7

                SECURITIES AND EXCHANGE COMMISSION

                      Washington, D.C.  20549
                                 
                                 
                            FORM 10-QSB

(Mark one)
[ X ]  Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

            For the fiscal quarter ended March 31, 1997

Commission file No.  0-18866

                                OR

[   ]  Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


                First National Entertainment Corp.
 (Exact name of small business issuer as specified in its charter)

              Colorado                              93-1004651
(State or other jurisdiction of                        (I.R.S.
Employer
incorporation or organization)
Identification No.)

                                 
    600 Enterprise Drive, Suite 109, Oak Brook, Illinois  60521
             (Address of principal executive offices)

                                    (630)  573-8209
       (Registrant's telephone number, including area code)




Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:

                     Common Stock $0.005 Par Value
                         (Title of Class)

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
YES [ X ] NO  [  ]

As of  March 1, 1997 5 the registrantt had outstanding 16,898,458
shares of its $.005 par value Common Stock.
PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

First National Entertainment Corp.
CONSOLIDATED BALANCE SHEET
(unaudited)


March 31,                      1997        1996


ASSETS

Current Assets
  Cash                       $6,049     $19,955
 Accounts receivable, net of allowance for
      doubtful accounts of $1,705,521 (1997)
      and $567,246 (1996)         0     557,208
  Film inventory                  0     407,087
  Other                       9,514      10,194

Total Current Assets         15,563     994,444


Property and equipment, net  41,470      40,781

Other Assets
  Film inventory, net of accumulated
     amortization of $7,913,891 (1997) and
      $6,752,023 (1996)   2,648,210   3,795,117
  Intangible assets, net of accumulated
     amortization of  $214,297 (1997)
     and $144,716 (1996) and other107,362342,908

Total Other Assets        2,755,572   4,138,025



TOTAL ASSETS             $2,812,605  $5,173,250


See accompanying notes to consolidated financial
statements.

First National Entertainment Corp.
CONSOLIDATED BALANCE SHEET
(unaudited)



March  31,                     1997
1996


LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
  Accounts payable         $237,644    $400,843
  Note Payable              118,300      ---
  Accrued expenses          260,026      93,879
  Obligations under capital leases21,081  9,972


Total Current Liabilities   637,051     504,694


Obligations under Capital Leases --       7,789

Shareholders' Equity
  Preferred stock, $.0001 par value,
  authorized 10,000,000 shares,
  no shares issued and outstanding           --   --

  Common stock, $.005 par value,
  authorized 100,000,000 shares,
  issued and outstanding:
  16,898,458 shares          84,495      84,576

  Paid in capital        26,090,608 26,090,608
  Accumulated deficit  (23,999,549)(21,514,417)


Total Shareholders' Equity2,175,554   4,660,767



TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY     $2,812,605  $5,173,250



See accompanying notes to consolidated financial
statements.
First National Entertainment Corp.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)



For the three months ended March 31,         1997
1996

TOTAL REVENUES                   $0$0COST OF REVENUES
  Amortization of film costs      0               0


GROSS PROFIT (LOSS)               0               0


 OPERATING EXPENSES
  Marketing, selling  & royalties 0               0
  General and administrative155,029         330,590


TOTAL OPERATING EXPENSES    155,029         330,590


OPERATING LOSS            (155,029)       (330,590)


OTHER INCOME (EXPENSE)        4,601         100,825



NET INCOME (LOSS)        $(150,428)      $(431,415)




NET LOSS PER SHARE            $ (.01)        $ (.03)



Weighted average shares outstanding
16,898,458               13,405,082


See accompanying notes to consolidated financial
statements.
                                                                   
                                                                   
First National Entertainment Corp.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)



For the nine months ended March 31,          1997
1996

TOTAL REVENUES             $103,579$90,000COST OF R
EVENUES
  Amortization of film costs 51,790          44,883


GROSS PROFIT (LOSS)          51,789          45,117


 OPERATING EXPENSES
  Marketing, selling  & royalties18,826      17,000
  General and administrative478,305       2,831,126


