-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 B2aoiH/Lx9dfLnl3trvF9ZJvzvMbgr6BjpFTt6pVnxQ1cKotuNc0Pu+6wNUBYH54
 T0f3IPdyLi2im0bOGPLxig==

<SEC-DOCUMENT>0001104659-08-029135.txt : 20080630
<SEC-HEADER>0001104659-08-029135.hdr.sgml : 20080630
<ACCEPTANCE-DATETIME>20080501171856
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-08-029135
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTECH SYSTEMS INC
		CENTRAL INDEX KEY:			0000722313
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				411681094
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1120 WAYZATA BLVD EAST
		STREET 2:		SUITE 201
		CITY:			WAYZATA
		STATE:			MN
		ZIP:			55391
		BUSINESS PHONE:		9523452277

	MAIL ADDRESS:	
		STREET 1:		1120 WAYZATA BLVD EAST
		CITY:			WAYZATA
		STATE:			MN
		ZIP:			55391

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DSC NORTECH INC
		DATE OF NAME CHANGE:	19901217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIGIGRAPHIC SYSTEMS CORP
		DATE OF NAME CHANGE:	19881113
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="311" height="54" src="g130561bci001.jpg"></font></p>
  </td>
  <td width="44%" valign="bottom" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1120 Wayzata Blvd. E. #201 </font><font face="Symbol">&#183;</font> Wayzata, MN 55391</p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.92%;">
  <p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone: 952.345.2244 </font><font face="Symbol">&#183;</font> Fax: 952.449.0442</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;1, 2008</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities&nbsp;&amp; Exchange Commission</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Corporate Finance</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Julie Sherman</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">450 Fifth Street, N.W.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC 20549</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re: Comments on the following form:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nortech Systems Incorporated</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;10-K for the year ended December&nbsp;31, 2007</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed March&nbsp;17, 2008</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File No.&nbsp;000-13257</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Julie Sherman,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please find our responses to the following comments:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Form&nbsp;10-K for the Year Ended December&nbsp;31,
2007</font></u></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Financial Statements</font></u></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Note 1. Nature of Business and Summary of
Significant Accounting Policies, page&nbsp;27</font></u></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Revenue Recognition, page&nbsp;30</font></u></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">1.</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We
noted from your disclosure on page&nbsp;4 that the majority of your revenue is
derived from products built to the customer&#146;s design specifications.&#160; We also noted from your policy disclosure on page&nbsp;30
that revenue for these products is recognized upon completion of the
engineering process, usually upon initial shipment of the product.&#160; Please respond to the following:</i></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">a.</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Please
clarify exactly when revenue is recognized, either at the completion of the
engineering process or upon shipment.</i></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nortech Systems,&nbsp;Inc. recognizes revenue
for products manufactured according to customer&#146;s design specifications upon
shipment to the customer, per agreement with customer.&#160;&#160; We also provide engineering services
separate from the manufacture of a product.&#160;
In these cases, we recognize the revenue </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">www.nortechsys.com</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\eudelhofen\08-13056-1\task2909745\13056-1-bc.htm',USER='eudelho',CD='May  1 11:42 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">at the time the engineering services have
been completed as the engineering services are short-term in nature.&#160; In 2007, engineering revenues, including
tooling and fixtures, were approximately $1,010,000, which was less than 1
percent of our net sales.</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">b.</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Further,
given the customization of your products please tell us if there are any
customer acceptance provisions included in your sale agreements and the
accounting implications thereof.&#160; For
example, tell us if your customers have the right to test the equipment prior
to accepting the product.&#160; In addition,
tell us about any obligations you have, if any, subsequent to shipment.</i></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the sale of manufactured customer
designed specific products, we recognize revenue at the point of shipment, as
per the agreements with customers.&#160; We
have agreements with our customer&#146;s that title transfers at the point of
shipment.&#160; The products we manufacture
are tested by us according to pre-defined customer specifications.&#160; After the product has passed these tests, it
is prepared for shipment.&#160; There are no
subsequent obligations outside our normal warranty for these orders. We
maintain accruals for warranty, but warranty claims and related expense have
been historically quite insignificant.&#160;
There are occasions when we provide certain engineering services, such
as tooling and test fixtures, for our customers that require their approval.
