The independent review launched by the Audit Committee is now complete, and a preliminary report was delivered to the Audit Committee on December 31, 2004. A final report will be reviewed by the full Board and the Company's outside auditors as soon as it becomes available. A final timetable for completion of the 2003 audit will then be developed. The Exchange's policy as it pertains to the monitoring of late Form 10-K filers has been to initiate suspension procedures if a company has not filed its Annual Report on Form 10-K within nine months after its due date. The Exchange's policy also allows for it to consider up to a three month extension if warranted, subject to certain conditions. The Exchange has informed the Company that it is prepared to continue the listing of the Company's common stock at this time, subject to ongoing review. The Exchange will formally re-evaluate all facts by January 31, 2005. The Exchange has stated that, if by the time of its re-evaluation it is determined that the Company will not be able to file its 2003 Annual Report by March 31, 2005, the Exchange will move forward with the initiation of suspension procedures. The Company is doing everything possible to file its Annual Report by March 31, 2005. However, the Company is uncertain that it will meet the deadlines imposed by the Exchange, and no assurance can be given that the Exchange will continue to allow the Company's stock to trade on the NYSE.