TOTAL OPERATING EXPENSES    497,131       2,848,126


OPERATING LOSS            (445,342)     (2,803,009)


OTHER INCOME                 59,615         138,478



NET INCOME (LOSS)        $(385,727)    $(2,664,531)




NET LOSS PER SHARE            $ (.02)        $ (.20)



Weighted average shares outstanding
16,898,458               13,405,082


See accompanying notes to consolidated financial
statements.
First National Entertainment Corp.
CONSOLIDATED STATEMENTS OF CASH FLOWS


For the nine months ended March 31,
1997                  1996

CASH FLOWS FROM OPERATING ACTIVITIES:

    Net income (loss)          $(385,727)$(2,664,531)

    Adjustments to reconcile net loss to net
     cash provided by operating activities:

    Amortization of film costs     51,790     44,883
    Stock issued for services and compensation, net--         --
    Other amortization, depreciation, write-offs141,986   92,597

    Changes in operating assets and liabilities, net      49,890
(416,215)


NET CASH (USED IN) OPERATING ACTIVITIES(142,061)(2,943,266)

CASH FLOWS FROM INVESTING ACTIVITIES:

    Acquisition of property and equipment         --    (13,910)
    Disposition of property and equipment         --     103,527


NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES                   --     89,617

CASH FLOWS FROM FINANCING ACTIVITIES:

    Officer Advances/(Repayments)      --         --
    Notes Payable/(Repayments)    118,300         --
    Common Stock Issuance/(Cancellation)          --   2,833,667


NET CASH (USED IN) FINANCING ACTIVITIES118,3002,833,667

NET INCREASE/(DECREASE) IN CASH  (23,761)   (19,982)

CASH - BEGINNING OF PERIOD         29,810     75,248

CASH - END OF PERIOD               $6,049    $55,266

See accompanying notes to consolidated financial
statements.
First National Entertainment Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)\
March 31, 1997



NOTE 1  BASIS OF PRESENTATION


The  accompanying unaudited consolidated financial statements  have
been  prepared  in  accordance with generally  accepted  accounting
principles   for  interim  financial  information  and   with   the
instructions to Form 10-QSB. Accordingly, they do not  include  all
of  the  information  and footnotes required by generally  accepted
accounting  principles for complete financial  statements.  In  the
opinion of management, all adjustments considered necessary  for  a
fair  presentation  of the interim financial statements  have  been
included.  Operating results for the nine-month period ended  March
31, 1997 are not necessarily indicative of the results that may  be
expected   for  the  year  ending  June  30,  1997.   For   further
information,  refer  to the consolidated financial  statements  and
footnotes thereto included in the Company's annual report  on  Form
10-KSB for the year ended June 30, 1996.



NOTE 2  ACCOUNTS RECEIVABLE


On  August  16,  1994 the Company received an accounting  statement
from  Republic  Pictures ("Republic"), its film  distributor,  that
reported video sales and collection results for Happily Ever  After
through  June  30, 1994. This statement reflected a lower  producer
royalty payment than the Company had anticipated because of certain
assumptions, used by Republic in the accounting statement, that the
Company  believes were inconsistent with its distribution agreement
with  Republic.  The Company communicated these issues to  Republic
and  conducted  a comprehensive third-party special  audit  of  all
reported video results. Republic subsequently agreed to revise  the
August  16,  1994  accounting statement for the  number  of  videos
shipped, and on September 26, 1994 delivered payment to the Company
for  this  revised  accounting statement, plus  interest.  However,
according  to  the  special  auditor's report,  Republic  owes  the
Company  a  producer's bonus of 5% of the first one  million  units
sold, which approximates $256,000, in addition to amounts owed  the
Company  for foreign currency adjustments and excess units held  in
reserve  of  $184,000.  In the fiscal year ending  June  30,  1996,
Republic  reported  units sold of 389,000  units  but,  because  of
certain  cost  assumptions  used  by  Republic  in  submitting  its
accounting  for  these sold units, informed the Company  that  they
have  no  liability  for  producer royalty payments.   The  Company
maintains  that  under the terms of the Distributor Agreement  they
are   entitled  to  a  specific  amount  for  each  unit  sold   or
approximately $1,150,000 for 1996.  The Company has been vigorously
pursuing  collection  efforts with respect  to  these  receivables,
however,  due  to the uncertainty of the results of the  collection
efforts,  the  Company  has provided an allowance  for  the  entire
outstanding  amount  due at June 30, 1996.  On November  14,  1996,
Republic  submitted its final accounting statement  (covered  under
the three year distribution agreement commenced in 1993), reporting
a  total  of  approximately 35,000 units sold during the  Company's
first fiscal quarter ending September 30, 1996.  Like its year  end
report, Republic continues to deny any financial liability  to  the
Company.   Based  on this, the Company has again  provided  for  an
allowance  for  the entire amount of its calculated  revenues  from
Republic for the first quarter in its financial statements for this
period.

