<SEC-DOCUMENT>0001062993-18-000472.txt : 20180208
<SEC-HEADER>0001062993-18-000472.hdr.sgml : 20180208
<ACCEPTANCE-DATETIME>20180207202123
ACCESSION NUMBER:		0001062993-18-000472
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180208
DATE AS OF CHANGE:		20180207

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AVALON HOLDINGS CORP
		CENTRAL INDEX KEY:			0001061069
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				341863889
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-54255
		FILM NUMBER:		18582513

	BUSINESS ADDRESS:	
		STREET 1:		ONE AMERICAN WAY
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
		BUSINESS PHONE:		3308568800

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAFFLES ASSOCIATES LP
		CENTRAL INDEX KEY:			0001169581
		IRS NUMBER:				043272997
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 1628
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
		BUSINESS PHONE:		212-760-2322

	MAIL ADDRESS:	
		STREET 1:		ONE PENN PLAZA
		STREET 2:		SUITE 1628
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10119
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>sc13ga_awx.htm
<DESCRIPTION>SC 13G/A
<TEXT>
<HTML>
<HEAD>
   <TITLE>Raffles Capital Management: Schedule 13G/A - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=6><FONT size=5>UNITED STATES
</FONT></FONT><BR></B><B><FONT size=6><FONT size=5>SECURITIES AND EXCHANGE
COMMISSION</FONT></FONT></B><B> <BR>Washington, D.C. 20549 </B></P>
<P align=center><B><FONT size=5>SCHEDULE 13G/A </FONT></B></P>
<P align=center>Under the Securities Exchange Act of 1934 </P>
<P align=center><B><FONT size=5><U>AVALON HOLDINGS CORPORATION
<BR></U></FONT></B>(Name of Issuer) </P>
<P align=center><B><U>Class A Common Stock <BR></U></B>(Title of Class of
Securities) </P>
<P align=center><B><U>05343P109 <BR></U></B>(CUSIP Number) </P>
<P align=center><B><U>January 24, 2018<BR></U></B>(Date of Event which
Requires Filing of this Statement) </P>
<P align=justify>Check the appropriate box to designate the rule pursuant to
which this Schedule is filed: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>[x] Rule 13d-1(b) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>[&nbsp; ] Rule 13d-1(c) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>[_] Rule 13d-1(d) </TD></TR></TABLE>
<P align=justify>*The remainder of this cover page shall be filled out for a
reporting person&#146;s initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page. </P>
<P align=justify>The information required in the remainder of this cover page
shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the
Securities Exchange Act of 1934 (&#147;Act&#148;) or otherwise subject to the liabilities
of that section of the Act but shall be subject to all other provisions of the
Act (however, see the <I>Notes</I>). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>SCHEDULE 13G/A </B></P>
<DIV align=left>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left rowSpan=2><B>CUSIP No.</B> <BR><B>05343P109</B> </TD></TR>
  <TR vAlign=top></TR></TABLE></DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD noWrap align=left ><B>1</B> </TD>
    <TD noWrap align=left width="95%" colSpan=3><B>Names of Reporting
      Persons</B> <BR>Raffles Associates, L.P. </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>2</B> </TD>
    <TD align=left width="95%" colSpan=3><B>Check the appropriate box if a
      member of a Group (see instructions)</B> <BR>&nbsp;&nbsp;&nbsp;&nbsp; (a)
      [&nbsp; ] <BR>&nbsp;&nbsp;&nbsp;&nbsp; (b) [x ] </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>3</B> <BR></TD>
    <TD align=left width="95%" colSpan=3><B>Sec Use Only</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>4</B> </TD>
    <TD align=left width="95%" colSpan=3><B>Citizenship or Place of
      Organization</B> <BR>Delaware </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=center colSpan=2 rowSpan=4><B>Number of</B>
      <BR><B>Shares</B> <BR><B>Beneficially</B> <BR><STRONG>Owned by
      Each</STRONG> <BR><STRONG>Reporting Person</STRONG> <BR><B>With:</B> </TD>
    <TD align=left width="5%" ><B>5</B> </TD>
    <TD align=left width="80%"><B>Sole Voting Power</B> <BR>158,448</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>6</B> </TD>
    <TD align=left width="80%"><B>Shared Voting Power</B> <BR>0 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>7</B> </TD>
    <TD align=left width="80%"><B>Sole Dispositive Power</B> <BR>158,448</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%" ><B>8</B> </TD>
    <TD align=left width="80%"><B>Shared Dispositive Power</B> <BR>0 </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>9</B> </TD>
    <TD align=left width="95%" colSpan=3><B>Aggregate Amount
      Beneficially Owned by Each Reporting Person</B> <BR>158,448</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>10</B> </TD>
    <TD align=left width="95%" colSpan=3><B>Check box if the
      aggregate amount in row (9) excludes certain shares (See Instructions)</B>
      <BR>[&nbsp; ] </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>11</B> </TD>
    <TD align=left width="95%" colSpan=3><B>Percent of class
      represented by amount in row (9)</B> <BR>4.9% </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>12</B> </TD>
    <TD align=left width="95%" colSpan=3><B>Type of Reporting Person
      (See Instructions)</B> <BR>PN </TD></TR>
  </TABLE></DIV>
<P align=center>Page 2 of 5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 1.</B> </TD>
    <TD align=left width="90%">&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Name of Issuer: AVALON HOLDINGS
  CORPORATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Address of Issuer&#146;s Principal Executive Offices: One
      American Way, Warren, Ohio 44484-5555</B></P></TD></TR></TABLE>
<P align=justify><B>Name of Person Filing: Raffles Associates, L.P. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Address of Principal Business Office or, if None,
      Residence:</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>One Penn Plaza, Suite 1628, New York
NY 10119 </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Citizenship: Not applicable</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Title and Class of Securities: Common
