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**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**___________________**FORM 10-Q**________________________________

**ý                                QUARTERLY REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

  

For the quarterly period ended September 30, 2008

  

or

  

** ̈                                TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

   

For the transition period from               to

  

Commission file number 0-19041

  

**AMERICANBIOGENETIC SCIENCES, INC.**(Exact Name Of RegistrantAs Specified In Its Charter)
| Delaware                                    | 11-2655906                              |
|---------------------------------------------|-----------------------------------------|
| (State of Incorporation)                    | (I.R.S. Employer    Identification No.) |
|                              |                          |
| 90    John Street, Suite 626, New York, NY  | 10038                                   |
| (Address of Principal    Executive Offices) | (ZIP Code)                              |

Registrant'sTelephone Number, Including Area Code: (212) 688-5688

Indicate by check markwhether the registrant (1) has filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.  Yes x  No  ̈

At September 30,2008, the Registrant had 217,749,909 shares of common stock outstanding.

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer or a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act).
| Large accelerated    filer  ̈ | Accelerated filer  ̈  | Non-Accelerated    filer  ̈  | Smaller reporting    company x |
|----------------------------------|-------------------------------|--------------------------------------|------------------------------------|

Indicate by check mark whether the registrant is a shellcompany (as defined in Rule 12b-2 of the Exchange Act). Yes x No  ̈

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**TABLE OF CONTENTS**
| Item                                  |                          | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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| **PART I - FINANCIAL    INFORMATION** |
|                                  |
| ITEM 1.                               |      |    FINANCIAL STATEMENTS.
    3  
ITEM 2.
    
   MANAGEMENT'S    DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
    3   ITEM 3.   QUANTITATIVE    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK6
ITEM 4.
    
   CONTROLS AND PROCEDURES.
    6     
**PART II - OTHER    INFORMATION**
  
ITEM 1.
    
   LEGAL PROCEEDINGS.
    6  ITEM 1A.   RISK FACTORS6
ITEM 2.
    
   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF    PROCEEDS
    6   
ITEM 3.
    
   DEFAULT UPON SENIOR SECURITIES.
    6   
ITEM 4.
    
   SUBMISSION OF    MATERS TO A VOTE OF SECURITY HOLDERS.
    6   
ITEM 5.
    
   OTHER INFORMATION.
    6   ITEM 6.   EXHIBITS6
 
****
**PART I - FINANCIAL INFORMATION**

ITEM1. FINANCIAL STATEMENTS****Backto Table of Contents

The Registrant's unaudited interim financial statementsare attached hereto. UnauditedInterim Financial Statements

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONBack to Table of Contents

Some of the statements contained in this quarterlyreport of American Biogenetic Sciences, Inc., a Delaware corporation discuss futureexpectations, contain projections of our plan of operation or financial condition or stateother forward-looking information. Forward-looking statements give our currentexpectations or forecasts of future events. You can identify these statements by the factthat they do not relate strictly to historical or current facts. They use of words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide forward-looking statements in othermaterials we release to the public.

General Background

AmericanBiogenetic Sciences, Inc., a Delaware corporation, is sometimes referred to herein as"we", "us", "our", "Company" and the"Registrant". The Registrant was formed in 1983 for the purpose ofresearching, developing and marketing cardiovascular and neurobiology products forcommercial development and distributing vaccines. The Registrant's products were designedfor in vitro and in vivo diagnostic procedures and therapeutic drugs, and its products hadbeen identified for use in the treatment of epilepsy, migraine and mania,neurodegenerative diseases, coronary artery diseases and cancer. The Registrantcommenced selling its products during the last quarter of 1997 but did not generate anysufficient revenues from operations to fund its operating expenses.

On September 19, 2002, the Registrant filed a petitionunder the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District ofNew York. On November 4, 2005, the Bankruptcy Court approved an order authorizing a changein control and provided that the Company, subsequent to the bankruptcy proceeding, is freeand clear of all liens, claims and interests of others.