During  the third quarter of fiscal 1995 the Company shared in  the
net  profits  from  the sale of approximately 15,000  Happily  Ever
After   video  games  manufactured  and  distributed  by   American
Softworks  Corporation ("ASC"). The Company recorded  a  receivable
from  ASC  for  $175,000 (less the amount paid by ASC) representing
advances  made  to ASC for the developing of the video  game.   ASC
disputed  amounts  owed  under  the contract.  The  amount  of  net
receivables (after costs of collection) due from American Softworks
Corporation  at  September  30, 1996, in  the  amount  of  $26,945,
represents the agreed upon settlement between the parties, and  has
been received by the Company subsequent to September 30, 1996.



NOTE 3 NOTES PAYABLE


During  the  third  quarter of fiscal 1997,  the  Company  borrowed
$118,300  from  certain of its shareholders in  order  to  continue
operations.   These notes are due on demand, secured by  assets  of
the  Company  and  bear interest at 10% per annum.   Subsequent  to
March 31, 1997, the Company has borrowed an additional $30,000 from
these same shareholders on identical terms.



NOTE 44  CONTINGENCIES


The  Company  received  notice from the Screen  Actors  Guild  that
supplemental residuals of 4.5% of the first $1,000,000 and 5.4%  of
all  remaining gross producer receipts are due them.  The Company's
entertainment counsel is researching the matter to determine if the
Company has a liability related to this matter.  As of the date  of
this  filing  there  has  been  no determination  and  the  Company
believes  that  if  any  residuals  are  due  they  should  be  the
responsibility of Lou Scheimer and Filmation (the original producer
of the film).

On  May  18,  1995, the Company received notice from  Della  Miles,
Stylus  Record's feature artist, that Stylus was in material breach
of  its  contract with her.  After several meetings with Ms.  Miles
and  her  counsel,  the Company placed the entire advanced  royalty
receivable  amount  relating to this contract in  its  reserve  for
doubtful accounts.

The Founders' Agreement of Stylus Records calls for certain actions
by  the Company if the Company's common stock price is not equal to
$5  or greater on March 31, 1996 (the stock price on April 1,  1996
was  $.25).   These actions relate to 60,000 shares of a  total  of
160,000  issued  in  April 1994 in exchange for the  Company's  80%
interest  in Stylus Records.  Per the Agreement, the Company  would
be  required to make up any shortfall in value, either in  cash  or
via  the  issuance of additional shares.  The Company has submitted
the  Agreement to its legal counsel to determine if  it  is  indeed
obligated to take such actions.



NOTE 5  SUBSEQUENT EVENTS


During  the  third  quarter of fiscal 1997,  the  Company  borrowed
$118,300  from  certain of its shareholders in  order  to  continue
operations.   These notes are due on demand, secured by  assets  of
the  Company  and  bear interest at 10% per annum.   Subsequent  to
March 31, 1997, the Company has borrowed an additional $30,000 from
these same shareholders on identical terms.


