL LYNCH BUSINESS
FINANCIAL  SERVICES INC., a corporation organized and existing under the laws of
the  State  of Delaware having its principal office at 222 North LaSalle Street,
Chicago,  IL  60601  ("MLBFS").

Pursuant  to  that  certain  WORKING CAPITAL MANAGEMENT(R) ACCOUNT AGREEMENT NO.
412-02104  and the accompanying Program Description (as the same may be, or have
been,  amended, modified or supplemented, the "WCMA Agreement") between Customer
and  MLBFS'  affiliate,  MERRILL  LYNCH,  PIERCE,  FENNER  &  SMITH INCORPORATED
("MLPF&S"),  Customer  opened,  or  shall  prior  to the Activation Date open, a
Working  Capital Management Account pursuant to the "WCMA Service" and the "WCMA
Program" described in the WCMA Agreement and any documents incorporated therein.
The  WCMA  Agreement  is  by  this  reference  incorporated as a part hereof. In
conjunction  therewith  and  as part of the WCMA Program, Customer has requested
that  MLBFS  provide,  and  subject to the terms and conditions herein set forth
MLBFS  has  agreed  to  provide,  a  commercial  line  of  credit  for Customer.

Accordingly, and in consideration of the premises and of the mutual covenants of
the  parties  hereto,  Customer  and  MLBFS  hereby  agree  as  follows:

                             ARTICLE I. DEFINITIONS

1.1  SPECIFIC  TERMS.  In  addition  to  terms  defined  elsewhere  in this Loan
Agreement,  when  used  herein  the  following  terms  shall  have the following
meanings:

"Activation Date" shall mean the date upon which MLBFS shall cause the WCMA Line
of  Credit  to  be  fully activated under MLPF&S' computer system as part of the
WCMA  Program.

"Bankruptcy  Event"  shall mean any of the following: (i) a proceeding under any
bankruptcy,  reorganization,  arrangement,  insolvency,  readjustment  of  debt,
liquidation, winding up or receivership law or statute shall be commenced, filed
or  consented to by any Credit Party; or (ii) any such proceeding shall be filed
against  any  Credit  Party and shall not be dismissed or withdrawn within sixty
(60)  days  after  filing;  or  (iii)  any  Credit  Party  shall  make a general
assignment  for  the  benefit  of  creditors;  or  (iv)  any  Credit Party shall
generally fail to pay or admit in writing its inability to pay its debts as they
become  due;  or  (v)  any  Credit  Party  shall  be  adjudicated  a bankrupt or
insolvent;  or  (vi)  any  Credit Party shall take advantage of any other law or
procedure  for the relief of debtors or shall take any action for the purpose of
or  with  a  view  towards  effecting any of the foregoing; or (vii) a receiver,
trustee, custodian, fiscal agent or similar official for any Credit Party or for
any  substantial  part  of  any  of their respective property or assets shall be
sought  by  such  Credit  Party  or  appointed.

"Business Day" shall mean any day other than a Saturday, Sunday, federal holiday
or  other  day  on  which  the  New  York  Stock  Exchange  is regularly closed.

"Business  Guarantor"  shall  mean every Guarantor that is not a natural person.

"Certificate  of  Compliance"  shall  mean,  as  applicable,  that duly executed
certificate,  substantially  the  same  form as Exhibit B attached hereto to the
extent  such  certificate shall be applicable, of the president, chief financial
officer or chief executive officer of Customer, certifying as to the matters set
forth  in  such  certificate.

"Collateral"  shall mean the WCMA Account, all Accounts, Chattel Paper, Contract
Rights,  Inventory,  Equipment, Fixtures, General Intangibles, Deposit Accounts,
Documents,  Instruments,  Investment  Property and Financial Assets of Customer,
howsoever  arising,  whether  now  owned  or  existing  or hereafter acquired or
arising,  and wherever located; together with all parts thereof (including spare
parts), all accessories and accessions thereto, all books and records (including
computer  records)  directly  related  thereto, all proceeds thereof (including,
without  limitation,  proceeds  in the form of Accounts and insurance proceeds),
and  the  additional  collateral  described  in  Section  3.6  (b)  hereof.

"Commitment  Expiration  Date"  shall  mean  May  5,2004.

"Credit  Party"  and  "Credit Parties" shall mean, individually or collectively,
the  Customer,  all  Guarantors  and  all  Pledgors.

"Default"  shall  mean  either  an  "Event of Default" as defined in Section 3.5
hereof,  or  an event which with the giving of notice, passage of time, or both,
would  constitute  such  an  Event  of  Default.

"Default  Rate"  shall  mean an annual interest rate equal to the lesser of: (i)
two  percentage points over the Interest Rate; or (ii) the highest interest rate
allowed  by  applicable  law.

"Event  of  Loss"  shall  mean the occurrence whereby any tangible Collateral is
damaged  beyond  repair,  lost,  totally  destroyed  or  confiscated.

"Excess  Interest"  shall  mean  any  amount  or rate of interest (including the
Default  Rate and, to the extent that they may be deemed to constitute interest,
any  prepayment  fees, late charges and other fees and charges) payable, charged
or  received  in  connection  with  any  of the Loan Documents which exceeds the
maximum  amount  or  rate  of  interest  permitted  under  applicable  law.

"GAAP"  shall mean the generally accepted accounting principles in effect in the
United  States  of  America  from  time  to  time.


                                        1
<PAGE>
"General  Funding Conditions" shall mean each of the following conditions to any
WCMA  Loan by MLBFS hereunder: (i) Customer shall have validly subscribed to and
continued  to  maintain the WCMA Account with MLPF&S, and the WCMA Account shall
then be reflected as an active "commercial" WCMA Account (i.e., one with line of
credit  capabilities)  on MLPF&S' WCMA computer system; (ii) no Default or Event
of Default shall have occurred and be continuing or would result from the making
of  any WCMA Loan hereunder by MLBFS; (iii) there shall not have occurred and be
continuing any material adverse change in the business or financial condition of
any  Credit  Party; (iv) all representations and warranties of all of the Credit
Parties herein or in any of the Loan Documents shall then be true and correct in
all material respects; (v) MLBFS shall have received this Loan Agreement and all
of the other Loan Documents duly executed and fled or recorded where applicable,
all  of  which  shall be in form and substance satisfactory to MLBFS; (vi) MLBFS
shall  have  received  evidence  satisfactory  to  it as to the ownership of the
Collateral  and  the  perfection  and  priority  of  MLBFS'  liens  and security
interests  thereon,  as well as the ownership of and the perfection and priority
of  MLBFS'  liens  and  security  interests  on  any  other  collateral  for the
Obligations  furnished  pursuant to any of the Loan Documents; (vii) MLBFS shall
have received evidence satisfactory to it of the insurance required hereby or by
any of the Loan Documents; and (viii) any additional conditions specified in the
"WCMA  Line  of  Credit  Approval"  letter executed by MLBFS with respect to the
transactions  contemplated  hereby  shall  have  been met to the satisfaction of
MLBFS.

"Guarantor"  shall  mean  each Person obligated under a guaranty, endorsement or
other  undertaking  by which such Person guarantees or assumes responsibility in
any  capacity  for  the  payment  or  performance  of  any  of  the Obligations.

"Initial  Maturity  Date"  shall mean the first date upon which the WCMA Line of
Credit  will expire (subject to renewal in accordance with the terms hereof); to
wit:  April  30,2005.

"Individual  Guarantor"  shall  mean  each  Guarantor  who  is a natural person.

"Interest  Due  Date"  shall  mean the first Business Day of each calendar month
during  the  term  hereof.

"Interest  Rate"  shall  mean a variable per annum rate of interest equal to the
sum  of  3.00% plus the One-Month LIBOR. "One-Month LIBOR" shall mean, as of the
date of any determination, the interest rate then most recently published in the
"Money  Rates"  section  of  The  Wall  Street  Journal  as the one-month London
Interbank  Offered  Rate.  The  Interest  Rate  will  change  as  of the date of
publication  in  The  Wall Street Journal of a One-Month LIBOR that is different
from  that  published  on  the  preceding Business Day, if more than one rate is
published,  then  the  highest  of such rates. In the event that The Wall Street
Journal  shall,  for  any  reason, fail or cease to publish the One-Month LIBOR,
MLBFS  will  choose  a reasonably comparable index or source to use as the basis
for  the  Interest  Rate.

"Line  Fee"  shall  mean a fee of $10,000.00 payable periodically by Customer to
MLBFS  in  accordance  with  the  provisions  of  Section  2.2  hereof.

"Loan  Documents" shall mean this Loan Agreement, any indenture, any guaranty of
any  of  the  Obligations  and  all  other  security  and  other  instruments,
assignments, certificates, certifications and agreements of any kind relating to
any  of  the Obligations, whether obtained, authorized, authenticated, executed,
sent  or  received  concurrently  with  or subsequent to this Loan Agreement, or
which  evidence  the  creation,  guaranty  or  collateralization  of  any of the
Obligations  or  the  granting or perfection of liens or security interests upon
any  Collateral  or  any  other  collateral  for  the Obligations, including any
modifications,  amendments  or  restatements  of  the  foregoing.

"Location  of  Tangible Collateral" shall mean the address of Customer set forth
at  the  beginning  of  this  Loan Agreement, together with any other address or
addresses  set  forth  on  an  exhibit  hereto  as  being a Location of Tangible
Collateral.

"Maturity  Date"  shall  mean the date of expiration of the WCMA Line of Credit.

"Maximum  WCMA  Line  of  Credit"  shall  mean  $1,000,000.00.

"Obligations"  shall mean all liabilities, indebtedness and other obligations of
Customer to MLBFS, howsoever created, arising or evidenced, whether now existing
or  hereafter arising, whether direct or indirect, absdute or contingent, due or
to  become  due, primary or secondary or joint or several, and, without limiting
the  generality  of  the  foregoing,  shall  include principal, accrued interest
(including without limitation interest accruing after the filing of any petition
in  bankruptcy),  all  advances  made  by  or  on behalf of MLBFS under the Loan
Documents,  collection  and other costs and expenses incurred by or on behalf of
MLBFS,  whether  incurred  before  or  after judgment and all present and future
liabilities, indebtedness and obligations of Customer under this Loan Agreement.

"Permitted  Liens"  shall  mean  with  respect  to the Collateral: (i) liens for
current taxes not yet due and payable, other non-consensual liens arising in the
ordinary  course  of  business  for  sums  not due, and, if MLBFS' rights to and
interest  in  the  Collateral are not materially and adversely affected thereby,
any  such  liens for taxes or other non-consensual liens arising in the ordinary
course  of  business  being  contested in good faith by appropriate proceedings;
(ii)  liens  in  favor  of  MLBFS; (iii) liens which will be discharged with the
proceeds  of the initial WCMA Loan; and (iv) any other liens expressly permitted
in  writing  by  MLBFS.

"Person"  shall  mean  any  natural  person  and  any  corporation,  partnership
(general,  limited or otherwise), limited liability company, trust, association,
joint  venture,  governmental body or agency or other entity having legal status
of  any  kind.

"Pledger"  shall  mean  each  Person  who  at  any  time provides collateral, or
otherwise  now  or  hereinafter agrees to grant MLBFS a security interest in any
assets  as  security  for  Customer's  Obligations.

"Renewal Year" shall mean and refer to the 12-month period immediately following
the  Initial  Maturity  Date  and  each  12-month  period  thereafter.


                                        2
<PAGE>
"WCMA Account" shall mean and refer to the Working Capital Management Account of
Customer  with  MLPF&S  identified  as  Account  No. 412-02104 and any successor
Working  Capital  Management  Account  of  Customer  with  MLPF&S.

"WCMA  Line  of  Credit' shall mean a line of credit funded by MLBFS through the
WCMA  Account.

"WCMA  Loan'  shall  mean  each  advance  made  by  MLBFS  pursuant to this Loan
Agreement.

"WCMA Loan Balance' shall mean an amount equal to the aggregate unpaid principal
amount  of  all  WCMA  Loans.

"UCC"  shall  mean  the  Uniform  Commercial  Code  of  Illinois as in effect in
Illinois  from  time  to  time.

1.2  OTHER TERMS. Except as otherwise defined herein: (i) all terms used in this
Loan Agreement which are defined in the UCC shall have the meanings set forth in
the  UCC,  and  (ii) capitalized terms used herein which are defined in the WCMA
Agreement  (including,  without  limitation,  "Money  Accounts',  "Minimum Money
Accounts  Balance', and "WCMA Directed Reserve Program') shall have the meanings
set  forth  in the WCMA Agreement, and (iii) accounting terms not defined herein
shall  have  the  meaning  ascribed  to  them  in  GAAP.

1.3 UCC FILING. Customer hereby authorizes MLBFS to file a record or records (as
defined  or  otherwise  specified under the UCC), including, without limitation,
financing  statements, in all jurisdictions and with all filing offices as MLBFS
may determine, in its sole discretion, are necessary or advisable to perfect the
security  interest  granted  to  MLBFS  herein.  Such  financing  statements may
describe the Collateral in the same manner as described herein or may contain an
indication  or  description  of  collateral  that describes such property in any
other  manner  as  MLBFS  may  determine,  in its sole discretion, is necessary,
advisable  or  prudent  to ensure the perfection of the security interest in the
Collateral  granted  to  the  MLBFS  herein.

                       ARTICLE II. THE WCMA LINE OF CREDIT

2.1 WCMA PROMISSORY NOTE. FOR VALUE RECEIVED, Customer hereby promises to pay to
the  order  of  MLBFS,  at  the  times  and in the manner set forth in this Loan
Agreement,  or  in  such  other  manner and at such place as MLBFS may hereafter
designate in writing, the following: (a) on the Maturity Date, or if earlier, on
the  date  of termination of the WCMA Line of Credit, the WCMA Loan Balance; (b)
interest  at  the  Interest Rate (or, if applicable, at the Default Rate) on the
outstanding  WCMA Loan Balance, from and including the date on which the initial
WCMA  Loan  is made until the date of payment of all WCMA Loans in full; and (c)
on  demand,  all  other sums payable pursuant to this Loan Agreement, including,
but  not  limited  to,  the periodic Line Fee. Except as otherwise expressly set
forth  herein,  Customer  hereby waives presentment, demand for payment, protest
and  notice  of  protest,  notice of dishonor, notice of acceleration, notice of
intent  to  accelerate  and all other notices and formalities in connection with
this  WCMA  Promissory  Note  and  this  Loan  Agreement.

2.2 WCMA LOANS
(a) ACTIVATION DATE. Provided that: (i) the Commitment Expiration Date shall not
then  have occurred, and (ii) Customer shall have subscribed to the WCMA Program
and its subscription to the WCMA Program shall then be in effect, the Activation
Date shall occur on or promptly after the date, following the acceptance of this
Loan  Agreement  by MLBFS at its office in Chicago, Illinois, upon which each of
the  General  Funding  Conditions  shall  have  been  met  or  satisfied  to the
reasonable  satisfaction  of  MLBFS.  No activation by MLBFS of the WCMA Line of
Credit  for a nominal amount shall be deemed evidence of the satisfaction of any
of  the  conditions  herein  set  forth,  or  a  waiver  of  any of the terms or
conditions  hereof. Customer hereby authorizes MLBFS to pay out of and charge to
Customer's  WCMA Account on the Activation Date any and all amounts necessary to
fully  pay off any bank or other financial institution having a lien upon any of
the  Collateral  other  than  a  Permitted  Lien.

(b)  WCMA  LOANS.  Subject to the terms and conditions hereof, during the period
from and after the Activation Date to the first to occur of the Maturity Date or
the date of termination of the WCMA Line of Credit pursuant to the terms hereof,
and  in  addition  to  WCMA Loans automatically made to pay accrued interest, as
hereafter  provided:  (i) MLBFS will make WCMA Loans to Customer in such amounts
as  Customer  may from time to time request in accordance with the terms hereof,
up  to  an  aggregate  outstanding amount not to exceed the Maximum WCMA Line of
Credit,  and  (ii)  Customer may repay any WCMA Loans in whole or in part at any
time,  and  request  a  re-borrowing  of  amounts  repaid  on a revolving basis.
Customer  may request such WCMA Loans by use of WCMA Checks, FTS, Visa* charges,
wire  transfers, or such other means of access to the WCMA Line of Credit as may
be permitted by MLBFS from time to time; it being understood that so long as the
WCMA  Line of Credit shall be in effect, any charge or debit to the WCMA Account
which  but  for  the  WCMA  Line  of  Credit  would  under the terms of the WCMA
Agreement  result  in  an overdraft, shall be deemed a request by Customer for a
WCMA  Loan.

(c)  CONDITIONS OF WCMA LOANS. Notwithstanding the foregoing, MLBFS shall not be
obligated to make any WCMA Loan, and may without notice refuse to honor any such
request  by  Customer, if at the time of receipt by MLBFS of Customer's request:
(i)  the making of such WCMA Loan would cause the Maximum WCMA Line of Credit to
be  exceeded; or (ii) the Maturity Date shall have occurred, or the WCMA Line of
Credit shall have otherwise been terminated in accordance with the terms hereof;
or (iii) Customer's subscription to the WCMA Program shall have been terminated;
or  (iv)  an event shall have occurred and be continuing which shall have caused
any  of  the  General  Funding Conditions to not then be met or satisfied to the
reasonable satisfaction of MLBFS. The making by MLBFS of any WCMA Loan at a time
when any one or more of said conditions shall not have been met shall not in any
event  be  construed  as  a  waiver  of  said  condition or conditions or of any
Default,  and shall not prevent MLBFS at any time thereafter while any condition
shall  not  have  been  met from refusing to honor any request by Customer for a
WCMA  Loan.

(d)  LIMITATION  OF LIABILITY. MLBFS shall not be responsible, and shall have no
liability  to  Customer or any other party, for any delay or failure of MLBFS to
honor  any  request  of Customer for a WCMA Loan or any other act or omission of
MLBFS,  MLPF&S  or  any  of their affiliates due to or resulting from any system
failure, error or delay in posting or other clerical error, loss of power, fire,
Act  of God or other cause beyond the reasonable control of MLBFS, MLPF&S or any
of  their  affiliates unless directly arising out of the willful wrongful act or
active  gross negligence of MLBFS. In no event shall MLBFS be liable to Customer
or  any other party for any incidental or consequential damages arising from any
act  or  omission by MLBFS, MLPF&S or any of their affiliates in connection with
the  WCMA  Line  of  Credit  or  this  Loan  Agreement.


