|   | · | promote      honest and ethical conduct, including the ethical handling of actual or      apparent conflicts of interest between personal and professional      relationships; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | promote      the full, fair, accurate, timely and understandable disclosure in reports      and documents that the Company files with, or submits to, the Securities      and Exchange Commission (the “SEC”), as well as in other public      communications made by or on behalf of the  Company; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | promote      compliance with applicable governmental laws, rules and      regulations; |
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|   | · | deter      wrongdoing; and |
|--------|--------|----------------------------|

|   | · | require      prompt internal reporting of breaches of, and accountability for adherence      to, this Code. |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | Act      with integrity, including being honest and candid while still maintaining      the confidentiality of the Company’s information where required or in the      Company’s interests. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Observe      all applicable governmental laws, rules and  regulations. |
|--------|--------|------------------------------------------------------------------------|

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|    | · | Comply      with the requirements of applicable accounting and auditing standards, as      well as Company policies, in order to maintain a high standard of accuracy      and completeness in the Company’s financial records and other      business-related information anddata. |
|--------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Adhere      to a high standard of business ethics and not seek competitive advantage      through unlawful or unethical business  practices. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Deal      fairly with the Company’s customers, suppliers, competitors and      employees. |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | Refrain      from taking advantage of anyone through manipulation, concealment, abuse      of privileged information, misrepresentation of material facts or any      other unfair-dealing practice. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Protect      the assets of the Company and ensure their proper  use. |
|--------|--------|----------------------------------------------------------------------|

|   | · | Refrain      from taking for themselves personally opportunities that are discovered      through the use of corporate assets or using corporate assets, information      or position for general personal gain outside the scope of employment with      the Company. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Avoid      conflicts of interest, wherever possible, except under guidelines or      resolutions approved by the Board of Directors (or the appropriate      committee of the Board).  Anything that would be a conflict for      a person subject to this Code also will be a conflict if it is related to      a member of his or her family or a close relative.  Examples of      conflict of interest situations include, but are not limited to, the      following: |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any      significant ownership interest in any supplier or  customer; |
|--------|--------|-----------------------------------------------------------------------|

|   | · | any      consulting or employment relationship with any customer, supplier or      competitor; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | any      outside business activity that detracts from an individual’s ability to      devote appropriate time and attention to his or her responsibilities with      the Company; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the      receipt of any money, non-nominal gifts or excessive entertainment from      any company with which the Company has current or prospective business      dealings; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | being      in the position of supervising, reviewing or having any influence on the      job evaluation, pay or benefit of any close  relative; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | selling      anything to the Company or buying anything from the Company, except on the      same terms and conditions as comparable officers or directors are      permitted to so purchase or sell;and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | any      other circumstance, event, relationship or situation in which the personal      interest of a person subject to this Code interferes – or      even appears to interfere – with the interests of the Company as a      whole. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | not      knowingly misrepresent, or cause others to misrepresent, facts about the      Company to others, whether within or outside the Company, including to the      Company’s independent auditors, governmental regulators, self-regulating      organizations and other governmental officials, as appropriate;      and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | in      relation to his or her area of responsibility, properly review and      critically analyze proposed disclosure for accuracy and      completeness. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Notify      the Chairman promptly of any existing or potential violation of this      Code. |
|--------|--------|---------------------------------------------------------------------------------------------|

|   | · | Not      retaliate against any other person for reports of potential violations      that are made in good faith. |
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|   | · | The      Board of Directors or Audit Committee, if one exists, will take all      appropriate action to investigate any breaches reported to    it. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If      the Audit Committee, if one exists, determines (by majority decision) that      a breach has occurred, it will inform the Board of    Directors. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Upon      being notified that a breach has occurred, the Board (by majority      decision) will take or authorize such disciplinary or preventive action as      it deems appropriate, after consultation with the Audit Committee (if one      exists) and/or General Counsel, up to and including dismissal or, in the      event of criminal or other serious violations of law, notification of the      SEC or other appropriate law enforcement  authorities. |
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