Document:

ex10-40.htm

    
      

      

    

    Exhibit
10.40

     

     

    
      UNAUDITED
PRO FORMA CONSOLIDATED FINANCIAL INFORMATION

       

      On August
31, 2008, the Company entered into a stock purchase agreement with Island
Environmental Services, Inc. of Pomona, California ("Island"), a privately held
company, pursuant to which the Company acquired all of the issued and
outstanding common stock of Island, a California-based provider of hazardous and
non-hazardous waste removal and remediation services to a variety of private and
public sector establishments. In consideration of the acquisition of the issued
and outstanding common stock of Island, the Company paid $2.25 million in cash
to the stockholders of Island and issued $1.25 million in three year promissory
notes.  Other consideration is payable based on the performance of the
acquired entity.  The Notes bear interest at 8%, payable quarterly,
and the entire principal is due 36 months after closing. As a result of the
agreement, Island became a wholly-owned subsidiary of the Company.

       

      The
acquisition of Island will be accounted for as a purchase in accordance with
SFAS No. 141, “Business Combinations,” and the operations of the company have
been consolidated with those of GEM as of August 31, 2008, the effective
date of the acquisition. The $3.5 million purchase price will be allocated as
follows based upon the fair value of the acquired assets, as determined by
management with the assistance of an independent valuation firm to determine the
components of the acquired business.

       

      
        	
                Current
      assets and liabilities

              	 
      	
                $

              	
                790,170

              	 
      
	
                Property
      and Equipment

              	 
      	 
      	
                2,709,830

              	 
      
	
                Total

              	 
      	
                $

              	
                3,500,000

              	 
      

      

       

      The
following unaudited pro forma combined balance sheet as of August 31, 2008 and
the combined statements of operations for the eight months ended August 31,
2008 and for the year ended December 31, 2007 give effect to the acquisition of
Island as if these transactions had been consummated on January 1,
2007.  The unaudited pro forma combined balance sheet as of August 31,
2008 gives effect to the Merger Transaction and acquisition of Island as if it
had occurred on August 31, 2008.

       

      The
unaudited condensed combined pro forma financial statements should be read in
conjunction with the historical financial statements.  The unaudited
pro forma financial statements are presented for illustrative purposes only and
are not necessarily indicative of future operating results or the results that
might have occurred if the exchange transaction had actually occurred on the
indicated date.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      General
Environmental Management, Inc.

      Unaudited
Pro Forma Consolidated Balance Sheet

      As
of August 31, 2008

      

      
        	 
      	 	
                Historical

              	 	 	
                Island

                Environmental

                Services,Inc.

              	 	 	
                
                

                 

                Pro Forma

                Adjustments

              	 	 	
                Pro
      Forma Consolidated

              	 
	 	 	 	 	 	 	 	 	 	 	 	(Unaudited)	 
	
                ASSETS

              	 	 	 	 	 	 	 	 	 	 	 	 
	
                Current
      assets:

              	 	 	 	 	 	 	 	 	 	 	 	 
	
                Cash

              	 	$	175,318	 	 	$	207,772	 	 	$	-	 	 	$	383,090	 
	
                Accounts
      receivable, net of allowance for doubtful accounts

              	 	 	5,806,562	 	 	 	1,064,478	 	 	 	-	 	 	 	6,871,040	 
	
                Prepaid
      expenses and current other assets

              	 	 	461,958	 	 	 	-	 	 	 	-	 	 	 	461,958	 
	
                Total
      current assets

              	 	 	6,443,838	 	 	 	1,272,250	 	 	 	-	 	 	 	7,716,088	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Property
      and equipment, net of accumulated depreciation

              	 	 	5,297,559	 	 	 	1,231,359	 	 	 	  1,478,471	(a)	 	 	8,007,389	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                OTHER
      ASSETS