Change in Control following Bankruptcy

The Bankruptcy Court authorized Park AvenueGroup to appoint new members to the Registrant's board of directors and management, andthe authority to change the Registrant's articles of incorporation with respect to thecapital stock of the Company. On November 29, 2005, the Registrant's board of directorsapproved an amendment to the Registrant's articles of incorporation to (i) increase thenumber of authorized shares of capital stock to 910,000,000 shares, including 900,000,000shares of common stock, par value $0.0001, and 10,000,000 shares of preferred stock, parvalue $0.0001. On November 8, 2005, Park Avenue Group appointed RichardRubin to the board of directors of theRegistrant, which then appointed Mr. Rubin to be chief executive officer and chieffinancial officer of the Registrant.

New BusinessObjectives of the Registrant

Asa result of the bankruptcy proceeding, the Registrant has no present operations and hasdetermined to direct its efforts and limited resources to pursue potential new businessopportunities. The Registrant does not intend to limit itself to a particular industry andhas not established any particular criteria upon which it shall consider and proceed witha business opportunity.

There is currently only a limited trading market in theRegistrant's shares on the NASDAQ BB. There can be no assurance that there will be anactive trading market for our common stock. In the event that an active trading marketcommences, there can be no assurance as to the market price of our shares of common stock,whether any trading market will provide liquidity to investors, or whether any tradingmarket will be sustained.

Registrant'sexecutive officer/director intends to devote such time as he deems necessary to carry outthe Registrant's affairs. The exact length of time required for the pursuit of any newpotential business opportunities is uncertain. No assurance can be made that theRegistrant will be successful in its efforts. We cannot project the amount of time thatour executive officer/director will actually devote to the Registrant's plan of operation.

Plan of Operation

We have no present operations orrevenues and our current activities are related to seeking new business opportunities,including seeking an acquisition or merger with an operating company. If our managementseeks to acquire another business or pursue a new business opportunity, it would havesubstantial flexibility in identifying and selecting a prospective business. Registrantwould not be obligated nor does management intend to seek pre-approval from ourshareholders. Under the laws of the State of Delaware, the consent of holders of amajority of the issued and outstanding shares, acting without a shareholders meeting, canapprove an acquisition.

The Registrant is entirely dependent onthe judgment of its executive officer/director in connection with pursuing a new businessopportunity or a selection process for a target operating company. In evaluating aprospective new business opportunity or an operating company, he would consider, amongother factors, the following: (i) costs associated with effecting a transaction; (ii)equity interest in and opportunity to control the prospective candidate; (iii) growthpotential of the target business; (iv) experience and skill of management and availabilityof additional personnel; (v) necessary capital requirements; (vi) the prospectivecandidate's competitive position; (vii) stage of development of the business opportunity;(viii) the market acceptance of the business, its products or services; (ix) theavailability of audited financial statements of the potential business opportunity; and(x) the regulatory environment that may be applicable to any prospective businessopportunity. 

The foregoing criteria are not intendedto be exhaustive and there may be other criteria that management may deem relevant. Inconnection with an evaluation of a prospective or potential business opportunity,management may be expected to conduct a due diligence review.

Liquidity and Capital Resources

We will use our limited personnel andfinancial resources in connection with seeking new business opportunities, includingseeking an acquisition or merger with an operating company. It may be expected thatentering into a new business opportunity or business combination will involve the issuanceof a substantial number of restricted shares of common stock. If such additionalrestricted shares of common stock are issued, our shareholders will experience a dilutionin their ownership interest in the Registrant. If a substantial number of restrictedshares are issued in connection with a business combination, a change in control may beexpected to occur. 

Inconnection with our plan to seek new business opportunities and/or effecting a businesscombination, we may determine to seek to raise funds from the sale of restricted stock ordebt securities.We have no agreements to issue any debt or equity securities and cannotpredict whether equity or debt financing will become available at terms acceptable to us,if at all.

Thereare no limitations in our articles of incorporation on our ability to borrow funds orraise funds through the issuance of restricted common stock to effect a businesscombination. Our limited resources and lack of operating history may make it difficult todo borrow funds or raise capital. Our inability to borrow funds or raise funds through theissuance of restricted common stock required to effect or facilitate a businesscombination may have a material adverse effect on our financial condition and futureprospects, including the ability to complete a business combination. To the extent thatdebt financing ultimately proves to be available, any borrowing will subject us to variousrisks traditionally associated with indebtedness, including the risks of interest ratefluctuations and insufficiency of cash flow to pay principal and interest, including debtof an acquired business. 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKBack to Table of Contents

We have not enteredinto, and do not expect to enter into, financial instruments for trading or hedgingpurposes.

