ÿþ<html xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns="http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=Content-Type content="text/html; charset=unicode"> <meta name=ProgId content=Word.Document> <meta name=Generator content="Microsoft Word 9"> <meta name=Originator content="Microsoft Word 9"> <link rel=File-List href="./MCaleer_files/filelist.xml"> <title>Notes by Carla R</title> <!--[if gte mso 9]><xml> <w:WordDocument> <w:DisplayHorizontalDrawingGridEvery>0</w:DisplayHorizontalDrawingGridEvery> <w:DisplayVerticalDrawingGridEvery>0</w:DisplayVerticalDrawingGridEvery> <w:UseMarginsForDrawingGridOrigin/> <w:Compatibility> <w:FootnoteLayoutLikeWW8/> <w:ShapeLayoutLikeWW8/> <w:AlignTablesRowByRow/> <w:ForgetLastTabAlignment/> <w:LayoutRawTableWidth/> <w:LayoutTableRowsApart/> </w:Compatibility> </w:WordDocument> </xml><![endif]--> <style> <!-- /* Font Definitions */ @font-face {font-family:"Arial Unicode MS"; panose-1:2 11 6 4 2 2 2 2 2 4; mso-font-charset:128; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1 -369098753 63 0 4129023 0;} @font-face {font-family:"\@Arial Unicode MS"; mso-font-charset:128; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1 -369098753 63 0 4129023 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} p.MsoPlainText, li.MsoPlainText, div.MsoPlainText {margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Courier New"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 106.0pt 1.0in 106.0pt; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --> </style> </head> <body lang=EN-US style='tab-interval:.5in'> <div class=Section1> <p class=MsoPlainText align=center style='text-align:center'><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:"Times New Roman"; mso-fareast-font-family:"Arial Unicode MS"'>Notes by Carla R. Portocarrero on Bill McAleer, Voyager Capital<o:p></o:p></span></p> <p class=MsoPlainText style='margin-left:.5in;text-indent:.5in'><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt;font-family:"Times New Roman"; mso-fareast-font-family:"Arial Unicode MS"'>Date: Friday, May 19, 2000 4:28 PM<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>Voyager Capital investments - web-enabled software, infra-structure, e-commerce<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>Redemption - when investors want money quickly in debt-like situations<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>Valuation considerations - difficult to value e-companies<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>qualitative and quantitative factors (in order of importance)<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:2'>                        </span>1. size of market (larger the better)<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:2'>                        </span>2. sustainable advantage - patents demonstrate propriety, sometimes the VCs partner with entrepreneurs to get patents<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:2'>                        </span>3. management team<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>capital structure<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:2'>                        </span>1. common shares<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:2'>                        </span>2. options for employees<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:2'>                        </span>(at start CEO 5-7%, VPs 2-3%)<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>ownership target<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:2'>                        </span>VC wants 15-20%<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>exit options and horizon<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:2'>                        </span>VC wants to leave in 2,3,5 yrs<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>valuation approaches<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>comparables - can't compare public and private<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>similar deals - VCs have databases to explore<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>difference in regions (not a slide)<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>Silicon Valley - stronger marketing teams (have already gone through process 2-4 times), more base technology/research, infrastructure, more money flow<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>Seattle - more software<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>investment targets<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>Seattle numbers in slide, more in CA<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>seed - no customer, no code<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>early - some customers, prototype/code<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>mid - more customers, concept is more proven<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>return multiple - doubles in Internet<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>investment time - now 1.5 years, before 5 yrs<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>what deals are now getting done that economy is worse than 2 months ago?<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>public - all IPOs are pulled, mostly telecom, some Internet infrastructure<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>private - VCs those in arbitrage game are finding it more difficult, they want to get in right before the IPO rather than work with company from beginning<span style='mso-tab-count:1'>            </span><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>syndication - less firms investing together, 1 takes lead w/ term sheet, angels good for 1st round<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>phases of an acquisition - deal is easy, people part much harder<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>initiation - many different reasons<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>negotiation and diligence - use stock or cash to acquire <o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>definitive agreements - people issues, many provisions<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>board approval - do road show, need majority approval, 70% of board is institutional so don't need to talk to many different groups<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>SEC - public<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>HSR - private<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>acquisition considerations<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>role of investment bankers and VCs - puts bad guy in middle of negotiations rather than you negotiating against future boss, also more experience and connections<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>fiduciary responsibility-fairness opinion - investment banker charge fee<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>IPO criteria - shake-out of public companies coming soon<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>steps to going public<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>preparing the pitch - needs to be solid for investment bankers<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>banker bake off - hone in on lead banker<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>s-1 registration statement - attorneys work furiously fast<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>filing and SEC review - 30-60 days, may need revisions<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>road show - marketing, &quot;build a book&quot;<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>pricing - committee reviews recommendation of pricing<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>effective - start atrading, green shoe<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'>IPO considerations<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>investor mix - retailer stays in stock, institutional investor may hold on to it for as little as a minute<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><span style='mso-tab-count:1'>            </span>lockup - can't trade stock for 6 months<o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><![if !supportEmptyParas]>&nbsp;<![endif]><o:p></o:p></span></p> <p class=MsoPlainText><span style='font-size:12.0pt;mso-bidi-font-size:10.0pt; font-family:"Times New Roman";mso-fareast-font-family:"Arial Unicode MS"'><o:p></o:p></span></p> </div> </body> </html>