The billing and revenue recognition for these services are not recognized until
we receive the customer&#146;s approval.</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">c.</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Finally,
we note your disclosure that revenue is &#147;usually&#148; recognized upon initial
shipment.&#160; Please tell us and revise
future filings to describe those circumstances when revenue would be recognized
at a different point in the sales process.</i></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The word &#147;usually&#148; was used to allow for
instances when engineering services are provided at which time revenue is
recorded at either the time engineering services are completed or at the times
that customer approval is required as described in 1b above.</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of your comments we will revise
our revenue recognition disclosure in future filings as follows:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\eudelhofen\08-13056-1\task2909745\13056-1-bc.htm',USER='eudelho',CD='May  1 11:42 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenue Recognition:</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We recognize revenue upon shipment of
manufactured products to customers, when title has passed, all contractual
obligations have been satisfied and collection of the resulting receivable is
reasonably assured. We also provide engineering services separate from the
manufacture of a product. Revenue for engineering services is recognized upon
completion of the engineering process, providing standalone fair value to our
customers. Our engineering services are short-term in nature.&#160; In addition, we have another separate source
of revenue that comes from short-term repair services, which are recognized
upon completion of the repairs, and the repaired products are shipped back to
the customer.&#160; Shipping and handling
costs charged to our customers are included in net sales, while the
corresponding shipping expenses are included in cost of goods sold.</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">2.</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In
this regard, we see that you have multiple revenue generating activities,
including the sale of products, value-added services and technical
support.&#160; Please tell us and revise
future filings to disclose how EITF 00-21 impacts your revenue recognition for
each type of revenue source.</i></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As noted above in the revised future revenue
recognition disclosure, we addressed EITF 00-21 and its multiple revenue
arrangements and believe our revenue generating activities represent separate
units of accounting and provide standalone fair value to our customers.&#160;&#160; In addition, there are no subsequent
obligations outside our normal warranty for these revenues as we test our
products and services according to pre-defined customer specifications and
statements of work before shipping.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">3.</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>We
see you also provide repair services.&#160;
Tell us why this revenue is recognized upon shipment of related
equipment to customers rather than as the services are performed.&#160; Note our concerns when preparing your revenue
recognition disclosures in future filings.</i></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nortech Systems,&nbsp;Inc. has a repair and
service agreement with one customer to repair circuit boards, which we have not
manufactured, imbedded in some of their old equipment. This repair agreement is
not part of a manufacturing agreement. The way the process works is the
