U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[x] Quarterly Report under Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 2002
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[ ] Transition Report under Section 13 or 15(d)of the Exchange Act For the
Transition Period from ________ to ___________
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Commission File Number: 000-49795
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EZ TRAVEL, INC.
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(Exact name of small business issuer as specified in its charter)
Nevada 80-0001653
------------------------------- ---------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification Number)
incorporation or organization)
3415 Ocatillo Way, North Las Vegas, NV 89031
------------------------------------------ --------------
(Address of principal executive offices) (zip code)
Issuers telephone number: (702) 221-1952
----------------
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the past 12
months (or such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDING DURING THE PRECEDING FIVE YEARS
Check whether the Registrant filed all documents and reports required to
be filed by Section 12, 13 or 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court.
Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
1
Common Stock, $0.001 par value per share, 60,000,000 shares authorized,
3,600,000 issued and outstanding as of September 30, 2002. Preferred Stock,
$0.001 par value per share, 15,000,000 shares authorized, none issued nor
outstanding as of September 30, 2002.
Traditional Small Business Disclosure Format (check one)
Yes [ ] No [X]
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements................................. 4
Independent Accountant's Report...................... 6
Balance Sheet (unaudited)............................ 5
Statements of Operations (unaudited)................. 7
Statements of Stockholders? Equity (unaudited)....... 8
Statements of Cash Flows (unaudited)................. 9
Notes to Financial Statements........................ 10-12
Item 2. Management's Discussion and Analysis of Plan
of Operation........................................ 13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.................................... 18
Item 2. Changes in Securities and Use of Proceeds............ 18
Item 3. Defaults upon Senior Securities...................... 18
Item 4. Submission of Matters to a Vote
of Security Holders................................. 18
Item 5. Other Information..................................... 18
Item 6. Exhibits and Reports on Form 8-K...................... 18
Signatures...................................................... 19
3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND EXHIBITS
As prescribed by Item 310 of Regulation S-B, the independent auditor has
reviewed these unaudited interim financial statements of the registrant
for the nine months ended September 30, 2002. The financial statements
reflect all adjustments which are, in the opinion of management, necessary
to a fair statement of the results for the interim period presented. The
unaudited financial statements of registrant for the nine months ended
September 30, 2002, follow.
4
INDEPENDENT ACCOUNTANT'S REPORT
To the Stockholders and Board of Directors
EZ Travel, Inc.
We have reviewed the accompanying balance sheet of EZ Travel, Inc.
(a development stage company) as of September 30, 2002, and the related
statements of operations, cash flows and stockholders' equity for the
three month and nine month periods ended September 30, 2002 and 2001
and for the period from December 27, 2001 (inception) through
September 30, 2002, in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of
Certified Public Accountants. All information included in these financial
statements is the representation of the management of EZ Travel, Inc.
A review consists principally of inquiries of Company personnel and analytical
procedures applied to the financial data. It is substantially less in scope
than an audit in accordance with generally accepted auditing standards, the
objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware of any material modifications that should
be made to the accompanying financial statements for them to be in conformity
with generally accepted accounting principles.
MERDINGER, FRUCHTER, ROSEN AND COMPANY, P.C.
Certified Public Accountants
New York, New York
October 9, 2002
5
EZ TRAVEL, INC.
(A Development Stage Company)
BALANCE SHEETS
SEPTEMBER 30, 2002
BALANCE SHEETS
September 30,
2002 December 31,
(Unaudited) 2001
----------- ------------
ASSETS
Cash and cash equivalents $ 4,899 $ 2,000
----------- ------------
Total current assets 4,899 2,000
Property and equipment, net of accumulated
depreciation of $750 2,131 -
----------- ------------
TOTAL ASSETS $ 7,030 $ 2,000
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Total current liabilities $ - $ -
----------- ------------
STOCKHOLDERS' EQUITY
Preferred stock, Series A: B: C; $0.001 par
value; 5,000,000 shares authorized per
series, -0- shares issued and outstanding - -
Common stock, $0.001 par value;
60,000,000 shares authorized, 3,600,000
and 2,000,000 shares issued and outstanding 3,600 2,000
Additional paid-in capital 14,400 -
Deficit accumulated during the development stage (10,970) -
----------- ------------
Total stockholders' equity 7,030 2,000
----------- ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 7,030 $ 2,000
=========== ============
The accompanying notes are an integral part of these financial statements.
