| ý | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                  |
|--------|-------------------------------------------------------------------------------|
|   | SECURITIES      EXCHANGE ACT OF 1934                                          |
|   |                                                                          |
|   | For      the quarterly period ended September 30, 2008                        |
|   |                                                                          |
|   | OR                                                                            |
|   |                                                                          |
| o      | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                 |
|   | SECURITIES      EXCHANGE ACT OF 1934                                          |
|   |                                                                          |
|   | For      the transition period from ________________ to      ________________ |

| Delaware                                      |   | 13-2698053               |
|-----------------------------------------------|--------|--------------------------|
| (State      or other jurisdiction of          |   | (I.R.S.      Employer    |
| incorporation      or organization)           |   | Identification      No.) |
|                                          |   |                     |
| 55      Lane Road, Fairfield, New Jersey      |   | 07004                    |
| (Address      of principal executive offices) |   | (Zip      Code)          |

| Large      accelerated filer [  ]                                                  | Accelerated      filer [   ] |
|----------------------------------------------------------------------------------------------|---------------------------------------------|
| Non-accelerated      filer [  ] (Do not check if a smaller reporting      company) | Smaller      reporting company [X]          |

| Class                                       |   | Outstanding      at November 3, 2008 |
|---------------------------------------------|--------|--------------------------------------|
| Common      Stock, $.01 par value per share |   | 24,134,683      shares               |

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| PART      I:       | FINANCIAL      INFORMATION                                                                                                   |    |
|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|---------|
|                                             |                                                                                                                              |    |
| Item      1.                           | Financial      Statements                                                                                                         |    |
|                                             |                                                                                                                              |    |
|                                             | Consolidated      Balance Sheets as of September 30, 2008 (Unaudited)and      December 31, 2007 (Audited)                         | 3       |
|                                             |                                                                                                                              |    |
|                                             | Consolidated      Statements of Operations for the three and ninemonths      ended September 30, 2008 and 2007 (Unaudited)   |  5 |
|                                             |                                                                                                                              |    |
|                                             | Consolidated      Statements of Cash Flows for the ninemonths      ended September 30, 2008 and 2007      (Unaudited)   |  6 |
|                                             |                                                                                                                              |    |
|                                             | Notes to      Consolidated Financial Statements (Unaudited)                                                                       |  7 |
|                                             |                                                                                                                              |    |
| Item 2.                                          | Management’s      Discussion and Analysis of FinancialCondition      and Results of Operations                              | 13      |
|                                             |                                                                                                                              |    |
| Item 3.                                          | Qualitative      and Quantitative Disclosures About      Market Risk                                                              | 20      |
|                                             |                                                                                                                              |    |
| Item      4.                                | Controls      and Procedures                                                                                                 | 20      |
|                                             |                                                                                                                              |    |
| PART      II:                               | OTHER      INFORMATION                                                                                                       |    |
|                                             |                                                                                                                              |    |
| Item      1A.                               | Risk      Factors                                                                                                       | 22      |
|                                             |                                                                                                                              |    |
| Item      2.                                | Unregistered      Sales of Equity Securities and Use of Proceeds                                                             | 22      |
|                                             |                                                                                                                              |    |
| Item      6.                                | Exhibits                                                                                                                     | 22      |
|                                             |                                                                                                                              |    |
| SIGNATURES                                  |                                                                                                                              | 24      |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | September      30,2008 |      |   | December      31,2007 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|-----------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | (Unaudited)            |      |   | (Audited)             |   |
| Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                   |      |   |                  |   |
| Current      Assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   |      |   |                  |   |
| Cash      and Cash Equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $                      | 4,085,002 |   |                  | $      | 10,914 |   |
| Accounts      Receivable (Less Allowance for Doubtful Accountsof      $25,000 in 2008 and 2007)                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                   | 2,114,730 |   |                  |   | 3,672,421 |   |
| Prepaid      Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                   | 353,875   |   |                  |   | 293,396 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   |      |   |                  |   |   |   |
| Total      Current Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                   | 6,553,607 |   |                  |   | 3,976,731 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   |      |   |                  |   |   |   |
| Property      and Equipment – At Cost:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                   |      |   |                  |   |   |   |
| Furniture,      Fixtures and Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                   | 623,548   |   |                  |   | 466,622 |   |
| Less:  Accumulated      Depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   | (277,772  | )      |                  |   | (297,074 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   |      |   |                  |   |   |   |
| Property      and Equipment – Net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                   | 345,776   |   |                  |   | 169,548 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   |      |   |                  |   |   |   |
| Capitalized      Software (Less Accumulated Amortization of$10,863,101      and $10,180,752, respectively)                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                   | 1,807,133 |   |                  |   | 1,580,971 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   |      |   |                  |   |   |   |
| Deferred      Financing Costs (Net of Accumulated Amortization of$241,311      and $215,038, respectively)                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                   | —   |   |                  |   | 26,273 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   |      |   |                  |   |   |   |
| Other      Assets                                                                                    |   |                   | 110,151   |   |                  |   | 110,151 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                   |      |   |                  |   |   |   |
| Total      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                      | 8,816,667 |   |                  | $      | 5,863,674 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | September      30,2008 |        |   | December      31,2007 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|-------------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | (Unaudited)            |        |   | (Audited)             |   |
| Liabilities and Stockholders’      Equity:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                   |        |   |                  |   |
| Current      Liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                   |        |   |                  |   |
|    Accounts      Payable                                                                                                                    |   | $                      | 218,379     |   |                  | $      | 579,446 |   |
|    Accrued      Liabilities                                                                                                                 |   |                   | 1,291,516   |   |                  |   | 1,080,136 |   |
|    Deferred      Charges                                                                                                                    |   |                   | 22,503      |   |                  |   | 22,503 |   |
|    Convertible      Debentures                                                                                                              |   |                   | —     |   |                  |   | 196,699 |   |
|    Convertible      Debenture – Related      Party                                                                                    |   |                   | —     |   |                  |   | 65,566 |   |
|    Unearned      Revenue                                                                                                                    |   |                   | 1,597,915   |   |                  |   | 1,487,545 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
|    Total      Current      Liabilities                                                                                                      |   |                   | 3,130,313   |   |                  |   | 3,431,895 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Long-Term      Liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                   |        |   |                  |   |   |   |
|    Deferred      Charges                                                                                                                    |   |                   | 129,470     |   |                  |   | 146,347 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Total      Liabilities                                                                                                                                     |   |                   | 3,259,783   |   |                  |   | 3,578,242 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Commitments      and      Contingencies                                                                                                                    |   |                   | —     |   |                  |   | — |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Stockholders’      Equity:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                   |        |   |                  |   |   |   |
| Common      Stock, $.01 Par Value, Authorized 75,000,000 Shares;24,336,553      and 23,192,302 Shares Issued, respectively, and 24,134,683      and 23,192,302 Shares Outstanding, respectively                                                                                                                                                                                                                                                                                                                                                                                           |   |                   | 243,366     |   |                  |   | 231,923 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Capital      In Excess Of Par      Value                                                                                                                   |   |                   | 28,932,490  |   |                  |   | 28,073,659 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Accumulated      Deficit                                                                                                                                   |   |                   | (23,454,078 | )      |                  |   | (26,020,150 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Treasury      Stock – At Cost – 201,870      Shares                                                                                            |   |                   | (164,894    | )      |                  |   | — |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Total      Stockholders’      Equity                                                                                                                 |   |                   | 5,556,884   |   |                  |   | 2,285,432 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                   |        |   |                  |   |   |   |
| Total      Liabilities and Stockholders’      Equity                                                                                                 |   | $                      | 8,816,667   |   |                  | $      | 5,863,674 |   |