ITEM 4.CONTROLS AND PROCEDURES****Backto Table of Contents
***Evaluation of Disclosure Controls and Procedures*

Our Chief Executive Officer/Chief Financial Officer evaluated the effectiveness of thedesign and operation of our disclosure controls and procedures (as such term is defined inRule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act").Disclosure controls and procedures are the controls and other procedures that we designedto ensure that we record, process, summarize and report in a timely manner the informationwe must disclose in reports that we file with or submit to the Securities and ExchangeCommission under the Exchange Act. Based on this evaluation, we have concluded that ourdisclosure controls and procedures were effective as of the end of the period covered bythis report.
***Changes in Internal Control Over Financial Reporting*

There were no changes in our internal control over financial reporting or in otherfactors identified in connection with the evaluation required by paragraph (d) of ExchangeAct Rules 13a-15 or 15d-15 that occurred during the quarter ended September 30, 2008 thathave materially affected, or are reasonably likely to materially affect, our internalcontrol over financial reporting.

**PART II - OTHER INFORMATION**

ITEM 1. LEGALPROCEEDINGS****Back to Table ofContents

None.

ITEM 1A.RISK FACTORSBack to Table ofContents

In addition to the otherinformation set forth in this report, you should carefully consider the factors discussedin Part I, “Item 1. Description of Business, subheading Risk Factors” inour Annual Report on Form 10-KSB for the year ended December 31, 2007, whichcould materially affect our business, financial condition or future results. The risksdescribed in our Annual Report on Form 10-KSB are not the only risks facing ourcompany. Additional risks and uncertainties not currently known to us or that we currentlydeem to be immaterial also may materially adversely affect our business, financialcondition and/or operating results. 

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSBack to Table of Contents

None.

ITEM3. DEFAULTS UPON SENIOR SECURITIES****Back to Table of Contents

None.

ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSBack to Table of Contents

None.

ITEM5. OTHER INFORMATION****Backto Table of Contents

None.

ITEM6. EXHIBITS Back to Table ofContents

(a) The following documents are filed as exhibits tothis report on Form 10-QSB or incorporated by reference herein. Any document incorporatedby reference is identified by a parenthetical reference to the SEC filing that includedsuch document.

Exhibit    No.Description31Certification of CEO/CFO    pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the    Sarbanes-Oxley Act of 2002.32Certification of CEO/CFO    pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the    Sarbanes-Oxley Act of 2002.
(b) Reports on Form 8-K during the quarter covered by this report:None.

SIGNATURES

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signed below bythe following persons on behalf of the registrant and in the capacities and on the dateindicated.

/s/ RichardRubinRichard Rubin   *CEO, CFO and Chairman**   Dated: November 14, 2008*

FinancialStatements for the three-and nine month periods ended September 30, 2008 and 2007