                                        3
<PAGE>
(e)  INTEREST,  (i)  An  amount equal to accrued Interest on the dally WCMA Loan
Balance  shall  be  payable  by  Customer  monthly  on  each  Interest Due Date,
commencing  with  the  first Interest Due Date after the Activation Date. Unless
otherwise  hereafter directed in writing by MLBFS on or after the first to occur
of  the  Maturity  Date  or  the  date of termination of the WCMA Line of Credit
pursuant to the terms hereof, such interest will be automatically charged to the
WCMA  Account  on  the applicable Interest Due Date, and, to the extent not paid
with free credit balances or the proceeds of sales of any Money Accounts then in
the  WCMA  Account,  as hereafter provided, paid by a WCMA Loan and added to the
WCMA  Loan Balance. All interest shall be computed for the actual number of days
elapsed  on  the  basis  of  a  year  consisting  of  360  days.

(ii)  Upon the occurrence and during the continuance of any Default, but without
limiting  the  rights  and  remedies  otherwise  available to MLBFS hereunder or
waiving  such  Default,  the interest payable by Customer hereunder shall at the
option  of  MLBFS  accrue  and be payable at the Default Rate. The Default Rate,
once  implemented,  shall  continue  to apply to the Obligations under this Loan
Agreement  and  be payable by Customer until the date MLBFS gives written notice
that  such  Default  has  been  cured  to  the  satisfaction  of  MLBFS.

(iii)  Notwithstanding  any  provision  to  the  contrary  in  any  of  the Loan
Documents,  no  provision of any of the Loan Documents shall require the payment
or  permit the collection of Excess Interest. If any Excess Interest is provided
for,  or  is  adjudicated  as  being provided for, in any of the Loan Documents,
then:  (A)  Customer  shall not be obligated to pay any Excess Interest; and (B)
any  Excess  Interest that MLBFS may have received hereunder or under any of the
Loan  Documents  shall,  at  the  option of MLBFS, be either applied as a credit
against  the  then  unpaid  WCMA  Loan Balance or refunded to the payor thereof.

(f)  PAYMENTS.  All  payments  required or permitted to be made pursuant to this
Loan  Agreement  shall  be  made  in  lawful  money of the United States. Unless
otherwise directed by MLBFS, payments on account of the WCMA Loan Balance may be
made  by  the delivery of checks (other than WCMA Checks), or by means of FTS or
wire transfer of funds (other than funds from the WCMA Line of Credit) to MLPF&S
for  credit  to  Customer's  WCMA  Account. Notwithstanding anything in the WCMA
Agreement  to  the  contrary, Customer hereby irrevocably authorizes and directs
MLPF&S  to  apply  available  free  credit  balances  in the WCMA Account to the
repayment  of  the WCMA Loan Balance prior to application for any other purpose.
Payments  to  MLBFS from funds in the WCMA Account shall be deemed to be made by
Customer  upon  the  same  basis  and  schedule  as funds are made available for
investment  in  tie  Money  Accounts  in  accordance  with the terms of the WCMA
Agreement.  All  funds  received  by MLBFS from MLPF&S pursuant to the aforesaid
authorization  shall  be applied by MLBFS to repayment of the WCMA Loan Balance.
The acceptance by or on behalf of MLBFS of a check or other payment for a lesser
amount  than  shall  be  due  from  Customer,  regardless  of any endorsement or
statement  thereon  or  transmitted therewith, shall not be deemed an accord and
satisfaction  or  anything  other than a payment on account, and MLBFS or anyone
acting  on  behalf  of  MLBFS  may  accept  such  check or other payment without
prejudice  to  the  rights  of  MLBFS  to recover the balance actually due or to
pursue  any  other  remedy  under this Loan Agreement or applicable law for such
balance.  All  checks  accepted  by or on behalf of MLBFS in connection with the
WCMA  Line  of  Credit  are  subject  to  final  collection.

(g)  IRREVOCABLE  INSTRUCTIONS  TO  MLPF&S.  In  order to minimize the WCMA Loan
Balance, Customer hereby irrevocably authorizes and directs MLPF&S, effective on
the  Activation  Date  and  continuing thereafter so long as this Loan Agreement
shall  be  in  effect: (i) to immediately and prior to application for any other
purpose  pay  to  MLBFS  to the extent of any WCMA Loan Balance or other amounts
payable  by  Customer  hereunder all available free credit balances from time to
time  in  the  WCMA Account; and (ii) if such available free credit balances are
insufficient  to pay the WCMA Loan Balance and such other amounts, and there are
in  the  WCMA  Account at any time any investments in Money Accounts (other than
any  investments  constituting any Minimum Money Accounts Balance under the WCMA
Directed  Reserve Program), to immediately liquidate such investments and pay to
MLBFS  to  the  extent  of  any  WCMA  Loan  Balance  and such other amounts the
available  proceeds  from  the  liquidation  of  any  such  Money  Accounts.

(h) LATE CHARGE. Any payment or deposit required to be made by Customer pursuant
to  the  Loan  Documents not paid or made within ten (10) days of the applicable
due  date shall be subject to a late charge in an amount equal to the lesser of:
(a)  5% of the overdue amount, or (b) the maximum amount permitted by applicable
law. Such late charge shall be payable on demand, or, without demand, may in the
sole discretion of MLBFS be paid by a Subsequent WCMA Loan and added to the WCMA
Loan  Balance  in  the  same manner as provided herein for accrued interest with
respect  to  the  WCMA  Line  of  Credit.

(i)  STATEMENTS.  MLPF&S  will include in each monthly statement it issues under
the  WCMA  Program  information  with  respect  to  WCMA Loans and the WCMA Loan
Balance.  Any  questions that Customer may have with respect to such information
should  be directed to MLBFS; and any questions with respect to any other matter
in  such statements or about or affecting the WCMA Program should be directed to
MLPF&S.

(j)  USE  OF  WCMA  LOAN  PROCEEDS.  The proceeds of each WCMA Loan initiated by
Customer  shall  be  used by Customer solely for working capital in the ordinary
course  of  its business, or, with the prior written consent of MLBFS, for other
lawful business purposes of Customer not prohibited hereby. CUSTOMER AGREES THAT
UNDER  NO  CIRCUMSTANCES  WILL  THE  PROCEEDS  OF ANY WCMA LOAN BE USED: (I) FOR
PERSONAL,  FAMILY  OR  HOUSEHOLD  PURPOSES  OF ANY PERSON WHATSOEVER, OR (II) TO
PURCHASE,  CARRY  OR  TRADE  IN  SECURITIES, OR REPAY DEBT INCURRED TO PURCHASE,
CARRY OR TRADE IN SECURITIES, WHETHER IN OR IN CONNECTION WITH THE WCMA ACCOUNT,
ANOTHER  ACCOUNT  OF CUSTOMER WITH MLPF&S OR AN ACCOUNT OF CUSTOMER AT ANY OTHER
BROKER  OR  DEALER  IN  SECURITIES,  OR  (III)  UNLESS OTHERWISE CONSENTED TO IN
WRITING BY MLBFS, TO PAY ANY AMOUNT TO MERRILL LYNCH AND CO., INC. OR ANY OF ITS
SUBSIDIARIES,  OTHER THAN MERRILL LYNCH BANK USA, MERRILL LYNCH BANK & TRUST CO.
OR  ANY  SUBSIDIARY  OF EITHER OF THEM (INCLUDING MLBFS AND MERRILL LYNCH CREDIT
CORPORATION).

(k) RENEWAL AT OPTION OF MLBFS; RIGHT OF CUSTOMER TO TERMINATE. MLBFS may at any
time,  in  its  sole  discretion  and at its sole option, renew the WCMA Line of
Credit  for  one  or  more  Renewal  Years or extend the Maturity Date; it being
understood, however, that no such renewal or extension shall be effective unless
set forth in a writing executed by a duly authorized representative of MLBFS and
delivered  to Customer. Unless any such renewal or extension is accompanied by a
proposed  change  in  tine  terms  of  the  WCMA  Line of Credit (other than the
extension  of  the  Maturity  Date),  no  Customer  approval  shall be required.
Customer  shall, however, have the right to terminate the WCMA Line of Credit at
any  time  upon written notice to MLBFS. Concurrently with any such termination,
Customer  shall  pay  to  MLBFS  the  entire  WCMA  Loan  Balance  and all other
Obligations.


                                        4
<PAGE>
(l)  LINE FEES, (i) In consideration of the extension of the WCMA Line of Credit
by  MLBFS  to Customer during the period from the Activation Date to the Initial
Maturity Date, Customer has paid or shall pay the Line Fee to MLBFS. If the Line
Fee  has not heretofore been paid by Customer, Customer hereby authorizes MLBFS,
at  its  option,  to either cause the Line Fee to be paid on the Activation Date
with a WCMA Loan, or invoice Customer for such Line Fee (in which event Customer
shall  pay  said  fee  within 5 Business Days after receipt of such invoice). No
delay  in  the  Activation Date, howsoever caused, shall entitle Customer to any
rebate  or reduction in the Line Fee or to any extension of the Initial Maturity
Date.

(ii)  Customer  shall pay to MLBFS an additional Line Fee for each Renewal Year,
or  an  extension fee for any extension of the Maturity Date (each extension fee
shall  be  equal  to  the  pro  rata amount of the Line Fee corresponding to the
length  of  the  extension  period).  In  connection  therewith, Customer hereby
authorizes MLBFS, at its option, to either cause each such fee to be paid with a
WCMA Loan on or at any time after the first Business Day of such Renewal Year or
extension  period, as applicable, or invoiced to Customer at such time (in which
event  Customer  shall pay such Line Fee within 5 Business Days after receipt of
such  invoice).  Each Line Fee and extension fee shall be deemed fully earned by
MLBFS  on  the  date payable by Customer, and no termination of the WCMA Line of
Credit,  howsoever caused, shall entitle Customer to any rebate or refund of any
portion  of  such  fee;  provided, however, that if Customer shall terminate the
WCMA Line of Credit not later than 5 Business Days after the receipt by Customer
of  notice from MLBFS of a renewal of the WCMA Line of Credit, Customer shall be
entitled  to  a  refund of any Line Fee charged by MLBFS for the ensuing Renewal
Year.

                         ARTICLE III. GENERAL PROVISIONS

3.1 REPRESENTATIONS AND WARRANTIES

Customer represents and warrants to MLBFS that:

(a)  ORGANIZATION  AND  EXISTENCE. Customer is a corporation, duly organized and
validly  existing  in good standing under tie laws of the State of Nevada and is
qualified  to  do  business  and  in good standing in each other state where the
nature  of  its  business  or  the  property owned by it make such qualification
necessary;  and,  where  applicable,  each Business Guarantor is duly organized,
validly  existing  and  in  good  standing  under  the  laws of the state of its
formation  and  is  qualified  to do business and in good standing in each other
state  where  the  nature  of its business or the property owned by it make such
qualification  necessary.

(b)  EXECUTION,  DELIVERY  AND  PERFORMANCE. Each Credit Party has the requisite
power  and  authority to enter into and perform the Loan Documents. The Customer
holds  all  necessary  permits,  licenses,  certificates  of occupancy and other
governmental  authorizations  and approvals required in order to own and operate
the  Customer's business. The execution, delivery and performance by Customer of
this Loan Agreement and by each of the other Credit Parties of such of the other
Loan  Documents  to  which  it  is a party: (i) have been duly authorized by all
requisite  action,  (ii)  do  not and will not violate or conflict with any law,
order  or  other governmental requirement, or any of the agreements, instruments
or  documents which formed or govern any of the Credit Parties, and (iii) do not
and  will not breach or violate any of the provisions of, and will not result in
a default by any of the Credit Parties under, any other agreement, instrument or
document  to  which  it  is  a  party  or  is  subject.

(c)  NOTICES AND APPROVALS. Except as may have been given or obtained, no notice
to  or  consent or approval of any governmental body or authority or other third
party whatsoever (including, without limitation, any other creditor) is required
in connection with the execution, delivery or performance by any Credit Party of
such  of  this  Loan  Agreement  and  the Loan Documents to which it is a party.

(d)  ENFORCEABILITY. The Loan Documents to which any Credit Party is a party are
the  respective  legal,  valid  and  binding  obligations  of such Credit Party,
enforceable  against  it  or  them, as the case may be, in accordance with their
respective  terms,  except  as  enforceability  may be limited by bankruptcy and
other  similar  laws  affecting  the rights of creditors generally or by general
principles  of  equity.

(e)  COLLATERAL.  Except  for  priorities  afforded  to any Permitted Liens: (i)
Customer  has  good  and  marketable  title  to the Collateral, (ii) none of the
Collateral  is  subject to any lien, encumbrance or security interest, and (iii)
upon  the  filing  of  all  Uniform  Commercial  Code  financing  statements
authenticated or otherwise authorized by Customer with respect to the Collateral
in  the  appropriate  jurisdiction(s)  and/or the completion of any other action
required  by  applicable  law to perfect its liens and security interests, MLBFS
will have valid and perfected first liens and security interests upon all of the
Collateral.

(f)  FINANCIAL  STATEMENTS.  Except  as expressly set forth in Customer's or any
Business  Guarantor's financial statements, all financial statements of Customer
and  each Business Guarantor furnished to MLBFS have been prepared in conformity
with  generally  accepted  accounting principles, consistently applied, are true
and correct in all material respects, and fairly present the financial condition
of  it  as  at such dates and the results of its operations for the periods then
ended (subject, in the case of interim unaudited financial statements, to normal
year-end  adjustments); and since the most recent date covered by such financial
statements,  there  has  been  no  material adverse change in any such financial
condition  or  operation.  All  financial  statements  furnished to MLBFS of any
Guarantor  other  than a Business Guarantor are true and correct in all material
respects  and  fairly  represent  such Guarantor's financial condition as of the
date  of  such  financial  statements,  and  since  the most recent date of such
financial  statements,  there  has  been  no  material  adverse  change  in such
financial  condition.

(g)  LITIGATION;  COMPLIANCE  WITH  ALL  LAWS.  No  litigation,  arbitration,
administrative  or  governmental proceedings are pending or, to the knowledge of
Customer,  threatened  against  any  Credit  Party,  which  would,  if adversely
determined,  materially and adversely affect (i) such Credit Party's interest in
the  Collateral  or the liens and security interests of MLBFS hereunder or under
any  of  the Loan Documents, or (ii) the financial condition of any Credit Party
or  its continued operations. Each Credit Party is in compliance in all material
respects  with  all  laws, regulations, requirements and approvals applicable to
such  Credit  Party.

(h)  TAX  RETURNS.  All  federal,  state  and  local  tax  returns,  reports and
statements  required  to  be  filed by any Credit Party have been filed with the
appropriate  governmental  agencies and all taxes due and pay able by any Credit
Party  have  been  timely  paid  (except  to the extent that any such failure to


                                        5
<PAGE>
file  or  pay  will not materially and adversely affect (i) either the liens and
security  interests  of MLBFS hereunder or under any of the Loan Documents, (ii)
the financial condition of any Credit Party, or (iii) its continued operations).

(i) COLLATERAL LOCATION. All of the tangible Collateral is located at a Location
of  Tangible  Collateral.

(j) NO DEFAULT. No "Default" or "Event of Default" (each as defined in this Loan
Agreement  or  any  of the other Loan Documents) has occurred and is continuing.

(k)  NO  OUTSIDE  BROKER.  Except for employees of MLBFS, MLPF&S or one of their
affiliates,  Customer  has  not in connection with the transactions contemplated
hereby  directly  or indirectly engaged or dealt with, and was not introduced or
referred  to  MLBFS  by,  any  broker  or  other  loan  arranger.

Each  of  the foregoing representations and warranties: (i) has been and will be
relied  upon  as  an inducement to MLBFS to provide the WCMA Line of Credit, and
(ii) is continuing and shall be deemed remade by Customer concurrently with each
request  for  a  WCMA  Loan.

3.2  FINANCIAL  AND  OTHER  INFORMATION

(a)  Customer shall furnish or cause to be furnished to MLBFS during the term of
this  Loan  Agreement  a1!  of  the  following:

(i)  CERTIFICATE  OF  COMPLIANCE.  Within 45 days after the close of each fiscal
quarter of Customer, a Certificate of Compliance, duly executed by an authorized
officer  of  Customer,  in  the form of Exhibit B attached hereto, or such other
form  as  reasonably  required  by  MLBFS  from  time  to  time;

(ii)  A/R  AGINGS.  Within  45  days  after  the close of each fiscal quarter of
Customer,  a  copy of the Accounts Receivable Aging of Customer as of the end of
such  fiscal  quarter;

(iii)  SEC REPORTS. Customer shall furnish or cause to be furnished to MLBFS not
later  than  10  days  after the date of filing with the Securities and Exchange
Commission  ("SEC"),  a  copy of each 10-K, 10-Q and other report required to be
filed  with  the  SEC  during  the  term  hereof  by  Customer;  and

(iv)  OTHER  INFORMATION.  Such other information as MLBFS may from time to time
reasonably  request  relating  to  Customer, any Credit Party or the Collateral.

(b)  GENERAL  AGREEMENTS  WITH RESPECT TO FINANCIAL INFORMATION. Customer agrees
that  except  as otherwise specified herein or otherwise agreed to in writing by
MLBFS:  (i) all annual financial statements required to be furnished by Customer
to  MLBFS  hereunder  will  be  prepared  by  either  the  current  independent
accountants  for Customer or other independent accountants reasonably acceptable
to  MLBFS,  and (ii) all other financial information required to be furnished by
Customer  to  MLBFS  hereunder  will  be  certified  as  correct in all material
respects  by  the  party  who has prepared such information, and, in the case of
internally  prepared  information  with  respect  to  Customer  or  any Business
Guarantor,  certified  as  correct  by their respective chief financial officer.


3.3 OTHER COVENANTS

Customer further covenants and agrees during the term of this Loan Agreement
that:

(a)  FINANCIAL RECORDS; INSPECTION. Each Credit Party (other than any Individual
Guarantor)  will:  (i)  maintain at its principal place of business complete and
accurate  books  and  records,  and  maintain  all of its financial records in a
manner  consistent  with the financial statements heretofore furnished to MLBFS,
or prepared on such other basis as may be approved in writing by MLBFS; and (ii)
permit  MLBFS or its duly authorized representatives, upon reasonable notice and
at  reasonable  times,  to  inspect  its  properties  (both  real and personal),
operations,  books  and  records.

(b)  TAXES.  Each  Credit  Party  will pay when due all of its respective taxes,
assessments  and other governmental charges, howsoever designated, and all other
liabilities  and obligations, except to the extent that any such failure to file
or  pay  will  not materially and adversely affect either the liens and security
interests  of  MLBFS hereunder or under any of the Loan Documents, the financial
condition  of  any  Credit  Party  or  its  continued  operations.