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|                                                                                                     |   | Three      months ended September      30, |       |   | Nine      months ended September 30, |   |
|----------------------------------------------------------------------------------------------------------|--------|--------------------------------------------|------------|--------|-------------------------------------------|--------|
|                                                                                                     |   | 2008                                       |       |   | 2007                                      |   |   | 2008 |   |   | 2007 |   |
| Revenues:                                                                                                |   |                                       |       |   |                                      |   |   |   |   |   |   |   |
| Licenses                                                                                                 |   | $                                          | 2,551,197  |   |                                      | $      | 269,254 |   |   | $ | 3,520,596 |   |   | $ | 764,090 |   |
| Maintenance                                                                                              |   |                                       | 1,088,629  |   |                                      |   | 775,056 |   |   |   | 3,036,143 |   |   |   | 2,419,346 |   |
| Professional      Services                                                                               |   |                                       | 634,919    |   |                                      |   | 460,240 |   |   |   | 2,219,236 |   |   |   | 1,422,206 |   |
| Applications      Service Provider (“ASP”) Services                                          |   |                                       | 515,764    |   |                                      |   | 384,617 |   |   |   | 1,521,358 |   |   |   | 1,153,853 |   |
| Total      Revenues                                                                                      |   |                                       | 4,790,509  |   |                                      |   | 1,889,167 |   |   |   | 10,297,333 |   |   |   | 5,759,495 |   |
| Cost      of Revenues:                                                                                   |   |                                       |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |
| Licenses                                                                                                 |   |                                       | 810,447    |   |                                      |   | 299,249 |   |   |   | 1,347,328 |   |   |   | 834,247 |   |
| Maintenance                                                                                              |   |                                       | 694,208    |   |                                      |   | 659,772 |   |   |   | 1,763,290 |   |   |   | 2,014,379 |   |
| Professional      Services                                                                               |   |                                       | 319,607    |   |                                      |   | 263,964 |   |   |   | 960,930 |   |   |   | 802,173 |   |
| ASP      Services                                                                                        |   |                                       | 391,604    |   |                                      |   | 125,040 |   |   |   | 950,377 |   |   |   | 335,122 |   |
| Total      Cost of Revenues                                                                              |   |                                       | 2,215,866  |   |                                      |   | 1,348,025 |   |   |   | 5,021,925 |   |   |   | 3,985,921 |   |
| Direct      Margin                                                                                       |   |                                       | 2,574,643  |   |                                      |   | 541,142 |   |   |   | 5,275,408 |   |   |   | 1,773,574 |   |
| Operating      Expenses:                                                                                 |   |                                       |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |
| Sales      and Marketing                                                                                 |   |                                       | 130,238    |   |                                      |   | 154,354 |   |   |   | 572,963 |   |   |   | 445,379 |   |
| General      and Administrative                                                                          |   |                                       | 421,514    |   |                                      |   | 271,308 |   |   |   | 1,443,123 |   |   |   | 843,392 |   |
| Research      and Development                                                                            |   |                                       | 346,838    |   |                                      |   | 106,743 |   |   |   | 729,049 |   |   |   | 291,122 |   |
| Total      Operating Expenses                                                                            |   |                                       | 898,590    |   |                                      |   | 532,405 |   |   |   | 2,745,135 |   |   |   | 1,579,893 |   |
| Operating      Income                                                                                    |   |                                       | 1,676,053  |   |                                      |   | 8,737 |   |   |   | 2,530,273 |   |   |   | 193,681 |   |
| Other      Income (Expense):                                                                             |   |                                       |       |   |                                      |   |   |   |   |   |   |   |   |   |   |   |
| Interest      Expense                                                                                    |   |                                       | (406       | )      |                                      |   | (5,257 | ) |   |   | (9,469 | ) |   |   | (45,208 | ) |
| Interest      Expense – Related Party                                                              |   |                                       | —    |   |                                      |   | (1,322 | ) |   |   | (2,616 | ) |   |   | (4,256 | ) |
| Interest      Income                                                                                     |   |                                       | 12,067     |   |                                      |   | 1 |   |   |   | 15,111 |   |   |   | 5 |   |
| Other      Income                                                                                        |   |                                       | 6,165      |   |                                      |   | — |   |   |   | 32,773 |   |   |   | — |   |
| Total      Other Income (Expense)                                                                        |   |                                       | 17,826     |   |                                      |   | (6,578 | ) |   |   | 35,799 |   |   |   | (49,459 | ) |
| Income      Before Income Taxes                                                                          |   |                                       | 1,693,879  |   |                                      |   | 2,519 |   |   |   | 2,566,072 |   |   |   | 144,222 |   |
| Income      Taxes                                                                                        |   |                                       | —    |   |                                      |   | — |   |   |   | — |   |   |   | — |   |
| Net      Income                                                                                          |   | $                                          | 1,693,879  |   |                                      | $      | 2,159 |   |   | $ | 2,566,072 |   |   | $ | 144,222 |   |
| Basic      Earnings Per Common Share                                                                     |   | $                                          | 0.07       |   |                                      | $      | 0.00 |   |   | $ | 0.11 |   |   | $ | 0.01 |   |
| Diluted      Earnings Per Common Share                                                                   |   | $                                          | 0.07       |   |                                      | $      | 0.00 |   |   | $ | 0.11 |   |   | $ | 0.01 |   |
| Weighted Average Number of      CommonShares Outstanding for Basic      Earnings Per Common      Share   |   |                                       | 24,431,000 |   |                                      |   | 23,125,000 |   |   |   | 23,684,000 |   |   |   | 21,357,000 |   |
| Weighted Average Number of      CommonShares Outstanding for Diluted      Earnings Per Common      Share |   |                                       | 25,119,000 |   |                                      |   | 24,980,000 |   |   |   | 24,342,000 |   |   |   | 22,994,000 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Nine      months ended September 30, |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2008                                 |       |   | 2007 |   |
| Cash      Flows from Operating Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                 |       |   |   |   |
| Net      Income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                                    | 2,566,072  |   |   | $ | 144,222 |   |
| Adjustments      to Reconcile Net Income (Loss) to                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                 |       |   |   |   |   |   |
| Net      Cash Provided From (Used For) Operating Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                 |       |   |   |   |   |   |
| Depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                 | 48,314     |   |   |   | 35,229 |   |
| Amortization      of Capitalized Software                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                 | 682,349    |   |   |   | 663,908 |   |
| Amortization      of Deferred Financing Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                 | 26,273     |   |   |   | 25,854 |   |
| Stock-based      Compensation Expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                 | 581,209    |   |   |   | 15,000 |   |
| Changes      in Assets and Liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                 |       |   |   |   |   |   |
| (Increase)      Decrease in:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                 |       |   |   |   |   |   |
| Accounts      Receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                 | 1,557,691  |   |   |   | 236,808 |   |
| Prepaid      Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                 | (60,479    | ) |   |   | (12,839 | ) |
| Other      Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                 | —    |   |   |   | (125 | ) |
| Increase      (Decrease) in:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                 |       |   |   |   |   |   |
| Accounts      Payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                 | (361,067   | ) |   |   | (4,309 | ) |
| Accrued      Liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                 | 211,380    |   |   |   | (212,825 | ) |
| Deferred      Charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                 | (16,877    | ) |   |   | 4,875 |   |