NOTE 6  CONTINUING OPERATIONS


The Company has historically incurred operating losses, and to date
has  an accumulated deficit of approximately $24.0 million.   Since
new  management was installed at the end of fiscal year  1995,  the
Company  has  substantially  reduced  its  operating  overhead   by
reducing  full  time  staff  from 14  permanent  and  15  temporary
employees  to  2 full time professional staff at the end  of  March
1997.  Additionally, the Company's move from over 7,000 square feet
of  office  facility in Austin to under 1,000 square  feet  in  the
Chicago  area  has  substantially  reduced  administrative   costs.
Settlement of the SEC investigation with no financial penalties  at
the  end of fiscal year 1995 and the shareholder class action  suit
for  primarily  Company  issued equity in fiscal  1996  leaves  the
Company with no litigation pending as of this report.

In   August   1995,  the  Company  announced  plans  to   begin   a
diversification plan into the retail video store industry.  Several
acquisition  transactions  were closed during  the  first  half  of
fiscal  year  1996, however, these acquisitions were later  unwound
due  to the unavailability of debt financing during the second half
of fiscal year 1996.

The  Company  is still attempting to enter the retail  video  store
industry  and continues to hold discussions with video store  chain
owners  who desire to work with the Company to build a new publicly
held  chain.  The Company is reevaluating its pricing model as well
as  seeking alternative financing for its acquisition plans, taking
into  account  the  current conditions in the  retail  video  store
industry.  Of course, no assurance can be given as to the  ultimate
acceptance  of  the  Company's acquisition strategy  and  financing
structure by the market place.

In  September  1996, the Company announced that it had  exclusively
optioned  the screenplay "Chicago Blues" from a local screenwriter.
Financing  for this live action feature was budgeted at  $1,000,000
and  would  be offered via the formation of Windy City Pictures  I,
LLC  ("WCPI").  The Company was to serve as executive  producer  of
this  movie and intends to produce two to three such productions  a
year  in  Chicago. The Company has chosen not to renew its  written
option  to  produce "Chicago Blues," but instead is in negotiations
to  replace this screenplay with a new project from the  dozens  of
submissions the Company has since received.  If optioned, this  new
project  would  be funded via WCPI.  However, no assurance  can  be
given that any option sought will be consummated or the funding for
this project or additional movies will be available.

On  October  6, 1996 the Company's Board of Directors approved  and
issued  an Extension and Optional New Pricing Offer to the  holders
of  Warrants  from  its  Private  Placement  of  1,260,000  of  the
Company's common stock in December 1995.  These 1,260,000  Warrants
originally  entitled  the holders to purchase an  additional  share
each  of the Company's common stock at a price of $1.00 through  an
expiration  date of December 15, 1997.  The Extension and  Optional
New  Pricing  Offer  allows an extension at the  same  price  until
December  31, 1998 for no additional consideration OR an  extension
until  December  31, 1999 at a share price of $.15  for  additional
consideration  of $.05 per Warrant OR an extension  until  December
31,  2000 at a share price of $.05 for additional consideration  of
$.10  per  Warrant.   Proceeds  from these  price  adjustments  are
recognized as Other Income as received.

The   Company's  distribution  agreement  with  Republic   Pictures
covering  Happily  Ever After (HEA) expired in October  1996.   The
television  distribution agreement of HEA previously reported  with
Seagull Entertainment was canceled as of June 30, 1996 for lack  of
performance.  The Company is currently in negotiations  with  other
distributors  for  both  TV  and video  rights  of  this  property.
Additionally, the Company has held discussions regarding  producing
several  new animated features similar to HEA for direct  to  video
release.   However, these productions will call for the Company  to
raise  significant  additional capital, the availability  of  which
cannot be assured.

The  Company  is presently working with several of its shareholders
to  develop a recapitalization plan, which would provide a base  of
operating  income, alleviating the need for additional  short  term
debt.    Of   course,   no  assurance  can   be   made   that   the
recapitalization will be successful, or that the  Company  will  be
able to continue operations without it.

                                                                   
                              Item 2.
                First National Entertainment Corp.
        MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
                OPERATIONS AND FINANCIAL CONDITION

Overview

       First  National  Film  Corp.  was  founded  to  pursue   the
acquisition,   distribution,  and   marketing   of   high   quality
entertainment properties targeted at the family market in all forms
of  media.  The Company left the development stage and entered  the
operational  stage in 1993 concurrent with the national  theatrical
release  of its animated motion picture Happily Ever After and  the
resultant generation of revenues.

