SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 1) (1)
Marlton Technologies, Inc.
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(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
571263102
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(CUSIP Number)
Jeffrey Harrow
Marlton Technologies, Inc.
2828 Charter Road
Philadelphia, Pennsylvania 19154
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 19, 2003
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [_].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
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(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Redwood Acquisition Corp
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
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NUMBER OF 7 SOLE VOTING POWER 0
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 0
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Jeffrey K. Harrow
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 4,030,734
SHARE (See disclosure set forth herein)
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 4,030,734
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,030,734
(See disclosure set forth herein)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[x]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.1%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Scott J. Tarte
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 4,000,000
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 4,000,000
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,000,000
(See disclosure set forth herein)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[x]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.9%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert B. Ginsburg
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 2,679,017
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 2,679,017
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,679,017
(See disclosure set forth herein)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[x]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18.5%.
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Alan I. Goldberg
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 1,300,772
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 1,300,722
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,300,772
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Seymour Hernes
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 63,672
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 63,672
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,672
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one percent
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Donald R. Sparks, Sr.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 108,267
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 108,267
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
108,267
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one percent.
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Charles P. Stetson, Jr. ((a/k/a/ Lombard Associates)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 703,976
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 703,976
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
703,976
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.5%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
CUSIP No. 13D
571263102
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FRED COHEN
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ] (b) [x]
--------------------------------------------------------------------------------
3 SEC USE ONLY
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4 SOURCE OF FUNDS*
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER 119,213
SHARE
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER 0
EACH
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER 119,213
WITH
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
119,213
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than one percent
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT.
1
Introduction
This Amendment No. 1 (the "Amendment") to Schedule 13D is filed by
Redwood Acquisition Corp. ("Redwood"), Jeffrey K. Harrow ("Harrow"), Scott J.
Tarte ("Tarte"), Robert Ginsburg ("Ginsburg"), Alan I. Goldberg ("Goldberg")
(Ginsburg, Harrow, Tarte and Goldberg collectively referred to as the "Initial
Group"), Seymour Hernes ("Hernes"), Donald R. Sparks, Sr. ("Sparks"), Fred Cohen
("Cohen") and Charles Stetson, Jr. (a/k/a Lombard Associates) ("Stetson"; Hernes
, Sparks and Stetson referred to as the "Second Group"; and Redwood, the Initial
Group and the Second Group collectively referred to as the "Group"), pursuant to
Rule 13d-2(a) promulgated under the Securities Exchange Act of 1934, as amended
(the "Exchange Act") with respect to the shares of common stock, no par value
(the "Shares") of Marlton Technologies, Inc., a Pennsylvania corporation (the
"Company") with its principal executive office is located at 2828 Charter Road,
Philadelphia, Pennsylvania 19154. Each member of the Group is referred to
individually as a "Member" and are referred to collectively as the "Members" or
the "Group". The Group does not currently include Michael Tomkin who ceased
being a Member in February/March 2003 (nor does this Schedule report information
about Mr. Tomkin except as otherwise expressly provided herein).
In February 2003, Redwood and the Company entered into a
merger agreement. The merger agreement generally contemplated that the Shares
owned by all the Marlton shareholders (other than the Group (and Tomkin)) would
be converted into the right to receive $0.30 per share. At the completion of the
merger, the Group would have been the owners of Marlton. As a result of the
proposed merger, the Members may have been deemed, pursuant to Section 13(d)(3)
of the Exchange Act, to have formed a group. In June 2003, the Company and
Redwood terminated the merger agreement and in connection therewith, each Member
has disclaimed membership in the Group; thus, there is effectively no more
Group.
This Amendment is filed to include certain exhibits referred to in the
Schedule 13D filed on July 16, 2003 by the Group (the "Schedule"). Information
with respect to the calculation of each Member's beneficial ownership of Shares
as set forth on the cover pages annexed hereto is set forth in the Schedule
provided however, that the cover pages annexed hereto and the table herein do
not reflect the following reported transactions which were effected following
the termination of the Group: (a) the sale by Ginsburg of 2,000 Shares and 1,000
Shares on August 15 and 18, 2003, respectively, at a price of $0.48 per share;
and (b) the purchase by each of Harrow and Tarte of 44,148 Shares on August 5,
2003, at a price of $0.40 per share in a private transaction (effected with
personal funds.) This Amendment does not reflect any transactions effected
after August 15, 2003.
The filing by the Members of this Amendment does not constitute an
acknowledgement that the Group continues in effect.
Item 7. Material to be filed as Exhibits
(a) Press release dated June 20, 2003.
(b) Termination Agreement dated as of June 19, 2003 by and between Marlton and
Redwood.
In addition, the Members hereby incorporate by reference the exhibits
previously filed with respect to the Schedule 13D originally filed by each
member of the Initial Group, as amended from time to time, to the extent such
exhibit is responsive to this item.
Item 7 (a)
Marlton Terminates Merger
Philadelphia, PA, June 20, 2003 - Marlton Technologies, Inc. ("Marlton") (ASE:
MTY) has agreed to a proposal by Redwood Acquisition Corp. ("Redwood") to
terminate their Agreement and Plan of Merger dated as of February 20, 2003 (the
"Merger Agreement"), and has decided to remain an independent public company.