| Unearned      Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                 | 110,370    |   |   |   | (68,156 | ) |
| Net      Cash Provided From Operating Activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                 | 5,345,235  |   |   |   | 827,642 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                 |       |   |   |   |   |   |
| Cash      Flows from Investing Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                 |       |   |   |   |   |   |
| Capital      Expenditures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                 | (224,542   | ) |   |   | (16,826 | ) |
| Capitalized      Software Expenditures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                 | (908,511   | ) |   |   | (835,791 | ) |
| Net      Cash Provided From (Used For) Investing Activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                 | (1,133,053 | ) |   |   | (852,617 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                 |       |   |   |   |   |   |
| Cash      Flows from Financing Activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                 |       |   |   |   |   |   |
| Proceeds      from Exercise of Stock Options and Warrants                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                 | 26,800     |   |   |   | 43,135 |   |
| Purchase      of Treasury Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                 | (164,894   | ) |   |   | — |   |
| Net      Cash Provided From (Used For) Financing Activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                 | (138,044   | ) |   |   | 43,135 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                 |       |   |   |   |   |   |
| Change      in Cash and Cash      Equivalents                                                                                                            |   |                                 | 4,074,088  |   |   |   | 18,160 |   |
| Cash      and Cash Equivalents – Beginning of      Period                                                                                          |   |                                 | 10,914     |   |   |   | 131,847 |   |
| Cash      and Cash Equivalents – End of      Period                                                                                                |   | $                                    | 4,085,002  |   |   | $ | 150,007 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                 |       |   |   |   |   |   |
| Supplemental      Disclosures of Cash Flow Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                 |       |   |   |   |   |   |
| Cash      Paid During the Periods for:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                 |       |   |   |   |   |   |
| Interest                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                                    | 9,469      |   |   | $ | 45,208 |   |
| Interest – Related      Party                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                 | 2,616      |   |   |   | 4,256 |   |
| Income Taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                 | —    |   |   |   | — |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                           |   | For      the three months endedSeptember      30, 2008 |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|-----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Income(Numerator)                                      |      |   | Shares(Denominator) |   |   | Per      ShareAmount |   |
| Basic      EPS:                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                   |      |   |   |   |   |   |   |
| Income      Available to CommonStockholders                                                                                            |   | $                                                      | 1,693,879 |   |   |   | 24,430,888 |   |   | $ | 0.07 |   |
| Effect      of Dilutive Securities:                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                   |      |   |   |   |   |   |   |   |   |   |
| Exercise      of      Options                                                                  |   |                                                   | —   |   |   |   | 606,869 |   |   |   | — |   |
| Exercise      of      Warrants                                                                 |   |                                                   | —   |   |   |   | 81,709 |   |   |   | — |   |
| Diluted      EPS:                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                   |      |   |   |   |   |   |   |   |   |   |
| Income      Available to Common StockholdersPlus      Assumed Conversions                                                                                                                                                                                                                                                                                                                                                      |   | $                                                      | 1,693,879 |   |   |   | 25,119,466 |   |   | $ | 0.07 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | For      the nine months endedSeptember      30, 2008 |      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|-----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Income(Numerator)                                     |      |   | Shares(Denominator) |   |   | Per      ShareAmount |   |
| Basic      EPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                  |      |   |   |   |   |   |   |
| Income      Available to CommonStockholders                                                                                                    |   | $                                                     | 2,566,072 |   |   |   | 23,684,010 |   |   | $ | 0.11 |   |
| Effect      of Dilutive Securities:                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                  |      |   |   |   |   |   |   |   |   |   |
| Exercise      of      Options                                                                                                                  |   |                                                  | —   |   |   |   | 577,428 |   |   |   | — |   |
| Exercise      of      Warrants                                                                                                                 |   |                                                  | —   |   |   |   | 80,563 |   |   |   | — |   |
| Diluted      EPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                  |      |   |   |   |   |   |   |   |   |   |
| Income      Available to Common StockholdersPlus      Assumed      Conversions                                                                 |   | $                                                     | 2,566,072 |   |   |   | 24,342,001 |   |   | $ | 0.11 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | For      the three months endedSeptember      30, 2007 |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Income(Numerator)                                      |    |   | Shares(Denominator) |   |   | Per      ShareAmount |   |
| Basic      EPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                   |    |   |   |   |   |   |   |
| Income      Available to CommonStockholders                                                                                                    |   | $                                                      | 2,159   |   |   |   | 23,125,159 |   |   | $ | 0.00 |   |
| Interest      Reversal Convertible Debentures(Net      of      Tax)                                                                            |   |                                                   | 3,147   |   |   |   | — |   |   |   | — |   |
| Effect      of Dilutive Securities:                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                   |    |   |   |   |   |   |   |   |   |   |
| Exercise      of      Options                                                                                                                  |   |                                                   | — |   |   |   | 885,389 |   |   |   | — |   |
| Exercise      of      Warrants                                                                                                                 |   |                                                   | — |   |   |   | 95,239 |   |   |   | — |   |
| Conversion      of Convertible Debentures                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                   | — |   |   |   | 874,217 |   |   |   | — |   |
| Diluted      EPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                   |    |   |   |   |   |   |   |   |   |   |
| Income      Available to Common StockholdersPlus      Assumed      Conversions                                                                 |   | $                                                      | 5,306   |   |   |   | 24,980,004 |   |   | $ | 0.00 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | For      the nine months endedSeptember      30, 2007 |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | Income(Numerator)                                     |    |   | Shares(Denominator) |   |   | Per      ShareAmount |   |
| Basic      EPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                  |    |   |   |   |   |   |   |
| Income      Available to CommonStockholders                                                                                                                                                     |   | $                                                     | 144,222 |   |   |   | 21,356,623 |   |   | $ | 0.01 |   |
| Interest      Reversal Convertible Debentures(Net      of      Tax)                                                                 |   |                                                  | 9,845   |   |   |   | — |   |   |   | — |   |
| Effect      of Dilutive Securities:                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                  |    |   |   |   |   |   |   |   |   |   |
| Exercise      of      Options                                                                                                       |   |                                                  | — |   |   |   | 674,910 |   |   |   | — |   |
| Exercise      of      Warrants                                                                                                      |   |                                                  | — |   |   |   | 88,031 |   |   |   | — |   |
| Conversion      of Convertible Debentures                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                  | — |   |   |   | 874,217 |   |   |   | — |   |
| Diluted      EPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                  |    |   |   |   |   |   |   |   |   |   |
| Income      Available to Common StockholdersPlus      Assumed Conversions                                                                                                                                                                                                                                                                                                                                                                                           |   | $                                                     | 154,067 |   |   |   | 22,993,781 |   |   | $ | 0.01 |   |