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Restricted
      cash

              	 	 	1,197,234	 	 	 	-	 	 	 	-	 	 	 	1,197,234	 
	
                Intangibles,
      net

              	 	 	919,233	 	 	 	-	 	 	 	-	 	 	 	919,233	 
	
                Goodwill

              	 	 	946,119	 	 	 	-	 	 	 	-	 	 	 	946,119	 
	
                Deferred
      financing fees

              	 	 	168,882	 	 	 	-	 	 	 	-	 	 	 	168,882	 
	
                Deposits

              	 	 	365,889	 	 	 	-	 	 	 	-	 	 	 	365,889	 
	
                Total
      assets

              	 	$	15,338,754	 	 	$	2,503,609	 	 	$	1,478,471	 	 	$	19,320,834	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Liabilities
      and Stockholders’ Equity

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Current
      liabilities:

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Accounts
      Payable

              	 	$	3,115,186	 	 	 	400,215	 	 	 	-	 	 	 	3,515,401	 
	
                Payable
      to related party

              	 	 	57,272	 	 	 	-	 	 	 	-	 	 	 	57,272	 
	
                Deferred
      rent

              	 	 	40,850	 	 	 	-	 	 	 	-	 	 	 	40,850	 
	
                Accrued
      expenses

              	 	 	2,426,638	 	 	 	81,865	 	 	 	-	 	 	 	2,508,503	 
	
                Accrued
      disposal costs

              	 	 	611,131	 	 	 	-	 	 	 	-	 	 	 	611,131	 
	
                Current
      portion of financing agreement

              	 	 	2,565,486	 	 	 	-	 	 	 	-	 	 	 	2,565,486	 
	
                Current
      portion of long term obligations

              	 	 	4,935,092	 	 	 	-	 	 	 	-	 	 	 	4,935,092	 
	
                Total
      current liabilities

              	 	 	13,751,655	 	 	 	482,080	 	 	 	-	 	 	 	14,233,735	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                LONG
      – TERM LIABILITIES

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Financing
      agreement, net of current portion

              	 	 	979,970	 	 	 	-	 	 	 	-	 	 	 	979,970	 
	
                Long
      term obligations, net of current portion

              	 	 	1,342,080	 	 	 	-	 	 	 	3,500,000	(a)	 	 	4,842,080	 
	
                Convertible
      notes payable, net of current portion

              	 	 	501,722	 	 	 	-	 	 	 	-	 	 	 	501,722	 
	
                Total
      long-term liabilities

              	 	 	2,823,772	 	 	 	-	 	 	 	3,500,000	 	 	 	6,323,772	 
	
                Stockholders’
      equity (deficiency)

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Common
      stock, $.001 par value, 200,000,00 shares authorized 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                12,673,886
      and 35,439 shares issued and outstanding

              	 	 	12,674	 	 	 	35,439	 	 	 	(35,439	)	 	 	12,674	 
	
                Additional
      paid-in capital

              	 	 	51,021,049	 	 	 	 -	 	 	 	-	 	 	 	51,021,049	 
	
                Retained
      earnings (accumulated deficit)

              	 	 	(52,270,396	) 	 	 	1,986,090	 	 	 	(1,986,090	)	 	 	(52,270,396	) 
	
                Total
      stockholders’ equity

              	 	 	(1,236,673	)	 	 	2,021,529	 	 	 	(2,021,529	)	 	 	(1,236,673	)
	
                Total
      liabilities and stockholders’ equity (deficiency)

              	 	$	15,338,754	 	 	$	2,503,609	 	 	$	 1,478,471	 	 	$	19,320,834	 

      

       

      Descriptions of pro forma
elilminations:

       

      (a) To reflect acquisition
of Island Environmental Services, Inc. by General Environmental Management, Inc.
and allocation of purchase price.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      General
Environmental Management, Inc.

