<SEC-DOCUMENT>0001354488-13-003720.txt : 20130816
<SEC-HEADER>0001354488-13-003720.hdr.sgml : 20130816
<ACCEPTANCE-DATETIME>20130701154450
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001354488-13-003720
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Zoom Telephonics, Inc.
		CENTRAL INDEX KEY:			0001467761
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE & TELEGRAPH APPARATUS [3661]
		IRS NUMBER:				042621506
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		207 SOUTH STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		617-423-1072

	MAIL ADDRESS:	
		STREET 1:		207 SOUTH STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
<head>
    <title>zmtp_corresp.htm</title>
    <!--Licensed to: Issuer Direct Corp.-->
    <!--Document Created using EDGARizerAgent 5.4.1.0-->
    <!--Copyright 1995 - 2009 Thomson Reuters. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><img src="logo.jpg" alt=""></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">July 1, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Via EDGAR</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Larry Sprigel, Esq. and Justin Kisner, Esq.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">U.S. Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100 F Street, NE</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington, DC 20549</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Zoom Telephonics, Inc.</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form 10-K for Year End December 31, 2012</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed March 29, 2013</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Form 10-Q for Period End March 31, 2013</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Definitive Proxy Statement</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Filed April 30, 2013</font></div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">File No. 000-53722</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Mr. Sprigel and Mr. Kisner:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>This letter is in response to the comments made by the Staff (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Staff</font>&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Commission</font>&#8221;) in its correspondence dated June 24, 2013 (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Comment Letter</font>&#8221;) to Zoom Telephonics, Inc. (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;) with respect to the filings referenced above.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font>Set forth below are the Company&#8217;s responses to the comments in the Comment Letter. For your convenience, we have repeated your comments in bold.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form 10-K for the Fiscal Year Ended December 31, 2012</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(2) Summary of Significant Accounting Policies, page F-7</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">(h) Revenue Recognition, page F-9</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note based on your discussion on page F-8 you have significant consigned inventory.&#160;&#160;Please disclose your revenue recognition policy as it relates to consignment sales.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We will revise future filings to include the following disclosure:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;When Zoom consigns inventory to a retailer, sales revenue for an item in that inventory is recognized when that item is sold by the retailer to a customer. The item remains in Zoom inventory when it is consigned, and moves out of Zoom inventory when the item is sold by the retailer.&#8221;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form 10-Q for the Quarterly Period Ended March 31, 2013</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Results of operations, page 13</font></font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div id="PGBRK" style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note that sales in the first quarter of 2013 have significantly decreased when compared to the same period last year. Also we note that inventory balance has increased since December 31, 2012. Tell us how you considered the decrease in sales in your inventory valuation for obsolete and slow moving products.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We will revise future filings to include the following disclosure:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;Zoom determines its inventory reserves for obsolete and slow moving products by reviewing for each Zoom product its past and forecast sales, open sales orders, inventory levels, planned product changes, and anticipated price drops.&#160; Zoom takes a reserve if this data suggests that Zoom is likely to need to sell a product's inventory below its current inventory valuation in order to sell all of that product's &#160;inventory within the next 12 months.&#8221;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Definitive Proxy Statement</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 16(a) Beneficial Ownership Reporting Compliance, page 14</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 18pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3. Please disclose the identity of the directors who failed to file a timely Form 4 disclosure.</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Response</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The four directors who failed to file a timely Form 4 are J. Ronald Woods, Bernard Furman, Joseph Donovan and Peter Kramer.&#160;&#160;We will include this disclosure in future filings.</font><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</font><br>
</div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As part of this response letter, the Company acknowledges the following:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#9679;</font>&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#9679;</font>&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-SIZE: 10pt" face="Symbol, serif"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#9679;</font>&#160;&#160;</font></div>
</td>
<td>
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">If you have any questions regarding this response or any further comments, please contact the undersigned at 617-753-0003.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font>Very truly yours,</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font>/s/&#160;&#160;Frank Manning</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font>Frank Manning</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 12pt">&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;</font>Chief Executive Officer</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.jpg
<TEXT>
begin 644 logo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!U`(`#`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#W^BBB@`HK
MY_\`^%D^+?\`H+?^2T7_`,31_P`+)\6_]!;_`,EHO_B:X?K]/L_Z^9[_`/JY
MBOYH_>_\CZ`HKY__`.%D^+?^@M_Y+1?_`!-'_"R?%O\`T%O_`"7B_P#B:/K]
M/L_Z^8?ZN8K^:/WO_(^@**^?_P#A9/BS_H+?^2\7_P`31_PLGQ;_`-!;_P`E
MHO\`XFG]?I=G_7S#_5S%?S1^]_Y'T!17@"_$?Q<[;5U0L?06T1_]EJRGC;QY
M+_J[BY?_`';%#_[)0L=3?1_U\Q2X?Q$?BG%?-_Y'NU%>(IXH^(\GW%U!OIIJ
MG_VG4@\0_$PD`0ZESZZ8O_QNJ^N0_E?W&?\`8=7_`)^0^]_Y'M5%>,'7?B<!