  Stock</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>CUSIP No.: 05343P109</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Item 3.</B> </TD>
    <TD align=left width="90%"><B>If this statement is filed pursuant to &#167;&#167;
      240.13d-1(b) or 240.13d-2(b) or (c), check whether the</B> <B>person
      filing is a:</B> </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>(a) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">Broker or dealer registered under Section 15 of
      the Act; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(b) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">Bank as defined in Section 3(a)(6) of the Act;
    </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(c) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">Insurance company as defined in Section
      3(a)(19) of the Act; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(d) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">Investment company registered under Section 8
      of the Investment Company Act of 1940; </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(e) </TD>
    <TD align=left width="5%">[x] </TD>
    <TD align=left width="86%">An investment adviser in accordance with Rule
      13d-1(b)(1)(ii)(E); </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(f) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">An employee benefit plan or endowment fund in
      accordance with Rule 13d-1(b)(1)(ii)(F); </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(g) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">A parent holding company or control person in
      accordance with Rule 13d-1(b)(1)(ii)(G); </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(h) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">A savings associations as defined in Section
      3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="86%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(i) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">A church plan that is excluded from the
      definition of an investment company under section 3(c)(14) of the
      Investment Company Act of 1940; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="86%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>(j) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">A non-U.S. institution in accordance with Rule
      240.13d-1(b)(1)(ii)(J); </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="86%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%"></TD>
    <TD align=left>(k) </TD>
    <TD align=left width="5%">[_] </TD>
    <TD align=left width="86%">Group, in accordance with Rule
      240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance
      with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
    ____</TD></TR></TABLE>
<P align=center>Page 3 of 5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 4. </B></TD>
    <TD align=left width="90%"><STRONG>Ownership</STRONG>
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Amount Beneficially Owned: </B>158,448</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Percent of Class: 4.9%</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Number of shares as to which such person
    has:</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(i)</B> </TD>
    <TD>
      <P align=justify><B>Sole power to vote or to direct the vote:
      </B>158,448</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(ii)</B> </TD>
    <TD>
      <P align=justify><B>Shared power to vote or to direct the vote:
    0</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(iii)</B> </TD>
    <TD>
      <P align=justify><B>Sole power to dispose or to direct the disposition of:
      </B>158,448</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(iv)</B> </TD>
    <TD>
      <P align=justify><B>Shared power to dispose or to direct the disposition
      of: 0</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item 5.</B> </TD>
    <TD align=left width="90%"><B>Ownership of Five Percent or Less of a
      Class.</B> </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>If this statement is being filed to
report the fact that as of the date hereof the reporting person has ceased to be
the beneficial owner of more than five percent of the class of securities, check
the following [X]. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Item</B> <B>6.</B> </TD>
    <TD align=left width="90%"><B>Ownership of more than Five Percent on
      Behalf of Another Person.</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item</B> <B>7.</B> </TD>
    <TD align=left width="90%"><B>Identification and classification of the
      subsidiary which acquired the security being reported on</B> <STRONG>by
      the parent holding company or control person.</STRONG> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item</B> <B>8.</B> </TD>
    <TD align=left width="90%"><B>Identification and classification of members
      of the group.</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item</B> <B>9.</B> </TD>
    <TD align=left width="90%"><B>Notice of Dissolution of Group.</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item</B> <B>10.</B> </TD>
    <TD align=left width="90%"><B>Certifications.</B> </TD></TR></TABLE>
<P align=center>Page 4 of 5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A>
<P align=justify><B>SIGNATURE </B></P>
<P align=justify>After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct. </P>
<P align=justify>Dated: 2/7/2018</P>
<P style="MARGIN-LEFT: 50%" align=justify>RAFFLES ASSOCIATES, L.P. <BR>By:
RAFFLES CAPITAL ADVISORS, LLC, <BR>General Partner </P>
<P style="MARGIN-LEFT: 50%" align=justify>By: /s/ Paul H. O&#146;Leary <BR>Name: Paul
H. O&#146;Leary </P>
<P style="MARGIN-LEFT: 50%" align=justify>Title: Managing Member </P>
<P align=justify>The original statement shall be signed by each person on whose
behalf the statement is filed or his authorized representative. If the statement
is signed on behalf of a person by his authorized representative (other than an
executive officer or general partner of this filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature. </P>
<P align=justify><B>Attention: Intentional misstatements or omissions of fact
constitute Federal criminal violations (See 18 U.S.C. 1001). </B></P>
<P align=center>Page 5 of 5 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
