Document:

exv10w14

 

Exhibit 10.14

21 February 2001

Mr. M. Terry Riggs, Dir. Res. & Eng./C.E.O.

Mr. Randy Thornton, President

Apollo Research Corporation

2640 North America Drive

West Seneca, N.Y. 14224

	 	 	 	 	 
	 	 	
Re:
	 	Purchase Order No. CFC/02-21-01 For 750 HDI Arterial
PulseWaveTM Sensors
(ARC Model #7013) Per ARC Quotation No. 138 (1/29/2001)

 

Dear Terry and Randy:

Reference is made to your Apollo Research Corp. (“ARC”) letter dated 26 January
2001 in which you state that “... Apollo will run out of money by the end of
April 2001 and will be forced to discontinue operations at that time.” As you
know, HDI is just launching the CVProfilorTM DO-2020 CardioVascular Profiling
System (“C-VPS”) and the HDI Arterial PulseWaveTM Sensor is a key component of
this product. Since the C-VPS products are closely regulated, a change from
having ARC (which presently is HDI’s sole vendor) fabricate the Sensor could
evoke a great deal of re-testing and re-certification activities which might
take considerable time and funding, as well as uncertainty until such is
accepted by the regulatory agencies including the FDA, TÜV Product Services,
and the Japanese M.H.& W.

I understand from our telephone discussions during the last few weeks that it
should be possible for ARC to remain in business for some time after April 2001
if it is possible for you to generate additional revenue. Further, if ARC
remained in business somewhat longer, it is possible that ongoing projects
might lead to bringing a product to market and/or purchase orders from others
which might allow ARC to avoid going out of business. At my request, you
drafted and forwarded to me ARC Quotation No. 138 dated 1/29/2001 and signed by
Dave Jaros. Toward a goal of assisting ARC to remain in business and to insure
a supply of Sensors (even though HDI has about 300 presently in inventory), HDI
has decided to place an order with ARC at this time for 750 Sensors at a price
of $395 each even though the per Sensor price for our latest purchase of 500
Sensors was only $233. However, it must be fully understood and agreed to by
you as evidenced by your signatures below that this purchase order is
contingent upon certain terms and conditions which are stated herein after.

Purchase Order No. CFC/02-21-01 for 750 HDI Arterial PulseWaveTM Sensors (that
is, ARC Model #7013 Sensors; herein after “Sensor, Sensors”) is contingent upon
the terms and conditions presented in this paragraph. In particular, Sensors
must be fabricated in accordance with the same specifications and the same
manufacturing processes as were followed for HDI’s most recent order for 500
Sensors. As was done for each Sensor previously delivered to HDI, a
calibration sheet must be included which demonstrates that the Sensor is within
the required range of specifications. At least 100 Sensors shall be forwarded
to HDI via a single AirBorne

 

 

Express overnight courier delivery service on or before the 6th day of June
2001. Thereafter, between 120 to 140 Sensors shall be forwarded to HDI via a
single AirBorne Express overnight courier delivery service on or before certain
dates as follows: 11th of July 2001; 13th of August 2001; 14th of September
2001; 16th of October 2001; and 19th of November 2001. Each AirBorne shipment
must be insured for an amount equal to the total of what it would cost ARC to
replace the Sensors being shipped should they be lost in transit. Based on
this schedule, the total of 750 Sensors should all be received at HDI on or
before 21 November 2001. Within approximately 30 days after receipt at HDI of
each shipment of Sensors from ARC, HDI shall inspect the Sensors and shall pay
ARC by check $395 for each Sensor which meets the standard acceptance criteria
and is within proper calibration. Those Sensors which fail to meet such
criteria and/or calibration shall be promptly returned to ARC for reworking
and/or replacement as required. Thus, assuming that all 750 Sensors are
received and are judged acceptable, then ARC can anticipate receiving total
revenue from HDI for this purchase of about $296,250 (that is, 750 x $395) with
HDI also paying for the shipments and insurance via AirBorne Express.

