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<SEC-DOCUMENT>0000950134-06-021717.txt : 20061115
<SEC-HEADER>0000950134-06-021717.hdr.sgml : 20061115
<ACCEPTANCE-DATETIME>20061115170106
ACCESSION NUMBER:		0000950134-06-021717
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20061109
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061115
DATE AS OF CHANGE:		20061115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIZZA INN INC /MO/
		CENTRAL INDEX KEY:			0000718332
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & RELATED PRODUCTS [5140]
		IRS NUMBER:				470654575
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0626

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12919
		FILM NUMBER:		061220547

	BUSINESS ADDRESS:	
		STREET 1:		3551 PLANO PARKWAY
		CITY:			THE COLONY
		STATE:			TX
		ZIP:			75056
		BUSINESS PHONE:		469-384-5000

	MAIL ADDRESS:	
		STREET 1:		3551 PLANO PARKWAY
		CITY:			THE COLONY
		STATE:			TX
		ZIP:			75056

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PANTERAS CORP
		DATE OF NAME CHANGE:	19901126

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONCEPT DEVELOPMENT INC
		DATE OF NAME CHANGE:	19870212
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d41385e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR> Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported) November&nbsp;9, 2006</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Pizza Inn, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Missouri</B><BR>
(State or other jurisdiction of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-12919</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>47-0654575</B><BR>
(IRS Employer Identification No.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><B>3551 Plano Parkway, The Colony, Texas</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75056</B></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center">(Address of principal executive offices)<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Registrant&#146;s telephone number, including area code <B>(469)&nbsp;384-5000</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Not Applicable</B><BR>
(Former name or former address, if changed since last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 (see General Instruction
A.2. below):
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><b>Item&nbsp;3.01</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B> Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;9, 2006, Pizza Inn, Inc. (the &#147;Company&#148;) received a staff delinquency notice from
the Nasdaq Stock Exchange, LLP (&#147;Nasdaq&#148;) stating that, based upon information disclosed in the
Company&#146;s Form 10-Q for the period ended September&nbsp;24, 2006, the Company fails to comply with the
minimum shareholders&#146; equity, minimum market value of listed securities, and minimum net income
requirements for continued listing on The Nasdaq Capital Market, as set forth in Marketplace Rule
4310(c)(2)(B).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company does not provide Nasdaq, on or before November&nbsp;24, 2006, with a specific plan
to achieve and maintain compliance with at least one of the three listing requirements, or if
Nasdaq determines that a plan submitted by the Company does not adequately address the deficiencies
noted, the Company&#146;s securities will thereafter be delisted. There can be no assurance that the
Company will be able to cure its noncompliance by achieving or sustaining these requirements, and
as a result the Company may not be able to maintain its Nasdaq listing.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left"><b>Item&nbsp;9.01</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B> Financial Statements and Exhibits.</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Exhibits.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NASDAQ Notice Letter, dated November&nbsp;9, 2006 (furnished
herewith and incorporated herein by reference).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>
<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Pizza Inn, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
November&nbsp;15, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;/s/ Timothy P. Taft</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Timothy P. Taft,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d41385exv99w1.htm
<DESCRIPTION>NASDAQ NOTICE LETTER
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="middle"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="d41385d4138501.gif" alt="(NASDAQ LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE NASDAQ STOCK MARKET<br>
LISTING QUALIFICATIONS DEPARTMENT<br>
9600 BLACKWELL ROAD<br>
ROCKVILLE MD 20850</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>By Facsimile and First Class&nbsp;Mail</I></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">November&nbsp;9, 2006

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Rod J. McDonald<BR>
Secretary and General Counsel<BR>
Pizza Inn, Inc.<BR>
3551 Plano Parkway<BR>
The Colony, TX 75056