      Unaudited
Pro Forma Consolidated Statements of Operations

      For
the Eight Months Ended August 31, 2008

       

      
        	 
      	 	
                Historical

              	 	 	
                Island

                Environmental

                Services,Inc

              	 	 	
                Pro Forma

                Adjustments

              	 	 	
                Pro
      Forma Consolidated

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Unaudited)	 
	
                Revenue

              	 	$	22,112,687	 	 	$	4,014,940	 	 	$	-	 	 	$	26,127,627	 
	
                Cost
      of revenue

              	 	 	17,826,413	 	 	 	2,356,037	 	 	 	197,128	(a)	 	 	20,379,578	 
	
                Gross
      profit

              	 	 	4,286,274	 	 	 	1,658,903	 	 	 	(197,128	)	 	 	5,748,049	 
	
                Operating
      expenses

              	 	 	5,018,761	 	 	 	2,413,922	 	 	 	-	 	 	 	7,432,683	 
	
                Operating  loss

              	 	 	(732,487	)	 	 	(755,019	)	 	 	(197,128	)	 	 	(1,684,634	)
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Other
      Income (Expense):

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Interest
      income

              	 	 	13,889	 	 	 	-	 	 	 	-	 	 	 	13,889	 
	
                Interest
      and financing costs

              	 	 	(2,199,966	)	 	 	(21,030	)	 	 	(186,664	)
      (b)	 	 	(2,407,660	)
	
                Other
      non- operating income

              	 	 	26,566	 	 	 	3,404	 	 	 	-	 	 	 	29,970	 
	
                Net
      loss

              	 	$	(2,891,998	)	 	$	(772,645	)	 	$	(383,792	)	 	$	(4,048,435	)
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Net
      loss per common share, basic and diluted

              	 	$	(.23	)	 	 	 	 	 	 	 	 	 	$	(.32	)
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted
      average shares of common stock outstanding,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                basic
      and diluted

              	 	 	12,673,885	 	 	 	 	 	 	 	 	 	 	 	12,673,885	 

      

       

      Descriptions of pro forma
eliminations:

       

      (a) Depreciation expense
related to allocation of excess purchase price to assets acquired.

      (b) Pro forma interest
expense for debt incurred for acquisition if the debt had been outstanding from
the beginning of 2008.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      General
Environmental Management, Inc.

      Unaudited
Pro Forma Consolidated Statements of Operations

      For
the year ended December 31, 2007

       

      
        	 
      	 	
                Historical

              	 	 	
                Island

                Environmental

                Services,Inc

              	 	 	
                Pro Forma

                Adjustments

              	 	 	
                Pro
      Forma Consolidated

              	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Unaudited)	 
	
                Revenue

              	 	$	30,445,608	 	 	$	7,697,167	 	 	$	-	 	 	$	38,142,775	 
	
                Cost
      of revenue

              	 	 	23,756,677	 	 	 	4,623,766	 	 	 	295,694	(a) 	 	 	28,676,137	 
	
                Gross
      profit

              	 	 	6,688,931	 	 	 	3,073,401	 	 	 	(295,694	)	 	 	9,466,638	 
	
                Operating
      expenses

              	 	 	13,617,277	 	 	 	3,591,588	 	 	 	-	 	 	 	17,208,865	 
	
                Operating
      loss

              	 	 	(6,928,346	)	 	 	(518,187	)	 	 	(295,694	)	 	 	(7,742,227	)
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Other
      Income (Expense):

              	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Interest
      income

              	 	 	39,667	 	 	 	57,606	 	 	 	-	 	 	 	97,273	 
	
                Interest
      and financing costs

              	 	 	(2,548,609	)	 	 	(34,214	)	 	 	(280,000	)(b) 	 	 	(2,862,823	)
	
                Loss
      on disposal of fixed assets

              	 	 	 	 	 	 	(8,003	)	 	 	-	 	 	 	(8,003	)
	
                Costs
      to induce conversion of related party debt

              	 	 	(6,797,639	)	 	 	-	 	 	 	-	 	 	 	(6,797,639	)
	