Since ARC has placed HDI on notice that there is a high likelihood that ARC may
cease operations in the near future, we are concerned about the one year
warranty period for the Sensors being purchased by this letter as well as
several related issues regarding the ongoing supply to HDI of Sensors.
Therefore, this Purchase Order is also contingent upon the following terms and
conditions:

	 	•	 	Mr. M. Terry Riggs, in the event that ARC ceases to be in business,
hereby personally agrees and guarantees that he will undertake the
repair or replacement at no charge to HDI of any Sensors which show
defects in material and/or workmanship during a one (1) year warranty
period which shall begin for each Sensor when it has been received and
accepted at HDI;
	 
	 	•	 	For an additional period of two (2) years after the end of the one
(1) year warranty period as presented above from when the last Sensor
is received and accepted by HDI as part of this purchase order, Mr.
Riggs also hereby agrees and guarantees that, for a reasonable fixed
fee per Sensor actually repaired, said fee to be based on a
commercially reasonable hourly rate for such work plus the documented
cost of materials, he will be personally responsible for undertaking
the repair of Sensors which may be forwarded to him by HDI from time to
time and which are no longer under a warranty;
	 
	 	•	 	Messrs. Riggs and Thornton hereby agree to assist HDI by
immediately identifying other vendors which they believe, and which
have demonstrable evidence that they, are capable of fabricating
Sensors to meet HDI’s specifications and requirements, and to assist
HDI by selecting two (2) of these qualified vendors and working with
them and with HDI in order to transfer whatever knowledge is necessary
and required, without limitation or additional consideration, in order
to have these vendors fabricate prototype and pilot production Sensors
for subsequent evaluation by HDI. Based on the vendors’ schedules and
their cooperation, this undertaking shall commence no later than 09
March 2001 and be completed before or during September 2001;

2

 

	 	•	 	Messrs. Riggs and Thornton shall personally be responsible for and
hereby agree to submit to HDI as quickly as possible, but in no event
later than 13 April 2001, all current
and detailed documentation and information, which is complete and
legible, required for HDI and/or a vendor contracted by HDI to fabricate
Sensors which meet HDI’s specifications and calibration requirements.
Such documentation and information is generally described in Section 6.3
entitled “Master File” in that certain Manufacturing Services Agreement
by and between HDI and ARC dated 14 May 1998 and shall include, but not
necessarily be limited to, the following: Bill of Materials, Lead Time
Information, Component Specifications, Assembly Drawings, Unique and/or
Special Manufacturing Processes, Capital Equipment List, Calibration
Procedures, Calibration Intervals, Vendor/Supplier List with the name +
complete address + telephone and fax numbers for the Contact Person(s),
ReWork Procedures, Test Procedures, Test Equipment List, Special
Tooling/Fixtures/Jigs used and Manufacturing Yield Information;
	 
	 	•	 	Messrs. Riggs and Thornton shall personally be responsible for and
hereby agree to submit to HDI, initially during July 2001, and then
again when the last Sensor as part of this purchase has been received
and accepted by HDI during November 2001, but in no event later than 03
December 2001, complete and legible copies of all Sensor production
records, Sensor history files, Sensor environmental (shock, vibration,
temperature, humidity and electro-magnetic compatibility) testing
reports, and Sensor failure analysis and failure resolution records as
well as whatever other detailed documentation and information may be
required to enable HDI to demonstrate to regulatory agencies that the
Sensors incorporated as part of a complete C-VPS were manufactured,
tested, calibrated, maintained and shipped to HDI in such a manner as
to meet the basic regulatory standards in the markets where the Sensors
as part of the C-VPS are being marketed by HDI and/or its agents; and
	 
	 	•	 	Messrs. Riggs and Thornton shall personally be responsible and
hereby agree to submit to HDI during June 2001 the so-called “know how”
of the technology, procedures and techniques utilized by them and
others at ARC to fabricate and manufacture Sensors including, for
example, what has been tried but which did not work and why it didn’t
work, a listing of critical design parameters and when such parameters
are not carefully met what the consequences are of same, the degree or
margin of error which can be tolerated in such critical parameters,
etc. Further, for example, the Bill of Materials defines the parts and
materials currently used by ARC, but HDI should also be provided by ARC
in written detail the answers to questions such as, but not necessarily
limited to, what alternate materials have been considered and/or tried,
how these alternates would be evaluated, and a copy of same if there is
a historical record of the Sensor’s overall development.

