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Executive Summary

Files with SEC for an offering of 2.1 mil. shares of common stock consisting of the sale of 1.5 mil. shares in the U.S. by underwriters PaineWebber, Robertson Stephens and Montgomery Securities, who will be joined by Swiss Bank Corporation Investment Banking for a European offering of 600,000 shares. The new offering would be worth approximately $ 36 mil. at the stock's recent market price of 17-1/4.

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