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|                             |   | Shares |      |   | Exercise      PricePer      Share |   |                   | Weighted-Average      Remaining Contractual Life |   |           | Weighted-Average      Exercise Price |   |
|----------------------------------|--------|--------|-----------|--------|-----------------------------------|--------|------------------------|--------------------------------------------------|--------|----------------|--------------------------------------|--------|
| Balance,      December 31, 2007  |   |   | 2,533,000 |   |                              | $      | 0.34      – 2.00 |                                             |   | 2.1      years |                                 |   | $ | 0.97 |   |
| Granted                          |   |   | 347,463   |   |                              | $      | 0.85      – 1.38 |                                             |   | 3.8      years |                                 |   | $ | 0.96 |   |
| Exercised                        |   |   | (150,000  | )      |                              | $      | 0.34      – 0.60 |                                             |   |  —  |                                 |   | $ | 0.48 |   |
| Canceled                         |   |   | —   |   |                              |   | —                |                                             |   |  —  |                                 |   |   | — |   |
| Expired                          |   |   | (758,000  | )      |                              | $      | 1.13      – 2.00 |                                             |   |  —  |                                 |   | $ | 0.51 |   |
| Balance,      September 30, 2008 |   |   | 1,972,463 |   |                              | $      | 0.34      – 1.40 |                                             |   | 2.8      years |                                 |   | $ | 0.83 |   |

