Table of Contents

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| FLORIDA                                                             | 59-2095002                                |
|---------------------------------------------------------------------|-------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) | (I.R.S.      employer identification no.) |

| Large      accelerated filer o | Accelerated      filer o              |
|-------------------------------------|--------------------------------------------|
| Non-accelerated      filer o   | Smaller      reporting company þ |
|                                |                                       |   |   |   |

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TABL

| PART I — FINANCIAL    INFORMATION                                                                                                |
|----------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                   |
|                                                                                                                                   | Item 1.       Financial Statements  (Unaudited) |
|                                                                                                                                   |    Condensed Consolidated      Balance Sheets |
|                                                                                                                                   |    Condensed      Consolidated Statements of Income |
|                                                                                                                                   |    Condensed Consolidated      Statements of Cash Flows |
|                                                                                                                                   |    Notes to the Condensed      Consolidated Financial Statements |
|                                                                                                                                   | Item 2.  Management’s      Discussion and Analysis of Financial Condition and Results of      Operations |
|                                                                                                                                   | Item 3.  Quantitative and      Qualitative Disclosures About Market  Risk  |
|                                                                                                                                   | Item      4.  Controls and Procedures |
|                                                                                                                                   |
| PART II — OTHER      INFORMATION                                                                                                 |
|                                                                                                                                   |
|                                                                                                                                   | Item 1.  Legal      Proceedings |
|                                                                                                                                   | Item 1A.  Risk      Factors |
|                                                                                                                                   | Item 2.  Unregistered      Sales of Equity Securities and Use of  Proceeds |
|                                                                                                                                   | Item 3.  Defaults      Upon Senior Securities |
|                                                                                                                                   | Item 4.  Submission of      Matters to a Vote of Security Holders |
|                                                                                                                                   | Item 5.  Other      Information |
|                                                                                                                                   | Item 6.       Exhibits |
|                                                                                                                                   |   |
| SIGNATURES                                                                                                                             |
|                                                                                                                                   |
| Exhibit 31.1 — Certification of Chief      Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of      2002 |
|                                                                                                                                   |
| Exhibit 31.2 — Certification of Chief      Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of      2002 |
|                                                                                                                                   |
| Exhibit 32.1 — Certification of Chief      Executive Officer pursuant to section 906 of the Sarbanes-Oxley Act of      2002 |
|                                                                                                                                   |
| Exhibit 32.2 — Certification of Chief      Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of      2002 |
|                                                                                                                                   |
|                                                                                                                                   |

----

Item 1. Financial Statements

Condensed Consolidated Balance Sheets

|                                                                                                                                       | September 30, |   |   | March      31, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|--------|--------|----------------|--------|
|   ASSETS                                                                                                                         | 2008               |   |   | 2008           |   |
| Current      assets:                                                                                                                       |               |   |   |           |   |
|    Cash      and cash equivalents                                                                                           | $                  | 1,507  |   |           |   | 2,132 |   |
|         Short-term investments                                                                                                   |               | 3,992  |   |           |   | 1,495 |   |
|         Trade and other accounts receivable, net of allowance for      doubtful                                                            |               |   |   |           |   |   |   |
|         accounts      of $87 at September 30, 2008 and $123 at March 31,      2008  |               | 5,207  |   |           |   | 6,573 |   |
|    Other      receivable                                                                                                    |               | 892    |   |           |   | 869 |   |
|    Income      taxes receivable                                                                                             |               | 721    |   |           |   | 197 |   |
|    Inventories                                                                                                              |               | 7,915  |   |           |   | 7,788 |   |
|         Deferred income taxes                                                                                                    |               | 659    |   |           |   | 1,446 |   |
|    Prepaid      expenses and other current assets                                                                           |               | 220    |   |           |   | 258 |   |
|      Total      current assets                                                                                         |               | 21,113 |   |           |   | 20,758 |   |
|                                                                                                                                                 |               |   |   |           |   |   |   |
| Property,      plant and equipment, net of accumulated depreciation      of                                                                     |               |   |   |           |   |   |   |
|    $12,028      and $11,604                                                                                                 |               | 3,400  |   |           |   | 3,684 |   |
| Intangible      assets, net of accumulated amortization of $143 and $119,      respectively                                           |               | 434    |   |           |   | 463 |   |
| Other      assets                                                                                                                          |               | 37     |   |           |   | 45 |   |
|  Total      assets                                                                                                                         | $                  | 24,984 |   |           |   | 24,950 |   |
|                                                                                                                                                 |               |   |   |           |   |   |   |
| LIABILITIES      AND STOCKHOLDERS' EQUITY                                                                                                            |               |   |   |           |   |   |   |
| Current      liabilities:                                                                                                                       |               |   |   |           |   |   |   |
|         Trade accounts payable                                                                                                             | $                  | 2,615  |   |           |   | 3,111 |   |
|         Accrued expenses                                                                                                                   |               | 1,377  |   |           |   | 1,781 |   |
|         Accrued dividends                                                                                                                  |               | 132    |   |           |   | 132 |   |
|            Total current liabilities                                                                                        |               | 4,124  |   |           |   | 5,024 |   |
|                                                                                                                                                 |               |   |   |           |   |   |   |
| Deferred      income taxes                                                                                                                      |               | 1      |   |           |   | 37 |   |
|               Total liabilities                                                                              |               | 4,125  |   |           |   | 5,061 |   |
|                                                                                                                                                 |               |   |   |           |   |   |   |
| Stockholders'      equity:                                                                                                                      |               |   |   |           |   |   |   |
|         Common stock $0.51 par value; 10,000,000 shares      authorized,                                                                   |               |   |   |           |   |   |   |
|      5,912,328      shares issued and 5,890,828 shares outstanding                                                     |               | 3,015  |   |           |   | 3,015 |   |
|         Additional paid-in capital                                                                                                         |               | 9,778  |   |           |   | 9,568 |   |
|         Retained earnings                                                                                                                  |               | 8,106  |   |           |   | 7,346 |   |
|         Common stock held in treasury, 21,500 shares at cost                                                                               |               | (40    | )      |           |   | (40 | ) |
|            Total stockholders' equity                                                                                       |               | 20,859 |   |           |   | 19,889 |   |
|               Total liabilities and stockholders' equity                                                     |  $            | 24,984 |   |           |   | 24,950 |   |