customer sends circuit boards to us to for repair and we receive a fixed price
for each board repaired, tested and shipped back. Revenue for these repair
services, which make up approximately $910,000 or less than 1 percent of our
net sales, are recognized at the time such repair services are completed.&#160; Completion of these services typically
coincides with the shipment of the repaired </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\eudelhofen\08-13056-1\task2909745\13056-1-bc.htm',USER='eudelho',CD='May  1 11:42 2008' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">circuit board to the customer.&#160; Included in our revised revenue recognition
policy as presented above is a revision to clarify the revenue recognition
policy regarding repair services.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Certification of Chief Executive Officer and
Chief Financial Officer Pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act
of 2002, Exhibit&nbsp;32.1</font></u></i></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>We noted that the certification provided pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act does not include a date.&#160; Please amend your filing to appropriately
include a signed and dated certification.</i></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will amend and add the date to the
certification.&#160; We plan on filing a complete
Form&nbsp;10-K/A upon completion of your staff review.</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We, Nortech Systems,&nbsp;Inc., are responsible for the adequacy and
accuracy of the disclosures required under the Securities Exchange Act of 1934
as well as all information investors require for an informed investment
decision in this filing and all of our other public filings that have or will
be filed with the Securities and Exchange Commission.&#160; We acknowledge that comments made by the
staff or changes to disclosure in response to the staff do not foreclose the
Commission from taking any action with respect to the filing.&#160; We will 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 of America.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ <i>Richard G. Wasielewski</i></font></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Richard
  G. Wasielewski</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\eudelhofen\08-13056-1\task2909745\13056-1-bc.htm',USER='eudelho',CD='May  1 11:42 2008' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g130561bci001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g130561bci001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``V`3<#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6BBB@`J"
MXNX;4Q"5P#-((T'=B:?//%;0O-,X2.-2S,QP`!WKS*W\02>(?B'82@D6T4I6
M!#Q@8/)]S4N5CGK5U3LNK9ZA2T@K.UCQ#I&@)$VK:A#9B8D1^:V-V.N/S%4=
M!I45E:1XHT/7Y9(M*U*"[>)0SK&V2H/>C5_$^AZ!)%'JNI06CR@LBR-@L!WH
M`U:*BM;J"]M8KJVD$D,R!XW'1E(R#4M`!1110`456O=1L=-B66_O+>TC9MJO
M/*J`GTR3UX-+9ZA9ZC"9K&[@NH@=I>&0.N?3(H`L4444`%%%%`!16-XG\5:9
MX1T^.^U1I!%+*(E$:[F+8)Z?A2^&?$]AXLTUM0TU9Q`LACS,FTD@`G'/3F@#
M8HHHH`**S-6\2:+H0!U35+:T)&0LD@#$>R]361%\3?!<T@1=?MP3W=70?F0!
M0!U5%0VEY:W]LES9W$5Q`_*R1.&5OH14U`!1110`44R66.&)Y975(T4LSL<!
M0.I)["J=GKND:C/Y%CJEE=2XW;(+A';'K@'WH`OT444`%%%%`!1110`4444`
M%%%%`!24M<IXY\3#1M/-I;/B]N!A2/\`EFO=OKZ?_6I-V5S.I4C3BY2*?CV^
MEF5=,%];V5L0&GDDE^9QV4(,L1WZ<UB^%=&LV\065WI6H&[2W<_:%DC\ME!4
MX8`GE<\5QA+ROR6=SZG)/^-=!X"W#QA9@$@$/G'<;&K'FNSQ%75:NFX]4>QC
MI7A/QYU!9_$FGV"OG[-;%V'H7;_!1^=>[5\Z:PB^*?C9);N=\4NI+`<<C9'A
M3^BFMSWRM\,M6F\.?$*U@GS$MQ(;.X1NQ8X'Y.%K0^,5Z^L_$-=-MP7:UBCM
ME7U=CN_]F`_"CXPZ,^A>.4U2U3RH[Y5G1EZ"5>&_D#^-8NC:NVK?$(:_?1@[
M));^5%Z?NT:3`_[Y`I@>TZ_X^T+P%8V^E2L]S>V]NB+:PCD`*`-S=%''U]JY
M*U^/RM=(+SP^8[<GYFBN=S`>H!49_,5R'P^TY_&GQ(2?4_WZAWO+@-R&P>!]