MGRK_`/\`!>G_`,14ECX@^(S:A;+<Q:B(#*HD+::H&W(SD[..*%BXO[+^X3R6
MJDW[2'W_`/`/8Z***ZSQ@HHHH`^5:**TO#]A#J?B"PLKE]L,TRJYSCCT_'I^
M-?.15W8_4:DU"+G+9:FKX:\"ZKXC3ST"VUGG_7RC[W^Z._\`*N\M?A%I"*IN
M;Z\F;OLVH#^A_G7H,,,4$,<42A410JJ.@`&`*AN-2L+3(N+VVAQU\R55Q^9K
MUZ>$I07O:L^'Q&=8NO/]V^5=D<]9_#?PQ:G=]A,Q!_Y;2%OTZ5MP^']&MO\`
M4Z38QGU2W0?TJG-XS\.6P^?6;,_]<Y0__H.:SIOB9X6BSB_:0^B0/_4"M4Z,
M.R.5QQU;=2?WG6)#'$NV-%5?11BG;17%V_Q,TJ_N%MM/L-2O)VZ)%"OZY88%
M=;:S33Q!YK<P,?X&8,1]<<5I"I"7PLYJV'JT?XJM?OO]Q/@4;12DX%,>140L
MS`*!DD\`59B.P*;@5R6M_$C0=(W1QS_;9Q_!;_,`?=NG\ZX9_B;K6JZQ:P6Z
M0V=L]PBX1=SE2P&"Q_H!7//%4X.U]3T:&58JM'G4;+N]/^">TT445T'G!111
M0!\JTJLRL&4E6!R".H-)17S:/U,T)]>U>ZC$<^J7DB`8VM,V,?3-9V*4UW'A
MWX9:GJZQW%^WV&T?D!AF5A[+V_'\JTA"=1V6IRUJV'PD.:;45_70XNVMIKNY
M2WMHFEFD.$11DDUZ'H/PHN[D)/K,_P!F0\^1%@N1[GH/UKT?1/"ND>'X\6%J
MJR8PTS_,[?4_T&!6SG!YKT:.!2UJ:GS&.X@J5/=PZY5WZ_\``,[2-"T[0[7[
M/IULL*_Q$<LQ]2>IK1SCFN:\1^.-)\.[HII#-=@<6\7+?B>@%>3>(/'^LZZ3
M&)?L=KVB@)!/^\W4_H/:MJF(I4E9?<CBPN5XK&OG>B?5_P!:GIGB'XDZ1HK2
M6\.;R[7(*1'Y5/H6_P`,UY;K_CC6O$*-#/,L-JW6"$8!^IZG\\5SE%>;5Q4Z
MFFR/J\'E&&PUI6YI=W^G8*N:1_R&K#_KXC_]"%4ZN:1_R&K#_KXC_P#0A7/'
M='H5?X<O0^GJ***^C/R\****`/E6MGP[X8U'Q+=^59Q[8E_UD[CY%']3["NV
M\*_"PS1QWFNNR@X9;1#@_P#`SV^@_.O4[6S@LK9+>VACBA085$&`*\FA@W+W
MIZ(^RQ^?4Z=X8?67?HO\SF?#OP]T?0<3,GVNZP/WLZ@A3_LCH/YUU?"CITI]
M-9<@X.">]>G"$8*T4?)5J]2O+GJ2NS/UC6K'0[![N_F$48Z#JS'T`[FO)O$/
MQ2U"_P!T&DH;*W(QYAP96'UZ+^'YUZ3/X*T:]NS=W\$E[.>C7$SL![!<X`_"
MKMMX:T6S&(-)L4]Q`N?SQFLJL*L]$[([L)7P>']Z<'.7GHOUN?-RK<7D[$++
M/*QRQY9B?4UI6OA?7KU@L&CWK>[0LJ_F>*^D5B1%"HJJHZ`#`I<>M<ZP"ZR/
M3GQ)/:%-+Y_\!'@L/PT\43`$V4<?_7291_6KT?PE\0,`7GL$_P"VC$_^@U[8
M11@"K6!I'++B#%O:R^1XS)\(M82)F6]LW<#.T%N?QQ7%:4I77;%&&"+F,'_O
MH5](:I>+8:7=W1_Y8PO)^0)_I7S?I)+:[8LQR3<QDG_@0KEQ-&%*45$]?*L=
M7Q=*JZKNEM^)].T445ZY\8%%%%`#<8[4N1BO)KSXQ2%B+'25`[-/+G/X`?UK
M"NOBGXFN`?+EMK;/_/*$''_?1-<DL;276Y[%/(L;/>*7J_\`*Y[MD>M&X`9S
M7SE/XS\1W(/F:S=C/_/-]G_H.*S)M1O;DDSWMQ+GKYDK-G\S63S"/1'9#ANL
M_CFEZ7?^1],3:A96_P#K[N"+_?D"_P`ZHR^*?#\!(DUK3P1V^T*3^0-?-?%'
M%9O,)=(G3'AJ'VJC^[_@L^B9/'GA>/[VLVY_W0S?R%49_B9X7C7*7[RG/1+>
M0?S`KP2EJ7CZG9&T>&\.OBE+\/\`(]JE^+>@H<+!?2>ZQJ/YM5:3XOZ2%/EZ
M=>L?]K8/ZFO'J*AXZKY&L>'\&M[OYG;>*OB-=^(+,V-K;_9+1^),MN:0>A]!