----

Condensed Consolidated Statements of Inco

| Three Months Ended September      30,                                                              |   | Six Months Ended September      30, |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------------|
|                                                                                               |   | 2008                                |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |
| Revenues:                                                                                          |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Commercial                                                                       |   | $                                   | 5,600 |   |   |   | 5,306 |   |   |   | 11,243 |   |   |   | 11,212 |   |
|    Military                                                                         |   |                                | 3,697 |   |   |   | 3,953 |   |   |   | 6,685 |   |   |   | 7,705 |   |
|            Total revenues                                                 |   |                                | 9,297 |   |   |   | 9,259 |   |   |   | 17,928 |   |   |   | 18,917 |   |
| Cost      of sales                                                                       |   |                                | 5,773 |   |   |   | 6,405 |   |   |   | 11,870 |   |   |   | 13,223 |   |
|          Gross      profit                            |   |                                | 3,524 |   |   |   | 2,854 |   |   |   | 6,058 |   |   |   | 5,694 |   |
|                                                                                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating      expenses:                                                                           |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Selling and marketing                                                            |   |                                | 824 |   |   |   | 731 |   |   |   | 1,511 |   |   |   | 1,467 |   |
|         General and administrative                                                       |   |                                | 1,323 |   |   |   | 1,133 |   |   |   | 2,570 |   |   |   | 2,119 |   |
|    Research      and development                                                    |   |                                | 593 |   |   |   | 471 |   |   |   | 1,130 |   |   |   | 903 |   |
|       Total      operating expenses                                  |   |                                | 2,740 |   |   |   | 2,335 |   |   |   | 5,211 |   |   |   | 4,489 |   |
|           Income  from      operations |   |                                | 784 |   |   |   | 519 |   |   |   | 847 |   |   |   | 1,205 |   |
|                                                                                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      income (expense):                                                                       |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|         Other income, net                                                                |   |                                | 362 |   |   |   | 58 |   |   |   | 380 |   |   |   | 112 |   |
|         Interest expense                                                                 |   |                                | (4 | ) |   |   | (20 | ) |   |   | (4 | ) |   |   | (75 | ) |
|                Other income (expense), net       |   |                                | 358 |   |   |   | 38 |   |   |   | 376 |   |   |   | 37 |   |
| Income  before      income taxes                                                         |   |                                | 1,142 |   |   |   | 557 |   |   |   | 1,223 |   |   |   | 1,242 |   |
| Income      tax expense                                                                            |   |                                | 204 |   |   |   | 156 |   |   |   | 227 |   |   |   | 358 |   |
|         Net income                                                                       |   | $                                   | 938 |   |   |   | 401 |   |   |   | 996 |   |   |   | 884 |   |
|                                                                                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings  per      share - basic                                                         |   | $                                   | 0.16 |   |   |   | 0.07 |   |   |   | 0.17 |   |   |   | 0.15 |   |
|                                                                                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings  per      share - diluted                                                       |   | $                                   | 0.16 |   |   |   | 0.07 |   |   |   | 0.17 |   |   |   | 0.15 |   |
|                                                                                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares      outstanding - basic                                                                    |   |                                | 5,890,828 |   |   |   | 5,888,828 |   |   |   | 5,890,828 |   |   |   | 5,888,828 |   |
|                                                                                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shares      outstanding - diluted                                                                  |   |                                | 5,899,593 |   |   |   | 5,921,154 |   |   |   | 5,901,197 |   |   |   | 5,929,621 |   |