      The  Company initiates the recognition of revenues  from  its
entertainment properties when it releases them for sale into  their
primary   and/or  secondary  markets.  Revenue  recognition   often
precedes  revenue collection due to substantial collection  cycles,
which   are   common  for  the  entertainment  industry.   Extended
collection  periods could adversely affect the Company's liquidity.
Revenues and results of operations for any period are significantly
dependent upon the public acceptance of the Company's entertainment
properties  and  products, and, as such, may  materially  fluctuate
from  period  to period, and may not be indicative  of  results  in
future periods.

      For  theatrical, video, merchandising, television, and  other
film-related   revenues,  the  Company  uses  the  individual-film-
forecast  computation  method  as promulgated  under  Statement  of
Financial  Accounting  Standards No.  53,  Financial  Reporting  by
Producers  and  Distributors of Motion Picture  Films.  Under  this
method,  film costs for each period are amortized in proportion  to
the  revenue earned in the current period, relative to management's
estimate of the total revenue to be realized from all markets for a
given film over its commercial life. Film costs include acquisition
costs, distribution costs, print and certain advertising costs, and
all  other related exploitation costs which benefit future periods.
Management  reviews  its  total  revenue  estimates  for  its  film
properties  on  a  regular basis, which may result  in  changes  of
projections of film revenues, costs, and rate of cost amortization.
Net  income  for  any  period  may therefore  be  affected  by  the
Company's revenue projections and amortization of film costs.

      The  Company's unamortized film costs associated with Happily
Ever  After totaled approximately $2.65 million at March 31,  1997.
To   date,  the  Company  has  amortized  over  75%  of  its  total
capitalized  costs for this film, the majority of which  have  been
matched  against  home  video producer royalties  earned  from  the
Company's Republic contract.

     For future album, soundtrack, merchandising, publishing, music
video, and mechanical revenues, the Company will use the accounting
standards  provided  for  in FAS 50.  Under  these  standards,  the
Company  will  recognize  license fee  revenues  when  the  earning
process is complete and minimum guaranteed revenues are earned. The
Company  will  record  advance royalty payments  to  its  recording
artists  as  an  asset  when paid and as an expense  when  actually
earned by the artists, provided it is reasonable to consider  these
costs will be recoupable by the Company. The cost of record masters
which are reasonably considered to be recoupable will be treated as
an asset of the Company.

Results of Operations

The  Company recorded revenues of $104,000 from operations for  the
nine  months  ended March 31, 1997, and $90,000 in  the  comparable
period of the prior fiscal year.  Both current year and prior  year
sales  were derived from sales of the Company's home video  version
of  its feature film property Happily Ever After.  Current year and
prior  sales  were  estimated based on  information  from  Republic
Pictures.   Since  no accounting statements were furnished  to  the
Company  from Republic Pictures for the prior year (as required  by
the  distribution agreement), the Company had to make its estimates
based on verbal conversations with Republic Pictures.  Fiscal  year
1997  revenue  figures  are based only on the  units  sold  reports
provided by Republic (See Note 2 - Accounts Receivable.)

Amortized  film  costs and marketing, selling and  royalty  expense
associated  with  the first nine months revenues were  $51,790  and
$18,826   respectively   as  compared  to   $44,883   and   $17,000
respectively  in  the comparable period of fiscal  1996.  Amortized
costs  are  related  to  the  aforementioned  revenues  earned  are
primarily  from the home video release of Happily Ever  After.   To
date,  the Company has amortized approximately $7.9 million or  75%
of its total capitalized costs of Happily Ever After.

Operating expenses decreased to $155,029 during the third  quarter,
as  compared  to $330,590 in the comparable quarter  of  the  prior
fiscal  year.  The Company had a net loss of ($150,428)  or  ($.01)
per  share  during  the  third quarter ended  March  31,  1997,  as
compared  to  net  loss of ($431,415) or ($.03) per  share  in  the
comparable  quarter of the previous fiscal year.  The decrease  was
primarily due to a reduction in personnel and overhead expenses  in
the current quarter.


