<SEC-DOCUMENT>0001387131-19-006322.txt : 20190821
<SEC-HEADER>0001387131-19-006322.hdr.sgml : 20190821
<ACCEPTANCE-DATETIME>20190821162839
ACCESSION NUMBER:		0001387131-19-006322
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190816
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190821
DATE AS OF CHANGE:		20190821

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIONEER POWER SOLUTIONS, INC.
		CENTRAL INDEX KEY:			0001449792
		STANDARD INDUSTRIAL CLASSIFICATION:	POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS [3612]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35212
		FILM NUMBER:		191043344

	BUSINESS ADDRESS:	
		STREET 1:		400 KELBY STREET, 12TH FLOOR
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
		BUSINESS PHONE:		212-867-0700

	MAIL ADDRESS:	
		STREET 1:		400 KELBY STREET, 12TH FLOOR
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIERRA CONCEPTS, INC.
		DATE OF NAME CHANGE:	20081112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIERRA CONCEPTS
		DATE OF NAME CHANGE:	20081112
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ppsi-8k_081619.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>UNITED
STATES&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>FORM
8-K</B></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 10pt 0 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">CURRENT
REPORT</FONT></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Pursuant
to Section 13 or 15(d) of the</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>&nbsp;Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Report (Date of earliest event reported): August 16, 2019</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>PIONEER
POWER SOLUTIONS, INC.</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>27-1347616</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    of incorporation)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>400
Kelby Street, 12th Floor</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fort
Lee, New Jersey 07024&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive offices)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(212)
867-0700</B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&rsquo;s
telephone number, including area code)</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding: 1.5pt; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">Securities
                                         registered pursuant to Section 12(b) of the Act:</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><B>&nbsp;</B></FONT></P></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 36%; padding-top: 1.5pt; padding-right: 1.5pt; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><B>Title
    of each class</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-top: 1.5pt; padding-right: 1.5pt; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><B>Trading
    Symbol(s)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 46%; padding-top: 1.5pt; padding-right: 1.5pt; border-bottom: Black 1pt solid; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext"><B>Name
    of each exchange on which registered</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1.5pt 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">Common
    Stock, par value $0.001 per share</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1.5pt 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">PPSI</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt 1.5pt 6pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">Nasdaq
    Stock Market LLC (Nasdaq Capital Market)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company &#9744;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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                          2.01</b></font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Completion of Acquisition or Disposition of Assets.</b></font></td></tr></table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt; text-align: justify">As previously reported, on June 28, 2019, Pioneer
Power Solutions, Inc. (the &ldquo;Company&rdquo; or &ldquo;Pioneer Power&rdquo;) entered into a Stock Purchase Agreement, dated
as of June 28, 2019 (the &ldquo;Stock Purchase Agreement&rdquo;), by and among the Company, Electrogroup Canada, Inc., a wholly
owned subsidiary of the Company (&ldquo;Electrogroup&rdquo;), Jefferson Electric, Inc., a wholly owned subsidiary of the Company
(&ldquo;Jefferson&rdquo;), JE Mexican Holdings, Inc., a wholly owned subsidiary of the Company (&ldquo;JE Mexico,&rdquo; and together
with Electrogroup and Jefferson, the &ldquo;Disposed Companies&rdquo;), Nathan Mazurek, Pioneer Transformers L.P. (the &ldquo;US
Buyer&rdquo;) and Pioneer Acquireco ULC (the &ldquo;Canadian Buyer,&rdquo; and together with the US Buyer, the &ldquo;Buyer&rdquo;),
which was subsequently amended by Amendment No. 1 to the Stock Purchase Agreement, dated as of August 13, 2019 (the &ldquo;Amendment&rdquo;).