**American Biogenetic Sciences, Inc.**
Balance SheetsBack to Table of Contents  **September    30, 2008****December    31, 2007**** **(Unaudited)    
AssetsCurrent assets:   Cash$18$23   Prepaid expenses00           Total current assets1823               Total assets$18$23  
Liabilities    and Stockholders' DeficiencyCurrent liabilities:   Accounts payable -    trade$500$0   Advances from and    accruals due to related parties40,45613,186            Total current liabilities40,95613,186  Stockholders' deficiency:Common stock, 900,000,000    shares authorized, $0.0001 par value;     217,749,909    shares issued and outstanding at September 30, 2008; and    216,749,909    shares issued and outstanding at December 31, 200721,77521,675   Additional paid-in    capital24,52524,125   Subscription    receivable0(2,270)   Accumulated    deficit(87,238)(56,693)     Total    stockholders' deficiency(40,938)(13,163)            Total liabilities and stockholders' deficiency$18$23     See    notes to unaudited interim financial statements.**American    Biogenetic Sciences, Inc.**Statement of Operations  **Three Months****Three Months****Nine Months****Nine Months****Ended****Ended****Ended****Ended****September 30, 2008****September 30, 2007****September 30, 2008****September 30, 2007**(Unaudited)(Unaudited)(Unaudited)(Unaudited)  Revenue$0$0$0$0  Costs and expenses:   General and administrative9,52750030,54513,726   Interest0000Total costs and expenses9,52750030,54513,726  Net loss$(9,527)$(500)$(30,545)$(13,726)  Basic and diluted per shares amounts:Basic and diluted net loss$(0.00)$(0.00)$(0.00)$(0.00)  Weighted average shares outstanding:Basic and diluted217,749,909184,949,909217,640,420184,949,909  See notes to unaudited interim    financial statements.
**American Biogenetic Sciences, Inc.**
Statements of Cash Flows  **Nine Months****Nine Months****Ended****Ended**                   **September 30, 2008****September 30, 2007**  (Unaudited)(Unaudited)Cash flows from operating activities:Net loss$(30,545)(13,276)Adjustment required to reconcile net loss to    cash used in operating activities:   Fair value of expenses provided    from related parties27,00012,000   Expenses paid by related parties2,500500   Increase (decrease) in accounts    payable and accrued expenses5000    Cash    flows used by operating activities$(545)(776)  Cash flows from investing    activities:     Cash    used in investing activities00   Cash flows from financing activities:   Proceeds from the issuance of    common stock5003,780   Proceeds from related party    borrowings400     Cash    provided by financing activities5403,780       Change in cash(5)3,004Cash - beginning of period2319Cash - end of period$18$3,023  See notes to    unaudited interim financial statements.**AMERICAN BIOGENETIC SCIENCES, INC.Notes to Unaudited Interim Financial StatementsSeptember 30, 2008
**1. Basis of Presentation**
American Biogenetic Sciences, Inc. (the "Company",“We” or "ABS") was incorporated in Delaware on September 1, 1983.Prior to filing for bankruptcy under chapter 7, the Company engaged in the research,development and production of bio-pharmaceutical products. 

The Financial Statements presented herein have been prepared by us inaccordance with the accounting policies described in our December 31, 2007 Annual Reporton Form 10-KSB and should be read in conjunction with the Notes to Consolidated FinancialStatements which appear in that report.

The preparation of these financial statements in conformity withaccounting principles generally accepted in the United States requires us to makeestimates and judgments that affect the reported amounts of assets, liabilities, revenuesand expenses, and related disclosure of contingent assets and liabilities. On an on goingbasis, we evaluate our estimates, including those related intangible assets, income taxes,insurance obligations and contingencies and litigation. We base our estimates onhistorical experience and on various other assumptions that are believed to be reasonableunder the circumstances, the results of which form the basis for making judgments aboutthe carrying values of assets and liabilities that are not readily apparent from otherresources. Actual results may differ from these estimates under different assumptions orconditions.

In the opinion of management, the information furnished in this Form10-Q reflects all adjustments necessary for a fair statement of the financial position andresults of operations and cash flows as of and for the three- and nine month periods endedSeptember 30, 2008 and 2007. All such adjustments are of a normal recurring nature. TheFinancial Statements have been prepared in accordance with the instructions to Form 10-Qand therefore do not include some information and notes necessary to conform with annualreporting requirements
**“Fresh Start” Accounting: On September 19, 2002 all ofthe Company’s assets were transferred to the chapter 7 trustee in settlement of alloutstanding corporate obligations. We adopted "fresh-start" accounting as ofSeptember 20, 2002 in accordance with procedures specified by AICPA Statement of Position("SOP") No. 90-7, "Financial Reporting by Entities in Reorganization underthe Bankruptcy Code."

All results for periods subsequent to September 19, 2002 are referredto as those of the "Successor Company". The results of operations and cash flowsas presented on the 2002 financial statements reflect the predecessor company. Thesuccessor company had no transactions between September 19 and the end of the reportingperiod, December 31, 2002. 

In accordance with SOP No. 90-7, the reorganized value of the Companywas allocated to the Company's assets based on procedures specified by SFAS No. 141,"Business Combinations". Each liability existing at the plan sale date, otherthan deferred taxes, was stated at the present value of the amounts to be paid atappropriate market rates. It was determined that the Company's reorganization valuecomputed immediately before September 20, 2002 was $0. We adopted "fresh-start"accounting because holders of existing voting shares immediately before filing andconfirmation of the sale received less than 50% of the voting shares of the emergingentity and its reorganization value is less than its post-petition liabilities and allowedclaims. 