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Pizza Inn, Inc. (the &#147;Company&#148;)<br>
Nasdaq Symbol: PZZI</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr. McDonald:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on
the Form 10-Q for the period ended September&nbsp;24, 2006, Staff determined that the
Company&#146;s stockholders&#146; equity was $2,459,000. In addition,
as of November, Staff determined that
the market value of listed securities was
$18,756,214.<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> Finally, the Company reported net
income/(loss) from continuing operations of $(5,989,000), $204,000, and $2,243,000, in its annual
filings for the years ended June&nbsp;25, 2006, June&nbsp;26, 2005,
and June&nbsp;27, 2004, respectively.
Accordingly, the Company does not comply with Marketplace Rule&nbsp;4310(c)(2)(B), which requires the
Company to have a minimum of $2,500,000 in stockholders&#146; equity or $35,000,000 market value of
listed securities or $500,000 of net income from continuing operations for the most recently
completed fiscal year or two of the three most recently completed fiscal years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under these circumstances, Staff is reviewing the Company&#146;s eligibility for continued listing on
The Nasdaq Capital Market. To facilitate this review, please provide, on or before November&nbsp;24,
2006, the Company&#146;s specific plan to achieve and sustain compliance with all The Nasdaq
Capital Market listing requirements, including the time frame for
completion of the plan.<SUP style="font-size: 85%; vertical-align: text-top">2
</SUP> The Company is encouraged to provide any relevant documentation, including but not limited
to financial projections, agreements, offering circulars, letters of intent and contracts. Staff
will contact the Company after reviewing the plan and notify you if we have any questions or
concerns regarding the plan. If, after the conclusion of our review process, Staff determines that
the Company&#146;s plan does not adequately address the issues noted, we will provide written
notification that its securities will be delisted. At that time, the Company may appeal Staff&#146;s
decision to a Nasdaq Listing Qualifications Panel.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1 </SUP></TD>
    <TD>&nbsp;</TD>
    <TD> Listed securities means securities quoted on Nasdaq or listed on a national
securities exchange. The calculation is based on 10,138,494 shares outstanding as of November&nbsp;1,
2006 multiplied by the closing inside bid price of $1.85.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In a case where an issuer fails to comply with the requirement of Rules
4310(c)(2)(B)(iii), 4320(e)(2)(B)(iii), or 4450(b)(1)(B), the Listings Qualifications Department
shall not accept a plan to achieve compliance with those requirements in the future, since
compliance requires stated levels of net income or assets and revenues during completed fiscal
years and therefore can only be demonstrated through audited financial statements. Similarly, an
issuer may not submit a plan relying on partial-year performance to demonstrate compliance with
these standards.</TD>
</TR>