Liquidity and Capital Resources

At  March  31,  1997, the Company had cash and cash equivalents  of
$6,049  and  no net accounts receivable. The Company  has  accounts
receivable  of  $1,705,521 which are totally  reserved  for  by  an
allowance   for  doubtful  accounts  related  to  its  distribution
agreement with Republic. (See Note 2 - Accounts Receivable.)

The  Company had $2,812,605 in total assets and $637,051  in  total
liabilities  at the end of its third fiscal quarter of  1997.   The
majority  of  the  Company's assets are  comprised  of  capitalized
inventory  costs  for  Happily Ever After.  The  Company  plans  to
amortize  its  capitalized inventory costs against future  revenues
from  this  property, although there can be no assurance  that  the
Company will be able to generate sufficient revenues to realize its
complete investment in this property.

On  October  6, 1996 the Company's Board of Directors approved  and
issued  an Extension and Optional New Pricing Offer to the  holders
of  Warrants  from  its  Private  Placement  of  1,260,000  of  the
Company's common stock in December 1995.  These 1,260,000  Warrants
originally  entitled  the holders to purchase an  additional  share
each  of the Company's common stock at a price of $1.00 through  an
expiration  date of December 15, 1997.  The Extension and  Optional
New  Pricing  Offer  allows an extension at the  same  price  until
December  31, 1998 for no additional consideration OR an  extension
until  December  31, 1999 at a share price of $.15  for  additional
consideration  of $.05 per Warrant OR an extension  until  December
31,  2000 at a share price of $.05 for additional consideration  of
$.10 per Warrant.

The Company continues to seek additional funding in order to
provide for its operating expenses as well as capital needed for
the various projects it is pursuing (See Note 5 - Continuing
Operations.)



                    Part II - OTHER INFORMATION
                                 
             Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits

     (27) Financial Data Schedule


                              Item 6.
                            Exhibit 27
                      Financial Data Schedule
                          March 31, 1997
                                 
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
 FIRST NATIONAL ENTERTAINMENT CORP  .'S BALANCE SHEET AT MARCH 31,
 1997 AND STATEMENTS OF OPERATIONS FOR NINE MONTHS ENDED MARCH 31,
                               1997.

                               Nine Months
                               (Unaudited)

Article                     5
Period-Type                 9 mos.
Fiscal-Year-End             Jun-30-1997
Period-End                  Mar-31-1997
Cash                        6,049
Securities                  ---
Receivables                 ---
Allowances                  ---
Inventory                   ---
Current-Assets              15,563
PP&E                        41,470
Depreciation                ---
Total-Assets                2,755,572
Current Liabilities         637,051
Bonds                       ---
Preferred-Mandatory         ---
Preferred                   ---
Common                      84,495
Other-Securities            ---
Total Liabilities and       2,812,605
Equity
Sales                       ---
Total Revenue               ---
CGS                         ---
Total Costs                 497,131
Other-Expenses              ---
Loss Provision              ---
Interest-Expense            ---
Income-Pretax               ---
Income-Tax                  ---
Income-Continuing           ---
Discontinued                ---
Extraordinary               ---
Changes                     ---
Net Income                  (385,727)
EPS-Primary                 (.02)
EPS-Diluted                 (.02)
                            





                                 SIGNATURE


Pursuant  to  the  requirements of the Securities Exchange  Act  of
1934,  the  Registrant has duly caused this report to be signed  on
its behalf by the undersigned, thereunto  duly authorized.


                              First National Entertainment Corp.




Dated:   May 20, 1997                                  /s/ Stephen
J. Denari
                              Stephen J. Denari
                              President









                             SIGNATURE


Pursuant  to  the  requirements of the Securities Exchange  Act  of
1934,  the  Registrant has duly caused this report to be signed  on
its behalf by the undersigned, thereunto duly authorized.


                              First National Entertainment Corp.



Dated: May 20, 1997
By:_________________________________


                              Stephen J. Denari
                              President