Pursuant to the Stock Purchase Agreement, the Company agreed to sell (i) all of the issued and outstanding equity interests of
Electrogroup to the Canadian Buyer and (ii) all of the issued and outstanding equity interests of Jefferson and JE Mexico to the
US Buyer (collectively, the &ldquo;Equity Transaction&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt; text-align: justify">On August 16,
2019, the Company completed the Equity Transaction pursuant to the terms and conditions of the Stock Purchase Agreement. As
consideration for the Disposed Companies, Buyer paid the Company a base aggregate purchase price of $68.0 million, consisting
of (i) $60.5 million of cash, (ii) the issuance by the Buyer of a subordinated promissory note to Pioneer Power in the
aggregate principal amount of $5.0 million and (iii) the issuance by the Buyer of a subordinated promissory note to Pioneer
Power in the aggregate principal amount of $2.5 million. The purchase price is subject to a customary working capital
adjustment, as described more fully in the Stock Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt; text-align: justify">The foregoing description of the Stock
Purchase Agreement and the Amendment does not purport to be complete and is qualified in its entirety by reference to the Stock
Purchase Agreement and the Amendment, copies of which were filed as Exhibit 2.1 to the Company&rsquo;s Current Reports on Form
8-K, filed with the Securities and Exchange Commission on July 1, 2019 and August 14, 2019, respectively, and are incorporated
herein by reference.</P>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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    <TD STYLE="width: 1.25in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item 9.01</b></font></td>
    <TD STYLE="width: 79%; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
    Statements and Exhibits.</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Financial
Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The Company&rsquo;s unaudited pro forma consolidated
financial information giving effect to the Equity Transaction is attached hereto as Exhibit 99.1 and is incorporated by reference
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 86%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Exhibit Number</B></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713119004719/ex2-1.htm" STYLE="-sec-extract: exhibit">2.1</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Stock Purchase Agreement, dated as of <FONT STYLE="font-family: Times New Roman, Times, Serif">June 28, 2019, by and among Pioneer Power Solutions, Inc., </FONT>Electrogroup Canada, Inc., Jefferson Electric, Inc., JE Mexican Holdings, Inc., Nathan Mazurek, Pioneer Transformers L.P. and Pioneer Acquireco ULC (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on July 1, 2019).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1449792/000138713119006046/ex2-1.htm" STYLE="-sec-extract: exhibit">2.2</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Amendment No. 1 to the Stock Purchase Agreement, dated as of August 13, 2019, by and among Pioneer Power Solutions, Inc., Electrogroup Canada, Inc., Jefferson Electric, Inc., JE Mexican Holdings, Inc., Pioneer Transformers L.P. and Pioneer Acquireco ULC (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on August 14, 2019).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><A HREF="ex99-1.htm">99.1</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Unaudited pro forma financial information of the Company.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td colspan="2" style="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>PIONEER
    POWER SOLUTIONS, inc.</b></font></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 45%; padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="width: 5%; padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="width: 50%; padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    August 21, 2019</font></td>
    <TD STYLE="padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.75pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Thomas Klink</font></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <TD STYLE="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas
    Klink</font></td></tr>
<tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="padding-right: 5.75pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></td>
    <TD STYLE="padding-right: 5.75pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE COMPANY
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><a href="ppsi-8k_081619.htm">Pioneer Power Solutions 8-K</a></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><b>Exhibit 99.1</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited
Pro Forma Condensed Consolidated Financial Statements</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
June 28, 2019, Pioneer Power Solutions, Inc. (the &ldquo;Company,&rdquo; &ldquo;Pioneer Power&rdquo; or &ldquo;PPSI&rdquo;) entered
into a Stock Purchase Agreement, dated as of June 28, 2019 (the &ldquo;Stock Purchase Agreement&rdquo;), by and among the Company,
Electrogroup Canada, Inc., a wholly owned subsidiary of the Company (&ldquo;Electrogroup&rdquo;), Jefferson Electric, Inc., a
wholly owned subsidiary of the Company (&ldquo;Jefferson&rdquo;), JE Mexican Holdings, Inc., a wholly owned subsidiary of the
Company (&ldquo;JE Mexico,&rdquo; and together with Electrogroup and Jefferson, the &ldquo;Disposed Companies&rdquo;), Nathan
Mazurek, Pioneer Transformers L.P. (the &ldquo;US Buyer&rdquo;) and Pioneer Acquireco ULC (the &ldquo;Canadian Buyer,&rdquo; and
together with the US Buyer, the &ldquo;Buyer&rdquo;), which was amended on August 13, 2019. Pursuant to the terms of the Stock
Purchase Agreement, as amended, the Company agreed to sell (i) all of the issued and outstanding equity interests of Electrogroup
to the Canadian Buyer and (ii) all of the issued and outstanding equity interests of Jefferson and JE Mexico to the US Buyer (the
&ldquo;Equity Transaction&rdquo;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
August 16, 2019, the Company completed the Equity Transaction pursuant to the terms and conditions of the Stock Purchase Agreement.