</TABLE>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Rod J. McDonald<BR>
November&nbsp;9, 2006<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Marketplace Rule 4803(a) requires that the Company, as promptly as possible but no later than
four business days from the receipt of this letter, make a public announcement through the news
media which discloses receipt of this letter and the Nasdaq rules
upon which it is based.<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> The
Company must provide a copy of this announcement to Nasdaq&#146;s MarketWatch Department, the Listing
Qualifications Department, and the Listing Qualifications Hearings Department (the &#147;Hearings
Department&#148;) at least 10 minutes prior to its public dissemination.<SUP style="font-size: 85%; vertical-align: text-top">4</SUP>&nbsp;For your
convenience, we have enclosed a list of news
services.<SUP style="font-size: 85%; vertical-align: text-top">5</SUP>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event the Company does not make the required public announcement, trading in its securities
will be halted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please be advised that Marketplace Rule 4803(a) does not relieve the Company of its disclosure
obligation under the federal securities laws. In that regard, Item&nbsp;3.01 of Form 8-K requires
disclosure of the receipt of this notification within four business days.<SUP style="font-size: 85%; vertical-align: text-top">6</SUP> Accordingly,
the Company should consult with counsel regarding its disclosure and other obligations mandated by
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, an indicator will be broadcast over Nasdaq&#146;s market data dissemination network noting
the Company&#146;s non-compliance. The indicator will be displayed with quotation information related
to the Company&#146;s securities on Nasdaq.com. Nasdaq Trader.com and by other third-party providers of
market data information. Also, a list of all non-compliant Nasdaq companies and the reason(s) for
such non-compliance is posted on our website at <U>www.nasdaq.com</U>. The Company will be
included in this list commencing five business days from the date of this letter.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Nasdaq cannot render advice to the Company with respect to the format or content
of the public announcement. The following is provided only as a guide that should be modified
following consultation with securities counsel: the Company received a Nasdaq Staff Deficiency
Letter on (DATE OF RECEIPT OF STAFF DEFICIENCY LETTER) indicating that the Company fails to comply
with the (STOCKHOLDERS&#146; EQUITY, MINIMUM BID PRICE, MARKET VALUE
OF PUBLICLY HELD SHARES, etc.)
requirement(s) for continued listing set forth in Marketplace Rule(s) _</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This notice should be provided to the attention of Nasdaq&#146;s Market Watch Department
(telephone: 301/978-8500:
facsimile: 301/978-8510), and to Nasdaq&#146;s Listing Qualifications Department (facsimile:
301/978-4028) and the
Hearings Department (telephone: 301/978-8071; facsimile:
301/978-8080), 9600 Blackwell Road,
Rockville, Maryland
20850.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The Company must ensure that the full text of the required announcement is
disseminated publicly. The Company has
not satisfied this requirement if the announcement is published as a headline only or if the news
service determines not to
publish the full text of the story.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>See, SEC Release No.&nbsp;34-49424.</TD>
</TR>

</TABLE>



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Rod J. McDonald<BR>
November&nbsp;9, 2006<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions, please contact me at (301)&nbsp;978-8034.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="d41385d4138502.gif" alt="-s- W. Wayne Bush">

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">W. Wayne Bush, CFA<BR>
Lead Analyst<BR>
Nasdaq Listing Qualification

</DIV>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>News
Media Outlets</B>

</DIV>
<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Bloomberg Business News</B><br>
Newsroom<br>
400 College Road East<br>
P.O. Box 888<br>
Princeton, NJ 08540-0888<br>
Telephone: 609.750.4500<br>
Toll free: 800.444.2090<br>
Fax: 609.897.8394<br>
Email: <u>release@Bloomberg.net</u>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>MarketWiro</B><br>
5757 West Century Boulevard.<br>
2nd Floor<br>
Los Angeles, CA 90045<br>
Telephone. 800.774.9473<br>
Fax: 310.846. 3701
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PrimeZone Media Network</B><br>
5200 West Century Boulevard<br>
Suite&nbsp;470<br>
Los Angeles, CA 90045<br>
Telephone: 800.307.6627<br>
Fax: 310.642.6933<br>
Web: <u>http://www.primezone.com</u><br>
Email: <u>sales@primezone.com</u></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Business Wire</B><br>
44 Montgomery Street<br>
39th Floor<br>
San Francisco, CA 94104<br>
Telephone: 415.986.4422<br>
Fax: 415.788.5335<br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>The New York Times</B><br>
Business Day Desk<br>
229 West 43rd Street<br>
New York, NY 10036<br>
Telephone: 212.556.1471<br>
Email: <u>bizday@nytimes.com</u>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Reuters</B><br>
3 Times Square<br>
New York, NY 10036<br>
Telephone: 646.223.6000<br>
Fax: 646.223.6001</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Dow Jones News Wire</B><br>
Harborside Financial Center<br>
600 Plaza Two<br>
Jersey City, NJ 07311-3992<br>
Telephone: 201.938.5400<br>
Fax: 201.938.5600
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PR Newswire</B><br>
810 7th Avenue<br>35th Floor<br>New
York, NY 10036 <br>Telephone:
800.832.5522 <br>Fax:
800.793.9313
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>The Wall Street Journal</B><br>
512 7th Avenue<br>
New York, NY 10018<br>
Telephone: 609.520.4000<br>
Fax: 212.416.2653</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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