M-Q7CTXKN?CP+"'0M+A$,8NVN28R%`(C"G</IDK^5(#L-4^(&D:?X-7Q1;EKR
MUD94B1/E9F)P5YZ$8.?I7.6WQQT"33IKJXM;B&5&VQVP(=Y>.N>`!]37E^J7
M,D'PNT2P=C_I-]/<A3V50$!_,M^5>E?#[X9^&KWPA8:EJFG?:KN[C,C&21L`
M$G;@`@=,4`<-\1?B1#XVLK.TMK"6U2WE:1_,<-N.,#&/QKHOAA\1+#3K+2_"
ML6ES-/+,1)<>8`N68DMCT`_E7*_$6UM9?B$-%TN%(H+98+*)$['C\SEL9KTG
MXK_8_#?P_6UL+:&&2X>.U218P'"8)//N%P?K0`NN?&?2;.Z-GH=E-K%P&*YC
M.U"?8X);\!^-0^&OC1:ZMK$6F:KI;:=)-((TD$N]0YX`8$`CGCO7!?#^Y\6Z
M);3:CX>\,QZBMR=OVF2)G("]54AACGK^%27?A?QEXG\:1:KJ/A^:Q-S<1>=)
M'&52,#`+<D]AF@#V?Q3XWT3PC"IU*Y/G2`F.WB7=(_X=`/<XKSU_C^HN,)X=
M8P9^\UUAL?3;C/XUQ-K))\0/B?"+^1GCO;O!`/W8ER=H]/E&*^B3H6DMIG]F
MG3K;['LV>3Y0VX^E`'B?Q8\96GBC2-!:R2:))%DN&CE`!'.P=">ZO5S0?BOI
M?A#P=INE6%A)?W<:%K@EO*169BQ&<$D\XZ8XZUS'C:SM)_B$F@Z8A6UM6AL(
M5R3CGGG_`'F:O1?BQHFA:%\/1%9:9:V[_:(XXG2(!QU)^;J>`:`.I\#>.K+Q
MO83300M;7%L0)H&.[;GH0<<@X/Y5H^+=9?P_X6U#58U#26T)*`]"QX7/MDBN
M`^`NE^3H6I:H<YN;A8A]$&?YN?RKT?6M.LM;TN?1[YL1WD90JK`.1ZK].#0!
M\V^'+>Q\6^+2WBK6S:I-F22>5L&1LC"ACPOX]A7I^I_!+P[?6!DT.]GAF*YC
M=I1+&Y[9XS^(-<UK?P+UNVE=]'O+>]@ZJLI\J3Z>A^N17':+K&N^#/$:I;M+
M#<6\WERVK,=KG."K+T-,#T^#Q[:?#2WM?"-UI4LLUG"AEFBE78S.`S$<>K'\
MJ]%\1>(+7PWH%QK%UEHH4!"KU<DX`'U)%>+?'.Q:'Q99WVW"W5FH_P"!*2#^
MA6H?&7BN[\8P>'_#6EEIB+>`S*O_`"TN&0<?\!S^9/I2`]!T?XP:9J-G=W]Y
M83:?8VH`,\CAM\AZ1J`,EL9/MCFL.\^/D2W#"Q\/2S0*?OS7&QB/H%./SK/^
M(?@"]T?P;HMII$$UU;V1D>\,:[F,CA?G(';@CV&*Y_PS\4=4\+::FDG2K&XM
M8\[E>,I(<G)RP."?J*`.H\1?&BPU;PI=6$&FW,-U>PO"VYU*QY&,@]3P3V%<
M9\._&5CX*U&[OKJPENYIHA%'L<+M&<MU^@_*NA^(>J:'>>`M)N=$T^*S75;M
MYY4"`,&1=K#Z9(Z<<5U7PYT^QT'X4RZW>6D4[NLUXWF(&.%!``S[(/SI@:^L
M?%71-#TJVGNTE-_<VZSK8QX+H&&5W-T7@_7VKE_^%[7%O<QB_P#"TEO"_()N
M#NV^H!0`UYQH$VN:KXL_M:QTS^UKV)S<M"R%UZ\$@$<`D8'L*Z[Q>WQ#\9V4
M%KJ'A'R1;R;T>"!@W0C&2QXY_2D!Z+X@^)NDZ+X=T[6X(I+^WU%B(@A"$8'.
