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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-07-028253.txt : 20070523
<SEC-HEADER>0001144204-07-028253.hdr.sgml : 20070523
<ACCEPTANCE-DATETIME>20070523153452
ACCESSION NUMBER:		0001144204-07-028253
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070518
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070523
DATE AS OF CHANGE:		20070523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BIOANALYTICAL SYSTEMS INC
		CENTRAL INDEX KEY:			0000720154
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		IRS NUMBER:				351345024
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23357
		FILM NUMBER:		07873853

	BUSINESS ADDRESS:	
		STREET 1:		2701 KENT AVE
		CITY:			WEST LAFAYETT
		STATE:			IN
		ZIP:			47906-1382
		BUSINESS PHONE:		3174634527

	MAIL ADDRESS:	
		STREET 1:		2701 KENT AVENUE
		CITY:			WEST LAFAYETTE
		STATE:			IN
		ZIP:			47906-1382
</SEC-HEADER>
<DOCUMENT>
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      D.C. 20549</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
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                into a Material Definitive
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      20, 2007, Bioanalytical Systems, Inc. (the "Company") entered into an Office
      Lease (the "Lease") and a First Amendment to Lease (the "Amendment") with 300
      W.
      Fayette Street, LLC (the "Landlord"), with respect to the property used by
      the
      Company in Baltimore, Maryland. The Landlord is the Company's current landlord
      for these premises.</font></div>
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      Amendment reduces the square footage rented by the Company initially by
      eliminating one floor (of 7 floors plus a basement) from the Company's lease
      and
      authorizes the landlord to re-let up to 3 additional floors currently used
      by
      the Company on 30 days' notice, which would further reduce the Company's rent
      proportionately. If all three available floors are re-let, the size of the
      Company's leasehold would be reduced accordingly to better match the Company's
      usage and reduce expenses. The Amendment initially reduces the Company's
      liability for rent with respect to these premises by $4,820.67 per month, to
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      Lease, with a term commencing January 5, 2008, is a new lease of the basement
      and floors 2 and 3 of the same premises, replacing the existing lease and
      Amendment. The Lease extends the term of the Company's occupancy of the premises
      for an additional 7 years. The Company has 2 options to renew the Lease, each
      for an additional 5-year renewal term. Rent will be $44,083.00 per month, or
      $11.50 per rentable square foot, and will increase by $0.50 per rentable square
      foot each January 1 of the term of the Lease starting January 1, 2009. Rent
      payable during renewal terms will be determined at the time of the exercise
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">See
      Item
      5.02 below for a description of the material terms of the compensation
      arrangements for Richard M. Shepperd in connection with his election to serve
      as
      President and Chief Executive Officer of the Company. Except as set forth below,
      the Company has no material relationship with Mr. Shepperd.</font></div>
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      of the Company, on a permanent basis. Under Mr. Shepperd's new Employment
      Agreement dated May&#160;18, 2007, he will be entitled to receive a base salary
      of $35,000 per month. In addition, Mr. Shepperd will be eligible for a
      discretionary bonus to be paid annually. The Company also granted Mr. Shepperd
      an option to purchase 275,000 Company common shares at a price of $7.10 (the
      closing price of the Company's common shares on May 17, 2007) pursuant to an
      Option Agreement dated May&#160;18, 2007. The option is contingent upon
      shareholder approval, and will vest in three installments through December
      1,
      2009. The Company has agreed to provide Mr. Shepperd with certain cash bonus
      payments if the shareholders do not approve the option.</font></div>
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      Shepperd, 67, has served as Interim President and CEO of the Company since
      October&#160;2, 2006 pursuant to an Employment Agreement described in the
      Current Report on Form 8-K filed January&#160;17, 2007. Prior to his service
      with the Company, Mr. Shepperd served for two years with Able Laboratories,
      Inc., of Cranbury, New Jersey ("Able") as its Chief Restructuring Officer and
      Director of Restructuring. Able was formerly a generic pharmaceutical
      manufacturing company which filed a voluntary petition for bankruptcy on July
      18, 2005 following the loss of FDA approval for its product line. Mr. Shepperd's
      duties for Able included exercising executive authority over all operational
      and
      restructuring activities of Able, which included advising its Board, creditors
      committee and courts regarding strategies to maintain and realize the most
      value
      from the company's assets. Able was not affiliated with the Company. For the
      three years prior to serving with Able, Mr. Shepperd served as an independent
      management consultant for various businesses. In that capacity, he advised
      these
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      maximize the assets of those organizations.</font></div>
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      18, 2007, the Board of Directors appointed Richard M. Shepperd and Larry S.
      Boulet to fill vacancies present on the Board of Directors of the Company.
      Mr.
      Boulet is a retired Senior Audit Partner of PriceWaterhouseCoopers and is the
      president of Boulet Consulting, LLC. Mr. Boulet is expected to be appointed
      to
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      May
      21, 2007, the Company issued the attached press release announcing, among other
      things, these changes in management.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 72pt;">&#160;</td>
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                release dated May 21, 2007</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Bioanalytical
              Systems, Inc. </font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;May
              23,
              2007</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Michael
              R. Cox</font></td>
          </tr>
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            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Michael
              R. Cox</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Vice
              President, Finance and Chief Financial
              Officer</font></td>
          </tr>