6
EZ TRAVEL, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(UNAUDITED)
STATEMENTS OF OPERATIONS
For the For the From
Three Nine December 27,
Months Months 2001
Ended Ended (Inception to)
Sep. 30, Sep. 30, Sep. 30,
2002 2002 2002
---------- ---------- ---------------
Revenue $ 1,861 $ 2,108 $ 2,108
Cost of Sales 1,634 1,871 1,871
---------- ---------- ---------------
Gross Profit 227 237 237
General and administrative expenses 4,390 11,207 11,207
---------- ---------- ---------------
Loss from operations before provision
for income taxes (4,163) (10,970) (10,970)
Provision for income taxes - - -
---------- ---------- ---------------
Net loss $ (4,163) $ (10,970) $ (10,970)
========== ========== ===============
Net loss per share -
basic and diluted $ - $ - $ -
========== ========== ===============
Weighted average number of
common shares 3,600,000 3,076,471 3,057,040
========== ========== ===============
The accompanying notes are an integral part of these financial statements.
7
EZ TRAVEL, INC.
(A Development Stage Company)
STATEMENT OF STOCKHOLDERS' EQUITY
STATEMENT OF STOCKHOLDERS' EQUITY
Deficit
Accumulated
Additional During the Total
Preferred Stock Common Stock Paid-In Development Stockholders'
Shares Amount Shares Amount Capital Stage Equity
------- ------- --------- ------ -------- ----------- -------------
Balance,
Dec 27,2001
(Inception) - $ - - $ - $ - $ - $ -
Founder
shares
issued at
$0.001 - - 2,000,000 2,000 - - 2,000
------- ------- --------- ------ -------- ----------- -------------
Balance,
Dec 31,2001 - - 2,000,000 2,000 - - 2,000
Sale of
common stock
at $0.01
per share
from
Jan 3,2002
through
Mar 31,2002
(pursuant
to Rule 504
offering) - - 1,600,000 1,600 14,400 - 16,000
Loss for
the period - - - - - (2,088) (2,088)
------- ------- --------- ------ -------- ----------- -------------
Balance,
Mar 31, 2002 - - 3,600,000 3,600 14,400 (2,088) 15,912
Loss for
the period - - - - - (4,719) (4,719)
------- ------- --------- ------ -------- ----------- -------------
Balance,
Jun 30, 2002
(Unaudited) - - 3,600,000 3,600 14,400 (6,807) 11,193
Loss for
the period - - - - - (4,163) (4,163)
------- ------- --------- ------ -------- ----------- -------------
Balance,
Sep. 30, 2002
(Unaudited) - $ - 3,600,000 $3,600 $ 14,400 $ (10,970)$ 7,030
======= ======= ========= ====== ======== =========== =============
The accompanying notes are an integral part of these financial statements.
8
EZ TRAVEL, INC.
(A Development Stage Company)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
STATEMENTS OF CASH FLOWS
For the For the From
Three Nine December 27,
Months Months 2001
Ended Ended (Inception to)
Sep. 30, Sep. 30, Sep. 30,
2002 2002 2002
---------- ---------- ---------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss $ (4,163) $ (10,970) $ (10,970)
Adjustments to reconcile net loss
to net cash used by operating
activities:
Depreciation and amortization 230 750 750
---------- ---------- ---------------
NET CASH USED IN OPERATING ACTIVITIES (3,933) (10,220) (10,220)
---------- ---------- ---------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets - (2,881) (2,881)
---------- ---------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of capital stock - 16,000 18,000
---------- ---------- ---------------
Net change in cash (3,933) 2,899 4,899
Cash - beginning of period 8,832 2,000 -
---------- ---------- ---------------
Cash - end of period $ 4,899 $ 4,899 $ 4,899
========== ========== ===============
Supplemental Information:
Cash payments made for:
Income taxes $ - $ - $ -
========== ========== ===============
Interest $ - $ - $ -
========== ========== ===============
The accompanying notes are part of these financial statements.
9
EZ TRAVEL, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
NOTE 1 - DESCRIPTI0N OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Nature of Operations
--------------------
EZ Travel, Inc. (the "Company") is currently a development-stage
company under the provisions of the Financial Accounting Standards
Board ("FASB") Statement of Financial Accounting Standards ("SFAS")
No. 7. The Company was incorporated under the laws of the state of
Nevada on December 27, 2001.
Management's efforts to date have focused primarily on the raising
of equity capital through the sale of its common stock. As such, the
Company is subject to the risks and uncertainties associated with a
new business.