3

 

Everyone at HDI is quite concerned regarding the quality and availability of
Sensors from ARC in view of the current status of your business and its future
operation. Therefore, in order to insure as much continuity and consistency as
possible regarding the future fabrication and manufacture of Sensors and their
critical availability for use with HDI’s products in the event that ARC does
cease to be in business, it is mandatory that we request the additional
information and documentation listed above as a strict condition of our
offering this purchase order to ARC and of your accepting same.

This purchase order will only be valid and effective if it is signed below by
both of you, individually, and in behalf of ARC, and promptly returned to me at
HDI. Enclosed are three (3) original copies of this letter signed by me
representing HDI. Please very carefully review and consider all aspects of
what is being required and requested of you, individually, and as well as
officers and principals of ARC. If you accept and agree to all terms and
conditions stated in this letter, and if you wish to proceed with accepting
this purchase order under such terms and conditions, then kindly sign your
names in both locations as shown below. Please retain one (1) copy of this
letter for your records and return the other two (2) signed copies to me by
overnight express courier service so that I receive same on or before Tuesday,
27 February 2001. Please be aware that since time is of the essence regarding
this matter, it is essential that I receive at HDI two fully executed copies of
this letter on or before Tuesday, 27 February 2001, if you intend to proceed
with this purchase order.

We very much appreciate your interactions with HDI during the last several
years, and we anxiously look forward to your cooperation during the next
several months as both ARC and HDI proceed with this matter. As I have
expressed to you, we are disappointed to learn that ARC may be ceasing
operations and going out of business, and we are sympathetic as to the overall
consequences of such an action.

We are indeed very hopeful that this purchase order for 750 Sensors, albeit
with the extensive terms and conditions described herein, will potentially
ameliorate your severe predicament and provide you and your fellow ARC
employees some additional time which may influence ARC’s long term survival as
a business.

If you have any questions, whatsoever, regarding this purchase order or any
other matter which relates to it, please do not hesitate to discuss same with
me via telephone at your very earliest convenience. Otherwise, I will assume
that both of you intend to execute this letter and return two copies of it to
me on or before 27 February 2001.

4

 

With my very best regards.

Sincerely yours,

HYPERTENSION DIAGNOSTICS, INC.

/s/ Charles F. Chesney

Charles F. Chesney, D.V.M., Ph.D., R.A.C.

Executive Vice President and Chief Technology Officer

CFC: pas

 

The terms and conditions presented in this purchase order letter are fully
understood, accepted and agreed to:

	 	 	 	 	 	 	 
	By:	 	
/s/ M. Terry Riggs

M. Terry Riggs,

Individually
	 	By:
	 	/s/ Randy Thornton

Randy Thornton,

Individually
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	APOLLO RESEARCH CORP.	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	
/s/ M. Terry Riggs

M. Terry Riggs
	 	By:
	 	/s/ Randy Thornton

Randy Thornton
	 	 	 	 	 	 	 
	Its:	 	
Director of Research &

Engineering / C.E.O.
	 	Its:
	 	President

5<PAGE>

                                                                 Exhibit 10.30.2

                                                        September 26, 2003

Allied HealthCare Products, Inc.
1720 Sublette Avenue
St. Louis, Missouri 63110

RE:  SECOND AMENDMENT

Gentlemen:

     ALLIED HEALTHCARE PRODUCTS, INC., a Delaware corporation ("BORROWER") and
LASALLE BANK NATIONAL ASSOCIATION, a national banking association ("LENDER")
have entered into that certain Loan and Security Agreement dated April 24, 2002
(the "SECURITY AGREEMENT"). From time to time thereafter, Borrower and Lender
may have executed various amendments (each an "AMENDMENT" and collectively the
"AMENDMENTS") to the Security Agreement (the Security Agreement and the
Amendments hereinafter are referred to, collectively, as the "AGREEMENT").
Borrower and Lender now desire to further amend the Agreement as provided
herein, subject to the terms and conditions hereinafter set forth.

     NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
covenants and agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

1.   The Agreement hereby is amended as follows:

     (A) Section 1 of the Agreement with the definitions entitled "COLLATERAL",
and "EXCLUDED REAL PROPERTY COLLATERAL" are deleted in their entirety and the
following is substituted in their place:

     "COLLATERAL" shall mean all of the property of Borrower described in
     Section 5 hereof, together with all other real or personal property of any
     Obligor or any other Person now or hereafter pledged to Lender to secure,
     either directly or indirectly, repayment of any of the Liabilities,
     including the Real Property Collateral.