M<^AXK`N/COI":4L\&F3R7CL0+8O@*/5GQW]`#7E_BM+[3-)T/P]>Q-#+9P23
MR1-U1Y9&.#_P%5_.O3/$GAW2?#7P799-,MOMK6\(>4Q#>9F*Y.[KQS^5`%[1
M_C9H%YI4]SJ<<EA<P]+=?WIESTV'`_7&*HZ9\=K.\UF.UN=&>VM)7"+.)MS+
MDX!*XZ?0UB?!#PW9:E/J6IZA90W*0;(H/.0,`QR6.#QG&/SKDI+2WUKXI-::
M?$BVUQJNV-8P`HC$G)`[#`)H`]M\7?$_0O"<[V<IDN[]5S]GA'W<]-S'@?J?
M:N/@^/H^T*+OPX\<)/+1W.6`^A49_.N%\5:7KOAKQM<ZC>63NRWAN8II(R\4
M@W[ER>A[9%=;I'Q5M_$UW!HOBK0;*:VNG6(20J1L8G`."3W/4$8H`]K@E$]O
M',%91(H8!AR,C/-%/````Z"B@"&\DFAM9)((3-*JG9&"!N/89-<7#X`NM4OW
MU'Q#?[Y9>6B@Z#T&X]`/0?G7=$@44FD]S&I2C4:Y^G0R]-\-Z1I!#65A'&^,
M>8?F;\SS6%'X8&F>/;74;2+%I.LA8`<1OM/'T/\`C78T4602HP:6EK:D-Y+)
M#8SRPQM)(D;,B*,EB!P!7B'PR\'^((/'\&IZSI5W;QQ++*99XRH9R".OK\Q-
M>ZT4S8X7XM^%Y_$GA57L87FO;*4211HN6=3\K*!^(/\`P&N$^&OP[U235=1_
MMS3;FRMY+"2!6EC*DM)\N1]!FO=:*+@?.-IHGCGX=>(GN['2IY60-$)4@,T4
MR$_[/K@'L16K'X7\;_$KQ!!=>([::PLXQ@R21>4(TZD(AY)/K^=>\T4`>$?$
M?P;K5YXFM[+1=$NWTRQM8K:!XXR4`ZDY^K<FO;M,L8M,TNUL(!B*UA6)/HH`
M_I5FB@#YW\4^$/%VF^.[O5;72KJ\_P!--U;SPPF53\^Y<XSTX&#Z5U-WI/C/
MXB>#K]=<L!:7MK-')80M"8?,P&#CYCW!&,\9%>OT4`?/>@:E\2?!4#:;9Z+=
MM`7+"*6R:10QZD%?\<5VO@VY^(NM^*(+KQ%#-9Z5"KEH3&(5=BI"@K]X\G//
M'%>GT4`?.^J>!/%O@SQ0-0T:QGNHX)3);7%O%YH"\\,HY'!P>U=-I>O?$[Q-
MJEE:W=A<:=IYG0W4L5LT!\L$%OF8YZ?W>:]BHH`\!\+^$/$=W\3+75-3T:\@
MMVOFNI)98B%!!+CGZXKJOC3IFNZY_9ECI.G7-W!'OEE,,98!N`N?PW?G7JE%
M`',_#G1)=`\#Z?97$9CN"IEF1A@JS$G!]P"!^%<M\5](\676KZ5J?AV"=Q81
MOB2V<>8CL1GY>I&`/6O3Z*`/"H_%WQ>*?9AIU\S]/,;3,,/QVXK2\"_"[5Y]
M>3Q'XK^5UE,PMY&#222=0S8X`SSC^5>QT&@#R/X_11'3='F+*)5FD0+W(*@G
M\L#\ZI_!/P=YLK^*+R,[8\QV8(X)Z,_X=!^/I4GC#P'XR\9^+_M=U!%!IRR"
M*(?:%;RHL\MCU/)(_#M7K6F:=:Z3IL&GV<0BM[=`D:CL!_7O1<#ROQ+KWQ*T