                Other
      non- operating income

              	 	 	148,890	 	 	 	20,134	 	 	 	-	 	 	 	169,024	 
	
                Net
      loss

              	 	$	(16,086,037	)	 	$	(482,664	)	 	$	(575,694	)	 	$	(17,144,395	)
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Net
      loss per common share, basic and diluted

              	 	$	(1.55	)	 	 	 	 	 	 	 	 	 	$	(1.65	)
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Weighted
      average shares of common stock outstanding,	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                basic
      and diluted

              	 	 	10,360,712	 	 	 	 	 	 	 	 	 	 	$	10,360,712	 

      

      

      
        Descriptions of pro forma
eliminations:

         

        (a) Depreciation expense
related to allocation of excess purchase price to assets acquired.

        (b) Pro forma interest
expense for debt incurred for acquisition if the debt had been outstanding from
the beginning of 2007.

         

         

         

        4ex10-1.htm

    Exhibit 10.1

    

    AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT

    AND
AMENDMENT TO AMENDED AND RESTATED FINANCIAL COVENANTS AMENDMENT TO

    AMENDED
AND RESTATED CREDIT AGREEMENT

    

    This
Amendment to Amended and Restated Credit Agreement and Amendment to Amended and
Restated Financial Covenants Amendment to Amended and Restated Credit Agreement
(“Amendment”)
is made as of December 16, 2009, amending that certain Credit Agreement (as
defined below) between CASTLE
PINES CAPITAL LLC, a Delaware limited liability company (“CPC”), having its
chief executive office located at 116 Inverness Drive East, Suite 375,
Englewood, Colorado  80112 and INX INC., a Delaware
corporation, having its chief executive office located at 11757 Katy Freeway,
Suite 500, Houston, Texas  77079 (“Reseller”).

     

    WHEREAS, INX and CPC entered
in to that certain Amended and Restated Credit Agreement dated April 30, 2007,
as amended by that certain Acquisition Facility Amendment to Amended and
Restated Credit Agreement dated August 1, 2007, as amended by that certain
Amended and Restated Financial Covenants Amendment to Amended and Restated
Credit Agreement effective as of the 31st day
of August, 2007, as amended by that certain Amendment to Amended and Restated
Credit Agreement adding Select, Inc. as a Reseller and as amended by the
Amendment dated the date hereof (collectively, the “Credit Agreement”)
between CPC and Reseller, providing the availability for credit to finance
inventory on behalf of Reseller; and

     

    WHEREAS, Reseller has
requested that CPC (a) amend Section 1 of the Credit Agreement to increase the
Line of Credit; (b) amend Section 17 of the Credit Agreement to extend the
Termination Date to December 31, 2011, and (c) amend the Amended and Restated
Financial Covenants Amendment to Amended and Restated Credit Agreement;
and

     

    WHEREAS, CPC is willing to
accommodate such request for credit upon and subject to the terms, conditions
and provisions of this Amendment and the Documents;

     

    NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Reseller and CPC
hereby mutually covenant and agree as follows:

     

    SECTION
1.                                Definitions.  All capitalized
terms not otherwise defined herein shall have the meanings given to such terms
in the Credit Agreement.

     

    SECTION
2.                                Amendments
to Credit Agreement.

     

    A.           Section 1 of the Credit
Agreement, Extensions
of Credit, is amended by deleting the first sentence of such section and
replacing same with the following new sentence:

     

    “Subject
to the terms of this Amended and Restated Credit Agreement together with the
Amended and Restated Financial Covenants as set forth in that certain Amendment
to Amended and Restated Credit Agreement and Amendment to Amended and Restated
Financial Covenants Amendment to Amended and Restated Credit Agreement dated as
of December 16, 2009, and Paydown Amendment to Amended and Restated Credit
Agreement dated April 30, 2007 (collectively, this “Agreement”), CPC has
made a discretionary line of Credit up to a maximum aggregate amount of Seventy
Million Dollars ($70,000,000) outstanding funded indebtedness (the “Line of Credit”)
available to Reseller.”