<PAGE>

ALLIED HEALTHCARE PRODUCTS, INC.
SEPTEMBER 26, 2003
PAGE 2

     "REAL PROPERTY COLLATERAL" Shall mean any and all real property or other
     property described in and securing Borrower's obligations under the Real
     Estate Loan Agreement.

     (B) Subsection 2(a) of the Agreement is deleted in its entirety and the
following is substituted in its place:

     (B)  REVOLVING LOANS.

          Subject to the terms and conditions of this Agreement and the Other
          Agreements, during the Original Term and any Renewal Term, Lender
          shall, absent the occurrence of an Event of Default, make revolving
          loans and advances (the "REVOLVING LOANS") in an amount up to the sum
          of the following sublimits (the "REVOLVING LOAN LIMIT"):

     (i)  Up to eighty percent (80%) of the face amount (less the maximum
          discounts, credits and allowances which may be taken by or granted to
          Account Debtors in connection therewith in the ordinary course of
          Borrower's business) of Borrower's Eligible Accounts; plus

     (ii) Up to fifty percent (50%) of the lower of the cost or market value of
          Borrower's Eligible Inventory or Seven Million and No/100 Dollars
          ($7,000,000.00), whichever is less; minus

     (iii)Such reserves as Lender elects, in its reasonable discretion,
          exercised in good faith, to establish from time to time, including,
          without limitation, a reserve with respect to Interest Rate Protection
          Agreement Obligations;

     provided, that the Revolving Loan Limit shall in no event exceed Fifteen
     Million and No/100 Dollars ($15,000,000.00) (the "MAXIMUM REVOLVING LOAN
     LIMIT") except as such amount may be decreased

<PAGE>
ALLIED HEALTHCARE PRODUCTS, INC.
SEPTEMBER 26, 2003
PAGE 3

     by Lender following the occurrence of an Event of Default.

     The aggregate unpaid principal balance of the Revolving Loans shall not at
     any time exceed the lesser of the (i) Revolving Loan Limit minus the Letter
     of Credit Obligations and (ii) the Maximum Revolving Loan Limit minus the
     Letter of Credit Obligations. If at any time the outstanding Revolving
     Loans exceeds either the Revolving Loan Limit or the Maximum Revolving Loan
     Limit, in each case minus the Letter of Credit Obligations, or any portion
     of the Revolving Loans and Letter of Credit Obligations exceeds any
     applicable sublimit within the Revolving Loan Limit, Borrower shall
     immediately, and without the necessity of demand by Lender, pay to Lender
     such amount as may be necessary to eliminate such excess and Lender shall
     apply such payment to the Revolving Loans to eliminate such excess.

     Amounts borrowed pursuant to this subsection 2(a) may be repaid by
     Borrower, and, subject to the terms and conditions of this Agreement and
     the Other Agreements, reborrowed at any time during the Original Term and
     any Renewal Term.

     Borrower hereby authorizes Lender, in its sole discretion, to charge any of
     Borrower's accounts or advance Revolving Loans to make any payments of
     principal, interest, fees, costs or expenses required to be made under this
     Agreement or the Other Agreements.

     A request for a Revolving Loan shall be made or shall be deemed to be made,
     each in the following manner: Borrower shall give Lender same day notice,
     no later than 10:30 A.M. (Chicago time) for such day, of its request for a
     Revolving Loan as a Prime Rate Loan, and at least three (3) Business Days
     prior notice of its request for a Revolving Loan as a LIBOR Rate Loan, in
     which notice Borrower shall specify the amount of the proposed borrowing
     and the proposed borrowing date;
<PAGE>
ALLIED HEALTHCARE PRODUCTS, INC.
SEPTEMBER 26, 2003
PAGE 4