|                             |   | Outstanding      and Exercisable Warrants |    |   | Exercise      PricePer      Warrant |   | Weighted-Average      Remaining      Contractual      Life |   | Weighted-Average      Exercise Price |   |
|----------------------------------|--------|-------------------------------------------|---------|--------|-------------------------------------|--------|------------------------------------------------------------|--------|--------------------------------------|--------|
| Balance,      December 31, 2007  |   |                                      | 121,429 |   |                                | $      | 0.35                                                       |   | 3.35      years                      |   | $ | 0.35 |   |
| Balance,      September 30, 2008 |   |                                      | 121,429 |   |                                | $      | 0.35                                                       |   | 2.60      years                      |   | $ | 0.35 |   |

|                                                                                                                                                                                                                                                                                                                                                                         |   | Shares |    |   | Weighted-Average      Grant      Date Fair Value |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------------------------------------------------|--------|
| Balance,      January 1,      2008                                                        |   |   | 125,000 |   |                                             | $      | 1.40 |   |
| Granted                                                                                                                                                                                                                                                                                                                                                                      |   |   | 107,500 |   |                                             | $      | 0.85 |   |
| Vested                                                                                                                                                                                                                                                                                                                                                                       |   |   | — |   |                                             |   | — |   |
| Forfeited      or Expired                                                                                                                                                                                                                                                                                                                                                    |   |   | — |   |                                             |   | — |   |
| Balance,      September 30,      2008                                                                                                       |   |   | 232,500 |   |                                             | $      | 1.15 |   |