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    B.           Section 17 of the Credit
Agreement, Terms and
Termination, is amended by deleting the existing Section 17 in its
entirety and replacing same with the following:

     

    “Terms and
Termination.  The term of this Agreement, unless sooner
terminated in accordance with this Agreement, shall terminate on December 31,
2011 (subject to renewal as provided below, the “Termination Date”),
provided, however, that (a) this Agreement shall automatically renew for one (1)
year periods from year to year thereafter unless terminated by the Reseller upon
written notice at least 90 days prior to the current Termination Date; (b) CPC
may terminate this Agreement immediately (i) by written notice to Reseller if
Reseller shall lose or relinquish any right to sell or deal in any Financed
Inventory or (ii) upon a Default; or (c) CPC may terminate the Inventory
Facility and the Revolving Credit Facility at any time by at least 60 days prior
written notice by CPC to Reseller; provided however, where Reseller requests
further time be provided within the 60 day notice period CPC will agree to an
extension of 30 more days.  Upon termination of this Agreement, all
Indebtedness owed to CPC shall become immediately due and payable without notice
or demand.  Upon any termination, Reseller shall remain liable to CPC
for all Indebtedness to CPC, including without limitation interest, fees,
charges and expenses arising prior to or after the effective date of
termination, and all of CPC's rights and remedies and its security interest
shall continue until all Indebtedness to CPC is indefeasibly paid in full and
all obligations of Reseller are performed.”

     

    SECTION
2.  Amendment to Amended and Restated Financial
Covenants.

     

    The
Amended and Restated Financial Covenants Amendment to the Credit Agreement, is
hereby amended and restated in its entirety as follows:

     

    “AMENDED
AND RESTATED FINANCIAL COVENANTS AMENDMENT

    TO
AMENDED AND RESTATED CREDIT AGREEMENT

     

    1.           ‘Current
Ratio.  Reseller will at all times maintain on a consolidated
basis a ratio of current assets to Current Liabilities of at least
1.15:1.0.

    

    For purpose of this paragraph ‘Current Liabilities’
includes (a) all obligations classified as current liabilities under generally
accepted accounting principles, plus (b) all
principal amounts outstanding under revolving lines of credit, whether
classified as current or long-term, which are not already included under (a)
above; provided, however, that (i) only scheduled principal payments in
connection with the CPC Acquisition Loan for any 12 month period shall be deemed
to be Current Liabilities for the purposes of compliance with this Current Ratio
covenant and (ii) ‘CPC
Acquisition Loan’ means the acquisition loan made by CPC to Reseller on
August 31, 2007, in the aggregate principal amount of Six Million Dollars
($6,000,000).  This ratio will be calculated at the end of each fiscal
quarter, using fiscal year-to-date results on an annualized basis.’

    

    2.           ‘Tangible
Net Worth.  Reseller will at all times maintain on a
consolidated basis tangible net worth equal to at least Eleven Million Dollars
($11,000,000).

    

    For purpose of this
paragraph:  (i) ‘Tangible Net Worth’
means as of any date the sum of Reseller’s (i) net worth as reflected on the
last twelve-month consolidated fiscal financial statements of Reseller, plus (ii) net
earnings since the end of such fiscal year, both after provision for taxes and
with Inventory determined on a first in, first out basis, plus (iii)
Subordinated Debt, minus the sum of
Reseller’s (A) intangible assets, including, without limitation, deposits,
unamortized leasehold improvements, goodwill, deferred income taxes, franchises,
licenses, patents, trade names, copyrights, service marks, brand names,
covenants not to compete and any other asset which would be treated as an
intangible under generally accepted accounting principles, plus (B) prepaid
expenses (however such item shall not include prepaid inventory), plus (C) franchise
fees, plus (D)
notes, Accounts and other amounts owed to Reseller by any Guarantor, affiliate
or employee of Reseller plus (E) losses since
the end of such fiscal year, plus (F) interest in
the cash surrender value of officers or shareholders life insurance policies;
and (ii) ‘Subordinated
Debt’ means liabilities subordinated to the Reseller’s obligations to CPC
in a manner acceptable to CPC, using CPC’s standard form.  This
covenant will be tested at the end of each fiscal quarter.’