     provided, however, that no such request may be made at a time when there
     exists an Event of Default or an event which, with the passage of time or
     giving of notice, will become an Event of Default. In the event that
     Borrower maintains a controlled disbursement account at Lender, each check
     presented for payment against such controlled disbursement account and any
     other charge or request for payment against such controlled disbursement
     account shall constitute a request for a Revolving Loan as a Prime Rate
     Loan. As an accommodation to Borrower, Lender may permit telephone requests
     for Revolving Loans and electronic transmittal of instructions,
     authorizations, agreements or reports to Lender by Borrower. Unless
     Borrower specifically directs Lender in writing not to accept or act upon
     telephonic or electronic communications from Borrower, Lender shall have no
     liability to Borrower for any loss or damage suffered by Borrower as a
     result of Lender's honoring of any requests, execution of any instructions,
     authorizations or agreements or reliance on any reports communicated to it
     telephonically or electronically and purporting to have been sent to Lender
     by Borrower and Lender shall have no duty to verify the origin of any such
     communication or the authority of the Person sending it, except in the
     event of Lender's willful misconduct or gross negligence.

     Borrower hereby irrevocably authorizes Lender to disburse the proceeds of
     each Revolving Loan requested by Borrower, or deemed to be requested by
     Borrower, as follows: the proceeds of each Revolving Loan requested under
     Section 2(a) shall be disbursed by Lender in lawful money of the United
     States of America in immediately available funds, in the case of the
     initial borrowing, in accordance with the terms of the written disbursement
     letter from Borrower, and in the case of each subsequent borrowing, by wire
     transfer or Automated Clearing House (ACH) transfer to such bank account as
     may be agreed upon by Borrower
<PAGE>
ALLIED HEALTHCARE PRODUCTS, INC.
SEPTEMBER 26, 2003
PAGE 5

     and Lender from time to time, or elsewhere if pursuant to a written
     direction from Borrower.

     (C) Subsection 4(a) of the Agreement is deleted in its entirety and the
following is substituted in its place:

          4.   INTEREST, FEES, AND CHARGES.

               (A)  Each Loan shall bear interest at the rate of one percent
                    (1%) per annum in excess of the Prime Rate, payable on the
                    last Business Day of each month in arrears. Said rate of
                    interest shall increase or decrease by an amount equal to
                    each increase or decrease in the Prime Rate effective on the
                    effective date of each such change in the Prime Rate. Upon
                    the occurrence of an Event of Default, each Loan shall bear
                    interest at the rate of two percent (2%) per annum in excess
                    of the interest rate otherwise payable thereon, which
                    interest shall be payable on demand. All interest shall be
                    calculated on the basis of a 360-day year.

     (D) Subsection (4)(c)(ii) of the Agreement is deleted in its entirety and
the following is substituted in its place.

          (II) AMENDMENT FEE: Borrower shall pay to Lender an amendment fee of
               Thirty Eight Thousand Seven Hundred Fifty and No/100 Dollars
               ($38,750.00), which fee shall be fully earned by Lender and
               payable to Lender upon execution of this Amendment.

     (E) Subsection (4)(c)(vi) of the Agreement is amended to add the following
provision:

          (VI) TRANSACTION FEE: Borrower shall pay to Lender a transaction fee
               of One Thousand and No/100 Dollars ($1,000.00), which fee
<PAGE>
ALLIED HEALTHCARE PRODUCTS, INC.
SEPTEMBER 26, 2003
PAGE 6

               shall be fully earned by Lender and payable to Lender upon
               execution of this Amendment.

     (F) Subsection 5(a) of the Agreement is deleted in its entirety and the
following is substituted in its place:

          (A)  GRANT OF SECURITY INTEREST TO LENDER.

               As security for the payment of all Loans now or in the future
               made by Lender to Borrower hereunder and for the payment or other
               satisfaction of all other Liabilities, Borrower hereby assigns to
               Lender and grants to Lender a continuing security interest in the
               following property of Borrower (which shall include the Real
               Property Collateral), whether now or hereafter owned, existing,
               acquired or arising and wherever now or hereafter located: (a)
               all Accounts (whether or not Eligible Accounts) and all Goods
               whose sale, lease or other disposition by Borrower has given rise
               to Accounts and have been returned to, or repossessed or stopped
               in transit by, Borrower; (b) all Chattel Paper, Instruments,
               Documents and General Intangibles (including, without limitation,
               all patents, patent applications, trademarks, trademark
               applications, trade names, trade secrets, goodwill, copyrights,
               copyright applications, registrations, licenses, software,
               franchises, customer lists, tax refund claims, claims against
               carriers and shippers, guarantee claims, contract rights, payment
               intangibles, security interests, security deposits and rights to
               indemnification); (c) all Inventory (whether or not Eligible
               Inventory); (d) all Goods (other than Inventory), including,
               without limitation, Equipment, vehicles and Fixtures; (e) all
               Investment Property; (f) all Deposit Accounts, bank accounts,
               deposits and cash; (g) all Letter-of Credit Rights; (h)
               Commercial Tort Claims listed on Exhibit C hereto; (i) any other
               property of Borrower now or hereafter in the possession, custody
               or