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|                                                            |   | Three      Months EndedSeptember      30, |   |
|-----------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                            |   | 2008                                      |   |   | 2007 |   |   | 2006 |   |
| Income      taxes, at U.S. statutory rates                      |   |                                      | (34.0  | )      % |   |   | (34.0 | )      % |   |   | (34.0 | )      % |
| States      taxes, net of federal tax benefit                   |   |                                      | (5.0   | ) |   |   | (5.0 | ) |   |   | (5.0 | ) |
| Tax      benefit of federal net operating tax loss carryforward |   |                                      | 39.0   |   |   |   | 39.0 |   |   |   | 39.0 |   |
| Total      expense (benefit)                                    |   |                                      | 0      | % |   |   | 0 | % |   |   | 0 | % |

| ●       | Level      1 – Inputs are unadjusted quoted prices in active markets for identical      assets or liabilities available at the measurement  date. |
|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●       | Level      2 – Inputs are unadjusted quoted prices for similar assets and liabilities      in active markets, quoted prices for identical or similar assets and      liabilities in markets that are not active, inputs other than quoted      prices that are observable and inputs derived from or corroborated by      observable market data. |
|---------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●       | Level      3 – Inputs are unobservable inputs which reflect the reporting entity’s      own assumptions on what assumptions the market participants would use in      pricing the assets or liabilities based on the best available      information. |
|---------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                             |   | Three      MonthsEnded      September 30, |   | Nine      MonthsEnded      September 30, |
|----------------------------------------------------------------------------------|--------|------------------------------------------------|--------|-----------------------------------------------|
|                                                                             |   | 2008                                           |   | 2007                                          |   | 2008 |   | 2007 |
| Revenues:                                                                        |   |                                           |   |                                          |   |   |   |   |   |   |   |
| License                                                                          |   | 53.2                                           | %      |                                               |   | 14.3 | % |   |   | 34.2 | % |   |   | 13.3 | % |
| Maintenance                                                                      |   | 22.7                                           |   |                                          |   | 41.0 |   |   |   | 29.5 |   |   |   | 42.0 |   |
| Professional    Services                                                         |   | 13.3                                           |   |                                          |   | 24.4 |   |   |   | 21.5 |   |   |   | 24.7 |   |
| Applications Service Provider      (“ASP”)   Services |   | 10.8                                           |   |                                          |   | 20.3 |   |   |   | 14.8 |   |   |   | 20.0 |   |
| Total Revenues                                                                   |   | 100.0                                          |   |                                          |   | 100.0 |   |   |   | 100.0 |   |   |   | 100.0 |   |
|                                                                             |   |                                           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Cost      of Revenues:                                                           |   |                                           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| License                                                                          |   | 16.8                                           |   |                                          |   | 15.8 |   |   |   | 13.2 |   |   |   | 14.5 |   |
| Maintenance                                                                      |   | 14.5                                           |   |                                          |   | 34.9 |   |   |   | 17.1 |   |   |   | 35.0 |   |
| Professional    Services                                                         |   | 6.7                                            |        |                                          |   | 14.0 |   |   |   | 9.3 |   |   |   | 13.9 |   |
| ASPServices                                                                 |   | 8.2                                            |   |                                          |   | 6.7 |   |   |   |  9.2 |   |   |   |  5.8 |   |
| Total Cost of      Revenues                                                      |   | 46.2                                           |   |                                          |   | 71.4 |   |   |   | 48.8 |   |   |   | 69.2 |   |
| Direct Margin                                                                    |   |  53.8                                     |   |                                          |   | 28.6 |   |   |   | 51.2 |   |   |   | 30.8 |   |
|                                                                             |   |                                           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Operating      Expenses:                                                         |   |                                           |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Sales and    Marketing                                                           |   | 2.7                                            |   |                                          |   | 8.2 |   |   |   | 5.5 |   |   |   | 7.7 |   |
| General and      Administrative                                                  |   | 8.9                                            |        |                                          |   | 14.4 |   |   |   | 14.0 |   |   |   | 14.6 |   |
| Research and      Development                                               |   | 7.2                                            |   |                                          |   |  5.6 |   |   |   |  7.1 |   |   |   |  5.1 |   |
| Total Operating      Expenses                                                    |   | 18.8                                           |   |                                          |   | 28.2 |   |   |   | 26.6 |   |   |   | 27.4 |   |
| Operating Income                                                                 |   | 35.0                                           |   |                                          |   | 0.4 |   |   |   | 24.6 |   |   |   | 3.4 |   |