(c)  COMPLIANCE  WITH  LAWS AND AGREEMENTS. No Credit Party will violate (i) any
law,  regulation or other governmental requirement, any judgment or order of any
court  or  governmental  agency  or authority; (ii) any agreement, instrument or
document  which  is material to its operations or to the operation or use of any
Collateral,  in  each  case  as contemplated by the Loan Documents; or (iii) any
agreement,  instrument  or  document  to  which  it is a party or by which it is
bound,  if  any  such  violation will materially and adversely affect either the
liens  and  security  interests  of  MLBFS  hereunder  or  under any of the Loan
Documents,  the  financial  condition  of  any  Credit  Party,  or its continued
operations.

(d)  NO  USE  OF MERRILL LYNCH NAME. No Credit Party will directly or indirectly
publish,  disclose  or otherwise use in any advertising or promotional material,
or press release or interview, the name, logo or any trademark of MLBFS, MLPF&S,
Merrill  Lynch  and  Co.,  Incorporated  or  any  of  their  affiliates.

(e)  NOTIFICATION  BY CUSTOMER. Customer shall provide MLBFS with prompt written
notification  of:  (i)  any  Default;  (ii)  any  material adverse change in the
business,  financial  condition  or  operations  of  any Credit Party; (iii) any
information  which  indicates  that any financial statements of any Credit Party
fail  in  any  material  respect  to  present fairly the financial condition and
results  of  operations  purported  to be presented in such statements; (iv) any
threatened  or  pending  litigation involving any Credit Party; (v) any casualty
loss,  attachment,  lien,  judicial  process,  encumbrance or claim affecting or
involving  $25,000  or more of any Collateral; and (vi) any change in Customer's
outside accountants. Each notification by Customer pursuant hereto shall specify
the  event  or  information  causing  such  notification,  and,  to  the  extent
applicable,  shall specify the steps being taken to rectify or remedy such event
or  information.


                                        6
<PAGE>
(f)  ENTITY  ORGANIZATION.  Each Credit Party which is an entity will (i) remain
(A)  validly  existing and in good standing in the state of its organization and
(B)  qualified to do business and in good standing in each other state where the
nature  of  its  business  or  the  property owned by it make such qualification
necessary,  and  (ii)  maintain  all  governmental  permits,  licenses  and
authorizations.  Customer  shall  give MLBFS not less than 30 days prior written
notice  of any change in name (including any fictitious name) or chief executive
office,  place  of  business,  or  as applicable, the principal residence of any
Credit  Party.

(g)  MERGER,  CHANGE IN BUSINESS. Except upon the prior written consent of MLBFS
Customer  shall  not  cause or permit any Credit Party to: (i) be a party to any
merger  or  consolidation  with,  or  purchase  or  otherwise  acquire  all  or
substantially  all  of  the assets of, or any material stock, partnership, joint
venture  or other equity interest in, any Person, or sell, transfer or lease all
or  any  substantial  part  of  its assets^ (ii) engage in any material business
substantially  different  from  its  business  in  effect  as  of  the  date  of
application  by  Customer  for  credit  from  MLBFS, or cease operating any such
material  business;  or  (ill)  cause  or  permit  any other Person to assume or
succeed  to  any  material  business  or  operations  of  such  Credit  Party.

(h)  TOTAL  LIABILITIES TO TANGIBLE NET WORTH. Customer's "Leverage Ratio" shall
not at any time exceed 1.50 to 1.00. For purposes hereof, "Leverage Ratio" shall
mean the ratio of Customer's total liabilities to Customer's Tangible Net Worth.
The  term  "Tangible  Net  Worth"  shall  mean  Customer's ret worth as shown on
Customer's  regular  financial  statements prepared in accordance with GAAP, but
excluding  an  amount  equal to: (i) any Intangible Assets, and (ii) any amounts
now  or  hereafter  directly  or  indirectly  owing  to  Customer  by  officers,
shareholders or affiliates of Customer. "Intangible Assets" shall mean the total
amount  of  goodwill,  patents, trade names, trade or service marks, copyrights,
experimental  expense,  organization  expense,  unamortized  debt  discount  and
expense,  the  excess  of  cost  of  shares  acquired over book value of related
assets,  and such other assets as are properly classified as "intangible assets"
of  the  Customer  determined  in  accordance  with  GAAP.

(i) FIXED CHARGE COVERAGE. Customer's "Fixed Charge Coverage Ratio" shall at all
times  exceed  1.50  to 1.00. For purposes hereof, "Fixed Charge Coverage Ratio"
shall  mean  the ratio of: (a) income before interest (including payments in the
nature of interest under capital leases), taxes, depreciation, amortization, and
other  similar  non-cash  charges,  minus  any  internally  financed  capital
expenditures,  to  (b) the sum of (i) any dividends and other distributions paid
or  payable  to  shareholders,  any taxes paid in cash, and interest expense, as
determined  on  a  trailing  12-month  basis,  plus (ii) the aggregate principal
scheduled  to be paid or accrued over the next 12 month period and the aggregate
rental  under  capital  leases  schedule  to be paid or accrued over the next 12
month  period;  all  as  set  forth  in  Customer's  regular quarterly financial
statements  prepared  in  accordance  with  GAAP.

3.4 COLLATERAL

(a)  PLEDGE OF COLLATERAL. To secure payment and performance of the Obligations,
Customer  hereby  pledges, assigns, transfers and sets over to MLBFS, and grants
to  MLBFS  first liens and security interests in and upon all of the Collateral,
subject  only  to  priorities  afforded  to  Permitted  Liens.

(b)  LIENS.  Except  upon the prior written consent of MLBFS, Customer shall not
create  or  permit  to  exist any lien, encumbrance or security interest upon or
with  respect  to  any  Collateral  now  owned  or hereafter acquired other than
Permitted  Liens.

(c)  PERFORMANCE  OF  OBLIGATIONS. Customer shall perform all of its obligations
owing  on account of or with respect to the Collateral; it being understood that
nothing herein, and no action or inaction by MLBFS, under this Loan Agreement or
otherwise,  shall  be  deemed  an  assumption by MLBFS of any of Customer's said
obligations.

(d)  SALES  AND  COLLECTIONS.  Customer  shall  not  sell, transfer or otherwise
dispose of any Collateral, except that so long as no Event of Default shall have
occurred and be continuing, Customer may in the ordinary course of its business:
(i)  sell  any Inventory normally held by Customer for sale, (ii) use or consume
any materials and supplies normally held by Customer for use or consumption, and
(ill)  collect  all  of  its  Accounts.

(e) ACCOUNT SCHEDULES. Upon the request of MLBFS, which may be made from time to
time,  Customer  shall  deliver  to  MLBFS, in addition to the other information
required  hereunder,  a  schedule  identifying, for each Account and all Chattel
Paper  subject  to  MLBFS'  security interests hereunder, each account debtor by
name and address and amount, invoice or contract number and date of each invoice
or  contract.  Customer  shall furnish to MLBFS such additional information with
respect  to  the Collateral, and amounts received by Customer as proceeds of any
of  the  Collateral,  as  MLBFS  may  from  time  to  time  reasonably  request.

(f) ALTERATIONS AND MAINTENANCE. Except upon the prior written consent of MLBFS,
Customer  shall  not  make  or  permit  any material alterations to any tangible
Collateral  which might materially reduce or impair its market value or utility.
Customer  shall  at all times (i) keep the tangible Collateral in good condition
and  repair,  reasonable  wear  and  tear  excepted, (ii) protect the Collateral
against  loss,  damage  or  destruction  and  (ill)  pay or cause to be paid all
obligations  arising from the repair and maintenance of such Collateral, as well
as  all  obligations  with respect to any Location of Tangible Collateral (e.g.,
all obligations under any lease, mortgage or bailment agreement), except for any
such  obligations  being  contested  by  Customer  in  good faith by appropriate
proceedings.

(g) LOCATION. Except for movements required in the ordinary course of Customer's
business, Customer shall give MLBFS 30 days' prior written notice of the placing
at  or movement of any tangible Collateral to any location other than a Location
of  Tangible Collateral. In no event shall Customer cause or permit any material
tangible  Collateral  to  be  removed from the United States without the express
prior  written consent of MLBFS. Customer will keep its books and records at its
principal  office  address  specified  in  the  first  paragraph  of  this  Loan
Agreement.  Customer  will  not  change  the address where books and records are
kept,  or change its name or taxpayer identification number. Customer will place
a  legend  acceptable  to  MLBFS  on all Chattel Paper that is Collateral in the
possession  or control of Customer from time to time indicating that MLBFS has a
security  interest  therein.

(h)  INSURANCE.  Customer  shall  insure  all of the tangible Collateral under a
policy  or  policies of physical damage insurance for the full replacement value
thereof against such perils as MLBFS shall reasonably require and also providing
that  losses  will be payable to MLBFS as its interests may appear pursuant to a
lender's  or  mortgagee's long form loss payable endorsement and containing such
other  provisions as may be reasonably required by MLBFS. Customer shall further
provide  and  maintain  a  policy  or  policies  of commercial general liability
insurance  naming  MLBFS  as  an  additional  party  insured.  Customer and each
Business Guarantor shall maintain such other insurance as may be required by law
or  is  customarily  maintained  by  companies  in  a  similar  business  or


                                        7
<PAGE>
otherwise  reasonably  required  by  MLBFS.  All  such  insurance policies shall
provide  that  MLBFS  will receive not less than 10 days prior written notice of
any  cancellation, and shall otherwise be in form and amount and with an insurer
or  insurers reasonably acceptable to MLBFS. Customer shall furnish MLBFS with a
copy or certificate of each such policy or policies and, prior to any expiration
or  cancellation,  each  renewal  or  replacement  thereof.

(i)  EVENT OF LOSS. Customer shall at its expense promptly repair all repairable
damage  to  any tangible Collateral. In the event that there is an Event of Loss
and  the  affected  Collateral  had  a  value  prior  to  such  Event of Loss of
$25,000.00  or  more, then, on or before the first to occur of (i) 90 days after
the occurrence of such Event of Loss, or (ii) 10 Business Days after the date on
which  either  Customer  or  MLBFS  shall  receive  any proceeds of insurance on
account  of  such  Event  of  Loss,  or  any  underwriter  of  insurance on such
Collateral  shall advise either Customer or MLBFS that it disclaims liability in
respect  of  such  Event  of  Loss, Customer shall, at Customer's option, either
replace  the Collateral subject to such Event of Loss with comparable Collateral
free  of  all liens other than Permitted Liens (in which event Customer shall be
entitled  to  utilize the proceeds of insurance on account of such Event of Loss
for  such  purpose,  and  may  retain any excess proceeds of such insurance), or
permanently  prepay  the Obligations by an amount equal to the actual cash value
of such Collateral as determined by either the insurance company's payment (plus
any  applicable  deductible)  or,  in  absence  of insurance company payment, as
reasonably  determined  by  MLBFS;  it  being  further  understood that any such
permanent prepayment shall cause an immediate permanent reduction in the Maximum
WCMA  Line  of  Credit in the amount of such prepayment and shall not reduce the
amount  of  any future reductions in the Maximum WCMA Line of Credit that may be
required  hereunder. Notwithstanding the foregoing, if at the time of occurrence
of  such  Event  of  Loss  or  any  time thereafter prior to replacement or line
reduction,  as  aforesaid,  an  Event  of  Default  shall  have  occurred and be
continuing hereunder, then MLBFS may at its sole option, exercisable at any time
while  such  Event  of  Default  shall be continuing, require Customer to either
replace  such  Collateral  or prepay the Obligations and reduce the Maximum WCMA
Line  of  Credit,  as  aforesaid.

(j)  NOTICE OF CERTAIN EVENTS. Customer shall give MLBFS immediate notice of any
attachment,  lien, judicial process, encumbrance or claim affecting or involving
$25,000.00  or  more  of  the  Collateral.

(k)  INDEMNIFICATION.  Customer  shall indemnify, defend and save MLBFS harmless
from  and  against  any  and all claims, liabilities, losses, costs and expenses
(including,  without limitation, reasonable attorneys' fees and expenses) of any
nature whatsoever which may be asserted against or incurred by MLBFS arising out
of or in any manner occasioned by (i) the ownership, collection, possession, use
or  operation  of any Collateral, or (ii) any failure by Customer to perform any
of  its  obligations hereunder; excluding, however, from said indemnity any such
claims,  liabilities,  etc.  arising directly out of the willful wrongful act or
active gross negligence of MLBFS. This indemnity shall survive the expiration or
termination  of  this Loan Agreement as to all matters arising or accruing prior
to  such  expiration  or  termination.

3.5 EVENTS OF DEFAULT

The  occurrence  of  any  of  the following events shall constitute an "Event of
Default"  under  this  Loan  Agreement:

(a) EXCEEDING THE MAXIMUM WCMA LINE OF CREDIT. If the WCMA Loan Balance shall at
any  time  exceed  the  Maximum  WCMA  Line of Credit and Customer shall fail to
deposit  sufficient  funds into the WCMA Account to reduce the WCMA Loan Balance
below  the  Maximum  WCMA  Line  of  Credit  within five (5) Business Days after
written  notice  thereof  shall  have  been  given  by  MLBFS  to  Customer.

(b)  OTHER  FAILURE  TO PAY. Customer shall fail to pay to MLBFS or deposit into
the  WCMA  Account  when  due  any  other amount owing or required to be paid or
deposited by Customer under this Loan Agreement or any of the Loan Documents, or
shall  fail  to  pay  when due any other Obligations, and any such failure shall
continue for more than five (5) Business Days after written notice thereof shall
have  been  given  by  MLBFS  to  Customer.

(c)  FAILURE  TO  PERFORM.  Any Credit Party shall default in the performance or
observance  of any covenant or agreement on its part to be performed or observed
under  any of the Loan Documents (not constituting an Event of Default under any
other  clause  of  this Section), and such default shall continue unremedied for
ten (10) Business Days (i) after written notice thereof shall have been given by
MLBFS to Customer, or (ii) from Customer's receipt of any notice or knowledge of
such  default  from  any  other  source.

(d)  BREACH OF WARRANTY. Any representation or warranty made by any Credit Party
contained  in this Loan Agreement or any of the Loan Documents shall at any time
prove  to  have  been  incorrect  in  any  material  respect  when  made.

(e)  DEFAULT  UNDER  OTHER  ML  AGREEMENT.  A default or event of default by any
Credit  Party  shall occur under the terms of any other agreement, instrument or
document  with  or  intended  for  the  benefit of MLBFS, MLPF&S or any of their
affiliates,  and  any required notice shall have been given and required passage
of  time  shall  have elapsed, or the WCMA Agreement shall be terminated for any
reason.

(f) BANKRUPTCY EVENT. Any Bankruptcy Event shall occur.

(g)  MATERIAL  IMPAIRMENT.  Any  event  shall occur which shall reasonably cause
MLBFS  to in good faith believe that the prospect of full payment or performance
by  the  Credit  Parties  of  any of their respective liabilities or obligations
under  any  of the Loan Documents has been materially impaired. The existence of
such  a  material impairment shall be determined in a manner consistent with the
intent  of  Section  1-208  of  the  UCC.

(h)  DEFAULT  UNDER OTHER AGREEMENTS. Any event shall occur which results in any
default  of  any  material agreement involving any Credit Party or any agreement
evidencing  any  indebtedness  of  any  Credit  Party  of  $100,000.00  or more.

(i) COLLATERAL IMPAIRMENT. The loss, theft or destruction of any Collateral, the
occurrence  of any material deterioration or impairment of any Collateral or any
material  decline  or depreciation in the value or market price thereof (whether
actual  or  reasonably  anticipated),  which  causes any Collateral, in the sole
opinion  of  MLBFS,  to  become  unsatisfactory as to value or character; or any
levy,  attachment,  seizure  or  confiscation  of  the  Collateral  which is not
released  within  ten  (10)  Business  Days.


                                        8
<PAGE>
(j)  CONTESTED  OBLIGATION.  (i)  Any of the Loan Documents shall for any reason
cease  to  be,  or are asserted by any Credit Party not to be a legal, valid and
binding  obligations  of  any Credit Party, enforceable in accordance with their
terms;  or  (ii)  the  validity, perfection or priority of MLBFS' first lien and
security  interest on any of the Collateral is contested by any Person; or (iii)
any  Credit  Party  shall  or  shall  attempt  to  repudiate, revoke, contest or
dispute,  in  whole  or  in part, such Credit Party's obligations under any Loan
Document.

(k) JUDGMENTS. A judgment shall be entered against any Credit Party in excess of
$25,000  and  the  judgment  is  not  paid in full and discharged, or stayed and
bonded  to  the  satisfaction  of  MLBFS.

(I)  CHANGE  IN  CONTROL/CHANGE  IN MANAGEMENT. (i) Any direct or indirect sale,
conveyance,  assignment  or other transfer of or grant of a security interest in
any  ownership  interest  of  any  Credit  Party which results, or if any rights
related  thereto  were  exercised would result, in any change in the identity of
the individuals or entities in control of any Credit Party; or (ii) the owner(s)
of  the controlling equity interest of any Credit Party on the date hereof shall
cease  to  own  and  control  such  Credit  Party;  or  (iii)  the  Person (or a
replacement  who  is  satisfactory  to  MLBFS in its sole discretion) who is the
chief executive officer or holds such similar position, or any senior manager of
such  Credit Party on the date hereof shall for any reason cease to be the chief
executive  officer  or  senior  manager  of  such  Credit  Party.

(m)  WITHDRAWAL,  DEATH, ETC. The incapacity, death, withdrawal, dissolution, or
the  filing  for  dissolution  of: (i) any Credit Party; or (ii) any controlling
shareholder,  partner,  or  member  of  any  Credit  Party.

3.6 REMEDIES

(a) REMEDIES UPON DEFAULT. Upon the occurrence and during the continuance of any
Event  of Default, MLBFS may at its sole option do any one or more or all of the
following,  at  such  time and in such order as MLBFS may in its sole discretion
choose:

(i)  TERMINATION. MLBFS may without notice terminate the WCMA Line of Credit and
all obligations to extend any credit to or for the benefit of Customer (it being
understood,  however,  that upon the occurrence of any Bankruptcy Event all such
obligations  shall  automatically  terminate  without  any action on the part of
MLBFS).

(ii)  ACCELERATION.  MLBFS may declare the principal of and interest on the WCMA
Loan  Balance,  and  all  other  Obligations  to  be  forthwith due and payable,
whereupon  all  such  amounts  shall  be  immediately  due  and payable, without
presentment,  demand  for  payment,  protest  and  notice  of protest, notice of
dishonor, notice of acceleration, notice of intent to accelerate or other notice
or  formality  of  any kind, all of which are hereby expressly waived; provided,
however,  that  upon  the occurrence of any Bankruptcy Event all such principal,
interest  and  other  Obligations  shall  automatically  become  due and payable
without  any  action  on  the  part  of  MLBFS.

(iii)  EXERCISE OTHER RIGHTS. MLBFS may exercise any or all of the remedies of a
secured party under applicable law and in equity, including, but not limited to,
the  UCC,  and  any  or  all  of  its  other  rights and remedies under the Loan
Documents.