----

Condensed Consolidated 

| Six Months      Ended September 30,                                                    |
|-------------------------------------------------------------------------------------------------------|
|                                                                                                  |   |
|                                                                                                  |   |   | 2008 |   |   |   | 2007 |   |
| Cash      flows from operating activities:                                                            |   |   |   |   |   |   |   |   |
|    Net      income                                                                     |   | $ | 996 |   |   |   | 884 |   |
| Adjustments      to reconcile net income                                                              |   |
| to      net cash provided by operating activities:                                                    |   |
|    Accretion      of interest on short-term investments and other      receivable |   |   | (30 | ) |   |   | (82 | )  |
|    Change      in allowance for doubtful accounts                                      |   |   | (36 | )  |   |   | 25 |   |
|    Depreciation                                                                        |   |   | 584 |   |   |   | 613 |   |
|    Accretion      of interest on note receivable                                       |   |   | (23 | ) |   |   | - |   |
|    Amortization      of intangible assets                                              |   |   | 29 |   |   |   | 30 |   |
|         Stock compensation expense                                                          |   |   | 210 |   |   |   | 84 |   |
|         Deferred income taxes                                                               |   |   | 751 |   |   |   | (124 | )  |
|    Loss      on disposal of equipment                                                  |   |   | 26 |   |   |   | - |   |
|                                                                                                  |   |   |
| Changes      in operating assets and liabilities:                                                     |   |   |
|         Trade and other accounts receivable                                                 |   |   | 1,402 |   |   |   | 1,146 |   |
|    Inventories                                                                         |   |   | (127 | ) |   |   | (504 | )  |
|         Prepaid expenses and other current assets                                           |   |   | 38 |   |   |   | 142 |   |
|         Other assets                                                                        |   |   | 8 |   |   |   | - |   |
|    Trade      accounts payable                                                         |   |   | (496 | )  |   |   | 299 |   |
|    Accrued      expenses                                                               |   |   | (404 | )  |   |   | 72 |   |
|    Income      taxes receivable                                                        |   |   | (524 | )  |   |   | (997 | )  |
|              Net cash provided by operating activities             |   |   | 2,404 |   |   |   | 1,588 |   |
| Cash      flows from investing activities:                                                            |   |   |   |   |   |   |   |   |
|    Maturities of short-term      investments                                 |   |   | 1,500 |   |   |   | 500 |   |
|    Purchase      of short-term investments                                             |   |   | (3,967 | )  |   |   | (989 | )  |
|    Purchases      of property and equipment                                       |   |   | (325 | )  |   |   | (129 | )  |
|         Net      cash used in investing activities       |   |   | (2,792 | )  |   |   | (618 | )  |
| Cash      flows from financing activities:                                                       |   |   |   |   |   |   |   |   |
|         Repayments of short-term and long-term debt                                         |   |   | - |   |   |   | (3,000 | )  |
|    Cash      dividends paid                                                            |   |   | (237 | ) |   |   | (236 | )  |
|         Net      cash used in financing activities  |   |   | (237 | )  |   |   | (3,236 | )  |
| Net decrease      in cash and cash equivalents                                              |   |   | (625 | )  |   |   | (2.266 | ) |
| Cash      and cash equivalents at beginning of period                                                 |   |   | 2,132 |   |   |   | 3,471 |   |
| Cash      and cash equivalents at end of period                                                  |   | $ | 1,507 |   |   |   | 1,205 |   |