As consideration for the Disposed Companies, Buyer paid the Company a base aggregate purchase price of $68.0 million, consisting
of (i) $60.5 million of cash, (ii) the issuance by the Buyer of a subordinated promissory note to Pioneer Power in the aggregate
principal amount of $5.0 million and (iii) the issuance by the Buyer of a subordinated promissory note to Pioneer Power in the
aggregate principal amount of $2.5 million. The purchase price is subject to customary working capital adjustment, as described
more fully in the Stock Purchase Agreement. In addition, pursuant to the terms of the Stock Purchase Agreement, the Buyer will
have the right to set-off amounts owed to Pioneer Power under the $5.0 million seller note on a dollar-for-dollar basis by the
amount of any indemnifiable losses Buyer suffers as a result of certain actions or omissions by Pioneer Power or the Disposed
Companies. The Equity Transaction transferred the ownership of the dry type and liquid type transformer businesses (&ldquo;transformer
business&rdquo;) from PPSI to the Buyer. As a result, the transformer business&rsquo; historical results will be reported in PPSI&rsquo;s
consolidated financial statements as discontinued operations and in subsequent periods PPSI&rsquo;s consolidated financial statements
will no longer reflect the assets, liabilities, results of operations or cash flows attributable to the transformer business.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following unaudited pro forma condensed consolidated financial statements (&ldquo;unaudited pro forma statements&rdquo;) and explanatory
notes are based on PPSI&rsquo;s historical consolidated financial statements adjusted to give effect to the Equity Transaction.
The Unaudited Pro Forma Condensed Consolidated Statements of Operations for the six months ended June 30, 2019 and year ended
December 31, 2018 have been prepared with the assumption that the Equity Transaction occurred as of the beginning of the statement
period. The pro forma consolidated statement of operations as of December 31, 2017 has been included to present the impact of
the sale of the transformer business on continuing operations. The Unaudited Pro Forma Condensed Consolidated Balance Sheet as
of June 30, 2019 has been prepared with the assumption that the Equity Transaction was completed as of the balance sheet date.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
unaudited pro forma statements do not necessarily reflect what PPSI&rsquo;s financial condition or results of operations would
have been had the Equity Transaction occurred on the date indicated, or which may result in the future. The actual financial position
and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. The
unaudited pro forma statements have been prepared by PPSI based upon assumptions deemed appropriate by PPSI&rsquo;s management.