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| Other      (Expense) Income:               |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
|--------------------------------------------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| Interest (Expense) Income –      Net |   | 0.3     |   |   |   | (0.3    | )      |   |   | — |   |   |   | (0.9    | )      |
| Other Income                               |   | 0.1     |   |   |   | — |   |   |   | 0.3     |   |   |   | — |   |
| Total Other (Expense)      Income          |   | 0.4     |   |   |   | (0.3    | )      |   |   | 0.3     |   |   |   | (0.9    | )      |
| Income Before Income      Taxes            |   | 35.4    |   |   |   | 0.1     |   |   |   | 24.9    |   |   |   | 2.5     |   |
|                                       |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Income      Taxes (Benefit)                |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
|                                       |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Net      Income                            |   | 35.4    | %      |   |   | 0.1     | %      |   |   | 24.9    | %      |   |   | 2.5     | %      |

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| ●       | Our      ability to generate cash is subject to general economic, financial,      competitive and other factors beyond its  control. |
|---------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|

| ●       | Our      need to invest resources in product development in order to continue to      enhance our current product, develop new products, attract and retain      customers and keep pace with competitive product introductions and      technological developments. |
|---------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●       | We      experience intense competition in our industry and continuing      technological changes. |
|---------------------------------------------|---------------------------------------------------------------------------------------------------|

| ●       | Insurance      companies typically are slow in making decisions and have numerous      bureaucratic and institutional obstacles, which can make our efforts to      attain new customers difficult. |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●       | We      compete with a number of larger companies who have greater resources than      those of ours.  We compete on the basis of insurance knowledge,      products, services, price, technological advances and system functionality      and performance. |
|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●       | Our      operations continue to depend upon the continuing business of our existing      customers and our ability to attract new  customers. |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| ●       | A      decline in software spending in the insurance industry could result in a      decrease in our revenue. |
|---------------------------------------------|---------------------------------------------------------------------------------------------------------------|

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| ●      | Revenue      Recognition |
|---------------------------------------|--------------------------|

| ●      | Valuation      of Capitalized Software |
|---------------------------------------|----------------------------------------|

| ●      | Valuation      of Allowance for Doubtful AccountsReceivable |
|---------------------------------------|-------------------------------------------------------------|