<PAGE>
ALLIED HEALTHCARE PRODUCTS, INC.
SEPTEMBER 26, 2003
PAGE 7

               control of Lender or any agent or any parent, affiliate or
               subsidiary of Lender or any participant with Lender in the Loans,
               for any purpose (whether for safekeeping, deposit, collection,
               custody, pledge, transmission or otherwise); and (j) all
               additions and accessions to, substitutions for, and replacements,
               products and Proceeds of the foregoing property, including,
               without limitation, proceeds of all insurance policies insuring
               the foregoing property, and all of Borrower's books and records
               relating to any of the foregoing and to Borrower's business.

     (G) Subsection 14(b) of the Agreement is deleted in its entirety and the
following is substituted in its place:

     (B)  FIXED CHARGE COVERAGE RATIO: (i) As of the last day of each quarter
          ending September 30, 2003 and December 31, 2003, and (ii) as of the
          last day of each month commencing February 29, 2004, and, in each
          case, for the twelve (12) month period ending on each such date,
          Borrower hereby covenants and agrees not to permit the Ratio of EBITDA
          to Fixed Charges for each month set forth below to be less than the
          amount set forth below for such period:
<TABLE>
<CAPTION>

          Period                                                                  Amount
          ----------------------------------------------------------------- ---------------
<S>                                                                         <C>
          September 30, 2003                                                  .50 to 1.0
          ----------------------------------------------------------------- ---------------
          December 31, 2003                                                   .50 to 1.0
          ----------------------------------------------------------------- ---------------
          February 29, 2004                                                   .50 to 1.0
          ----------------------------------------------------------------- ---------------
          March 31, 2004                                                      .50 to 1.0
          ----------------------------------------------------------------- ---------------
          April 30, 2004                                                      .50 to 1.0
          ----------------------------------------------------------------- ---------------
          May 31, 2004                                                        .50 to 1.0
          ----------------------------------------------------------------- ---------------
          June 30, 2004                                                       .75 to 1.0
          ----------------------------------------------------------------- ---------------
</TABLE>

<PAGE>
ALLIED HEALTHCARE PRODUCTS, INC.
SEPTEMBER 26, 2003
PAGE 8

<TABLE>
<CAPTION>

                                        Period                                   Amount
           ----------------------------------------------------------------- ---------------
<S>                                                                           <C>
           July 31, 2004                                                       .75 to 1.0
           ----------------------------------------------------------------- ---------------
           August 31, 2004                                                     .75 to 1.0
           ----------------------------------------------------------------- ---------------
           September 30, 2004, and for each twelve (12) month period           1.0 to 1.0
           ending on the last day of each month thereafter.
           ----------------------------------------------------------------- ---------------
</TABLE>

     (H) Subsection 14(c) of the Agreement entitled "EBITDA" is deleted in its
entirety and the phrase "INTENTIONALLY OMITTED" is substituted in its place.

     2. This Amendment shall not become effective until (i) fully executed by
all parties hereto, and (ii) the real estate term loan with Lender is amended to
cross secure all Liabilities under the Agreement.

     3. Except as expressly amended hereby and by any other supplemental
documents or instruments executed by either party hereto in order to effectuate
the transactions contemplated hereby, the Agreement hereby is ratified and
confirmed by the parties hereto and remains in full force and effect in
accordance with the terms thereof.

                        LASALLE BANK NATIONAL ASSOCIATION

                        By___________________________________________________
                        Title________________________________________________

ACKNOWLEDGED AND AGREED TO
this ____ day of September, 2003:

ALLIED HEALTHCARE PRODUCTS, INC.

By___________________________________________________
       EARL R. REFSLAND
Title PRESIDENT
Date SEPTEMBER 23, 2003

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