An explanation of certain assumptions is set forth under the Notes hereto.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
unaudited pro forma statements should be read in conjunction with the audited financial statements and the notes thereto included
in PPSI&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2018 as well as the Company&rsquo;s unaudited condensed
consolidated financial statements and notes thereto included in the Company&rsquo;s Quarterly report on Form 10-Q for the period
ended June 30, 2019.&nbsp;</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <td colspan="19" style="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Pioneer
    Power Solutions, Inc</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td colspan="19" style="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Unaudited
    Pro Forma Consolidated Balance Sheets</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td colspan="19" style="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of June 30, 2019</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-size: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-size: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-size: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <TD COLSPAN="2" STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-size: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td colspan="17" style="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of June 30, 2019</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disposition
    of</font></TD><td style="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical</font></TD><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
    (2a)</font></TD><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <TD COLSPAN="2" STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    assets</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 54%; font-size: 10pt; text-align: left; padding-left: 12px; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</font></TD><td style="width: 1%; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="width: 1%; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="width: 8%; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">496</font></TD><td style="width: 1%; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="width: 1%; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="width: 1%; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="width: 8%; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;</font></TD><td style="width: 1%; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="width: 1%; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="width: 1%; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="width: 8%; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,280</font></TD>
    <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 1%; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2</font></TD><td style="width: 1%; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</font></TD><td style="width: 1%; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="width: 1%; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="width: 8%; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,776</font></TD><td style="width: 1%; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short
    term investments</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,882</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,882</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable, net</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,332</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,397</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,935</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insurance
    receivable</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,400</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,400</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories,
    net</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,151</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,131</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,020</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
    expenses and other current assets</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,808</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">486</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,322</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current assets</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,069</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36,014</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,280</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,335</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
    plant and equipment, net</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,061</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,300</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">761</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right
    of use asset</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,928</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,928</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    income taxes</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,119</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,041</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    assets</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,826</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,326</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
    assets, net</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,480</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,377</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,526</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,557</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,969</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    assets</font></TD><td style="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,009</font></TD><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,254</font></TD><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38,780</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,535</font></TD><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES
    AND STOCKHOLDERS&rsquo; EQUITY</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    liabilities</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bank
    overdrafts</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,678</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right">&mdash;</TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,678</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revolving
    credit facilities</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,982</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap">&mdash;</TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20,982</font></TD>
    <td style="text-align: left; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td>
    <td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable and accrued liabilities</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,352</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,232</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,120</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    maturities of long-term debt and capital lease obligations</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,196</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap">&mdash;</TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,196</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td>
    <td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)*</font></TD><td style="white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></TD><td style="text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 12px; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    taxes payable</font></TD><td style="padding-bottom: 1pt; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">757</font></TD><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">655</font></TD><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,632</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2</font></TD><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</font></TD><td style="padding-bottom: 1pt; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,734</font></TD><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,965</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,887</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19,546</font></TD>
    <td style="text-align: left; vertical-align: middle"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,532</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pension
    deficit</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    long-term liabilities</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,365</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,090</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,275</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncurrent
    deferred income taxes</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,920</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,920</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">65,253</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,980</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19,546</font></TD>
    <td style="text-align: left; vertical-align: middle"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,727</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders&rsquo;
    equity</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
    stock, $0.001 par value, 5,000,000 shares authorized; none issued</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right">&mdash;</TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, $0.001 par value, 30,000,000 shares authorized; <br> 8,726,045 shares issued and outstanding on June 30, 2019 and
    December 31, 2018</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right">&mdash;</TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,974</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right">&mdash;</TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,974</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    other comprehensive loss</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,725</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right">&mdash;</TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,725</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 12px; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
    earnings (accumulated deficit)</font></TD><td style="padding-bottom: 1pt; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,502</font></TD><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><td style="padding-bottom: 1pt; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap">&mdash;</TD><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,052</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2(</font></TD><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)*</font></TD><td style="padding-bottom: 1pt; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,550</font></TD><td style="padding-bottom: 1pt; text-align: left; white-space: nowrap"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    stockholders&rsquo; equity</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,756</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,052</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,808</font></TD><td style="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities and stockholders&rsquo; equity</font></TD><td style="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,009</font></TD><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,980</font></TD><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,506</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,535</font></TD><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*The
    balances as of June 30, 2019 are net of debt issuance cost of $42.</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See the accompanying notes which are an
integral part of these unaudited pro forma condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pioneer
    Power Solutions, Inc</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    Pro Forma Consolidated Statements of Operations</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
    thousands, except per share data)</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-size: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-size: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-size: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Six Months Ended June 30, 2019</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disposition