In the Fall of 2002, the Marlton Board of Directors appointed a Special
Committee of independent Directors to evaluate and make a recommendation to the
Board regarding Redwood's offer and any other competing offers to acquire the
Company. The Special Committee, after considering and evaluating a number of
factors relating to Marlton, the proposal by Redwood to terminate the Merger
Agreement and the two other preliminary inquiries regarding possible
acquisitions of Marlton, and after consulting with its independent financial
advisor and counsel, recommended to Marlton's Board of Directors that it accept
Redwood's proposal to terminate the Merger Agreement and that it not pursue
discussions with the two other potential acquirers. Marlton's Board of Directors
accepted the recommendations of the Special Committee and executed an agreement
with Redwood terminating the Merger Agreement.
Marlton Technologies, Inc., through its Sparks Exhibits & Environments and DMS
Store Fixtures subsidiaries, is engaged in the design, marketing and production
of trade show, museum, theme park and themed interior exhibits and store fixture
and point of purchase displays, both domestically and internationally.
This press release may contain statements that are forward-looking within the
meaning of applicable federal securities laws and may be based on Marlton's
current expectations and assumptions, which are subject to a number of risks and
uncertainties that could cause the actual results to differ materially from
those anticipated. Factors that could cause actual results to differ include the
factors set forth in Marlton's annual report on Form 10-K for the fiscal year
ended December 31, 2002, and as may be updated in any subsequent quarterly
report on Form 10-Q, all filed with the Securities and Exchange Commission.
Contact: Alan Goldberg
Phone: (215) 676-6900
E-mail: agoldberg@sparksonline.com
Item 7 (b)
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT, dated as of June 19, 2003 (the "Agreement")
, is by and between Redwood Acquisition Corp., a Pennsylvania corporation (the
"Purchaser"), and Marlton Technologies, Inc., a Pennsylvania corporation (the
"Company").
W I T N E S S E T H :
WHEREAS, the Company and Purchaser have entered into an Agreement and
Plan of Merger dated February 20, 2003 (the "Merger Agreement"), whereby the
Company would merge with and into the Purchaser, with the Purchaser being the
surviving entity (the "Merger");
WHEREAS, Section 7.1(a) of the Merger Agreement provides that the
Merger Agreement may be terminated at any time pursuant to the mutual consent of
the Purchaser and the Company; and
WHEREAS, the Purchaser and the Company have mutually decided to
terminate the Merger Agreement and not to effectuate the Merger.
NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained, the parties hereto hereby agree as
follows:
1. Termination of the Merger Agreement:
(a) The Merger Agreement is hereby terminated pursuant to
Section 7.1(a) of the Merger Agreement as of the date hereof. The Merger
Agreement is therefore void and of no further effect, and neither party has any
further rights or obligations to other arising from, under or out of the Merger
Agreement or the transaction contemplated thereby, except that Sections 5.4(b),
7.2 and 9.1 of the Merger Agreement shall survive the termination of the Merger
Agreement.
(b) The parties agree that the Company shall not be required
to pay to the Purchaser its Legal Fees (as defined in the Merger Agreement).
(c) The Company and the Purchaser shall prepare and file with
the Securities and Exchange Commission (the "SEC") an amendment to the Schedule
13E-3 to reflect the termination of the Merger Agreement. Each party shall
cooperate and cause its representatives to cooperate with the other party's
representatives in the preparation and filing of the amendment to the Schedule
13E-3 and any other required filings with the SEC.
2. Miscellaneous:
(a) This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania, without giving
effect to any principles of conflicts of law.
(b) This Agreement sets forth the entire understanding of the
parties with respect to the subject matter hereof, and may not be waived orally.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed
by their respective officers thereunto duly authorized as of the date first
written above.
REDWOOD ACQUISITION CORP.
/s/Jeffrey K. Harrow
-----------------
Name: Jeffrey K. Harrow
Title: Chairman of the Board
MARLTON TECHNOLOGIES, INC.
/s/Robert B. Ginsburg
------------------
Name: Robert B. Ginsburg
Title: President
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: September 4, 2003 /s/ Jeffrey K. Harrow
-----------------
Jeffrey K. Harrow
Dated: September 4, 2003 /s/ Scott J. Tarte
--------------
Scott J. Tarte
Dated: September 4, 2003 /s/ Robert B. Ginsburg
------------------
Robert B. Ginsburg
Dated: September 4, 2003 /s/ Alan I. Goldberg
----------------
Alan I. Goldberg
Dated: September 4, 2003 /s/ Seymour Hernes
--------------
Seymour Hernes
Dated: September 5, 2003 /s/ Donald R. Sparks, Sr.
--------------------
Donald R. Sparks, Sr.
Dated: September 5, 2003 /s/ Fred Cohen
----------
Fred Cohen
Dated: September 5, 2003 /s/ Charles P. Stetson, Jr.
-----------------------
Charles P. Stetson, Jr.
Dated: September 4, 2003 Redwood Acquisition Corp.
By:/s/ Jeffrey K. Harrow
-----------------
Jeffrey K. Harrow, Chairman