----

Notes to the Condensed Consolidated 

|                                                                | Three months ended September 30, | Six months ended September 30, |
|---------------------------------------------------------------------|---------------------------------------|-------------------------------------|
|                                                                |                                  |                                |   |   |   |   |   |   |   |   |
|                                                                |                                  |                                | 2008 |   | 2007 |   |   | 2008 |   | 2007 |
| Net      income                                                     |                                  | $                                   | 938 |   | 401 |   |   | 996 |   | 884 |
|                                                                |                                  |                                |   |   |   |   |   |   |   |   |
| Weighted      average shares outstanding - basic                    |                                  |                                | 5,890,828 |   | 5,888,828 |   |   | 5,890,828 |   | 5,888,828 |
| Dilutive      common shares issuable upon exercise of stock options |                                  |                                | 8,765 |   | 32,326 |   |   | 10,369 |   | 40,793 |
|                                                                |                                  |                                |    |   |    |   |   |    |   |    |
| Weighted      average shares outstanding - diluted                  |                                  |                                | 5,899,593 |   | 5,921,154 |   |   | 5,901,197 |   | 5,929,621 |
|                                                                |                                  |                                |    |   |    |   |   |    |   |    |
| Earnings      per share:                                            |                                  |                                |   |   |   |   |   |   |   |   |
| Basic                                                               |                                  | $                                   | 0.16 |   | 0.07 |   |   | 0.17 |   | 0.15 |
| Diluted                                                             |                                  | $                                   | 0.16 |   | 0.07 |   |   | 0.17 |   | 0.15 |

| September 30, 2008  |   | March 31, 2008 |
|---------------------|--------|----------------|
|                |   |           |   |
| Raw      materials  |   | $              | 5,315 |   |   |   | 4,976 |   |
| Work-in-process     |   |           | 441 |   |   |   | 663 |   |
| Finished      goods |   |           | 2,159 |   |   |   | 2,149 |   |
| Total               |   | $              | 7,915 |   |   |   | 7,788 |   |
|                |   |           |   |

|                                     |   | Three months ended September      30, |   |    | Six months ended September      30, |   |
|------------------------------------------|--------|---------------------------------------|--------|---------|-------------------------------------|--------|
|                                     |   |                                  |   |    |                                |   |   |   |   |   |   |   |
|                                     |   | 2008                                  |   |    | 2007                                |   |   | 2008 |   |   | 2007 |   |
| Beginning      balance                   |   | $                                     | 137    |    |                                |   | 145 |   |   |   | 137 |   |   |   | 90 |   |
|          Warranty expense |   |                                  | 32     |    |                                |   | 24 |   |   |   | 59 |   |   |   | 108 |   |
|          Warranty claims  |   |                                  | (32    | )  |                                |   | (48 | )  |   |   | (59 | )  |   |   | (77 | )  |
| Ending      balance                      |   | $                                     | 137    |    |                                |   | 121 |   |   |   | 137 |   |   |   | 121 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |      |          |   |        |   |    | Aggregate(1)   |   |   | Weighted |   |   | Weighted         |          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|---------------|--------|-------------|--------|---------|----------------|--------|--------|----------|--------|--------|------------------|---------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Shares    |          |   |        |   |    | intrinsic      |   |   | average  |   |   | average          |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | available |          |   | Options     |   |    | value          |   |   | exercise |   |   | remaining        |          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | for grant |          |   | outstanding |   |    | (in thousands) |   |   | price    |   |   | contractual life |          |
| Balance as      of March 31, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      | 136,500       |   |        |   | 761,952 |           |   | $      | 34       |   |   | $                | 5.63          |   |   |   | 8.35 |   |
|         Options authorized                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |      | 500,000       |   |        |   | -       |           |   |   |     |   |   |             |        - |   |   |   | - |   |
|         Options expired                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |      | -             |   |        |   | -       |           |   |   |     |   |   |             | -             |   |   |   | - |   |
|         Options granted                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |      | (40,000       | )      |        |   | 40,000  |           |   |   |     |   |   | $                | 2.99          |   |   |   | 9.56 |   |
|         Options canceled                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |      | 9,750         |   |        |   | (9,750  | )              |   |   |     |   |   |             | -             |   |   |   | - |   |
|         Options exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |      |        - |   |        |   | -       |           |   |   |     |   |   |             | -             |   |   |   | - |   |
| Balance      as of September 30, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |      | 606,250       |   |        |   | 792,202 |           |   | $      | 14       |   |   | $                | 5.43          |   |   |   | 7.97 |   |
| Exercisable as      of September 30, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      |          |   |        |   | 301,002 |           |   | $      | 14       |   |   | $                | 8.89          |   |   |   | 6.02 |   |
| _____________________________                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |      |          |   |        |   |    |           |   |   |     |   |   |             |          |   |   |   |   |   |
| Footnote:1  The aggregate      intrinsic value represents the total pretax intrinsic value, based on the      Company’s closing stock price of $2.85 as of March 31, 2008 and of      $2.16 as of September 30, 2008 and on the dates options were      granted or exercised, which would have been received by the      option holders had all option holders exercised their options as of      that date, including only those options that are      in-the-money. |   |