    of</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical</font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
    (3)</font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,062</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,684</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,378</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of goods sold</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,486</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,886</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,600</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
    profit</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,576</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,798</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">778</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating expenses</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Selling,
    general and administrative</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,486</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,715</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,771</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Foreign
    exchange gain</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(491</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(491</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Total
    operating expenses</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,995</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,224</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,771</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    (loss) from continuing operations</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(419</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,574</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,993</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Interest
    expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,013</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,013</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Other (income)
    expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">513</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">465</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Gain on
    sale of subsidiary</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,207</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,207</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income before taxes</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,262</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,513</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">749</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Income
    tax expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">637</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">615</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,625</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">898</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">727</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income per common
    share:</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Basic</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Diluted</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.19</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.08</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average common
    shares outstanding:</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Basic</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,726</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,726</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Diluted</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,730</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,730</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See the accompanying notes which are an
integral part of these unaudited pro forma condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pioneer
    Power Solutions, Inc</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 10pt; font-weight: bold; text-transform: uppercase; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    Pro Forma Consolidated Statements of Operations</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
    thousands, except per share data)</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year ended December 31, 2018</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disposition
    of</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical</font></TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
    (3<font style="font-style: normal; font-weight: 700">)</font></font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">106,390</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,296</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,094</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of goods sold</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87,139</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68,906</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,233</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 24px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
    profit</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,251</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,390</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,861</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating expenses</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Selling,
    general and administrative</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,465</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,259</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,206</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Foreign
    exchange gain</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(341</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(341</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Total
    operating expenses</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,124</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,918</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,206</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loss)
    Income from continuing operations</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,873</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,472</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,345</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Interest
    expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,662</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,662</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Other expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">826</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">762</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loss) income before
    taxes</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,361</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,048</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,409</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Income
    tax expense (benefit)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">303</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">655</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(352</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    (loss) income</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,664</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,393</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,057</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss per common
    share:</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Basic</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.65</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.92</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Diluted</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.65</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.92</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average common
    shares outstanding:</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Basic</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,726</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,726</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Diluted</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,726</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,726</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See the accompanying notes which are an
integral part of these unaudited pro forma condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Pioneer
    Power Solutions, Inc</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Unaudited
    Pro Forma Consolidated Statements of Operations</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="font-size: 9pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In
    thousands, except per share data)</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year ended December 31, 2017</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disposition
    of</font></TD><TD STYLE="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historical</font></TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
    (3<font style="font-style: normal; font-weight: 700">)</font></font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114,391</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,396</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,995</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of goods sold</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Cost of
    goods sold</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95,779</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68,397</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,382</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Restructuring
    and integration</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">873</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">873</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;Total
    cost of goods sold</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">96,652</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69,270</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,382</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
    profit</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,739</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,126</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">613</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating expenses</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Selling,
    general and administrative</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,158</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,389</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,769</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Restructuring
    and integration</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">219</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">215</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Foreign
    exchange gain</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(325</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(325</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Total
    operating expenses</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,052</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,279</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,773</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loss)
    Income from continuing operations</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,313</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,847</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,160</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Interest
    expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,462</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,462</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Other expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">411</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">331</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Loss) income before
    taxes</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,186</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,767</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,953</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Income