(iv)  POSSESSION.  MLBFS  may  require  Customer  to make the Collateral and the
records pertaining to the Collateral available to MLBFS at a place designated by
MLBFS  which is reasonably convenient to Customer, or may take possession of the
Collateral  and  the records pertaining to the Collateral without the use of any
judicial  process  and  without  any  prior  notice  to  Customer.

(v)  SALE. MLBFS may sell any or all of the Collateral at public or private sale
upon  such terms and conditions as MLBFS may reasonably deem proper, whether for
cash,  on credit, or for future delivery, in bulk or in lots. MLBFS may purchase
any  Collateral at any such sale free of Customer's right of redemption, if any,
which  Customer expressly waives to the extent not prohibited by applicable law.
The  net  proceeds  of  any  such  public  or private sale and all other amounts
actually  collected  or  received  by MLBFS pursuant hereto, after deducting all
costs and expenses incurred at any time in the collection of the Obligations and
in the protection, collection and sale of the Collateral, will be applied to the
payment  of  the  Obligations,  with  any remaining proceeds paid to Customer or
whoever  else  may  be  entitled  thereto,  and with Customer and each Guarantor
remaining  jointly  and  severally  liable for any amount remaining unpaid after
such  application.

(vi) DELIVERY OF CASH, CHECKS, ETC. MLBFS may require Customer to forthwith upon
receipt,  transmit  and deliver to MLBFS in the form received, all cash, checks,
drafts  and other instruments for the payment of money (properly endorsed, where
required, so that such items may be collected by MLBFS) which may be received by
Customer  at  any  time in full or partial payment d any Collateral, and require
that  Customer not commingle any such items which may be so received by Customer
with any other of its funds or property but instead hold them separate and apart
and  in  trust  for  MLBFS  until  delivery  is  made  to  MLBFS.

(vii)  NOTIFICATION OF ACCOUNT DEBTORS. MLBFS may notify any account debtor that
its  Account or Chattel Paper has been assigned to MLBFS and direct such account
debtor to make payment directly to MLBFS of all amounts due or becoming due with
respect  to  such  Account  or  Chattel Paper; and MLBFS may enforce payment and
collect,  by  legal  proceedings  or  otherwise,  such Account or Chattel Paper.

(viii)  CONTROL  OF  COLLATERAL.  MLBFS may otherwise take control in any lawful
manner of any cash or non-cash items of payment or proceeds of Collateral and of
any  rejected, returned, stopped in transit or repossessed goods included in the
Collateral  and endorse Customer's name on any item of payment on or proceeds of
the  Collateral.

(b)  SET-OFF.  MLBFS shall have the further right upon the occurrence and during
the  continuance  of an Event of Default to setoff, appropriate and apply toward
payment  of  any  of  the Obligations, in such order of application as MLBFS may
from  time  to  time  and  at  any  time  elect,  any  cash,  credit,  deposits,


                                        9
<PAGE>
accounts,  financial  assets,  investment  property,  securities  and  any other
property  of  Customer  which  is in transit to or in the possession, custody or
control  of MLBFS, MLPF&S or any agent, bailee, or affiliate of MLBFS or MLPF&S.
Customer  hereby  collaterally assigns and grants to MLBFS a continuing security
interest  in  all such property as Collateral and as additional security for the
Obligations.  Upon  the  occurrence  and  during  the continuance of an Event of
Default,  MLBFS  shall  have all rights in such property available to collateral
assignees  and  secured  parties  under  all applicable laws, including, without
limitation,  the  UCC.

(c)  POWER OF ATTORNEY. Effective upon the occurrence and during the continuance
of  an  Event  of  Default,  Customer  hereby  irrevocably appoints MLBFS as its
attorney-in-fact, with full power of substitution, in its place and stead and in
its name or in the name of MLBFS, to from time to time in MLBFS' sole discretion
take  any action and to execute any instrument which MLBFS may deem necessary or
advisable  to  accomplish the purposes of this Loan Agreement and the other Loan
Documents,  including,  but  not limited to, to receive, endorse and collect all
checks,  drafts  and  other instruments for the payment of money made payable to
Customer  included in the Collateral. The powers of attorney granted to MLBFS in
this  Loan  Agreement are coupled with an interest and are irrevocable until the
Obligations  have  been  indefeasibly  paid  in full and fully satisfied and all
obligations  of  MLBFS  under  this  Loan  Agreement  have  been  terminated

(d)  REMEDIES  ARE  SEVERABLE  AND  CUMULATIVE. All rights and remedies of MLBFS
herein  are  severable  and  cumulative  and in addition to all other rights and
remedies  available  in  the Loan Documents, at law or in equity, and any one or
more  of  such  rights  and  remedies  may  be  exercised  simultaneously  or
successively.

(e)  NO MARSHALLING. MLBFS shall be under no duty or obligation to (i) preserve,
protect  or  marshall the Collateral; (ii) preserve or protect the rights of any
Credit  Party  or any other Person claiming an interest in the Collateral; (ill)
realize  upon  the  Collateral  in  any  particular  order  or manner, (iv) seek
repayment  of  any  Obligations  from  any particular source; (v) proceed or not
proceed  against any Credit Party pursuant to any guaranty or security agreement
or  against  any  Credit  Party  under  the Loan Documents, with or without also
realizing  on the Collateral; (vi) permit any substitution or exchange of all or
any part of the Collateral; or (vii) release any part of the Collateral from the
Loan  Agreement  or  any  of  the  other  Loan  Documents,  whether  or not such
substitution  or  release  would  leave  MLBFS  adequately  secured.

(f)  NOTICES. To the fullest extent permitted by applicable law, Customer hereby
irrevocably  waives  and  releases MLBFS of and from any and all liabilities and
penalties for failure of MLBFS to comply with any statutory or other requirement
imposed  upon MLBFS relating to notices of sale, holding of sale or reporting of
any sale, and Customer waives all rights of redemption or reinstatement from any
such  sale.  Any  notices  required under applicable law shall be reasonably and
properly  given  to  Customer  if given by any of the methods provided herein at
least  5  Business  Days  prior  to taking action. MLBFS shall have the right to
postpone  or  adjourn  any  sale  or other disposition of Collateral at any time
without  giving  notice  of  any  such postponed or adjourned date. In the event
MLBFS seeks to take possession of any or all of the Collateral by court process,
Customer  further  irrevocably waives to the fullest extent permitted by law any
bonds and any surety or security relating thereto required by any statute, court
rule  or  otherwise  as  an  incident  to  such  possession,  and any demand for
possession  prior  to  the  commencement  of  any  suit  or  action.

3.7 MISCELLANEOUS

(a)  NON-WAIVER.  No  failure  or  delay  on the part of MLBFS in exercising any
right,  power or remedy pursuant to this Loan Agreement or any of the other Loan
Documents  shall  operate as a waiver thereof, and no single or partial exercise
of  any such right, power or remedy shall preclude any other or further exercise
thereof, or the exercise of any other right, power or remedy. Neither any waiver
of  any provision of any of the Loan Documents, nor any consent to any departure
by  Customer  therefrom,  shall be effective unless the same shall be in writing
and  signed  by MLBFS. Any waiver of any provision of this Loan Agreement or any
of  the  other  Loan Documents and any consent to any departure by Customer from
the  terms  of  this  Loan Agreement or any of the other Loan Documents shall be
effective  only  in the specific instance and for the specific purpose for which
given.  Except as otherwise expressly provided herein, no notice to or demand on
Customer  shall  in  any case entitle Customer to any other or further notice or
demand  in  similar  or  other  circumstances.

(b)  DISCLOSURE.  Customer  hereby  irrevocably authorizes MLBFS and each of its
affiliates,  including without limitation MLPF&S, to at any time (whether or not
an Event of Default shall have occurred) obtain from and disclose to each other,
and  to  any  third party in connection with Section 3.7 (g) herein, any and all
financial  and  other  information  about  Customer.  In  connection  with  said
authorization,  the  parties  recognize  that in order to provide a WCMA Line of
Credit  certain information about Customer is required to be made available on a
computer  network  accessible  by certain affiliates of MLBFS, including MLPF&S.
Customer  further  irrevocably authorizes MLBFS to contact, investigate, inquire
and  obtain  consumer reports, references and other information on Customer from
consumer  reporting  agencies  and  other  credit  reporting services, former or
current creditors, and other persons and sources (including, without limitation,
any  Affiliate  of  MLBFS)  and to provide to any references, consumer reporting
agencies,  credit  reporting  services,  creditors and other persons and sources
(including,  without  limitation, affiliates of MLBFS) all financial, credit and
other  information  obtained  by  MLBFS  relating  to  the  Customer.

(c)  COMMUNICATIONS. Delivery of an agreement, instrument or other document may,
at the discretion of MLBFS, be by electronic transmission. Except as required by
law  or  otherwise  provided  herein or in a writing executed by the party to be
bound, all notices demands, requests, accountings, listings, statements, advices
or other communications to be given under the Loan Documents shall be in writing
and  shall  be  served  either personally, by deposit with a reputable overnight
courier  with  charges  prepaid,  or  by  deposit  in  the United States mail by
certified mail, return receipt required. Notices may be addressed to Customer as
set forth at its address shown in the preamble hereto, or to any office to which
billing  or  account  statements  are sent; to MLBFS at its address shown in the
preamble  hereto,  or  at such other address designated in writing by MLBFS. Any
such  communication  shall  be  deemed  to  have been given upon, in the case of
personal  delivery  the date of delivery, one Business Day after deposit with an
overnight  courier,  two (2) Business Days after deposit in the United States by
certified  mail (return receipt required), or receipt of electronic transmission
(which shall be presumed to be three hours after the time of transmission unless
an error message is received by the sender), except that any notice of change of
address  shall  not  be  effective  until  actually  received.


                                       10
<PAGE>
(d) FEES, EXPENSES AND TAXES. Customer shall pay or reimburse MLBFS for: (I) all
UCC,  real  property  or  other  filing, recording, and search fees and expenses
incurred  by  MLBFS  in  connection  with  the  verification,  perfection  or
preservation  of  MLBFS'  rights  hereunder  or  in  any Collateral or any other
collateral  for  the  Obligations;  (i)  any  and all stamp, transfer, mortgage,
intangible,  document,  filing,  recording  and  other taxes and fees payable or
determined  to  be  payable  in  connection with the borrowings hereunder or the
execution, delivery, filing and/or recording of the Loan Documents and any other
instruments  or  documents  provided  for herein or delivered or to be delivered
hereunder  or  in  connection  herewith;  and  (iii)  all fees and out-of-pocket
expenses  (including,  attorneys'  fees and legal expenses) incurred by MLBFS in
connection  with  the  preparation,  execution,  administration,  collection,
enforcement,  protection,  waiver or amendment of this Loan Agreement, the other
Loan  Documents  and  such  other  instruments  or documents, and the rights and
remedies  of  MLBFS  thereunder  and  all other matters in connection therewith.
Customer  hereby  authorizes  MLBFS,  at its option, to either cause any and all
such  fees,  expenses and taxes to be paid with a WCMA Loan, or invoice Customer
therefore  (in  which event Customer shall pay all such fees, expenses and taxes
within  5  Business  Days  after  receipt  of  such invoice). The obligations of
Customer  under  this  paragraph  shall survive the expiration or termination of
this  Loan  Agreement  and  the  discharge  of  the  other  Obligations.

(e)  RIGHT TO PERFORM OBLIGATIONS. If Customer shall fail to do any act or thing
which  it  has  covenanted  to  do  under  any  of  the  Loan  Documents  or any
representation  or  warranty  on  the  part  of  Customer  contained in the Loan
Documents shall be breached, MLBFS may, in its sole discretion, after 5 Business
Days  written  notice  is  sent to Customer (or such lesser notice, including no
notice, as is reasonable under the circumstances), do the same or cause it to be
done  or  remedy any such breach, and may expend its funds for such purpose. Any
and  all  reasonable amounts so expended by MLBFS shall be repayable to MLBFS by
Customer  upon demand, with interest at the Interest Rate during the period from
and  including the date funds are so expended by MLBFS to the date of repayment,
and all such amounts shall be additional Obligations. The payment or performance
by  MLBFS  of any of Customer's obligations hereunder shall not relieve Customer
of  said  obligations  or of the consequences of having failed to pay or perform
the  same,  and  shall  not  waive  or  be  deemed  a  cure  of  any  Default.

(f)  FURTHER  ASSURANCES. Customer agrees to do such further acts and things and
to  execute  and  deliver  to  MLBFS such additional agreements, instruments and
documents  as  MLBFS  may reasonably require or deem advisable to effectuate the
purposes  of  the  Loan  Documents,  to  confirm  the  WCMA  Loan Balance, or to
establish,  perfect  and  maintain  MLBFS' security interests and liens upon the
Collateral, including, but not limited to: (i) executing financing statements or
amendments thereto when and as reasonably requested by MLBFS; and (ii) if in the
reasonable  judgment  of  MLBFS  it is required by local law, causing the owners
and/or mortgagees of the real property on which any Collateral may be located to
execute  and  deliver to MLBFS waivers or subordinations reasonably satisfactory
to  MLBFS  with  respect  to  any  rights  in  such  Collateral.

(g)  BINDING EFFECT. This Loan Agreement and the Loan Documents shall be binding
upon,  and  shall  inure  to the benefit of MLBFS, Customer and their respective
successors  and  assigns.  MLBFS  reserves  the  right,  at  any  time while the
Obligations remain outstanding, to sell, assign, syndicate or otherwise transfer
or  dispose  of  any  or  all  of  MLBFS'  rights  and  interests under the Loan
Documents.  MLBFS also reserves the right at any time to pool the WCMA Loan with
one  or  more  other  loans  originated  by  MLBFS  or  any other Person, and to
securitize  or  offer  interests  in  such pool on whatever terms and conditions
MLBFS  shall determine. Customer consents to MLBFS releasing financial and other
information  regarding  Credit  Parties,  the  Collateral  and  the WCMA Loan in
connection  with  any  such  sale,  pooling,  securitization  or other offering.
Customer  shall  not assign any of its rights or delegate any of its obligations
under this Loan Agreement or any of the Loan Documents without the prior written
consent  of  MLBFS.  Unless otherwise expressly agreed to in a writing signed by
MLBFS,  no  such  consent  shall  in  any  event  relieve Customer of any of its
obligations  under  this  Loan  Agreement  or  the  Loan  Documents.

(h)  INTERPRETATION;  CONSTRUCTION.  (i)  Captions  and  section  and  paragraph
headings  in  this  Loan Agreement are inserted only as a matter of convenience,
and  shall  not affect the interpretation hereof; (ii) no provision of this Loan
Agreement  shall be construed against a particular Person or in favor of another
Person  merely  because  of  which  Person  (or  its  representative) drafted or
supplied  the  wording for such provision; and (iii) where the context requires:
(a)  use  of the singular or plural incorporates the other, and (b) pronouns and
modifiers  in  the masculine, feminine or neuter gender shall be deemed to refer
to  or  include  the  other  genders.

(i) GOVERNING LAW. This Loan Agreement, and, unless otherwise expressly provided
therein,  each  of  the Loan Documents, shall be governed in all respects by the
laws  of  the  State  of Illinois, not including its conflict of law provisions.

(j)  SEVERABILITY  OF PROVISIONS. Whenever possible, each provision of this Loan
Agreement and the other Loan Documents shall be interpreted in such manner as to
be  effective  and  valid  under  applicable  law.  Any  provision  of this Loan
Agreement  or  any of the Loan Documents which is prohibited or unenforceable in
any  jurisdiction  shall,  as  to  such jurisdiction, be ineffective only to the
extent  of  such  prohibition  or  unenforceability  without  invalidating  the
remaining  provisions of this Loan Agreement and the Loan Documents or affecting
the  validity  or  enforceability  of  such provision in any other jurisdiction.

(k)  TERM.  This  Loan  Agreement shall become effective on the date accepted by
MLBFS  at  its  office  in  Chicago, Illinois, and, subject to the terms hereof,
shall  continue in effect so long thereafter as the WCMA Line of Credit shall be
in  effect or there shall be any Obligations outstanding. Customer hereby waives
notice  of  acceptance  of  this  Loan  Agreement  by  MLBFS.

(l)  EXHIBITS.  The  exhibits to this Loan Agreement are hereby incorporated and
made  a  part  hereof  and  are  an  integral  part  of  this  Loan  Agreement

(m)  COUNTERPARTS.  This  Loan  Agreement  may  be  executed  in  one  or  more
counterparts  which, when taken together, constitute one and the same agreement.

(n)  JURISDICTION;  WAIVER.  CUSTOMER  ACKNOWLEDGES  THAT THIS LOAN AGREEMENT IS
BEING  ACCEPTED BY MLBFS IN PARTIAL CONSIDERATION OF MLBFS' RIGHT AND OPTION, IN
ITS  SOLE  DISCRETION,  TO  ENFORCE  THIS  LOAN  AGREEMENT  AND  ALL OF THE LOAN
DOCUMENTS  IN  EITHER  THE  STATE OF ILLINOIS OR IN ANY OTHER JURISDICTION WHERE
CUSTOMER  OR  ANY COLLATERAL MAY BE LOCATED. CUSTOMER IRREVOCABLY SUBMITS ITSELF
TO JURISDICTION IN THE STATE OF ILLINOIS AND VENUE IN ANY STATE OR FEDERAL COURT
IN  THE COUNTY OF COOK FOR SUCH PURPOSES, AND CUSTOMER WAIVES ANY AND ALL RIGHTS
TO  CONTEST  SAID  JURISDICTION AND VENUE AND THE CONVENIENCE OF ANY SUCH FORUM,
AND  ANY  AND  ALL  RIGHTS  TO  REMOVE  SUCH ACTION FROM STATE TO FEDERAL COURT.
CUSTOMER  FURTHER  WAIVES


                                       11
<PAGE>
ANY  RIGHTS  TO  COMMENCE ANY ACTION AGAINST MLBFS IN ANY JURISDICTION EXCEPT IN
THE  COUNTY OF COOK AND STATE OF ILLINOIS. CUSTOMER AGREES THAT ALL SUCH SERVICE
OF  PROCESS SHALL BE MADE BY MAIL OR MESSENGER DIRECTED TO IT IN THE SAME MANNER
AS  PROVIDED  FOR NOTICES TO CUSTOMER IN THIS LOAN AGREEMENT AND THAT SERVICE SO
MADE SHALL BE DEEMED TO BE COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT OR THREE
(3)  DAYS AFTER THE SAME SHALL HAVE BEEN POSTED TO CUSTOMER OR CUSTOMER'S AGENT.
NOTHING  CONTAINED HEREIN SHALL AFFECT THE RIGHT OF MLBFS TO SERVE LEGAL PROCESS
IN  ANY  OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF MLBFS TO BRING ANY
ACTION OR PROCEEDING AGAINST CUSTOMER OR ITS PROPERTY IN THE COURTS OF ANY OTHER
JURISDICTION.  CUSTOMER  WAIVES,  TO  THE  EXTENT  PERMITTED BY LAW, ANY BOND OR
SURETY  OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED
OF  MLBFS.  CUSTOMER  FURTHER  WAIVES  THE  RIGHT  TO  BRING  ANY NON-COMPULSORY
COUNTERCLAIMS.

