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<SEC-DOCUMENT>0001193125-08-230190.txt : 20090126
<SEC-HEADER>0001193125-08-230190.hdr.sgml : 20090126
<ACCEPTANCE-DATETIME>20081107171930
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-08-230190
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POWERVERDE, INC.
		CENTRAL INDEX KEY:			0000933972
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTORS & GENERATORS [3621]
		IRS NUMBER:				880271109
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		21615 N. 2ND AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85027
		BUSINESS PHONE:		623-780-3321

	MAIL ADDRESS:	
		STREET 1:		21615 N. 2ND AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VYREX CORP
		DATE OF NAME CHANGE:	19951206
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Letter to the SEC</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Vyrex Corporation </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>21615 North 2<FONT FACE="Times New Roman" SIZE="1"><SUP>nd</SUP></FONT><FONT
FACE="Times New Roman" SIZE="2"> Avenue </FONT></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Phoenix, Arizona 85027 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">November&nbsp;7, 2008 </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>VIA EDGAR</U></B> </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Kevin&nbsp;L. Vaughn </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Accounting Branch Chief </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">U.S. Securities and Exchange Commission
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Vyrex Corporation (the &#147;Company&#148;) <BR>Form 10-KSB for the year ended December&nbsp;31, 2007 <BR>Form 10-Q for the quarter ended March&nbsp;31, 2008 <BR>Form 10-Q for
the quarter ended June&nbsp;30, 2008 <BR>File No. 0-27866 </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Mr.&nbsp;Vaughn: </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The following sets forth the comments made in your letter dated October&nbsp;8, 2008, and the Company&#146;s response to each of the comments, in the
order set forth in that letter: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Form 10-KSB for the Year Ended December&nbsp;31, 2007 </U></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>General </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>1.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Please file your response dated September&nbsp;22, 2008 on Edgar as correspondence pursuant to Rule 10(a) of <BR>Regulation&nbsp;S-T. </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On October&nbsp;16, 2008, we filed our response dated September&nbsp;22, 2008 on Edgar as correspondence pursuant to Rule 10(a) of Regulation S-T.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Item&nbsp;8A. Controls and Procedures, page 11 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>2.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>We note within your proposed disclosure that your chief executive officer and president concluded that &#147;[your] disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were effective in ensuring that information required to be disclosed in the reports you] </B></FONT>
</P></TD></TR></TABLE>