M;Q=J%SIVFW4^FM(!#$;?SX]H``(V\KG&>HZUSVH:/X\^)>K6KZCHBV"Q@KY[
MVQA15/4DM\S=.`*]_HH`\2^(GPXU.TTK1+?0;2:^M;&!XI$B7<_F%MS/CK\Q
M/;IBI_!Q\<:E;VWA+5M)FL]#:WD@FGDLVC<)L;`W'`SG':O9J*+@?.L/AKQY
M\/=?DNM+T^XFV`IYT$7G1S)D'D#H.!P<$5O?\))\7=?`M[;3)K)7X,J6?E<>
MNZ3I^%>V44`>!Z]X4\1Z_P#$K[1-H]ZUB;R*'SWC.TQ(57<3Z$`G/O7;_&6S
MUC5=!LM,TC3KB\,EQYLQA0MM"C`!^I;]*]%HH`X#X>Z/J'ASX8W"R64L6HN)
MYA`4^<OC"C'J=H_.O-_!G@WQ7I^J7=^=$O(KB"QF-J779F5EV+@G'(W$_A7T
M/10!X?;^-?BK90?8;C09[M\;=\^G.S'\5P#3O`OPOU>^\0IKWB.U6R@CF\\6
M^T(TCYR/E'"J#VX],5[=10`M%)10!F:YH-OKL,4=Q<7,*Q-N'D/M)XQSP:R/
M^%>Z;_T$-3_\"!_\3112LF92HTY.\D'_``KW3/\`H(:G_P!_Q_\`$T?\*]TS
M_H(:G_W_`!_\3111RHGZM2_E#_A7NF?]!#4_^_X_^)H_X5[IG_00U/\`[_C_
M`.)HHHY4'U:E_*'_``KW3/\`H(:G_P!_Q_\`$T?\*]TS_H(:G_W_`!_\3111
MRH/JU+^4/^%>Z9_T$-3_`._X_P#B:/\`A7NF?]!#4_\`O^/_`(FBBCE0?5J7
M\H?\*]TS_H(:G_W_`!_\31_PKW3/^@AJ?_?\?_$T44<J#ZM2_E#_`(5[IG_0
M0U/_`+_C_P")H_X5[IG_`$$-3_[_`(_^)HHHY4'U:E_*'_"O=,_Z"&I_]_Q_
M\31_PKW3/^@AJ?\`W_'_`,3111RH/JU+^4/^%>Z9_P!!#4_^_P"/_B:/^%>Z
M9_T$-3_[_C_XFBBCE0?5J7\H?\*]TS_H(:G_`-_Q_P#$T?\`"O=,_P"@AJ?_
M`'_'_P`3111RH/JU+^4/^%>Z9_T$-3_[_C_XFC_A7NF?]!#4_P#O^/\`XFBB
MCE0?5J7\H?\`"O=,_P"@AJ?_`'_'_P`31_PKW3/^@AJ?_?\`'_Q-%%'*@^K4
MOY1/^%>Z9_T$-3_\"!_\32_\*]TS_H(:G_X$#_XFBBCE0?5J7\H?\*]TS_H(
M:G_W_'_Q-'_"O=,_Z"&I_P#?\?\`Q-%%'*@^K4OY0_X5[IG_`$$-3_[_`(_^
M)H_X5[IG_00U/_O^/_B:**.5!]6I?RA_PKW3/^@AJ?\`W_'_`,31_P`*]TS_
M`*"&I_\`?\?_`!-%%'*@^K4OY0_X5[IG_00U/_O^/_B:/^%>Z9_T$-3_`._X
M_P#B:**.5!]6I?RA_P`*]TS_`*"&I_\`?\?_`!-'_"O=,_Z"&I_]_P`?_$T4
M4<J#ZM2_E#_A7NF?]!#4_P#O^/\`XFC_`(5[IG_00U/_`+_C_P")HHHY4'U:
<E_*'_"O=,_Z"&I_]_P`?_$T444<J#ZM2_E/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