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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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      Index</u></strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
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              No.</font></u>&#160;</td>
            <td align="left"><u><font size="2">Description</font></u>&#160;</td>
          </tr>

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          <tr valign="top" style="line-height: 1.25;">
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            <td align="left">&#160;</td>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                release dated May 21, 2007</font></div>
            </td>
          </tr>

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    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
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      <div id="PN">
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        </div>
      </div>
      <div id="HDR">
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v076587_ex99-1.htm
<TEXT>
<html>
  <head>
    <title>
</title></head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>For
      more information:</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Edward
      M. Chait</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">765.463.4527</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">echait@bioanalytical.com</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BASi
      Announces Extension of Employment Contract of Richard M. Shepperd as President
      &amp; CEO and Election of New Directors</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WEST
      LAFAYETTE, IN, May 21, 2007 &#8212; Bioanalytical Systems, Inc. (Nasdaq: BASI)
      announced today that it has extended the employment contract of its President
      &amp; CEO, Richard M. Shepperd, through December 31, 2009. Mr. Shepperd has
      served as President &amp; CEO on an Interim basis since October 2006. In
      connection with his new contract, BASi also granted Mr. Shepperd an option
      to
      purchase up to 275,000 shares at $7.10 per share. The option is contingent
      upon
      shareholder approval, and will vest in three installments through December
      1,
      2009. The Company has agreed to provide Mr. Shepperd with certain cash bonus
      payments if the shareholders do not approve the option.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Board
      of Directors expressed its satisfaction with the performance of Mr. Shepperd.
      Chairman of the Board and Chief Science Officer Peter Kissinger said, "After
      working with Dick over the past several months, we were deeply impressed with
      the skills and results he has brought to BASi. It was clear to us that he was
      the right man for the job."</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BASi
      also
      announced today that its Board of Directors had filled two vacancies on the
      Board with the election of Larry S. Boulet and Mr. Shepperd to serve as
      Directors. Mr. Boulet is a retired Senior Audit Partner of
      PriceWaterhouseCoopers and is the president of Boulet Consulting, LLC. Mr.
      Boulet also currently serves on the Board of Directors of the Indiana State
      University Foundation. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Peter
      Kissinger noted, "Larry brings a wealth of knowledge and experience in
      accounting and finance to bring discipline and insight to our business. His
      presence on the Board of Directors will be highly valuable in light of the
      complexity and demands on board members of public companies. As for Dick, the
      Board recognized the need for his operational knowledge and vision in managing
      BASi, so he was a natural for service on the Board of Directors." </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BASi
      is a
      pharmaceutical development company providing contract research services and
      monitoring instruments to the world&#8217;s leading drug development companies. The
      Company focuses on developing innovative services and products that increase
      efficiency and reduce costs associated with taking new drugs to market. Visit
      www.bioanalytical.com for more about BASi.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>This
      release contains forward-looking statements that are subject to risks and
      uncertainties including, but not limited to, risks and uncertainties related
      to
      the development of products and services, changes in technology, industry
      standards and regulatory standards, and various market and operating risks
      detailed in the company&#8217;s filings with the Securities and Exchange
      Commission.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">#
      # # #
      #</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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