The accounts of the former subsidiaries were not included in the saleand have not been carried forward. 
**2. Bankruptcy Proceedings**
On September 19, 2002, the Registrant filed a voluntary Chapter 7petition under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District ofNew York (case no. 02-86689). On November 4, 2005, the Bankruptcy Court approved an Orderconfirming the sale of debtor's interest in personal property to Park Avenue Group Inc.The material terms of the transaction confirmed by Bankruptcy Court authorized Park AvenueGroup to appoint new members to the Registrant's board of directors and authorized thenewly-appointed board of directors to amend the Article of Incorporation with respect tothe capital stock of the Company.

The accounts of the former subsidiaries were not included in the saleand have not been carried forward.
**Resultant Change in Control: In connection with the Orderconfirming the sale of debtor's interest in certain intangible personal property to ParkAvenue Group Inc. approved by the U.S. Bankruptcy Court Eastern District of New York onNovember 4, 2005, the Court authorized a change in control pursuant to which Richard Rubinbecame our sole director on November 29, 2005, and was appointed CEO by the new board ofdirectors on November 29, 2005. The Court order further provided that the sale was freeand clear of liens, claims and interests of others and that the sale was free and clear ofany and all other real or personal property interests, including any interests inABS’s subsidiaries.
**3. Earnings/Loss Per Share**
Basic earnings per share is computed by dividing income available tocommon shareholders (the numerator) by the weighted-average number of common sharesoutstanding (the denominator) for the period. Diluted earnings per share assume that anydilutive convertible securities outstanding were converted, with related preferred stockdividend requirements and outstanding common shares adjusted accordingly. It also assumesthat outstanding common shares were increased by shares issuable upon exercise of thosestock options for which market price exceeds the exercise price, less shares which couldhave been purchased by us with the related proceeds. In periods of losses, diluted lossper share is computed on the same basis as basic loss per share as the inclusion of anyother potential shares outstanding would be anti-dilutive.
**4. Related Party Transactions not Disclosed Elsewhere:***Due related parties and Fair value of services: The principalstockholder provided, without cost to the Company, his services and office space. Thetotal of these expenses was $27,000 and $9,000 for nine month and three month period endedSeptember 30, 2008, respectively, and was $12,000 and $0 for nine month and three monthperiod ended September 30, 2007, respectively. These expenses were reflected in thestatement of operations as general and administrative expenses.
**5. New Accounting Standards**
In December 2007, the FASB issued SFAS No. 141(R), “BusinessCombinations”. This Statement replaces SFAS No. 141, Business Combinations. ThisStatement retains the fundamental requirements in Statement 141 that the acquisitionmethod of accounting (which Statement 141 called the purchase method) be used for allbusiness combinations and for an acquirer to be identified for each business combination.This Statement also establishes principles and requirements for how the acquirer: a)recognizes and measures in its financial statements the identifiable assets acquired, theliabilities assumed, and any noncontrolling interest in the acquiree; b) recognizes andmeasures the goodwill acquired in the business combination or a gain from a bargainpurchase and c) determines what information to disclose to enable users of the financialstatements to evaluate the nature and financial effects of the business combination. SFASNo. 141(R) will apply prospectively to business combinations for which the acquisitiondate is on or after Company’s fiscal year beginning October 1, 2009. While theCompany has not yet evaluated this statement for the impact, if any, that SFAS No. 141(R)will have on its consolidated financial statements, the Company will be required toexpense costs related to any acquisitions after September 30, 2009.

In May 2008, the FASB issued SFAS No. 162, “*The Hierarchy ofGenerally Accepted Accounting Principles.*” SFAS 162 identifies the sources ofaccounting principles and the framework for selecting the principles used in thepreparation of financial statements of nongovernmental entities that are presented inconformity with generally accepted accounting principles (GAAP) in the United States. SFAS162 is effective 60 days following the SEC’s approval of the Public CompanyAccounting Oversight Board amendments to AU Section 411, *The Meaning of Present Fairlyin Conformity With Generally Accepted Accounting Principles*. Our Company is currentlyevaluating the impact of SFAS 162 on its financial statements but does not expect it tohave a material effect.

Accounting Principles. Our Management is currently evaluating theimpact of SFAS 162 on the Company's financial statements but does not expect it to have amaterial effect.*********** |