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 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Kevin&nbsp;L. Vaughn </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">November&nbsp;7, 2008 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Page 2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2"><B>file under the Exchange Act are recorded,
processed, summarized, and reported as when required.&#148; The language that is currently included after the word &#147;effective&#148; in your disclosure appears to be superfluous, since the meaning of &#147;disclosure controls and
procedures&#148; is established by Rule 13a-15(e) of the Exchange Act. We also note that you included similar language within your March&nbsp;31, 2008 and June&nbsp;30, 2008 Form 10-Q. Please remove the language in your filings or revise the
disclosure so that the language that appears after the word &#147;effective</B><B><I>&#148; </I></B><B>is substantially similar in all material respects to the language that appears in the entire two-sentence definition of &#147;disclosure controls
and procedures&#148; set forth in Rule 13a-15(e). </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We agree with the Staff&#146;s comments regarding the superfluous language in our
disclosure controls and procedures. Our December&nbsp;31, 2007, Form 10-KSB, and March&nbsp;31, 2008, and June&nbsp;30, 2008, Forms 10-Q will be amended to revise the disclosure so that the language that appears after the word
&#147;effective<I>&#148; </I>is substantially similar in all material respects to the language that appears in the entire two-sentence definition of &#147;disclosure controls and procedures&#148; set forth in Rule 13a-15(e). </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Exhibit 31.1 and Exhibit 31.2 </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>3.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>We note your response to prior comment 3 from our letter dated July&nbsp;17, 2008. We note within your proposed disclosures for your certifications here and your March&nbsp;31,
2008 and June&nbsp;30, 2008 Form 10-Q filed pursuant to Exchange Act Rule 13a-14(a) are still not in the exact form prescribed by Item&nbsp;601(b)(31) of Regulation S-B and Item&nbsp;601(b)(31) of Regulation S-X. Please amend your filings to include
revised certifications that conform to the exact wording required by Item&nbsp;601(b)(31) of Regulation S-B and Item&nbsp;601(b)(31) of Regulation S-X. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">We agree with the Staff&#146;s comments regarding our proposed disclosures for our certifications. Our December&nbsp;31, 2007, Form 10-KSB, and March&nbsp;31, 2008, and June&nbsp;30, 2008, Forms 10-Q will be amended
to include revised certifications that conform to the exact wording required by Item&nbsp;601(b)(31) of Regulation S-B and Item&nbsp;601(b)(31) of Regulation S-X. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><U>Form 10-Q for the Quarter Ended March&nbsp;31, 2008 </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Item&nbsp;1. Financial Information, page 1 </U></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Condensed Consolidated Statements of Operation, page 2 </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>4.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Please revise your presentation of net loss per share here and within your June&nbsp;30, 2008 Form 10-Q so that you do not present amounts in excess of two decimal places to
avoid implying a greater degree of precision than exists. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Kevin&nbsp;L. Vaughn </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">November&nbsp;7, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Page 3 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We
agree with the Staff&#146;s comments regarding our presentation of net loss per share. Our March&nbsp;31, 2008, and June&nbsp;30, 2008, Forms 10-Q will be amended to revise our presentation of net loss per share here so that we do not present
amounts in excess of two decimal places to avoid implying a greater degree of precision than exists. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Notes to Unaudited Condensed Consolidated
Financial Statements, page 5 </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Note 2. Business Acquisition, page 5 </U></FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>5.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>We note from your proposed disclosures here and within your June&nbsp;30, 2008 Form 10-Q that you determined that you should restate your financial statements to appropriately
account for the PowerVerde, Inc. acquisition that occurred on February&nbsp;11, 2008. Please revise your note here and within your June&nbsp;30, 2008 to include the disclosures required by paragraph 26 of SFAS 154 related to the restatement. Please
also clearly label the appropriate financial statements &#147;as restated.&#148; </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We agree with the Staff&#146;s comments
regarding our restating our financial statements to appropriately account for the PowerVerde, Inc. acquisition that occurred on February&nbsp;11, 2008. Our March&nbsp;31, 2008, and June&nbsp;30, 2008, Forms 10-Q will be amended to include in Note 3
the disclosures required by paragraph 26 of SFAS 154 related to the restatement, as well as to clearly label the appropriate financial statements &#147;as restated.&#148; </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>6.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Further to the above, you stated within your proposed disclosure here and within your June&nbsp;30, 2008 Form 10-Q that the merger transaction was originally accounted for as a
recapitalization. You further state that you accounted for the acquisition as a reverse acquisition under generally accepted accounting principles. Please revise your note here and within your June&nbsp;30, 2008 Form 10-Q to clearly state, if true,
that you initially accounted for the PowerVerde, Inc. acquisition as a reverse merger and that you are now accounting for the transaction as a recapitalization. </B></FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We agree with the Staff&#146;s comments regarding our disclosure of the merger transaction. Our March&nbsp;31, 2008, and June&nbsp;30, 2008, Forms 10-Q
will be amended to include the following language: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The Company has treated this transaction as equivalent to the issuance of stock by
PowerVerde for the net monetary assets of the Company, accompanied by a recapitalization of PowerVerde.&nbsp;The accounting treatment is identical to that resulting from a reverse merger, except that no goodwill or other intangibles has been
recorded. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><U>Item&nbsp;4. Controls and Procedures, page 12 </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;Kevin&nbsp;L. Vaughn </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">November&nbsp;7, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Page 4 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>7.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>We note that management concluded that its disclosure controls and procedures were effective as of March&nbsp;31, 2008. We note similar disclosures within your June&nbsp;30, 2008
Form 10-Q. Please explain to us how management considered the restatement of your financial statements for the recapitalization transaction in reaching the conclusion that your disclosure controls and procedures were effective as of March&nbsp;31,
2008 and June&nbsp;30, 2008. </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In response to this comment, our March&nbsp;31, 2008, and June&nbsp;30, 2008, Forms 10-Q
will be amended to state that, based upon an evaluation conducted by the Company, our Chief Executive Officer and President concluded that the Company&#146;s disclosure controls and procedures were ineffective as of March&nbsp;31, 2008, and
June&nbsp;30, 2008, in light of the subsequent restatement of our financial statements, as well as to identify steps the Company has taken to address this issue: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2">* * * * </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company acknowledges that: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company is responsible for the adequacy and accuracy of the disclosure in the filings; </FONT></TD></TR></TABLE>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
</FONT></TD></TR></TABLE>
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<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#150;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">We trust that the foregoing is responsive to the Staff&#146;s comments. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Should you have any additional questions or comments, please do not hesitate to contact the undersigned or our company counsel Robert Macaulay at
(305)&nbsp;530-4026. Thank you for your assistance. </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Sincerely yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ George Konrad</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">George Konrad</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">President</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">4 </FONT></P>

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