(o)  JURY  WAIVER.  MLBFS  AND  CUSTOMER HEREBY EACH EXPRESSLY WAIVE ANY AND ALL
RIGHTS  TO  A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY
EITHER  OF  THE  PARTIES  AGAINST  THE  OTHER  PARTY  WITH RESPECT TO ANY MATTER
RELATING  TO,  ARISING  OUT  OF  OR  IN  ANY WAY CONNECTED WITH THE WCMA LINE OF
CREDIT,  THE  OBLIGATIONS, THIS LOAN AGREEMENT, ANY OF THE LOAN DOCUMENTS AND/OR
ANY  OF  THE  TRANSACTIONS  WHICH ARE THE SUBJECT MATTER OF THIS LOAN AGREEMENT.

(p)  INTEGRATION.  THIS  LOAN AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS,
CONSTITUTES THE ENTIRE UNDERSTANDING AND REPRESENTS THE FULL AND FINAL AGREEMENT
BETWEEN  THE  PARTIES  WITH RESPECT TO THE SUBJECT MATTER HEREOF, AND MAY NOT BE
CONTRADICTED  BY  EVIDENCE OF PRIOR WRITTEN AGREEMENTS OR PRIOR, CONTEMPORANEOUS
OR  SUBSEQUENT  ORAL  AGREEMENTS  OF  THE  PARTIES.  THERE ARE NO UNWRITTEN ORAL
AGREEMENTS OF THE PARTIES. WITHOUT LIMITING THE FOREGOING, CUSTOMER ACKNOWLEDGES
THAT:  (I)  NO PROMISE OR COMMITMENT HAS BEEN MADE TO IT BY MLBFS, MLPF&S OR ANY
OF  THEIR  RESPECTIVE  EMPLOYEES,  AGENTS  OR  REPRESENTATIVES  TO  EXTEND  THE
AVAILABILITY OF THE WCMA LINE OF CREDIT OR THE MATURITY DATE, OR TO INCREASE THE
MAXIMUM WCMA LINE OF CREDIT, OR TO MAKE ANY WCMA LOAN ON ANY TERMS OTHER THAN AS
EXPRESSLY  SET  FORTH HEREIN OR TO OTHERWISE EXTEND ANY OTHER CREDIT TO CUSTOMER
OR  ANY  OTHER PARTY; (II) NO PURPORTED EXTENSION OF THE MATURITY DATE, INCREASE
IN  THE  MAXIMUM  WCMA  LINE OF CREDIT OR OTHER EXTENSION OR AGREEMENT TO EXTEND
CREDIT  SHALL  BE  VALID  OR  BINDING  UNLESS  EXPRESSLY  SET FORTH IN A WRITTEN
INSTRUMENT  SIGNED  BY  MLBFS;  AND  (III)  THIS  LOAN  AGREEMENT SUPERSEDES AND
REPLACES  ANY  AND  ALL PROPOSALS, LETTERS OF INTENT AND APPROVAL AND COMMITMENT
LETTERS  FROM  MLBFS  TO  CUSTOMER,  RONE  OF  WHICH  SHALL BE CONSIDERED A LOAN
DOCUMENT.  NO  AMENDMENT  OR  MODIFICATION OF ANY OF THE LOAN DOCUMENTS TO WHICH
CUSTOMER  IS A PARTY SHALL BE EFFECTIVE UNLESS IN A WRITING SIGNED BY BOTH MLBFS
AND  CUSTOMER.

(q)  SURVIVAL.  All  representations,  warranties,  agreements  and  covenants
contained  in  the  Loan Documents shall survive the signing and delivery of the
Loan  Documents,  and  all  of  the waivers made and indemnification obligations
undertaken  by Customer shall survive the termination, discharge or cancellation
of  the  Loan  Documents.

(r) CUSTOMER'S ACKNOWLEDGMENTS. The Customer acknowledges that the Customer: (i)
has  had  ample  opportunity  to  consult with counsel and such other parties as
deemed  advisable  prior  to  signing and delivering this Loan Agreement and the
other Loan Documents; (ii) understands the provisions of this Loan Agreement and
the  other  Loan  Documents,  including all waivers contained therein; and (iii)
signs  and  delivers this Loan Agreement and the other Loan Documents freely and
voluntarily,  without  duress  or  coercion.

THIS LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS ARE EXECUTED UNDER SEAL AND ARE
INTENDED  TO  TAKE  EFFECT  AS  SEALED  INSTRUMENTS.

IN WITNESS WHEREOF, this Loan Agreement has been executed as of the day and year
first  above  written.

YP.NET, INC.


By:___________________________________________________________

         Signature (1)                  Signature (2)


______________________________________________________________
         Printed Name                   Printed Name


______________________________________________________________
            Title                           Title


Accepted at Chicago, Illinois:
MERRILL LYNCH BUSINESS FINANCIAL
SERVICES INC.


By:______________________________________________


                                       12
<PAGE>
                                    EXHIBIT A
ATTACHED TO AND HEREBY MADE A PART OF WCMA LOAN AND SECURITY AGREEMENT NO.
412-02104 BETWEEN MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC. AND YP.NET,
INC.
================================================================================

ADDITIONAL LOCATIONS OF TANGIBLE COLLATERAL:


<PAGE>
PLEASE  FURNISH THIS FORM TO YOUR INSURANCE AGENT, OR FILL IN YOUR AGENT'S NAME,
ADDRESS AND PHONE NUMBER, SIGN AND RETURN THE FORM, AND WE WILL DIRECTLY REQUEST
THE  REQUIRED  CERTIFICATE  OF  INSURANCE.

CUSTOMER'S INSURANCE AGENT:
- ---------------------------
(Name, address & phone #)

     _______________________________

     _______________________________

     _______________________________

     _______________________________

     _______________________________


In  connection  with  one  or more credit facilities from MERRILL LYNCH BUSINESS
FINANCIAL  SERVICES  INC.  ("MLBFS")  to  or  for  the  benefit  of YP.NET, INC.
("Customer"),  you are hereby authorized and directed by Customer to provide and
maintain  the  following  policies  of insurance for the benefit of MLBFS at the
expense  of  Customer,  and  to FURNISH TO MLBFS A CERTIFICATE OF EACH POLICY of
insurance and, not later than 10 days prior to expiration, a certificate of EACH
RENEWAL  POLICY,  as  follows:

PROPERTY DAMAGE INSURANCE
- -------------------------

(a)  PROPERTY  DAMAGE INSURANCE with all risk clauses on the contents located at
4840  E.  Jasmine Street, Suite 105, Mesa, AZ 85205 and all Additional Locations
of  Tangible  Collateral  (the  "Business  Personal  Property").

(b)  MLBFS  should  be named as Loss Payee on the Business Personal Property and
the  policy  must include a LENDER'S LOSS PAYABLE ENDORSEMENT in favor of MLBFS.

(c)  MLBFS  must  receive  NOT  LESS  THAN  30  DAYS PRIOR WRITTEN NOTICE OF ANY
CANCELLATION  or  material  modification.

Each  certificate  should  be  mailed  to  MLBFS  as  follows:

     MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.
     222 NORTH LASALLE STREET, 17TH FLOOR
     CHICAGO, IL 60601

Very truly yours,

YP.NET, INC.


By:___________________________________________________________

         Signature (1)                  Signature (2)


______________________________________________________________
         Printed Name                   Printed Name


______________________________________________________________
            Title                           Title


<PAGE>
[GRAPHIC OMITTED]
Merrill Lynch                                            SECRETARY'S CERTIFICATE
================================================================================

THE  UNDERSIGNED  HEREBY  CERTIFIES TO MERRILL LYNCH BUSINESS FINANCIAL SERVICES
INC.  that  the  undersigned  is  the  duly  appointed  and acting Secretary (or
Assistant  Secretary)  of  YP.NET,  INC.,  a corporation duly organized, validly
existing  and  in  good standing under the laws of the State of Nevada; and that
the  following  is a true, accurate and compared transcript of resolutions duly,
validly and lawfully adopted on the _______ day of ____________________, 2004 by
the Board of Directors of said Corporation acting in accordance with the laws of
the  state  of  incorporation  and  the charter and by-laws of said Corporation:

"RESOLVED,  that this Corporation is authorized and empowered, now and from time
to  time hereafter, to borrow and/or obtain credit from, and/or enter into other
financial  arrangements  with,  MERRILL  LYNCH  BUSINESS FINANCIAL SERVICES INC.
("MLBFS"),  and  in  connection  therewith  to grant to MLBFS liens and security
interests  on  any  or  all  property  belonging  to  this Corporation; all such
transactions  to  be on such terms and conditions as may be mutually agreed from
time  to  time  between  this  Corporation  and  MLBFS;  and

"FURTHER  RESOLVED, that the President, any Vice President, Treasurer, Secretary
or other officer of this Corporation, or any one or more of them, be and each of
them  hereby is authorized and empowered to: (a) execute and deliver to MLBFS on
behalf  of  this  Corporation  any  and  all  loan agreements, promissory notes,
security  agreements,  pledge agreements, financing statements, mortgages, deeds
of trust, leases and/or all other agreements, instruments and documents required
by  MLBFS  in  connection  therewith,  and  any  present  or  future extensions,
amendments,  supplements,  modifications  and  restatements thereof; all in such
form  as any such officer shall approve, as conclusively evidenced by his or her
signature thereon, and (b) do and perform all such acts and things deemed by any
such  officer  to  be  necessary  or  advisable  to  carry  out  and perform the
undertakings and agreements of this Corporation in connection therewith; and any
and  all  prior  acts  of  each  of  said  officers in these premises are hereby
ratified  and  confirmed  in  all  respects;  and

"FURTHER  RESOLVED,  that  MLBFS  is  authorized  to  rely  upon  the  foregoing
resolutions until it receives written notice of any change or revocation from an
authorized  officer of this Corporation, which change or revocation shall not in
any  event  affect  the  obligations  of  this  Corporation  with respect to any
transaction  conditionally  agreed  or  committed  to  by  MLBFS  or  having its
inception  prior  to  the  receipt  of  such  notice  by  MLBFS."

THE  UNDERSIGNED  FURTHER CERTIFIES that: (a) the foregoing resolutions have not
been rescinded, modified or repealed in any manner, are not in conflict with any
agreement of said Corporation and are in full force and effect as of the date of
this Certificate, and (b) the following individuals are now the duly elected and
acting  officers  of said Corporation and THE SIGNATURES SET FORTH BELOW ARE THE
TRUE  SIGNATURES  OF  SAID  OFFICERS:


     President: ___________________________________________


     Vice President: ______________________________________


     Treasurer: ___________________________________________


     Secretary: ___________________________________________


     ________________; ____________________________________
     Additional Tide

IN  WITNESS  WHEREOF,  the  undersigned  has  executed  this Certificate and has
affixed  the seal of said Corporation hereto, pursuant to due authorization, all
as  of  this  ________  day  of_________________,  2004.


(CORPORATE SEAL)
                                             ___________________________________
                                                         Secretary


                             Printed Name:   ___________________________________


<PAGE>
[GRAPHIC OMITTED]
Merrill Lynch                                             UNCONDITIONAL GUARANTY
================================================================================

FOR  VALUE  RECEIVED,  and  in  order to induce MERRILL LYNCH BUSINESS FINANCIAL
SERVICES INC. ("MLBFS") to advance moneys or extend or continue to extend credit
or  lease  property  to or for the benefit of, or modify its credit relationship
with,  or  enter  into  any  other financial accommodations with YP.NET, INC., a
corporation  organized  and existing under the laws of the State of Nevada (with
any  successor  in  interest,  including,  without  limitation, any successor by
merger  or  by  operation  of law, herein collectively referred to as "Customer)
under:  (a)  that certain WCMA LOAN AND SECURITY AGREEMENT NO. 412-02104 between
MLBFS  and  Customer  (the  "Loan Agreement"), (b) any "Loan Documents", as that
term  is  defined  in  the  Loan  Agreement,  including, without limitation, the
NOTE(S) incorporated by reference in the Loan Agreement, and (c) all present and
future  amendments,  restatements,  supplements  and  other  evidences  of  any
extensions,  increases,  renewals,  modifications and other changes of or to the
Loan Agreement or any Loan Documents (collectively, the 'Guaranteed Documents"),
and  for  other  good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, THE UNDERSIGNED, TELCO BILLING INC., a corporation
organized  and  existing  under  the  laws  of the State of Nevada ("Guarantor),
HEREBY UNCONDITIONALLY GUARANTEES TO MLBFS: (i) the prompt and full payment when
due,  by  acceleration  or  otherwise, of all sums now or any time hereafter due
from Customer to MLBFS under the Guaranteed Documents, (ii) the prompt, full and
faithful  performance and discharge by Customer of each and every other covenant
and  warranty  of  Customer set forth in the Guaranteed Documents, and (iii) the
prompt  and  full payment and performance of all other indebtedness, liabilities
and  obligations  of  Customer  to  MLBFS,  howsoever  created or evidenced, and
whether  now  existing  or  hereafter arising (collectively, the "Obligations").
Guarantor  further  agrees  to pay all reasonable costs and expenses (including,
but not limited to, court costs and reasonable attorneys' fees) paid or incurred
by  MLBFS  in  endeavoring  to  collect  or  enforce  performance  of any of the
Obligations, or in enforcing this Guaranty. Guarantor acknowledges that MLBFS is
relying on the execution and delivery of this Guaranty in advancing moneys to or
extending  or  continuing  to  extend  credit to or for the benefit of Customer.

This  Guaranty  is  absolute,  unconditional  and continuing and shall remain in
effect until all of the Obligations shall have been fully and indefeasibly paid,
performed  and discharged. Upon the occurrence and during the continuance of any
default or Event of Default under any of the Guaranteed Documents, any or all of
the  indebtedness hereby guaranteed then existing shall, at the option of MLBFS,
become immediately due and payable from Guarantor (it being understood, however,
that  upon  the  occurrence  of  any  "Bankruptcy Event", as defined in the Loan
Agreement,  all  such  indebtedness  shall  automatically become due and payable
without action on the part of MLBFS). Notwithstanding the occurrence of any such
event,  this Guaranty shall continue and remain in full force and effect. To the
extent  MLBFS  receives  payment with respect to the Obligations, and all or any
part  of  such payment is subsequently invalidated, declared to be fraudulent or
preferential,  set  aside,  required to be repaid by MLBFS or is repaid by MLBFS
pursuant  to  a settlement agreement, to a trustee, receiver or any other person
or entity, whether under any Bankruptcy law or otherwise (a "Returned Payment"),
this Guaranty shall continue to be effective or shall be reinstated, as the case
may  be,  to  the  extent  of  such  payment  or  repayment  by  MLBFS,  and the
indebtedness  or  part thereof intended to be satisfied by such Returned Payment
shall  be  revived  and  continued  in full force and effect as if said Returned
Payment  had  not  been  made.

The  liability  of Guarantor hereunder shall in no event be affected or impaired
by  any of the following, any of which may be done or omitted by MLBFS from time
to  time,  without  notice  to  or  the  consent of Guarantor: (a) any renewals,
amendments,  restatements,  modifications  or  supplements  of  or to any of the
Guaranteed  Documents,  or any extensions, forbearances, compromises or releases
of  any  of  the Obligations or any of MLBFS' rights under any of the Guaranteed
Documents;  (b)  any  acceptance  by MLBFS of any collateral or security for, or
other  guarantees  of,  any  of  the  Obligations;  (c)  any failure, neglect or
omission on the part of MLBFS to realize upon or protect any of the Obligations,
or any collateral or security therefor, or to exercise any lien upon or right of
appropriation  of  any  moneys,  credits  or  property  of Customer or any other
guarantor,  possessed by or under the control of MLBFS or any of its affiliates,
toward  the  liquidation  or  reduction  of the Obligations; (d) any invalidity,
irregularity  or  unenforceability of all or any part of the Obligations, of any
collateral  security  for  the Obligations, or the Guaranteed Documents; (e) any
application  of  payments  or  credits by MLBFS; (f) the granting of credit from
time  to  time  by  MLBFS  to  Customer in excess of the amount set forth in the
Guaranteed Documents; or (g) any other act of commission or omission of any kind
or  at  any time upon the part of MLBFS or any of its affiliates or any of their
respective  employees  or  agents  with  respect to any matter whatsoever. MLBFS
shall  not  be  required  at any time, as a condition of Guarantor's obligations
hereunder,  to  resort  to  payment  from  Customer or other persons or entities
whatsoever,  or  any of their properties or estates, or resort to any collateral
or  pursue  or  exhaust  any  other  rights  or  remedies  whatsoever.

No  release  or  discharge  in  whole  or  in part of any other guarantor of the
Obligations  shall  release  or  discharge Guarantor unless and until all of the
Obligations  shall  have  been indefeasibly fully paid and discharged. Guarantor
expressly  waives  presentment,  protest, demand, notice of dishonor or default,
notice  of acceptance of this Guaranty, notice of advancement of funds under the
Guaranteed  Documents and all other notices and formalities to which Customer or
Guarantor  might be entitled, by statute or otherwise, and, so long as there are
any  Obligations  or MLBFS is committed to extend credit to Customer, waives any
right  to  revoke or terminate this Guaranty without the express written consent
of  MLBFS.

So long as there are any Obligations, Guarantor shall not have any claim, remedy
or  right  of  subrogation,  reimbursement,  exoneration,  contribution,
indemnification,  or  participation  in  any  claim,  right,  or remedy of MLBFS
against  Customer  or  any  security  which MLBFS now has or hereafter acquires,
whether  or not such claim, right or remedy arises in equity, under contract, by
statute,  under  common  law,  or  otherwise.

MLBFS  is  hereby  irrevocably  authorized  by  Guarantor at any time during the
continuance  of an Event of Default under the Loan Agreement or any other of the
Guaranteed  Documents  or  in  respect  of  any  of the Obligations, in its sole
discretion  and  without demand or notice of any kind, to appropriate, hold, set
off  and  apply toward the payment of any amount due hereunder, in such order of
application as MLBFS may elect, all cash, credits, deposits, accounts, financial
assets,  investment  property,  securities  and  any other property of Guarantor
which  is  in  transit  to  or in the possession, custody or control of MLBFS or
Merrill  Lynch,  Pierce, Fenner & Smith Incorporated ("MLPF&S"), or any of their
respective  agents, bailees or affiliates. Guarantor hereby collaterally assigns
and  grants  to  MLBFS  a  continuing  security interest in all such property as
additional  security  for  the  Obligations.  Upon the occurrence and during the
continuance of an Event of Default, MLBFS shall have all rights in such property
available to collateral assignees and secured parties under all applicable laws,
including,  without  limitation,  the  Uniform  Commercial  Code.