Interim Financial Information
-----------------------------
The accompanying unaudited interim financial statements have been
prepared by the Company, in accordance with accounting principles
generally accepted in tile United States of America, pursuant to
Regulation S-B of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in audited
financial statements prepared in accordance with accounting
principles generally accepted in the United States of America, have
been condensed or omitted. Accordingly, these interim financial
statements should be read in conjunction with the Company's
financial statements and related notes as contained in Form
10-SB for the period from December 21, 2001 (inception) to
September 30, 2002. In the opinion of management, the interim financial
statements reflect all adjustments, including normal recurring
adjustments, necessary for fair presentation of the interim periods
presented. The results of operations for the nine months ended
September 30, 2002 are not necessarily indicative of results of
operations to be expected for the full year.
Use of Estimates
----------------
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those
estimates.
10
EZ TRAVEL, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
NOTE 1 - DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Cash and Cash Equivalents
-------------------------
The Company considers all highly liquid investments purchased with
original maturities of three months or less to be cash equivalents.
Property and Equipment
----------------------
Property and equipment is stated at cost. Depreciation and
amortization is computed using the straight-line method over the
estimated useful lives of the various classes of assets.
Long-Lived Assets
-----------------
SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets
and for Long-Lived Assets to be Disposed of, "requires that long-
lived assets and certain identifiable intangibles to be held
and used or disposed of by an entity be reviewed for impairment
whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. The Company has
adopted this statement and determined that no impairment loss need
be recognized for applicable assets of operations.
Income Taxes
------------
Income taxes are provided for based on the liability method of
accounting pursuant to SF AS No.1 09, "Accounting for Income Taxes."
Deferred income taxes, if any are recorded to reflect the tax
consequences on future years of differences between the tax bases of
assets and liabilities and their financial reporting amounts at each
year-end.
NOTE 2 - COMMON STOCK
On December 27, 2001, the Company issued 2,000,000 shares of its
$0.001 par value common stock to its founders for cash of $2,000.
During March 2002, the Company issued 1,600,000 shares of its $0.001
par value common stock at $0.01 per share for cash of$16,000. The
shares were issued pursuant to Regulation D, Rule 504 of the
Securities and Exchange Commission Act of 1933 offering.
11
EZ TRAVEL, INC.
(A Development Stage Company)
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
NOTE 3 - RELATED PARTY TRANSACTIONS
The Company neither owns nor leases any real or personal property.
The officers/directors of the Company provide office and other
services without charge. Such costs are immaterial to the financial
statements and, accordingly, have not been reflected therein. These
individuals are involved in other business activities and may, in
the future, become involved in other business opportunities. If
specific business opportunity becomes available, such persons may
face a conflict in selecting between the Company and 'their other
business interest. The Company has not formulated a policy for the
resolution of such conflicts.
12
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF PLAN OF OPERATIONS
EZ Travel, Inc., a developmental stage company, hereinafter referred to as
"the Company", was organized by the filing of Articles of Incorporation with
the Secretary of State of the State of Nevada on December 27, 2001. The
articles of the Company authorize the issuance of sixty million (60,000,000)
shares of Common Stock at par value of $0.001 per share and fifteen million
(15,000,000) shares of Preferred Stock at par value of $0.001. On December
28, 2001, the Company issued two million (2,000,000) shares of its $0.001
par value Common Stock for cash of $2,000, held by one (1) founding
shareholder (Edward C. Zimmerman, III) of record. On March 31, 2002, EZ Travel
completed a public offering of shares of its common stock pursuant to
Regulation D, Rule 504 of the Securities Act of 1933, as amended, whereby
the Company sold 1,600,000 shares of Common Stock to approximately 36
unaffiliated shareholders of record.
EZ Travel, Inc. was incorporated to set up a travel agency based in Las
Vegas, Nevada. The Company initially plans to focus its efforts on booking
cruises, tours, hotels, air travel and car rentals for future clients who live
in Las Vegas. This includes but is not limited to travel reservations for
individuals, as well as receptions and services for organized groups and
individuals. The Company hopes to organize travel packages to various locations
outside of thethe Las Vegas area.
In order to achieve success in organizing travel tours, management believes
the Company will need to implement the following:
a) Develop promotional tools to generate new business and new customers.
b) Increase marketing efforts of its travel services through the use of
promotional activities.
c) Implement more selective profitability criteria for proposal work. (This
is, base travel packages and destinations on the best group rates
available.)
d) Maintain an image of professionalism, reliable and fast service with
emphasis on customer service..
e) Secure new financing that will help pay the required start-up costs.