    

    3.           ‘Total
Liabilities to Tangible Net Worth Ratio.  Reseller will at all
times maintain on a consolidated basis a ratio of Total Liabilities (excluding
liabilities subordinated to the Reseller’s obligations to CPC in a manner
acceptable to CPC, using CPC’s standard form) to Tangible Net Worth not
exceeding 6.00:1.00.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    For purpose of this
paragraph:  (i) ‘Total Liabilities’
means the sum of current liabilities plus long term
liabilities; and (ii) ‘Tangible Net Worth’
means as of any date the sum of (i) net worth as reflected on the last
twelve-month consolidated fiscal financial statements of Reseller, plus (ii) net
earnings since the end of such fiscal year, both after provision for taxes and
with Inventory determined on a first in, first out basis, plus (iii)
Subordinated Debt, minus the sum of
Reseller’s (A) intangible assets, including, without limitation, deposits,
unamortized leasehold improvements, goodwill, deferred income taxes, franchises,
licenses, patents, trade names, copyrights, service marks, brand names,
covenants not to compete and any other asset which would be treated as an
intangible under generally accepted accounting principles, plus (B) prepaid
expenses (however such item shall not include prepaid inventory), plus (C) franchise
fees, plus (D)
notes, Accounts and other amounts owed to Reseller by any Guarantor, affiliate
or employee of Reseller plus (E) losses since
the end of such fiscal year, plus (F) interest in
the cash surrender value of officers or shareholders life insurance
policies.  This ratio will be calculated at the end of each fiscal
quarter, using fiscal year-to-date results on an annualized basis.”

     

    SECTION 4.  Full Force and
Effect.  Except as specifically amended hereby, all of the
terms and conditions of the Credit Agreement as amended, the Documents, and all
other documents, instruments and agreements executed and/or delivered in
connection therewith, shall remain in full force and effect, and the same are
hereby ratified and confirmed.  This Amendment, the Credit Agreement,
and the other Documents constitute legal, valid and binding obligations of
Reseller and are enforceable against Reseller in accordance with their
respective terms.

     

    SECTION  5.  Counterparts.  This
Amendment may be executed in one or more counterparts, each of which shall be
deemed to be an original, and all of which shall constitute together but one and
the same agreement.

     

    SECTION  6.  Governing
Law.  This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns and
shall be governed by and construed in accordance with the laws of the State of
Colorado.

     

    [signature
page(s) to follow]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, Reseller
and CPC has caused this Amendment to be executed by its authorized officers as
of the day and year first above written.

     

     

    
      	 	 	INX INC., as Reseller	 
	 	 	 	 	 
	ATTEST:	 	 	 	 
	 	 	
              By:
      

            	/s/ Brian
      Fontana	 
	/s/
      Joseph E. Horzepa	 	 	Name:
      Brian Fontana	 
	Joseph
      E. Horzepa, Secretary  	 	 	Title:
      Vice President & CFO	 
	 	 	 	 	 
	 	 	 	 	 
	ATTEST:	 	 	 	 
	 	 	 	 	 
	/s/
      James H. Long	 	 	 	 
	James
      H. Long, Chief Executive Officer	 	 	 	 

    

     

     

    

    
      	 	CASTLE PINES CAPITAL
      LLC	 
	 	 	 	 
	
               

            	
              By:
      

            	/s/ John
      Schmidt	 
	 	 	Name:
      John Schmidt	 
	 	 	Title:
      Managing Partner

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