<PAGE>
Guarantor  agrees  to  furnish  to  MLBFS  such financial information concerning
Guarantor  as may be required by any of the Guaranteed Documents or as MLBFS may
otherwise  from  time  to  time  reasonably  request.  Guarantor  further hereby
irrevocably  authorizes  MLBFS  and  each  of  its affiliates, including without
limitation MLPF&S, to at any time (whether or not an Event of Default shall have
occurred) obtain from and disclose to each other any and all financial and other
information  about  Guarantor.

No  delay  on the part of MLBFS in the exercise of any right or remedy under any
of  the Guaranteed Documents, this Guaranty or any other agreement shall operate
as  a  waiver  thereof,  and,  without  limiting  the foregoing, no delay in the
enforcement of any security interest, and no single or partial exercise by MLBFS
of  any  right or remedy shall preclude any other or further exercise thereof or
the  exercise of any other right or remedy. This Guaranty may be executed in any
number  of  counterparts, each of which counterparts, once they are executed and
delivered,  shall  be  deemed  to  be an original and all of which counterparts,
taken  together,  shall  constitute but one and the same Guaranty. This Guaranty
shall  be binding upon Guarantor and its successors and assigns, and shall inure
to  the  benefit of MLBFS and its successors and assigns. If there are more than
one  guarantor  of  the  Obligations,  all  of the obligations and agreements of
Guarantor  are  joint  and  several  with  such  other  guarantors.

This  Guaranty  shall  be governed by the laws of the State of Illinois. WITHOUT
LIMITING  THE  RIGHT  OF  MLBFS TO ENFORCE THIS GUARANTY IN ANY JURISDICTION AND
VENUE  PERMITTED  BY APPLICABLE LAW: (I) GUARANTOR AGREES THAT THIS GUARANTY MAY
AT  THE  OPTION OF MLBFS BE ENFORCED BY MLBFS IN EITHER THE STATE OF ILLINOIS OR
IN  ANY  OTHER  JURISDICTION WHERE GUARANTOR, CUSTOMER OR ANY COLLATERAL FOR THE
OBLIGATIONS  OF  CUSTOMER  MAY  BE  LOCATED,  (II) GUARANTOR IRREVOCABLY SUBMITS
ITSELF  TO  JURISDICTION  IN  THE  STATE  OF  ILLINOIS AND VENUE IN ANY STATE OR
FEDERAL  COURT  IN  THE  COUNTY  OF  COOK FOR SUCH PURPOSES, AND (III) GUARANTOR
WAIVES  ANY  AND  ALL  RIGHTS  TO  CONTEST  SAID  JURISDICTION AND VENUE AND THE
CONVENIENCE  OF ANY SUCH FORUM AND ANY AND ALL RIGHTS TO REMOVE SUCH ACTION FROM
STATE  TO  FEDERAL  COURT.  GUARANTOR  FURTHER WAIVES ANY RIGHTS TO COMMENCE ANY
ACTION  AGAINST MLBFS IN ANY JURISDICTION EXCEPT IN THE COUNTY OF COOK AND STATE
OF  ILLINOIS. MLBFS AND GUARANTOR HEREBY EACH EXPRESSLY WAIVE ANY AND ALL RIGHTS
TO  A  TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER
OF  THE  PARTIES AGAINST THE OTHER PARTY WITH RESPECT TO ANY MATTER RELATING TO,
ARISING  OUT  OF  OR  IN  ANY WAY CONNECTED WITH THIS GUARANTY AND/OR ANY OF THE
TRANSACTIONS  WHICH  ARE  THE SUBJECT MATTER OF THIS GUARANTY. GUARANTOR FURTHER
WAIVES  THE  RIGHT  TO BRING ANY NON-COMPULSORY COUNTERCLAIMS. Wherever possible
each  provision  of  this  Guaranty shall be interpreted in such manner as to be
effective  and valid under applicable law, but if any provision of this Guaranty
shall  be  prohibited  by  or  invalid  under  such law, such provision shall be
ineffective  only  to  the  extent  of  such  prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Guaranty.  No  modification  or waiver of any of the provisions of this Guaranty
shall be effective unless in writing and signed by both Guarantor and an officer
of  MLBFS.  Each  signatory  on  behalf of Guarantor warrants that he or she has
authority  to  sign on behalf of Guarantor, and by so signing, to bind Guarantor
hereunder.

Dated as of April 13,2004.

TELCO BILLING INC.


By:___________________________________________________________

         Signature (1)                  Signature (2)


______________________________________________________________
         Printed Name                   Printed Name


______________________________________________________________
            Title                           Title


Address of Guarantor:
     4840 E. JASMINE STREET
     SUITE 105
     MESA, ARIZONA 85205


                                      -2-
<PAGE>
[GRAPHIC OMITTED]
Merrill Lynch                                            SECRETARY'S CERTIFICATE
================================================================================

                            (Guaranty by Corporation)

THE  UNDERSIGNED  HEREBY  CERTIFIES TO MERRILL LYNCH BUSINESS FINANCIAL SERVICES
INC.  that  the  undersigned  is  the  duly  appointed  and acting Secretary (or
Assistant  Secretary)  of  TELCO  BILLING  INC.,  a  corporation duly organized,
validly existing and in good standing under the laws of the State of Nevada; and
that  the  following  is a true, accurate and compared transcript of resolutions
duly,  validly  and lawfully adopted on the _______ day of ____________________,
2004 by the Board of Directors of said Corporation acting in accordance with the
laws  of  the  state  of  incorporation  and  the  charter  and  by-laws of said
Corporation:

"RESOLVED,  that it is advisable and in the best interests and to the benefit of
this  Corporation  to  guaranty  the obligations of YP.NET, INC. ("Customer") to
MERRILL  LYNCH  BUSINESS  FINANCIAL  SERVICES  INC.  ("MLBFS");  and

"FURTHER  RESOLVED, that the President, any Vice President, Treasurer, Secretary
or other officer of this Corporation, or any one or more of them, be and each of
them  hereby  is  authorized and empowered for and on behalf of this Corporation
to:  (a)  execute  and  deliver  to  MLBFS: (i) an Unconditional Guaranty of the
obligations  of  Customer,  (ii) any other agreements, instruments and documents
required  by  MLBFS  in connection therewith, including, without limitation, any
agreements,  instruments and documents evidencing liens or security interests on
any  of  the  property  of this Corporation as collateral for said Unconditional
Guaranty  and/or  fie obligations of Customer to MLBFS, and (iii) any present or
future  amendments  to  any  of  the foregoing; all in such form as such officer
shall  approve, as evidenced by his signature thereon; and (b) to do and perform
all such acts and things deemed by any such officer to be necessary or advisable
to carry out and perform the undertakings and agreements of this Corporation set
forth therein; and all prior acts of each of said officers in these premises are
hereby  ratified  and  confirmed;  and

"FURTHER  RESOLVED,  that  MLBFS  is  authorized  to  rely  upon  the  foregoing
resolutions until it receives written notice of any change or revocation from an
authorized  officer of this Corporation, which change or revocation shall not in
any  event  affect  the  obligations  of  this  Corporation  with respect to any
transaction  conditionally  agreed  or  committed  to  by  MLBFS  or  having its
inception  prior  to  the  receipt  of  such  notice  by  MLBFS."

THE  UNDERSIGNED  FURTHER CERTIFIES that: (a) the foregoing resolutions have not
been rescinded, modified or repealed in any manner, are not in conflict with any
agreement of said Corporation and are in full force and effect as of the date of
this Certificate, and (b) the following individuals are now the duly elected and
acting  officers  of said Corporation and THE SIGNATURES SET FORTH BELOW ARE THE
TRUE  SIGNATURES  OF  SAID  OFFICERS:

     President: _____________________________________________________


     Vice President: ________________________________________________


     Treasurer: _____________________________________________________


     Secretary: _____________________________________________________

     ________________;  _____________________________________________
     Additional Tide

IN  WITNESS  WHEREOF,  the  undersigned  has  executed  this Certificate and has
affixed  the seal of said corporation hereto, pursuant to due authorization, all
as  of  this ________ day  of_________________,  2004.

(CORPORATE SEAL)
                                             ___________________________________
                                                         Secretary


                             Printed Name:   ___________________________________


<PAGE>
[GRAPHIC OMITED]
Merrill Lynch                                                 SECURITY AGREEMENT
================================================================================

SECURITY  AGREEMENT  ("Agreement")  dated  as  of  April  13,2004, between TELCO
BILLING  INC.,  a corporation organized and existing under the laws of the State
of NEVADA having its principal office at 4840 E Jasmine Street, Suite 105, Mesa,
Arizona  ("Grantor"),  and  MERRILL  LYNCH  BUSINESS  FINANCIAL SERVICES INC., a
corporation  organized  and  existing  under  the  laws of the State of Delaware
having  its  principal  office  at  222  North LaSalle Street, Chicago, IL 60601
("MLBFS").

In  order to induce MLBFS to extend or continue to extend credit to YP.NET, INC.
("Customer)  under  the  Loan Agreement (as defined below) or otherwise, and for
other  good  and valuable consideration, the receipt and sufficiency of which is
hereby  acknowledged,  Grantor  hereby  agrees  with  MLBFS  as  follows:

1.  DEFINITIONS

(a)  SPECIFIC  TERMS.  In addition to terms defined elsewhere in this Agreement,
when  used  herein  the  following  terms  shall  have  the  following meanings:

(i)  "Account  Debtor'  shall mean any party who is or may become obligated with
respect  to  an  Account  or  Chattel  Paper.

(ii)  "Bankruptcy Event" shall mean any of the following: (A) a proceeding under
any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt or
receivership  law  or  statute  shall  be  filed  or  consented to by Grantor or
Customer;  or (B) any such proceeding shall be filed against Grantor or Customer
and  shall not be dismissed or withdrawn within sixty (60) days after filing; or
(C)  Grantor  or  Customer  shall  make  a general assignment for the benefit of
creditors;  or  (D)  Grantor or Customer shall generally fail to pay or admit in
writing  its  inability  to  pay its debts as they become due; or (E) Grantor or
Customer  shall  be  adjudicated  a  bankrupt  or  insolvent.

(iii)  "Business  Day" shall mean any day other than a Saturday, Sunday, federal
holiday  or  other day on which the New York Stock Exchange is regularly closed.

(iv)  "Collateral"  shall  mean  all  Accounts,  Chattel Paper, Contract Rights,
Inventory,  Equipment,  Fixtures,  General  Intangibles,  Deposit  Accounts,
Documents,  Instruments,  Financial  Assets  and Investment Property of Grantor,
howsoever  arising,  whether  now  owned  or  existing  or hereafter acquired or
arising,  and  wherever located; together with all parts thereof (inducing spare
parts), all accessories and accessions thereto, all books and records (including
computer  records)  directly  related  thereto, all proceeds thereof (including,
without  limitation,  proceeds  in the form of Accounts and insurance proceeds),
and  the  additional  collateral  described  in  Section  7  (b)  hereof.

(v)  "Default" shall mean an "Event of Default", as defined in Section 6 hereof,
or  any  event  which with the giving of notice, passage of time, or both, would
constitute  such  an  Event  of  Default.

(vi)  "Loan  Agreement" shall mean that certain WCMA LOAN AND SECURITY AGREEMENT
NO.  412-02104  between  MLBFS  and  Customer,  together  with  all  agreements,
instruments  and  documents executed pursuant thereto, as any or all of the same
may  from  time  to  time  be  or  have  been  amended,  restated,  extended  or
supplemented.

(vii)  "Location  of  Tangible Collateral" shall mean the address of Grantor set
forth  at  the  beginning  of this Agreement, together with any other address or
addresses  set  forth  on  any  exhibit  hereto  as being a Location of Tangible
Collateral.

(viii)  "Obligations"  shall  mean  all  liabilities,  indebtedness  and  other
obligations  of  Customer  or  Grantor  to  MLBFS, howsoever created, arising or
evidenced,  whether  now  existing  or  hereafter  arising,  whether  direct  or
indirect,  absolute or contingent, due or to become due, primary or secondary or
joint  or  several,  and, without limiting the foregoing, shall include interest
accruing  after  the  filing  of any petition in bankruptcy, and all present and
future  liabilities,  indebtedness  and  obligations  of Customer under the Loan
Agreement  and  the  agreements,  instruments  and  documents  executed pursuant
thereto,  and  of  Grantor  under  this  Agreement.

(ix)  "Permitted Liens" shall mean with respect to the Collateral: (A) liens for
current taxes not delinquent; other non-consensual liens arising in the ordinary
course  of  business  for sums not due, and, if MLBFS' rights to and interest in
the Collateral are not materially and adversely affected thereby, any such liens
for  taxes  or  other  non-consensual  liens  arising  in the ordinary course of
business  being contested in good faith by appropriate proceedings; (B) liens in
favor of MLBFS; and (C) any other liens expressly permitted in writing by MLBFS.

(b)  OTHER  TERMS.  Except  as  otherwise defined herein, all terms used in this
Agreement  which  are defined in the Uniform Commercial Code of Illinois ("UCC")
shall  have  the  meanings  set  forth  in  the  UCC.

2. COLLATERAL

(a)  PLEDGE OF COLLATERAL. To secure payment and performance of the Obligations,
Grantor hereby pledges, assigns, transfers and sets over to MLBFS, and grants to
MLBFS  a  first  lien  and  security interest in and upon all of the Collateral,
subject  only  to  Permitted  Liens.

(b)  LIENS.  Except  upon  the prior written consent of MLBFS, Grantor shall not
create  or  permit  to  exist any lien, encumbrance or security interest upon or
with  respect  to  any  Collateral  now  owned  or hereafter acquired other than
Permitted  Liens.


<PAGE>
(c)  PERFORMANCE  OF  OBLIGATIONS.  Grantor shall perform all of its obligations
owing  on account of or with respect to the Collateral; it being understood that
nothing  herein,  and  no  action  or inaction by MLBFS, under this Agreement or
otherwise,  shall  be  deemed  an  assumption  by MLBFS of any of Grantor's said
obligations.

(d)  NOTICE  OF CERTAIN EVENTS. Grantor shall give MLBFS immediate notice of any
attachment,  lien, judicial process, encumbrance or claim affecting or involving
$25,000.00  or  more  of  the  Collateral.

(e) INDEMNIFICATION Grantor shall indemnify, defend and save MLBFS harmless from
and  against  any  and  all  claims, losses, costs, expenses (including, without
limitation,  reasonable  attorneys'  fees  and  expenses), demands, liabilities,
penalties,  fines and forfeitures of any nature whatsoever which may be asserted
against  or  incurred by MLBFS arising out of or in any manner occasioned by (i)
the  ownership,  use,  operation, condition or maintenance of any Collateral, or
(ii)  any  failure  by  Grantor  to  perform  any  of its obligations hereunder;
excluding,  however,  from  said indemnity any such claims, losses, etc. arising
out  of  the  willful  wrongful  act  or  active gross negligence of MLBFS. This
indemnity  shall  survive  the expiration or termination of this Agreement as to
all  matters  arising  or  accruing  prior  to  such  expiration or termination.

(f)  INSURANCE.  Grantor  shall  insure  all  of the tangible Collateral with an
insurer  or  insurers reasonably acceptable to MLBFS, under a policy or policies
of  physical  damage insurance reasonably acceptable to MLBFS providing that (i)
losses  will  be  payable  to  MLBFS  as  its interests may appear pursuant to a
Lender's  Loss Payable endorsement, and (ii) MLBFS will receive not less than 10
days  prior  written  notice  of  any  cancellation;  and  containing such other
provisions  as  may be reasonably required by MLBFS. Grantor shall maintain such
other  insurance  as  may be required by law or otherwise reasonably required by
MLBFS.  Grantor  shall  furnish  MLBFS  with  a copy or certificate of each such
policy or policies and, prior to any expiration or cancellation, each renewal or
replacement  thereof.

(g)  EVENT  OF LOSS. Grantor shall at its expense promptly repair all repairable
damage  to any tangible Collateral. In the event that any tangible Collateral is
damaged  beyond  repair,  lost,  totally  destroyed or confiscated (an "Event of
Loss") and such Collateral had a value prior to such Event of Loss of $25,000.00
or  more,  then,  on  or  before  the  first  to  occur of (i) 90 days after the
occurrence  of  such  Event  of Loss, or (ii) 10 Business Days after the date on
which either Grantor or MLBFS shall receive any proceeds of insurance on account
of  such  Event  of  Loss,  or  any  underwriter  of  insurance on such tangible
Collateral  shall  advise either Grantor or MLBFS that it disclaims liability in
respect  of  such  Event  of  Loss,  Grantor  shall, at Grantor's option, either
replace  the Collateral subject to such Event of Loss with comparable Collateral
free  of  all  liens other than Permitted Liens (in which event Grantor shall be
entitled  to  utilize the proceeds of insurance on account of such Event of Loss
for  such purpose, and may retain any excess proceeds of such insurance), or pay
to  MLBFS on account of the Obligations an amount equal to the actual cash value
of  such  Collateral  as determined by either the applicable insurance company's
payment  (plus  any  applicable  deductible) or, in absence of insurance company
payment, as reasonably determined by MLBFS. Notwithstanding the foregoing, if at
the  time  of  occurrence  of such Event of Loss or any time thereafter prior to
replacement  or  payment,  as aforesaid, an Event of Default shall have occurred
and  be  continuing hereunder, then MLBFS may at its sole option, exercisable at
any  time  while  such  Event of Default shall be continuing, require Grantor to
either  replace such Collateral or make a payment on account of the Obligations,
as  aforesaid.

(h)  SALES  AND  COLLECTIONS. So long as no Event of Default shall have occurred
and  be continuing, Grantor may in the ordinary course of its business: (i) sell
any  Inventory  normally  held  by  Grantor  for  sale,  (ii) use or consume any
materials  and  supplies  normally  held  by Grantor for use or consumption, and
(ill)  collect  all of its Accounts. Grantor shall take such action with respect
to  protection  of  its Inventory and the other Collateral and the collection of
its  Accounts  as  MLBFS  may  from  time  to  time  reasonably  request.