The first priority for EZ Travel is to create new business in the Las Vegas
area, which will cater to the residents of Las Vegas. The Company?s business
plan encompasses the following strategies:
o Market its services to provide group tour packages.
o Identify travel locations, based on age demographics, where
group tour packages can be offered.
o Obtain best group tour prices for travel, lodging, local travel,
and local attractions.
o Utilize known networking groups, e.g., senior centers, churches,
clubs, casino personnel, luncheon groups in the Las Vegas area, to
market these group tour packages.
o Establish a reputation for EZ Travel, as a leisure travel agency.
13
Recent Events
- -------------
On July 1, 2002, EZ Travel, Inc., entered into an agreement with Incentive
Connection Travel, Inc., located in Phoenix, Arizona, whereby EZ Travel, Inc.
would become an independent contractor for Incentive Connection Travel, Inc.
This Independent Contractor Agreement was filed as an Exhibit 10 with the
Company Form 10-QSB for the period ending June 30, 2002.
With this affiliation with Incentive Connection Travel, on August 19, 2002
EZ Travel obtained a license in Nevada as a Seller of Travel so that it may
provide the services of a travel agent to the general public. EZ Travel?s
State?s license number is: 2002-0535. This means that EZ Travel can officially
commence its operations. Until management can build a client base, EZ Travel
does not expect to generate any significant revenues. It may take the Company
six months to a year to develop a client base.
Going Concern - The Company experienced operating losses for the period
ended September 30, 2002. The financial statements have been prepared
assuming the Company will continue to operate as a going concern which
contemplates the realization of assets and the settlement of
liabilities in the normal course of business. No adjustment has been
made to the recorded amount of assets or the recorded amount or
classification of liabilities which would be required if the Company
were unable to continue its operations. Management believes it has
enough funds to operate for the next twelve (12) months without the
need to raise additional capital to meet its obligations in the normal
course of business.
Results of Operations
- ---------------------
For the three months ended September 30, 2002, the Company generated $1,861 in
revenues. This cannot be compared to last year, as the Company was incorporated
on December 27, 2001. For its first nine month period, the Company had revenues
of $2,108 and incurred a net loss $10,970, and for three months ended September
30, 2002, the Company incurred a net loss of $4,163. The net loss for the three
months ended September 30, 2002 included general and administrative expenses of
$4,390, and, a negative cash flow of $3,933. Since the Company's inception, on
December 27, 2001 the Company has lost $10,970.
14
Plan of Operation
- -----------------
Management does not believe that the Company will be able to generate
significant profit during the coming year, unless the company can define
a better strategy to build its customer base. Management does not believe
the company will generate any significant profit in the near future,
as developmental and marketing and administrative costs will most likely
exceed any anticipated revenues.
The Company believes it has enough monies to sustain itself for the next
twelve months, during this developmental process.
Liquidity and Capital Resources
On December 28, 2001, the Company issued two million (2,000,000) shares of
its $0.001 par value Common Stock for cash of $2,000, held by one (1)
shareholder of record.
On February 21, 2002, EZ Travel was issued a permit to sell securities by the
State of Nevada, pursuant to our application for registration by qualification
of our offering of Common Stock in that state (See Exhibit 99 "Notice of
Effectiveness"). The application for registration by qualification was filed
pursuant to the provisions of NRS 90.490, which requires the public filing and
delivery to investors of a substantive disclosure document before sale. On
March 31, 2002, EZ Travel completed a public offering of shares of its
common stock pursuant to Regulation D, Rule 504 of the Securities Act of 1933,
as amended, and the registration by qualification of said offering in the
State of Nevada, whereby EZ Travel sold 1,600,000 shares of Common Stock to
approximately 36 unaffiliated shareholders of record, none of whom were or are
officers, directors or affiliates of the Company. The entire offering was
conducted exclusively in the State of Nevada, pursuant to the permit issued by
the State of Nevada. The Company filed an original Form D with the Securities
and Exchange Commission on or about March 31, 2002. As of September 30, 2002,
therefore, the number of common shares issued and outstanding is three million,
six-hundred thousand (3,600,000).
The Company could be required to secure additional financing to fully
implement its entire business plan. There are no guarantees that such
financing will be available to the Company, or if available, will be on
terms and conditions satisfactory to management.
The Company does not have any preliminary agreements or understandings
between the company and its stockholders/officers and directors with
respect to loans or financing to operate the company. The Company
currently has no arrangements or commitments for accounts and accounts
receivable financing. There can be no assurance that any such financing
can be obtained or, if obtained, that it will be on reasonable terms.