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|                                                              | (a)                                             | (b)                                         | (c)                                                                                                  | (d)                                                                                                                                   |
|-------------------------------------------------------------------|-------------------------------------------------|---------------------------------------------|------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|
| Period                                                            | Total      Number ofShares      Purchased  | Average      Price      Paid per      Share | Total      Number of Shares      Purchased as Part      of Publicly Announced      Plans or Programs | Maximum      Number (or Approximate      Dollar Value) of      Shares that May Yet Be Purchased      Under the Plans or      Programs |
| Month      #1 (July 1, 2008      to      July 31, 2008)           | 201,870                                         | $0.82                                       | 201,870                                                                                              | 798,130      shares                                                                                                                   |
| Month      #2 (August 1, 2008      to August 31, 2008)            | —                                         | —                                     | —                                                                                              | —                                                                                                                               |
| Month      #3 (September 1,      2008 to September 30,      2008) | —                                         | —                                     | —                                                                                              | —                                                                                                                               |
| Total                                                             | 201,870                                         | $0.82                                       | 201,870                                                                                              | 798,130      shares                                                                                                                   |

| Exhibit |   |                                                                                                                                                                                                                                                                                         |
|---------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| No.     |   | Description                                                                                                                                                                                                                                                                                  |
|    |   |                                                                                                                                                                                                                                                                                         |
| 3(a)    |   | Certificate      of Incorporation of the Registrant filed on April 22, 1985 [incorporated      by reference to Exhibit 3(a) to the Registrant’s Annual Report on Form      10-K (Commission File No. 0-13124) filed on January 29,    1986].                                           |
|    |   |                                                                                                                                                                                                                                                                                         |
| 3(b)    |   | Certificate      of Amendment of Certificate of Incorporation of the Registrant filed on      May 6, 1987 [incorporated by reference to Exhibit 3.2 to the      Registrant’s Registration Statement on Form S-1 (Commission File No.      33-17533) filed on September 29, 1987]. |
|    |   |                                                                                                                                                                                                                                                                                         |
| 3(c)    |   | Certificate      of Amendment of Certificate of Incorporation of the Registrant filed on      March 26, 1990 [incorporated by reference to Exhibit 3(d) to the      Registrant’s Quarterly Report on Form 10-Q (Commission File No. 0-13124)      filed on June 14, 1990].             |

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| 3(d)   |   | Certificate      of Amendment of Certificate of Incorporation of the Registrant filed on      March 18, 1992 [incorporated by reference to Exhibit 1 to the Registrant’s      Current Report on Form 8-K (Commission File No. 0-13124) filed on March      30, 1992].                             |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                    |
| 3(e)   |   | Certificate      of Amendment of Certificate of Incorporation of the Registrant filed on      June 21, 1996 [incorporated by reference to Exhibit 3(e) to the      Registrant’s Amendment No. 1 to Registration Statement on Form S-3      (Commission File No. 0-13124) filed on July 10, 1996]. |
|   |   |                                                                                                                                                                                                                                                                                                    |
| 3(f)   |   | Certificate      of Amendment of Certificate of Incorporation of the Registrant filed on      July 12, 2000 [incorporated by reference to Exhibit 3(g) to the      Registrant’s Quarterly Report on Form 10-Q (Commission File No. 0-13124)      filed on August 11, 2000].                       |
|   |   |                                                                                                                                                                                                                                                                                                    |
| 3(g)   |   | Bylaws      of the Registrant, as amended [incorporated by reference to Exhibit 3(g)      to the Registrant’s Amendment No. 1 to Registration Statement on Form S-3      (Commission file No. 0-13124) filed on July 10, 1996].                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                    |
| 4      |   | Form      of Common Stock Certificate of the Registrant [incorporated by reference      to Exhibit 4(a) to the Registrant’s Annual Report on Form 10-K (Commission      File No. 0-13124) filed on January 29, 1986].                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                    |
| 31.1*  |   | Chief      Executive Officer Certification pursuant to Section 13a-15(e) of the      Securities Exchange Act.                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                    |
| 31.2*  |   | Chief      Financial Officer Certification pursuant to Section 13a-15(e) of the      Securities Exchange Act.                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                    |
| 32.1*  |   | Certification      of John W. Roblin pursuant to 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of      2002.                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                    |
| 32.2*  |   | Certification      of Ann F. Massey pursuant to 18 U.S.C. Section 1350, as adopted      pursuant to Section 906 of the Sarbanes-Oxley Act of      2002.                                                                                                                                       |

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|                                                | COVER-ALL TECHNOLOGIES      INC. |                                                                                     |
|-----------------------------------------------------|----------------------------------|------------------------------------------------------------------------------------------|
|                                                |                             |                                                                                     |   |
|                                                |                             |                                                                                     |   |
| Date:  November      10, 2008   | By:                              | /s/      John W. Roblin                                                                  |   |
|                                                |                             | John      W. Roblin, Chairman of the Board of Directors and      Chief Executive Officer |   |
|                                                |                             |                                                                                     |   |

| Date:  November      10, 2008  | By:    | /s/      Ann F. Massey                      |   |
|-----------------------------------------------|--------|---------------------------------------------|--------|
|                                          |   | Ann      F. Massey, Chief Financial Officer |   |