|                               |   | Three months endedSeptember 30, |   | Six months endedSeptember 30, |   |
|------------------------------------|--------|---------------------------------|--------|-------------------------------|--------|
|                               |   |                            |   |                          |   |   |   |   |   |
|                               |   |  2008                      |   |  2007                    |   |  2008 |   |  2007 |   |
| Expected      dividend yield  |   |  N/A                       |   |  1.78%                   |   |    2.25% |   |  1.78% |   |
| Risk      free interest rate  |   |  N/A                       |   |  4.65%                   |   |         3.15% |   |  4.65% |   |
| Expected      volatility      |   |  N/A                       |   |  82.23%                  |   |  80.51% |   |  82.23% |   |
| Expected      life            |   |  N/A                       |   |  7.12      years         |   |  7.38      years |   |  7.12      years |   |

Item 2.   Management’s Discussion 

Item 3.  Quantitative 

Item 4.  Controls 

PART II — OTHER INFORMATION

Item 1.  Legal 

Item 1A.  Risk Factors.

Item 2.  Unregistered 

Item 3.  Defaults 

Item 4.  Submission 

|                             |  Shares Voted      FOR |  Shares      WITHHELD |
|----------------------------------|-----------------------------|----------------------------|
|  Owen      Farren           | 4,517,626                   |  496,401              |
|  Raymond      B. Wood  | 4,524,126                   |  489,901              |
|  Gerry      Chastelet       | 4,351,111                   |  662,916              |
|  Patrick      M. Murphy     | 4,525,426                   |  488,601              |
|  David      F. Walker       | 4,523,559                   |  490,468              |
|  Raymond      V. Malpocher  | 4,519,018                   |  495,009              |
|  N.      John Simmons, Jr.  | 4,518,951                   |  495,076              |

|   |   |
|--------|--------|

| Shares Voted FOR | Shares WITHHELD | Shares ABSTAINED |
|------------------|-----------------|------------------|
| 4,778,689        | 217,181         | 18,156           |

|   |   |
|--------|--------|

| Shares Voted FOR | Shares WITHHELD | Shares ABSTAINED |
|------------------|-----------------|------------------|
| 1,483,212        | 1,199,620       | 47,422           |

Item 5.  Other 

Item 6

|   | Exhibit      10.1 – Settlement Agreement between Technology Research Corporation and      Shanghai ELE Manufacturing Corporation. * Exhibit      31.1 — Certification of the CEO pursuant to Rule 13a-14(a) or Rule      15(d)-14(a).                                                                                                                                                                                                                                |   |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |
|   | Exhibit      31.2 — Certification of the CFO pursuant to Rule 13a-14(a) or Rule      15(d)-14(a).                                                                                                                                                                                                                                                                                                                                                                               |   |
|   |
|   | Exhibit      32.1 — Certification pursuant to 18 U.S.C. §1350 as adopted pursuant to      Section 906 of the                       Sarbanes-Oxley      Act of 2002.                                                                                                                                                                                     |   |
|   |
|   | Exhibit      32.2 — Certification pursuant to 18 U.S.C. §1350 as adopted pursuant to      Section 906 of the                            Sarbanes-Oxley Act of 2002. *Confidential      treatment requested for certain portions of this exhibit, which portions      are omitted and filed separately with the Securities and Exchange      Commission. |   |

SIGNATURES

|                         | TECHNOLOGY      RESEARCH CORPORATION                                                                                                                                                                                                                                                             |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |                                                                                                                                                                                                                                                                                             |
| November      14, 2008       | By:            /s/ Owen Farren                                                                                                                                                                                                                                |
|                         |              Owen      Farren                                                                                                                                                                                                   |
|                         |                   President and Chief Executive Officer                                                                                                                                                                              |
|                         |                   (Principal Executive Officer)                                                                                                                                                                                      |
|                         |
|                         |
| November      14, 2008  | By:            /s/ Barry      H. Black                                         |
|                         |              Barry      H. Black                                                                                                                                                                                                |
|                         |                   Chief Financial Officer                                                                                                                                                                                            |
|                         |                   (Principal Financial and AccountingOfficer)                                                                                                                                                                        |

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