15
Employees
- ---------
The Company currently has one (1) employee, who serves as President and Chief
Executive Officer. In order to further implement its business plan,
management recognizes that additional staff will be required. This would
include an office assistant and sales agents as required to complete the
work. The Company does not intend to expand its staff until the Company
can demonstrate a profit on a consistent basis.
The Company has no material commitments for capital expenditures nor
does it foresee the need for such expenditures over the next year.
(i) Market For Company's Common Stock
- -------------------------------------
On September 26, 2002, the Company's common stock was cleared for trading
on the OTC Bulletin Board system, under the trading symbol: EZTL. Since
the Company was approved for trading, no shares have been traded as a very
limited market exists for the trading of the Company's common stock.
(a) There is currently no Common Stock which is subject to outstanding
options or warrants to purchase, or securities convertible into, the
Company's common stock.
(b) There is currently no common stock of the Company which could be sold
under Rule 144 under the Securities Act of 1933 as amended or that the
registrant has agreed to register for sale by security holders.
(ii) Holders
- ------------
The approximate number of holders of record of common stock as of September
30, 2002 was approximately thirty-seven (37).
(iii) Dividends
- ---------------
Holders of common stock are entitled to receive such dividends as the board of
directors may from time to time declare out of funds legally available for the
payment of dividends. No dividends have been paid on our common stock, and we
do not anticipate paying any dividends on our common stock in the foreseeable
future.
16
Forward-Looking Statements
- --------------------------
This Form 10-QSB includes "forward-looking statements" within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements, other than
statements of historical facts, included or incorporated by reference in this
Form 10-QSB which address activities, events or developments which the Company
expects or anticipates will or may occur in the future, including such things
as future capital expenditures (including the amount and nature thereof),
finding suitable merger or acquisition candidates, expansion and growth of the
Company's business and operations, and other such matters are forward-looking
statements. These statements are based on certain assumptions and analyses
made by the Company in light of its experience and its perception of
historical trends, current conditions and expected future developments as
well as other factors it believes are appropriate in the circumstances.
However, whether actual results or developments will conform with the
Company's expectations and predictions is subject to a number of risks and
uncertainties, general economic market and business conditions; the business
opportunities (or lack thereof) that may be presented to and pursued by the
Company; changes in laws or regulation; and other factors, most of which
are beyond the control of the Company.
This Form 10-QSB contains statements that constitute "forward-looking
statements." These forward-looking statements can be identified by the use of
predictive, future-tense or forward-looking terminology, such as "believes,"
"anticipates," "expects," "estimates," "plans," "may," "will," or similar
terms. These statements appear in a number of places in this Registration and
include statements regarding the intent, belief or current expectations of
the Company, its directors or its officers with respect to, among other
things: (i) trends affecting the Company's financial condition or results of
operations for its limited history; (ii) the Company's business and growth
strategies; and, (iii) the Company's financing plans. Investors are cautioned
that any such forward-looking statements are not guarantees of future
performance and involve significant risks and uncertainties, and that actual
results may differ materially from those projected in the forward-looking
statements as a result of various factors. Factors that could adversely
affect actual results and performance include, among others, the Company's
limited operating history, dependence on continued growth in the travel
industry, potential fluctuations in quarterly operating results and expenses,
government regulation dealing with irrigation systems, technological change
and competition.
Consequently, all of the forward-looking statements made in this Form 10-QSB
are qualified by these cautionary statements and there can be no assurance
that the actual results or developments anticipated by the Company will be
realized or, even if substantially realized, that they will have the expected
consequence to or effects on the Company or its business or operations. The
Company assumes no obligations to update any such forward-looking statements.
17
PART II OTHER INFORMATION
ITEM 1. Legal Proceedings
The Company is not a party to any legal proceedings.
ITEM 2. Changes in Securities and Use of Proceeds
None.
ITEM 3. Defaults upon Senior Securities
None.
ITEM 4. Submission of Matters to a Vote of Security Holders
During the quarter ended September 30, 2002, no matters were submitted to
the Company's security holders.
ITEM 5. Other Information
None.
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8K
The Company filed no Current Reports on Form 8K, during the Quarter ended
September 30, 2002.
18
SIGNATURES
In accordance with Section 12 of the Securities Exchange Act of 1934, the
registrant caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized.
EZ Travel, Inc.
-----------------------------
(Registrant)
Dated: October 10, 2002
By: /s/ Edward C. Zimmerman, III
- ---------------------------------
Edward C. Zimmerman, III
Chairman of the Board
President
Chief Executive Officer
Chief Financial Officer
Secretary
19