    tax expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,039</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">431</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,608</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    (loss) income</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,225</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,336</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15,561</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss per common
    share:</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Basic</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.06</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.79</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Diluted</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.06</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.79</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average common
    shares outstanding:</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Basic</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,717</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,717</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Diluted</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,717</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,717</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">See the accompanying notes which are an
integral part of these unaudited pro forma condensed consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to Unaudited Pro Forma Condensed Consolidated Financial Statements</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
Equity Transaction</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<p style="margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The consideration payable by the
Buyer in the Equity Transaction is (i) a base cash purchase price of $60.5 million, as well as the issuance by the Buyer of a
subordinated promissory note to PPSI in the aggregate principal amount of $5.0 million (the &ldquo;First Seller Note&rdquo;) and
a subordinated promissory note to PPSI in the aggregate principal amount of $2.5 million (the &ldquo;Second Seller Note,&rdquo;
and together with the First Seller Note, the &ldquo;Seller Notes&rdquo;), in each case subject to adjustment pursuant to the terms
of the Stock Purchase Agreement. Pursuant to the terms of the Stock Purchase Agreement, the Seller Notes will bear interest at
an annualized rate of 4.0%, to be paid-in-kind annually, and will have a maturity date of December 31, 2022. In addition, pursuant
to the terms of the Stock Purchase Agreement, the Buyer will have the right to set-off amounts owed to Pioneer Power under the
First Seller Note on a dollar-for-dollar basis by the amount of any indemnifiable losses Buyer suffers as a result of certain
actions or omissions by Pioneer Power or the Disposed Companies.</font></p>





<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>2. Unaudited Pro Forma Adjustments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following notes describe the basis for
and/or assumptions regarding the pro forma adjustments included in the Company&rsquo;s unaudited pro forma statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All dollar amounts (except share and per share
data) presented in the notes to our unaudited consolidated financial statements are stated in thousands of dollars, unless otherwise
noted. Amounts may not foot due to rounding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a) Recording of the disposition of the transformer
business. The amounts include the assets and liabilities attributable to the business being sold.</p>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Recording of the sale proceeds, net of estimated transaction related expenses.</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    proceeds from sale</font></TD><TD STYLE="width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 18%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60,500</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    receivable</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    estimated transaction costs</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 2.5pt; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    proceeds less transaction costs</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63,000</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Recording of repayment of the revolving credit facilities, short term borrowings and debt.</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    proceeds from sale</font></TD><TD STYLE="width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 18%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60,500</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    estimated transaction costs</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #101010; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Cash proceeds from sale</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,500</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of revolving credit facilities</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20,982</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of term loan B</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,238</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 2.5pt; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Cash proceeds less repayment of debt</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,280</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
The table below represents the tax expense and related taxes payable associated with sale of PPSI&rsquo;s transformer business.</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    Tax at statutory rate</font></TD><TD STYLE="width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 18%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,751</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Book
    tax differences</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,291</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefit
    from net operating loss utilization</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(828</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 2.5pt; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Income Tax Payable</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,632</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have applied an effective tax rate of 25.2%
which represents the consolidated group tax for US tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company estimates the taxable income of
$21.7 million with respect to the gain on sale of common stocks of the Disposed Companies to be partially offset by federal net
operating losses on hand of approximately $3.3 million as of the transaction date. The Company estimates that after utilizing federal,
state and local net operating losses they will incur federal, state and local income taxes of approximately $4.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(e) The estimated gain on the sale of the business if we had completed
the sale as of June 30, 2019 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; color: #101010; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    proceeds (Note (b))</font></TD><TD STYLE="width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 18%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63,000</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    assets sold</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,274</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #101010; text-align: left; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-tax
    gain on sale</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,726</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
    expense</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,632</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #101010; text-align: left; padding-bottom: 2.5pt; padding-left: 12px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After-tax
    gain on sale</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,094</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
estimated gain has not been reflected in the pro forma condensed consolidated statement of operations as it is considered to be
nonrecurring in nature and is reflected within equity on the Balance Sheet for the period ended June 30, 2019. No adjustment has
been made to the sale proceeds to give effect to any potential post-closing adjustments under the terms of the Equity Transaction.</font></p>





<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>3. Discontinued Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Financial results of the transformer business,
net of income taxes, have been removed to reflect the effects of the disposition and the retrospective presentation as discontinued
operations in future filings. The following table presents the financial results for the transformer business for the years ended
December 31, 2018 and 2017 and six months ended June 30, 2019:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 75%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year ended December 31, 2017</font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year ended December 31, 2018</font></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the six months ended June 30, 2019</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,396</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,296</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="width: 11%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,684</font></TD><TD STYLE="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of goods sold</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68,397</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">68,906</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,886</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restructuring
    and integration</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">873</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
    profit</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,126</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,390</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,798</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating expenses</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Selling,
    general and administrative</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,389</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,259</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,715</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Restructuring
    and integration</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">215</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Foreign
    exchange gain</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(325</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(341</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(491</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;Total
    operating expenses</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,279</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,918</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,224</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    from operations</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,847</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,472</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,574</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Interest
    expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,065</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">840</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Other expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">762</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income before taxes</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,702</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,870</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,398</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;Income
    tax expense</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">431</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">655</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">615</font></TD><TD STYLE="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,271</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,215</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD><TD STYLE="padding-bottom: 2.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,783</font></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD></TR>
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