(i)  ACCOUNT  SCHEDULES.  Upon  the request of MLBFS, made now or at any time or
times  hereafter,  Grantor  shall  deliver  to  MLBFS,  in addition to the other
information required hereunder, a schedule identifying, for each Account and all
Chattel  Paper  subject  to  MLBFS'  security  interests hereunder, each Account
Debtor  by name and address and amount, invoice number and date of each invoice.
Grantor  shall  furnish to MLBFS such additional information with respect to the
Collateral,  and  amounts  received  by  Grantor  as  proceeds  of  any  of  the
Collateral,  as  MLBFS  may  from  time  to  time  reasonably  request.

(j)  LOCATION.  Except  for  movements  in  the ordinary course of its business,
Grantor  shall  give  MLBFS  30  days' prior written notice of the placing at or
movement  of  any  tangible  Collateral to any location other than a Location of
Tangible  Collateral.  In  no  event  shall Grantor cause or permit any tangible
Collateral  to  be  removed  from  the  United  States without the express prior
written  consent  of  MLBFS.

(k) ALTERATIONS AND MAINTENANCE. Except upon the prior written consent of MLBFS,
Grantor  shall  not  make  or  permit  any  material alterations to any tangible
Collateral  which might materially reduce or impair its market value or utility.
Grantor  shall  at  all times keep the tangible Collateral in good condition and
repair and shall pay or cause to be paid all obligations arising from the repair
and  maintenance  of such Collateral, as well as all obligations with respect to
each  Location  of  Tangible  Collateral,  except for any such obligations being
contested  by  Grantor  in  good  faith  by  appropriate  proceedings.

3. REPRESENTATIONS AND WARRANTIES

Grantor represents and warrants to MLBFS that:

(a)  ORGANIZATION.  Grantor is a corporation duly organized and validly existing
in  good  standing under the laws of the State of Nevada, and is qualified to do
business  and  in  good  standing  in  each  other state where the nature of its
business  or  the  property  owned  by  it  make  such  qualification necessary.

(b) EXECUTION, DELIVERY AND PERFORMANCE. The execution, delivery and performance
by  Grantor of this Agreement have been duly authorized by all requisite action,
do  not  and  will  not  violate  or conflict with any law or other governmental
requirement,  or any of the agreements, instruments or documents which formed or
governed  Grantor,  and  do  not  and  will  not  breach  or  violate any of the
provisions  of,  and  will  not  result in a default by Grantor under, any other
agreement,  instrument  or document to which it is a party or by which it or its
properties  are  bound.


                                      -2-
<PAGE>
(c)  NOTICE  OR CONSENT. Except as may have been given or obtained, no notice to
or  consent  or  approval  of  any governmental body or authority or other third
party whatsoever (including, without limitation, any other creditor) is required
in  connection  with  the  execution, delivery or performance by Grantor of this
Agreement.

(d) VALID AND BINDING. This Agreement is the legal, valid and binding obligation
of  Grantor,  enforceable  against  it  in  accordance with its terms, except as
enforceability may be limited by bankruptcy and other similar laws affecting the
rights  of  creditors  generally  or  by  general  principles  of  equity.

(e)  FINANCIAL  STATEMENTS. Except as expressly set forth in Grantor's financial
statements,  all  financial  statements  of Grantor furnished to MLBFS have been
prepared  in  conformity  with  generally  accepted  accounting  principles,
consistently  applied,  are  true  and correct, and fairly present the financial
condition  of  it  as  at  such  dates and the results of its operations for the
periods  then  ended;  and  since the most recent date covered by such financial
statements,  there  has  been  no  material adverse change in any such financial
condition  or  operation.

(f)  LITIGATION, ETC. No litigation, arbitration, administrative or governmental
proceedings are pending or threatened against Grantor, which would, if adversely
determined, materially and adversely affect the financial condition or continued
operations  of  Grantor, or the liens and security interests of MLBFS hereunder.

(g)  TAXES.  All  federal,  state  and local tax returns, reports and statements
required  to  be  filed  by  Grantor  have  been  filed  with  the  appropriate
governmental  agencies and all taxes due and payable by Grantor have been timely
paid  (except  to  the  extent  that  any  such  failure to file or pay will not
materially and adversely affect either the liens and security interests of MLBFS
hereunder  or  the  financial  condition  or  continued  operations of Grantor).

(h)  COLLATERAL.  Grantor  has good and marketable title to the Collateral, and,
except  for  any  Permitted  Liens: (i) none of the Collateral is subject to any
lien,  encumbrance or security interest, and (ii) upon the filing of all Uniform
Commercial  Code  financing  statements  executed by Grantor with respect to the
Collateral or a copy of this Agreement in the appropriate jurisdiction(s) and/or
the completion of any other action required by applicable law to perfect is lien
and  security  interests,  MLBFS  will  have valid and perfected first liens and
security  interests  upon  all  of  the  Collateral.

Each of the foregoing representations and warranties has been and will be relied
upon  as an inducement to MLBFS to advance funds or extend or continue to extend
credit  to  Customer,  and  is  continuing and shall be deemed remade by Grantor
concurrently with each such advance or extension of credit by MLBFS to Customer.

4. FINANCIAL AND OTHER INFORMATION

Grantor  covenants and agrees that Grantor will furnish or cause to be furnished
to  MLBFS during the term of this Agreement such financial and other information
as  may  be  required by the Loan Agreement or any other document evidencing the
Obligations  or  as  MLBFS  may from time to time reasonably request relating to
Grantor  or  the  Collateral.

5. OTHER COVENANTS

Grantor further agrees during the term of this Agreement that:

(a)  FINANCIAL  RECORDS;  INSPECTION.  Grantor  will:  (i) maintain complete and
accurate  books and records at its principal place of business, and maintain all
of  its  financial  records in a manner consistent with the financial statements
heretofore  furnished  to  MLBFS,  or  prepared  on  such  other basis as may be
approved  in  writing  by  MLBFS;  and  (ii) permit MLBFS or its duly authorized
representatives,  upon reasonable notice and at reasonable times, to inspect its
properties  (both  real  and  personal),  operations,  books  and  records.

(b)  TAXES.  Grantor  will  pay  when  due  all  taxes,  assessments  and  other
governmental  charges,  howsoever  designated,  and  all  other  liabilities and
obligations,  except  to  the  extent  that  any  such  failure  to pay will not
materially and adversely affect either the liens and security interests of MLBFS
hereunder,  or  the  financial  condition  or  continued  operations of Grantor.

(c)  COMPLIANCE  WITH  LAWS  AND  AGREEMENTS.  Grantor will not violate any law,
regulation or other governmental requirement, any judgment or order of any court
or governmental agency or authority, or any agreement, instrument or document to
which  it  is  a  party  or  by  which  it  is bound, if any such violation will
materially and adversely affect either the liens and security interests of MLBFS
hereunder,  or  the  financial  condition  or  continued  operations of Grantor.

(d)  NOTIFICATION  BY  GRANTOR.  Grantor shall provide MLBFS with prompt written
notification  of:  (i)  any  Default;  (ii) any materially adverse change in the
business,  financial  condition  or operations of Customer or Grantor; and (ill)
any  information  which  indicates  that any financial statements of Customer or
Grantor  fail  in any material respect to present fairly the financial condition
and  results  of  operations  purported to be presented in such statements. Each
notification  by  Grantor pursuant hereto shall specify the event or information
causing  such  notification,  and,  to  the extent applicable, shall specify the
steps  being  taken  to  rectify  or  remedy  such  event  or  information.

(e)  NOTICE  OF  CHANGE  Grantor  shall  give  MLBFS not less than 30 days prior
written  notice  of  any  change  in the name (including any fictitious name) or
principal  place  of  business  of  Grantor.

(f)  CONTINUITY.  Except  upon the prior written consent of MLBFS, which consent
will  not  be  unreasonably  withheld:  (i)  Grantor shall not be a party to any
merger  or  consolidation  with,  or  purchase  or  otherwise  acquire  all  or
substantially  all  of  the assets of, or any material stock, partnership, joint
venture  or other equity interest in, any person or entity, or sell, transfer or
lease all or any substantial part of its assets, if any such action would result
in either: (A) a material change in the principal business, ownership or control
of  Grantor,  or  (B)  a  material  adverse change in the financial condition or
operations  of  Grantor;  (ii)  Grantor  shall  preserve  its existence and good
standing  in  the  jurisdiction(s) of establishment and operation; (iii) Grantor
shall  not  engage  in  any  material


                                      -3-
<PAGE>
business  substantially  different from its business in effect as of the date of
application  by  Customer  for  credit  from  MLBFS, or cease operating any such
material  business;  (iv)  Grantor shall not cause or permit any other person or
entity  to  assume or succeed to any material business or operations of Grantor;
and  (iv)  Grantor  shall  not  cause  or  permit  any  material  change  in its
controlling  ownership.

6. EVENTS OF DEFAULT

The  occurrence  of  any  of  the following events shall constitute an "Event of
Default"  under  this  Agreement:

(a)  EVENT  OF DEFAULT UNDER ANY LOAN AGREEMENT. An Event of Default shall occur
under  the  terms  of  the  Loan  Agreement.

(b)  FAILURE  TO PERFORM. Grantor shall default in the performance or observance
of  any covenant or agreement on its part to be performed or observed under this
Agreement  (not  constituting an Event of Default under any other clause of this
Section),  and such default shall continue unremedied for 10 Business Days after
written  notice  thereof  shall  have  been  given  by  MLBFS  to  Grantor.

(c) BREACH OF WARRANTY. Any representation or warranty made by Grantor contained
in this Agreement shall at any time prove to have been incorrect in any material
respect  when  made.

(d)  DEFAULT  UNDER  OTHER  AGREEMENT.  A default or Event of Default by Grantor
shall  occur under the terms of any other agreement, instrument or document with
or  intended  for  the  benefit  of MLBFS, Merrill Lynch, Pierce, Fenner & Smith
Incorporated  ("MLPF&S")  or  any  of  their affiliates, and any required notice
shall  have  been  given  and  required  passage  of  time  shall  have elapsed.

(e)  SEIZURE  OR  ABUSE  OF  COLLATERAL.  The  Collateral,  or any material part
thereof,  shall  be  or  become  subject  to  any  levy,  attachment, seizure or
confiscation  which  is  not  released  within  10  Business  Days.

(f)  BANKRUPTCY  EVENT.  Any  Bankruptcy  Event  shall  occur.

(g)  MATERIAL  IMPAIRMENT.  Any  event  shall occur which shall reasonably cause
MLBFS  to  in  good faith believe that the prospect of payment or performance by
Grantor  has  been  materially  impaired.  The  existence  of  such  a  material
impairment shall be determined in a manner consistent with the intent of Section
1-208  of  the  UCC.

(h) ACCELERATION OF DEBT TO OTHER CREDITORS. Any event shall occur which results
in  the  acceleration of the maturity of any indebtedness of $100,000.00 or more
of  Grantor  to another creditor under any indenture, agreement, undertaking, or
otherwise.

7. REMEDIES

(a)  REMEDIES UPON DEFAULT Upon the occurrence and during the continuance of any
Event  of Default, MLBFS may at its sole option do any one or more or all of the
following,  at  such  time and in such order as MLBFS may in its sole discretion
choose:

(i)  ACCELERATION.  MLBFS  may  declare  all Obligations to be forthwith due and
payable,  whereupon  all  such  amounts  shall  be  immediately due and payable,
without  presentment,  demand for payment, protest and notice of protest, notice
of  dishonor,  notice  of  acceleration, notice of intent to accelerate or other
notice  or  formality  of  any  kind,  all of which are hereby expressly waived;
provided,  however,  that  upon  the  occurrence  of  any  Bankruptcy  Event all
Obligations shall automatically become due and payable without any action on the
part  of  MLBFS.

(ii)  EXERCISE  RIGHTS  OF  SECURED  PARTY. MLBFS may exercise any or all of the
remedies of a secured party under applicable law, including, but not limited to,
the  UCC,  and any or all of its other rights and remedies under this Agreement.

(iii)  POSSESSION.  MLBFS  may  require  Grantor  to make the Collateral and the
records pertaining to the Collateral available to MLBFS at a place designated by
MLBFS  which  is reasonably convenient to Grantor, or may take possession of the
Collateral  and  the records pertaining to the Collateral without the use of any
judicial  process  and  without  any  prior  notice  to  Grantor.

(iv) SALE. MLBFS may sell any or all of the Collateral at public or private sale
upon  such  terms  and conditions as MLBFS may reasonably deem proper, and MLBFS
may purchase any Collateral at any such public sale; and the net proceeds of any
such public or private sale and all other amounts actually collected or received
by MLBFS pursuant hereto, after deducting all costs and expenses incurred at any
time  in the collection of the Obligations and in the protection, collection and
sale  of the Collateral, will be applied to the payment of the Obligations, with
any  remaining proceeds paid to Grantor or whoever else may be entitled thereto,
and with Customer and each guarantor of Customer's obligations remaining jointly
and  severally  liable  for  any amount remaining unpaid after such application.

(v)  DELIVERY  OF CASH, CHECKS, ETC. MLBFS may require Grantor to forthwith upon
receipt,  transmit  and deliver to MLBFS in the form received, all cash, checks,
drafts  and other instruments for the payment of money (properly endorsed, where
required, so that such items may be collected by MLBFS) which may be received by
Grantor  at  any  time in full or partial payment of any Collateral, and require
that  Grantor  not  commingle any such items which may be so received by Grantor
with any other of its funds or property but instead hold them separate and apart
and  in  trust  for  MLBFS  until  delivery  is  made  to  MLBFS.

(vi)  NOTIFICATION  OF ACCOUNT DEBTORS. MLBFS may notify any Account Debtor that
its  Account or Chattel Paper has been assigned to MLBFS and direct such Account
Debtor to make payment directly to MLBFS of all amounts due or becoming due with
respect  to  such  Account  or  Chattel Paper; and MLBFS may enforce payment and
collect,  by  legal  proceedings  or  otherwise,  such Account or Chattel Paper.


                                      -4-
<PAGE>
(vii)  CONTROL  OF  COLLATERAL.  MLBFS  may otherwise take control in any lawful
manner of any cash or non-cash Items of payment or proceeds of Collateral and of
any  rejected, returned, stopped in transit or repossessed goods included in the
Collateral and endorse Grantor name on any item of payment on or proceeds of the
Collateral,  and,  in  connection  therewith,  MLBFS  may  notify  the  postal
authorities  to  change the address for delivery of mail addressed to Grantor to
such  address  as  MLBFS  may  designate.

(b)  SET-OFF.  MLBFS shall have the further right upon the occurrence and during
the  continuance  of an Event of Default to setoff, appropriate and apply toward
payment  of  any  of  the Obligations, in such order of application as MLBFS may
from  time to time and at any time elect, any cash, credits, deposits, accounts,
financial  assets,  investment  property,  securities  and any other property of
Grantor  which  is  in  transit  to  or in the possession, custody or control of
MLBFS,  MLPF&S  or  any  agent, bailee, or affiliate of MLBFS or MLPF&S. Grantor
hereby  collaterally assigns and grants to MLBFS a security interest in all such
property  as  additional  Collateral.

(c)  POWER OF ATTORNEY. Effective upon the occurrence and during the continuance
of  an  Event  of  Default,  Grantor  hereby  irrevocably  appoints MLBFS as its
attorney-in-fact, with full power of substitution, in its place and stead and in
its name or in the name of MLBFS, to from time to time in MLBFS' sole discretion
take  any action and to execute any instrument which MLBFS may deem necessary or
advisable  to  accomplish  the  purposes  of  this Agreement, including, but not
limited  to,  to  receive,  endorse  and  collect  all  checks, drafts and other
instruments  for  the  payment  of money made payable to Grantor included in the
Collateral.

(d)  REMEDIES  ARE  SEVERABLE  AND  CUMULATIVE. All rights and remedies of MLBFS
herein  are  severable  and  cumulative  and in addition to all other rights and
remedies  available  at law or in equity, and any one or more of such rights and
remedies  may  be  exercised simultaneously or successively. Any notice required
under  this  Agreement  or  under  applicable law shall be deemed reasonably and
properly  given  to Grantor if given at the address and by any of the methods of
giving notice set forth in this Agreement at least 5 Business Days before taking
any  action  specified  in  such  notice.

(e)  NOTICES.  To the fullest extent permitted by applicable law, Grantor hereby
irrevocably  waives  and  releases MLBFS of and from any and all liabilities and
penalties for failure of MLBFS to comply with any statutory or other requirement
imposed  upon MLBFS relating to notices of sale, holding of sale or reporting of
any  sale, and Grantor waives all rights of redemption or reinstatement from any
such  sale.  MLBFS shall have the right to postpone or adjourn any sale or other
disposition  of  Collateral  at  any  time  without  giving  notice  of any such
postponed  or adjourned date. In the event MLBFS seeks to take possession of any
or all of the Collateral by court process, Grantor further irrevocably waives to
the  fullest  extent  permitted  by  law  any  bonds  and any surety or security
relating thereto required by any statute, court rule or otherwise as an incident
to  such  possession, and any demand for possession prior to the commencement of
any  suit  or  action.

8. MISCELLANEOUS

(a)  NON-WAIVER.  No  failure  or  delay  on the part of MLBFS in exercising any
right,  power  or  remedy  pursuant  to this Agreement shall operate as a waiver
thereof,  and  no  single or partial exercise of any such right, power or remedy
shall  preclude  any  other  or further exercise thereof, or the exercise of any
other  right,  power  or  remedy.  Neither  any  waiver of any provision of this
Agreement,  nor  any  consent  to  any  departure by Grantor therefrom, shall be
effective unless the same shall be in writing and signed by MLBFS. Any waiver of
any provision of this Agreement and any consent to any departure by Grantor from
the terms of this Agreement shall be effective only in the specific instance and
for the specific purpose for which given. Except as otherwise expressly provided
herein,  no  notice to or demand on Grantor shall in any case entitle Grantor to
any  other  or  further  notice  or  demand  in  similar or other circumstances.

(b)  COMMUNICATIONS.  All notices and other communications required or permitted
hereunder  shall be in writing, and shall be either delivered personally, mailed
by  postage  prepaid  certified  mail or sent by express overnight courier or by
facsimile.  Such  notices  and communications shall be deemed to be given on the
date  of  personal  delivery,  facsimile  transmission  or  actual  delivery  of
certified  mail,  or  one  Business  Day  after delivery to an express overnight
courier.  Unless otherwise specified in a notice sent or delivered in accordance
with  the  terms  hereof,  notices  and other communications in writing shall be
given  to  the  parties  hereto  at  their respective addresses set forth at the
beginning  of this Agreement, and, in the case of facsimile transmission, to the
parties  at  their  respective  regular  facsimile  telephone  number.