M7*Z1_P`AJP_Z^(__`$(53JYI'_(:L/\`KXC_`/0A6#J2J33DST88:EAJ$H4E
M9:GT]1117T!^;!1110!RO_"NO"O_`$"E_P"_K_XT?\*Z\*_]`I?^_K_XUX=X
MKT#XJQ:[K=_!<:S#I:W4\T;KJ>Q%AWD@X\P8`7'%<3H6M>-O$.MVFDV/B+6G
MN;F0(H^W2X'J3\W0#)/TK/V-/^5'3]<Q/_/Q_>SZG_X5WX4_Z!:_]_7_`,:/
M^%=>%?\`H%+_`-_7_P`:XGXE>+[GX8>$]+T?2+N6XU.Y#`W5X[32!0/F<EB>
M22,`\#GCBO'M*T'XC^.H9=7LWU*^C#$&>2\"`D=0NYAGZ#@4>QI_RH/KF)_Y
M^/[V?2__``KKPK_T"E_[^O\`XT?\*Z\*_P#0*7_OZ_\`C7SUX(^)WB/P?XGB
MT_6[ZZFT]9A!=6]ZS.T`S@E=W*E?3H:[SXU?%'4]"U./P]H%T+:7R1)=7"`%
MQN^ZBGMQSD<\C&*/8T_Y4'US$_\`/Q_>STG_`(5UX5_Z!2_]_7_QH_X5UX5_
MZ!2_]_7_`,:^:K7PC\2=4TC_`(2*&/59K=U\Y9C>?O''7<%+;S[''/:NM^$?
MQ:U6+Q#;Z%XAU"2[LKL^5!-<$O)%*>%!;J03QSTXZ#-'L:?\J#ZYB?\`GX_O
M9[1_PKKPK_T"E_[^O_C1_P`*[\*_]`M?^_K_`.-?/OQ:\4>(-/\`BCK-K9ZY
MJ=M;HT6R*&[D1%S$A.`#@<DU7\:Z1\1;33(/%/B"_N?(N67:J71_<;AE1L!P
MOX?CS1[&G_*@^N8G_GX_O9]%?\*[\*_]`M?^_K_XTZ+X?^&()DECTQ0Z,&4^
M:_!'([U\]^%M:^)GCC1I?#^C:C-)#:G?-<O-LD"MP$,A.XCAL#KU[#C$\->)
M/$?@[QY;P3WMVCPW@M[RVDE+*XW;64C.#WP?QH]C3_E0OKF(>]1_>S[!-Y;"
MZ6U-Q"+AAD1%QO(]<=:FKE;KP9!=^(QJSW<@S-%,8U'.Y"I'S9X&47(QG&1G
M!KJJT.<****`/GOX^>/V>=/"6F7)"(-VHE#PQ."L>?;J1[CTKF?A3XS\'>"$
MGU#58-0GU>;,:M%"K)%'QP"6')/4^F!ZY]ON/@UX"N[F6XN-#>6:5R\DCWUP
M2S$Y)/[SKFHO^%)?#S_H7O\`R=N/_CE`'EOQS#>(]*\-^,+"&8Z9<6[19=<-
M&2=R[L$@9Y_*K?PO^,6@>%_!5OHFKQ7:36C2&-X8PZR*SE_48.6(_+FO=;/0
M=,L=#CT6&U0Z=''Y2V\G[Q=G]T[LY'US7`:K\`O!6I7IN8EO]/#<F&TF4)GZ
M.K8^@(%`'SUJLMU\0?B'<RZ;:L)M4N_W,6.54G`+8]`,D_4UTOQP\/7.D>.O
MM;(YL[RVA\F4\@F.-8R,^OR@_C7T;X8\!>&_"`)T?34BG9=KW#G?(P_WCT^@
MP/:M;5M&T[7+%[+5+*&[MFZQRH&`/J/0^XH`\=T'X]>';#P;9P75K>?VE:VJ
M0F&.,;'95"Y#9X!QGV]Z\?\`A]H5_P")_'^G):1Y\NY2ZN'QA8T5@S$_R'J2
M*]ZE_9\\%27_`-H5]4BBW9^S)<+Y?TR5+8_X%7?Z!X7T3PM:-;:+IT-I&V"^
MP99R.[,>3^)H`^4_C,?^+M:Z?]J'_P!$QU[I\<`!\([GCI+;X]OF%;VM?"SP
M;XAU>XU75-(,][<$&23[3*N<*%'"L!T`[5N:YX<TKQ)I+:5JUL;FR<J6B\QD
MR5.1RI!_6@#QG]F@#[+XD..=]MS^$E>:>-^/C-J?_85'_H0KZG\->"O#_@];
ME=!L/LBW)4RCSI)-Q7./OL<=3TK,OOA5X,U+69=7N](,E_++YSS?:91E\YS@
K-C]*`.RHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