(c)  COSTS, EXPENSES AND TAXES. Grantor shall pay or reimburse MLBFS upon demand
for:  (i)  all  Uniform  Commercial  Code  filing  and  search fees and expenses
incurred  by  MLBFS  in  connection  with  the  verification,  perfection  or
preservation  of  MLBFS' rights hereunder or in the Collateral; (ii) any and all
stamp,  transfer and other taxes and fees payable or determined to be payable in
connection  with the execution, delivery and/or recording of this Agreement; and
(iii) all reasonable fees and out-of-pocket expenses (including, but not limited
to,  reasonable  fees  and  expenses  of  outside  counsel) incurred by MLBFS in
connection  with  the  enforcement of this Agreement or the protection of MLBFS'
rights hereunder, excluding, however, salaries and expenses of MLBFS' employees.
The  obligations of Grantor under this paragraph shall survive the expiration or
termination  of  this  Agreement  and  the  discharge  of the other Obligations.

(d)  RIGHT  TO PERFORM OBLIGATIONS. If Grantor shall fail to do any act or thing
which  it  has  covenanted  to  do under this Agreement or any representation or
warranty  on  the part of Grantor contained in this Agreement shall be breached,
MLBFS  may, in its sole discretion, after 5 Business Days written notice is sent
to  Grantor  (or such lesser notice, including no notice, as is reasonable under
the  circumstances),  do  the  same  or  cause  it to be done or remedy any such
breach,  and  may  expend  its  funds  for  such purpose. Any and all reasonable
amounts so expended by MLBFS shall be repayable to MLBFS by Grantor upon demand,
with  interest at the highest "Interest Rate" under the Loan Agreement under the
Loan  Agreement,  or  the  highest  interest rate permitted by law, whichever is
less,  during  the  period  from and including the date funds are so expended by
MLBFS  to  the date of repayment, and any such amounts due and owing MLBFS shall
be  additional  Obligations.  The  payment  or  performance  by  MLBFS of any of
Grantor's obligations hereunder shall not relieve Grantor of said obligations or
of  the  consequences of having failed to pay or perform the same, and shall not
waive  or  be  deemed  a  cure  of  any  Default.


                                      -5-
<PAGE>
(e) FURTHER ASSURANCES. Grantor agrees to do such further acts and things and to
execute  and  deliver  to  MLBFS  such  additional  agreements,  instruments and
documents  as  MLBFS  may reasonably require or deem advisable to effectuate the
purposes  of  this  Agreement,  or  to  establish,  perfect  and maintain MLBFS'
security interests and liens upon the Collateral, including, but not limited to:
(i)  executing financing statements or amendments thereto when and as reasonably
requested  by  MLBFS;  and  (ii)  if  in  the reasonable judgment of MLBFS it is
required by local law, causing the owners and/or mortgagees of the real property
on  which  any Collateral may be located to execute and deliver to MLBFS waivers
or subordinations reasonably satisfactory to MLBFS with respect to any rights in
such  Collateral.

(f)  BINDING  EFFECT.  This  Agreement  shall  be  binding  upon Grantor and its
successors  and  assigns,  and  shall  inure  to  the  benefit  of MLBFS and its
successors  and  assigns.

(g)  HEADINGS. Captions and section and paragraph headings in this Agreement are
inserted  only  as  a  matter  of  convenience,  and  shall  not  affect  the
interpretation  hereof.

(h)  GOVERNING LAW. This Agreement shall be governed in all respects by the laws
of  the  State  of  Illinois.

(i)  SEVERABILITY  OF  PROVISIONS.  Whenever  possible,  each  provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable  law.  Any  provision  of  this  Agreement  which  is  prohibited  or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
only  to the extent of such prohibition or unenforceability without invalidating
the  remaining  provisions  of  this  Agreement  or  affecting  the  validity or
enforceability  of  such  provision  in  any  other  jurisdiction.

(j)  TERM.  This Agreement shall become effective upon acceptance by MLBFS, and,
subject  to  the  terms  hereof,  shall continue in effect so long thereafter as
either MLBFS shall be committed to advance funds or extend credit to Customer or
there  shall  be  any  Obligations  outstanding.

(k)  COUNTERPARTS.  This  Agreement  may be executed in one or more counterparts
which,  when  taken  together,  constitute  one  and  the  same  agreement.

(l)  JURISDICTION;  WAIVER.  GRANTOR  ACKNOWLEDGES  THAT THIS AGREEMENT IS BEING
ACCEPTED  BY  MLBFS  IN PARTIAL CONSIDERATION OF MLBFS' RIGHT AND OPTION, IN ITS
SOLE DISCRETION, TO ENFORCE THIS AGREEMENT IN EITHER THE STATE OF ILLINOIS OR IN
ANY  OTHER  JURISDICTION WHERE GRANTOR OR ANY COLLATERAL FOR THE OBLIGATIONS MAY
BE  LOCATED.  GRANTOR IRREVOCABLY SUBMITS ITSELF TO JURISDICTION IN THE STATE OF
ILLINOIS  AND VENUE IN ANY STATE OR FEDERAL COURT IN THE COUNTY OF COOK FOR SUCH
PURPOSES, AID GRANTOR WAIVES ANY AND ALL RIGHTS TO CONTEST SAID JURISDICTION AND
VENUE  AND  THE  CONVENIENCE OF ANY SUCH FORUM, AND ANY AND ALL RIGHTS TO REMOVE
SUCH  ACTION  FROM  STATE TO FEDERAL COURT. GRANTOR FURTHER WAIVES ANY RIGHTS TO
COMMENCE  ANY  ACTION  AGAINST MLBFS IN ANY JURISDICTION EXCEPT IN THE COUNTY OF
COOK  AND  STATE  OF ILLINOIS. MLBFS AND GRANTOR HEREBY EACH EXPRESSLY WAIVE ANY
AND  ALL  RIGHTS  TO  A  TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT  BY  EITHER  OF  THE PARTIES AGAINST THE OTHER PARTY WITH RESPECT TO ANY
MATTER  RELATING  TO,  ARISING  OUT  OF  OR  IN  ANY WAY CONNECTED WITH THE LOAN
AGREEMENT,  THIS  AGREEMENT AND/OR ANY OF THE TRANSACTIONS WHICH ARE THE SUBJECT
MATTER OF THE LOAN AGREEMENT OR THIS AGREEMENT. GRANTOR FURTHER WAIVES THE RIGHT
TO  BRING  ANY  NON-COMPULSORY  COUNTERCLAIMS.

(m) INTEGRATION. THIS WRITTEN AGREEMENT CONSTITUTES THE ENTIRE UNDERSTANDING AND
REPRESENTS  THE FULL AND FINAL AGREEMENT BETWEEN THE PARTIES WITH RESPECT TO THE
SUBJECT  MATTER HEREOF, AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR WRITTEN
AGREEMENTS  OR  PRIOR,  CONTEMPORANEOUS  OR  SUBSEQUENT  ORAL  AGREEMENTS OF THE
PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. NO AMENDMENT OR
MODIFICATION  OF THIS AGREEMENT SHALL BE EFFECTIVE UNLESS IN A WRITING SIGNED BY
BOTH  MLBFS  AND  GRANTOR.

IN  WITNESS  WHEREOF,  this  Agreement  has been executed as of the day and year
first  above  written.

TELCO BILLING INC.


By:___________________________________________________________

         Signature (1)                  Signature (2)


______________________________________________________________
         Printed Name                   Printed Name


______________________________________________________________
            Title                           Title


                                      -6-
<PAGE>
Accepted at Chicago, Illinois:
MERRILL LYNCH BUSINESS FINANCIAL
SERVICES INC.


By: _________________________________


                                      -7-
<PAGE>
                                    EXHIBIT A
ATTACHED TO AND HEREBY MADE A PART OF SECURITY AGREEMENT NO. 412-02104 BETWEEN
MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC. AND TELCO BILLING INC.
================================================================================


LOCATIONS OF TANGIBLE COLLATERAL:


<PAGE>
[GRAPHIC OMITED]
Merrill Lynch                                 LANDLORD'S SUBORDINATION AGREEMENT
================================================================================

The  undersigned  LANDLORD  is the record owner and lessor to TELCO BILLING INC.
("Tenant")  of the real property commonly known as 4840 E. JASMINE STREET, SUITE
105,  MESA,  ARIZONA  85205  (the  "Premises").

Landlord  has  been  advised that MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.
("MLBFS") has or is about to lend moneys to, extend or continue to extend credit
to  or  for  the benefit of, or enter into another financial accommodation with,
Tenant,  or  for  the  benefit  of  a  third  party based upon the credit and/or
collateral  of Tenant, and in connection therewith that Tenant has granted or is
about  to  grant  to  MLBFS  a security interest in, among other collateral, tie
following  property  of  Tenant;  to  wit:

     all accounts receivable, equipment, inventory, removable trade fixtures and
     other  tangible  and intangible personal property now or hereafter owned by
     Tenant  ("MLBFS'  Collateral").

Among  other  conditions  thereof,  MLBFS has required that Landlord execute and
deliver  this  Agreement.

Accordingly,  and  for  valuable  consideration,  the receipt and sufficiency of
which  is  hereby  acknowledged,  Landlord  hereby  agrees  as  follows:

1.  Landlord  hereby  subordinates for the benefit of MLBFS, and with respect to
all  present  and future obligations of or secured by Tenant to MLBFS, any right
or  interest  in MLBFS' Collateral which, but for this Agreement, would or might
be  prior  to the security interests of MLBFS, as aforesaid; and Landlord agrees
so  long  as  Tenant shall be obligated to MLBFS, it will not, without the prior
consent  of  MLBFS,  exercise any right under local law to levy or distrain upon
any  of  MLBFS'  Collateral.

2.  Landlord  further agrees that in the event that MLBFS shall at any time seek
to  take  possession  of or remove all or any part of MLBFS' Collateral from the
Premises,  Landlord will not hinder the same or interfere or object thereto, and
Landlord  hereby  consents  to MLBFS' entry upon the Premises for such purposes;
provided,  however,  that:  (i) any such removal shall be made during reasonable
business  hours;  (ii)  MLBFS  shall  not,  without the prior written consent of
Landlord,  conduct  any  public or auction sale on the Premises; and (iii) MLBFS
shall  promptly at its expense repair any damage to the Premises directly caused
by  any  such  removal  by  MLBFS  or  its  agents of MLBFS' Collateral from the
Premises.

This  Agreement shall be binding upon and shall inure to the benefit of Landlord
and  it  successors,  assigns,  heirs  and/or  personal  representatives,  as
applicable,  and  MLBFS  and  its  successors  and  assigns.

Dated as of April 13,2004.


LANDLORD: ____________________________________________________


By:___________________________________________________________

         Signature (1)                  Signature (2)


______________________________________________________________
         Printed Name                   Printed Name


______________________________________________________________
            Title                           Title


<PAGE>
[GRAPHIC OMITED]
Merrill Lynch                                             COMPLIANCE CERTIFICATE
================================================================================

To:  Merrill Lynch Business Financial Services Inc. ("MLBFS")
     222 North LaSalle Street
     17* Floor
     Chicago, IL 60601

The  undersigned,  on  behalf  of YP.NET, INC. ("Customer"), hereby certifies to
MLBFS  that:  (i)  he/she  is  an officer authorized to execute and deliver this
certificate  on  behalf  of  Customer,  and  is  familiar  with the business and
financial  condition  of  tine Customer; (ii) the financial statements delivered
with  this  Certificate  fairly  present in all material respects the results of
operations  and  financial  condition  of  Customer; and (ill) to the best of my
knowledge  and  belief,  after  reasonable  investigation, each of the following
statements  is  true and correct as of the date hereof: (a) no Event of Default,
or  event  which  with  the  giving  of  notice, passage of time, or both, would
constitute  and Event of Default, has occurred or is continuing, (b) no material
adverse  change  in  the  financial  condition  of  Customer  has occurred or is
continuing,  and  (c)  the  attached  annexations, which are hereby incorporated
herein  by  reference,  are accurate, true and correct, and do not fail to state
any material fact known (or should have been known) to Customer which would, but
for  the  lapse  of  time,  make  any such statement or calculation false in any
respect.


DATE: _________________________


YP.NET, INC.


By:___________________________________________________________

         Signature (1)                  Signature (2)


______________________________________________________________
         Printed Name                   Printed Name


______________________________________________________________
            Title                           Title


================================================================================
INSTRUCTIONS: IN ACCORDANCE WITH THE TERMS OF THE LOAN AGREEMENT (TO WHICH THIS
ORIGINAL FORM OF COMPLIANCE CERTIFICATE IS ATTACHED AS EXHIBIT B), THIS
COMPLIANCE CERTIFICATE AND THE ATTACHED ANNEXATIONS MUST BE COMPLETED BY YOU
WITHIN 45 DAYS AFTER THE CLOSE OF EACH FISCAL QUARTER MLBFS EXPECTS YOU TO MAKE
COPIES OF THIS ORIGINAL FORM OF COMPLIANCE CERTIFICATE AND SEND THEM TO MLBFS
WITHOUT NOTIFICATION OR REMINDER. ADDITIONAL COPIES WILL BE PROVIDED TO YOU UPON
REQUEST.
================================================================================


<PAGE>
                        FIXED CHARGE COVERAGE RATIO ANNEX
             TO COMPLIANCE CERTIFICATE (EXHIBIT B TO LOAN AGREEMENT)

     Customer's  "Fixed Charge Coverage Ratio" shall at all times exceed 1.50 to
     1.00.  For  purposes  hereof,  "Fixed Charge Coverage Ratio" shall mean the
     ratio  of:  (a) income before interest (including payments in the nature of
     interest  under  capital  leases),  taxes,  depreciation, amortization, and
     other  similar  non-cash  charges,  minus  any  internally financed capital
     expenditures,  to  (b) the sum of (i) any dividends and other distributions
     paid  or  payable  to  shareholders,  any  taxes paid in cash, and interest
     expense,  as  determined  on  a  trailing  12-month  basis,  plus  (ii) the
     aggregate  principal scheduled to be paid or accrued over the next 12 month
     period and the aggregate rental under capital leases schedule to be paid or
     accrued  over  the  next  12  month  period; all as set forth in Customer's
     regular  quarterly  financial  statements prepared in accordance with GAAP.

     As  of_________________(insert  quarter-end  date)  for  the prior trailing
     12-month  period:

     Net after-tax income                           $___________________________
     taxes (+)                                      $___________________________
     interest (+)                                   $___________________________
     depreciation (+)                               $___________________________
     amortization (+)                               $___________________________
     other non-cash charges (+)                     $___________________________
     internally financed capital expenditures (-)   $___________________________
(a)  Total EBITDA(=)                                $___________________________

     div./distr. to owners (+)                      $___________________________
     taxes paid in cash (+)                         $___________________________
     interest expense (+)                           $___________________________
     scheduled principal next 12 months (+)         $___________________________
     rents under capital leases next 12 months (+)  $___________________________
(b)  Total fixed charges (=)                        $___________________________

     Fixed Charge Coverage Ratio (alb) __________to 1.00


                                                     In Compliance?  Yes / No


<PAGE>
                              LEVERAGE RATIO ANNEX
             TO COMPLIANCE CERTIFICATE (EXHIBIT B TO LOAN AGREEMENT)

     Customer's  "Leverage Ratio" shall not at any time exceed 1.50 to 1.00. For
     purposes  hereof, "Leverage Ratio" shall mean the ratio of Customer's total
     liabilities to Customer's Tangible Net Worth. The term 'Tangible Net Worth"
     shall  mean  Customer's  net worth as shown on Customer's regular financial
     statements  prepared in accordance with GAAP, but excluding an amount equal
     to:  (i)  any  Intangible  Assets,  and  (ii)  any amounts now or hereafter
     directly  or  indirectly  owing  to  Customer  by officers, shareholders or
     affiliates  of Customer. "Intangible Assets" shall mean the total amount of
     goodwill,  patents,  trade  names,  trade  or  service  marks,  copyrights,
     experimental  expense,  organization expense, unamortized debt discount and
     expense,  the  excess of cost of shares acquired over book value of related
     assets,  and  such  other  assets as are properly classified as "intangible
     assets"  of  the  Customer  determined  in  accordance  with  GAAP.


     As of_________________(insert quarter-end date):

(a) Total Liabilities                             $__________________

    Beginning Total Net Worth                     $__________________

    Distributions/advances/loans to
    Shareholders, officers and affiliates (-)     $__________________

    Intangible Assets (-)                         $__________________

(b) Tangible Net Worth (=)                        $__________________

    Leverage Ratio (a/b)__________to 1.00


                                                         In Compliance? Yes / No


<PAGE>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>11
<FILENAME>ex31.txt
<DESCRIPTION>EXHIBIT 31
<TEXT>
                                                                      Exhibit 31

            CERTIFICATIONS PURSUANT TO SECTION 302 OF SARBANES-OXLEY

I, Peter J. Bergmann, Chairman, President and Chief Executive Officer of YP
Corp., certify that:

1.   I have reviewed this Quarterly Report on Form 10-QSB of YP Corp.;

2.   Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4.   The small business issuer's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small
business issuer and have;

     a)   Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the small business issuer,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;

     b)   Evaluated the effectiveness of the small business issuer's disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

     c)   Disclosed in this report any change in the small business issuer's
internal control over financial reporting that occurred during the small
business issuer's most recent fiscal quarter (the registrant's fourth fiscal
quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the small business issuer's internal
control over financial reporting; and

5.   The small business issuer's other certifying officers and I have disclosed,
based on our most recent evaluation of internal control over financial reporting
to the small business issuer's auditors and the audit committee of small
business issuer's board of directors (or persons performing the equivalent
function);

     a)   All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the small business issuer's ability to record,
process, summarize and report financial information; and

     b)   Any fraud, whether or not material, that involves management or other
employees who have a significant role in the small business issuer's internal
control over financial reporting.

Date: August 18, 2004            /s/ Peter J. Bergmann
                                 -----------------------------------------------
                                 Peter J. Bergmann
                                 Chairman, President and Chief Executive Officer
                                 (Principal Executive Officer and acting
                                 Principal Financial Officer)


<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>12
<FILENAME>ex32.txt
<DESCRIPTION>EXHIBIT 32
<TEXT>
                                                                      Exhibit 32

                              CERTIFICATION OF THE
           PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
                                   PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     I, Peter J. Bergmann, the Chairman, President, Chief Executive Officer and
acting Principal Financial officer of YP Corp., certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that the Quarterly Report of YP Corp. on Form 10-QSB for the quarter ended
June 30, 2004 fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and that information contained in such
Annual Report on Form 10-KSB fairly presents in all material respects the
financial condition and results of operations of YP Corp.

Date: August 18, 2004            /s/ Peter J. Bergmann
                                 -----------------------------------------------
                                 Peter J. Bergmann
                                 Chairman, President and Chief Executive Officer


<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>stock_certificate.jpg
<DESCRIPTION>STOCK CERTIFICATE
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
